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Nuke shutdown costs energy giant €1 billion
Published: 6 Mar 12 09:40 CET | Print version
Online: http://www.thelocal.de/money/20120306-41165.html
RWE, Germany's second biggest-power supplier, said Tuesday earnings last year were hit by a one-billion-euro ($1.3-billion) charge related to the shutdown of some of its nuclear power plants.
- Cost of nuke phase-out 'could near €2 trillion' - Business & Money (18 Jan 12)
- Germany forced to buy Austrian electricity - Business & Money (5 Jan 12)
- Nuke shutdown could force energy asset sale - Business & Money (24 Dec 11)
"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
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Your comments about this article:
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.