As
Recharge
reported
last
month,
RWE
is
reining
back
its
renewables
ambitions
to
reflect
the
reduced
availability
of
investment
funds.
The
group
is
struggling
under
a
debt
burden
of
€33bn
($43bn),
and
today
announced
plans
to
sell
its
oil
and
gas
exploration
business
to
give
itself
some
financial
breathing
space.
Renewables
division
RWE
Innogy
will
now
invest
about
€1bn
this
year
and
€500m
over
the
next
two
years.
“This
is
much
less
than
we
had
originally
planned,”
RWE
told
its
investors
in
its
2012
full-year
financial
report..
The
shortfall
means
Innogy
will
not,
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