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Energy giant RWE plans massive job cuts

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Energy giant RWE plans massive job cuts
Photo: DPA
14:54 CET+01:00
Energy giant RWE plans to cut thousands of jobs over the next few years, according to media reports.

A report in Saturday's edition of the Rheinische Post said RWE wanted to cut 8,000 of its global workforce of 72,000. A source at the company confirmed the report to the Reuters news agency.

“There will be job cuts,” the spokesman told Reuters, without giving a specific number. He said the company was working with the trade unions to implement the job cuts.

In August RWE had announced that it planned to cut costs by €1.5 billion next year in response to Germany's decision to phase out nuclear power by 2022. The company plans to divest assets worth €11 billion by the end of 2013.

RWE will close its Biblis nuclear power station and also introduce less labour-intensive new coal-fired plants. It will also restructure its operations in the United Kingdom and Eastern Europe.

The company's supervisory board is meeting on December 12 to discuss the mid-term outlook for 2012 to 2014, including staff numbers.

RWE has already said there would not be any forced lay-offs until at least the end of 2012.

Another German energy giant E.ON has already said it plans to cut 11,000 of its global staff of 80,000. According to unions, 6,500 of those job cuts will likely be in Germany.

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