• Germany's news in English
 
Nuke shutdown costs energy giant €1 billion
Photo: DPA

Nuke shutdown costs energy giant €1 billion

Published: 06 Mar 2012 09:40 GMT+01:00

RWE said in a statement its net profit fell by 33.9 percent to €2.479 billion last year and operating profit declined by 24.3 percent to €5.814 billion on a 3.1-percent drop in revenues to €51.686 billion.

"For us, fiscal 2011 was marked by difficult economic and political framework conditions," RWE said. "The German government's nuclear energy decisions alone had a negative impact on the result of well over one billion euros."

In the wake of the nuclear disaster in Fukushima, Japan, last year, the German government decided to phase out nuclear power, forcing energy suppliers to shut down their profitable large-scale power plants and also levying a tax on the reactors' fuel for their remaining lifespan.

In addition, lower sales prices on the gas wholesale market and "persistently low margins in the electricity generating business all had an adverse effect on business performance," the group complained.

Nevertheless, chief executive Juergen Grossmann said RWE had undertaken measures "to get us through the trough quickly."

RWE was "therefore confident of maintaining the level of the previous year in 2012," he said, predicting that the trend would also continue into 2013 when "we still expect to be on a par with the result of 2011 this year, too."

AFP/bk

The Local (news@thelocal.de)

Your comments about this article

12:45 March 6, 2012 by cheeba
Won't be long before this nuclear shutdown starts slow down the German economy big time, then these naive people finally will understand.
13:16 March 6, 2012 by pjtaipale
But the nuclear shutdown was timed very nicely for the opening of this new gas pipeline that runs from Russia. Which had some prominent politicians hired to work for the company (like Gerhard Schröder).
14:22 March 6, 2012 by derExDeutsche
1 Billion EURO???? Damn Those SPECULATORS! Surely, this added loss won't be passed on to the German Tax payer.
00:52 March 7, 2012 by Illogicbuster
Germany sold itself to Gazprom. FOOLS.
20:04 March 10, 2012 by Englishted
Quiet !!!

I can just about hear the violins in the background and the weeping of those hard up executives.

Still looks like excessive profit for what should be a non profit public service.
Today's headlines
Löw sets sights on Euro 2016 with new-look Germany
Joachim Löw holding the World Cup trophy. File photo: DPA

Löw sets sights on Euro 2016 with new-look Germany

World Cup winners Germany have suffered something of a hangover since their triumph in Brazil, but coach Joachim Löw is hoping a new-look side can go on to claim more glory at Euro 2016. READ  

T-Mobile to pay $90 million to settle US fraud charges
Photo: DPA

T-Mobile to pay $90 million to settle US fraud charges

German mobile phone company T-Mobile has agreed to pay at least $90 million to settle US government claims that it bilked customers with bogus charges, US regulators said Friday. READ  

Ethics Council rejects assisted suicide law
Photo: DPA

Ethics Council rejects assisted suicide law

The German Ethics Council said the law should not be changed to permit assisted suicide in a paper published on Friday. READ  

Abandoned themepark needs 14m says Berlin
Swan Lake. An abandoned ride in the Spreewald pleasure park. Photo: DPA

Abandoned themepark needs 14m says Berlin

The iconic ruined themepark in the centre of Berlin - a long-time favourite of hipster adventurers - needs a clean-up costing at least 14 million euros, the Berlin government has revealed. READ  

Police nab Nuremberg station bomb hoaxer
File photo of Nuremberg main station: Shutterstock

Police nab Nuremberg station bomb hoaxer

Officers in Nuremberg arrested a man on Thursday evening after he called in a false bomb threat against the main train station READ  

Opinion
Angela, David...and Nigel
So near...and yet so far Photo: DPA

Angela, David...and Nigel

The rise of UKIP broke up what had been a good 2014 for Cameron and Merkel. READ  

'Dr Death' corpse museum gets go-ahead
Dr Gunther von Hagens. Photo: DPA

'Dr Death' corpse museum gets go-ahead

A Berlin court has said that infamous human taxidermist Gunther von Hagens can open a museum in the capital - over objections from local officials. READ  

Presented by Phorms Education
Phorms bilingual schools boast top-notch tech
Photo: Phorms Education

Phorms bilingual schools boast top-notch tech

As parents fret over children’s internet habits, a network of bilingual schools in Germany shows that putting computers in the classroom from an early age yields positive results. READ  

Networks scramble to patch mobile security
Chancellor Angela Merkel has herself been the victim of phone hacking. Photo: DPA

Networks scramble to patch mobile security

IT experts led by Berlin-based Karsten Nohl said on Thursday they had discovered security flaws in the mobile phone networks that would allow attackers to read users' messages. READ  

Turkish 'spies' arrested at Frankfurt airport
Photo: DPA

Turkish 'spies' arrested at Frankfurt airport

Three men suspected of being Turkish agents have been arrested by police, federal prosecutors said on Thursday. READ  

RECEIVE OUR NEWSLETTER AND ALERTS
Willy Brandt at his inauguration in 1972. Photo: DPA
National
Willy Brandt: the man, the chancellor... the airport?
Dresden skyline and river by night. Photo: DPA
Politics
What does Dresden have against Muslims?
Sponsored Article
Why are these International Baccalaureate students cheering?
Germany's national football team lifts the World Cup trophy
Gallery
Germany's most-Googled words of 2014
National
Why has The Local got a new logo?
Photo: DPA
National
This German was abducted and tortured by the CIA
Culture
10 top tips for partying in Germany
Sponsored Article
Top ten gifts for an expat Christmas
Photo: DPA
Technology
What does the Chancellor see as the future of the internet?
Photo: DPA
Culture
Stuff your face with these festive German cookies
Photo: DPA
Culture
What do beer, breakfast cereal and dildos have in common?
Culture
The Local's guide to German Christmas markets
Sponsored Article
Top five quirky Christmas jumpers
Photo: DPA
Culture
Get ready for Christmas like a German. We tell you how.
Photo: DPA
Munich
She did what with her dead mother?
Photo: DPA
National
Germany still paying for crisis fall out
Photo: DPA
Culture
Saxon wurst is the worst, Christmas market declares.
Photo: DPA
Politics
Can 'sorry' ever be enough for the Linke?
Sponsored Article
Shop Christmas gifts at Debenhams international store
Photo: DPA
Berlin
The Local's series on 25 years since the fall of the Berlin Wall
Shutterstock
Sponsored Article
Offer: Unlimited airmiles through December 19th
Photo: DPA
Gallery
See how Berlin has changed in 22 photos
Photo: DPA
Business & Money
JobTalk: All you need to know about working in Germany
National
Share news tips with The Local Germany
Latest news from The Local in Austria

More news from Austria at thelocal.at

Latest news from The Local in Switzerland

More news from Switzerland at thelocal.ch

Latest news from The Local in Denmark

More news from Denmark at thelocal.dk

Latest news from The Local in Spain

More news from Spain at thelocal.es

Latest news from The Local in France

More news from France at thelocal.fr

Latest news from The Local in Italy

More news from Italy at thelocal.it

Latest news from The Local in Norway

More news from Norway at thelocal.no

Latest news from The Local in Sweden

More news from Sweden at thelocal.se

3,228
jobs available
The Local Spain is hiring!
The Local is seeking a new editor for our site in Spain to join our growing team of internationally-minded, driven, ambitious and clued-up journalists.
Details and how to apply
Toytown Germany
Germany's English-speaking crowd