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Nuke shutdown could force energy asset sale

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Nuke shutdown could force energy asset sale
Photo: DPA

German energy giant RWE has put its assets in Egypt up for sale in a bid to raise about one billion dollars to counter Germany's impending nuclear power shutdown.

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The assets are shares in two undeveloped oil and gas fields belonging to its subsidiary Dea, sources close to the matter told the Dow Jones newswire.

A RWE spokeswoman, asked by AFP, declined to comment but highlighted the Dea unit was on the group's list of potential sell-offs.

The energy supplier is in need of fresh cash because earnings are being hit by a decision by Germany to phase out nuclear power and a generally difficult market environment.

It intends to divest €11 billion ($14 billion) worth of assets before the end of 2013, after already having completed a planned capital increase of some €2.1 billion.

AFP/bk

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