Bünting
took
over
from
renewables
pioneer
Fritz
Vahrenholt
in
July,
after
four
years
as
chief
financial
officer.
His
move
came
as
parent
company
RWE
—
like
other
big
utilities
—
feels
pressure
on
its
capital
expenditure
(capex)
capacity.
In
July,
ratings
agency
Standard
&
Poor’s
downgraded
its
long-term
debt
from
A-
to
BBB+,
citing
weak
profitability
and
challenging
market
conditions.
However,
the
Innogy
division
is
in
a
relatively
privileged
position
as
the
German
company
pushes
ahead
with
plans
to
transform
from
being
a
generator
using
mainly
dirty
lignite
coal
and
nuclear
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