Cash-strapped RWE scales back on renewables

Utility RWE doesn’t have enough money “to continue to invest in (Germany’s) energy turnaround” because of its debts of about €33bn ($43bn), chief executive Peter Terium warned today – before adding that the UK is ahead in the queue for offshore wind investment.

“We had to reduce our investments in renewables, in offshore wind but also other areas, as simply we don’t have the money,” Terium told a conference on renewable energy in Berlin.

He added that the German group can’t afford its original plans for a build-up of renewable generation capacity any longer.

After servicing debts and meeting operational costs, RWE now has somewhere between €1bn and €1.5bn available, which is less than previously, Terium said.

“We need to decide and spend the money where we get the safest return,” he said. “And if…

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