RWE plans deeper Innogy cuts

The FLiDAR prototype buoy at the UK's Gwynt y Mor wind farm

The UK's Gwynt y Mor wind farm remains a core RWE project

German utility RWE will more deeply cut investments at its renewables unit Innogy as the embattled company steps up cost-saving measures, it revealed in a presentation this week.

As part of a “streamlining” of its renewables business, RWE now says it plans to invest some €1bn ($1.36bn) in renewable projects from 2014 to 2016.

In September 2013, RWE still maintained that Innogy would invest about €1bn in 2013 alone, to be followed by €500m each in the two following years.

RWE didn’t detail how it would split up the €1bn throughout the 2014 to 2016 period, but Innogy chief executive Hans Bünting according to the Süddeutsche Zeitung newspaper said the unit likely will have to reduce the €500m capex figure for this year and next.

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