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Nuke shutdown could force energy asset sale

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Nuke shutdown could force energy asset sale
Photo: DPA
09:51 CET+01:00
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.

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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