Boston, MA -- (ReleaseWire) -- 05/14/2014 -- For the first time in its 60 years of operation, the Germany-based European power giant Rheinisch-Westfalisches Elektrizitatswerk (RWE) has posted a net loss, amounting to EUR2.8 billion ($3.8 billion) for the fiscal year ended 2013. This can be attributed to impairment losses of EUR4.8 billion ($6.6 billion) following a drop in the value of its power plants. Increasing subsidies for renewable energy have posed a serious threat to coal and gas-fired power plants, leading to losses in profitability and applicability. The company's operating result declined by 8% in 2013 to EUR5.9 billion ($8.1 billion) compared to 2012, in which conventional electricity generation alone accounted to EUR1.4 billion ($1.9 billion). This has forced RWE to plan to shut down 7 Gigawatt (GW) of conventional power generation based on hard coal and gas across Europe. Similar situations have arisen for other major players such as Electricite de France (EDF), E.ON and Gaz de France Suez (GDF Suez). This may lead to capacity and supply restraints and further to a deteriorating power scenario across the continent.
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- Reasons for RWE's losses.
- Strategic steps taken to revive financial conditions.
- The impact of RWE's losses in the European Power Industry.
Reasons to Get This Report
- Gain insight into the reasons behind the loss of thermal power stations in Europe.
- Comprehend the strategic moves for financial revival.
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