“RWE head denies danger of insolvency”

Despite looming debt and the heavy financial burden from the nuclear clean-up, the CEO of electricity utility RWE, Peter Terium, told the Frankfurter Allgemeine Sonntagszeitung that the company is on solid financial ground. “We have many billions of euros in cash, among other things from our sale of the gas extraction company DEA. Our business is thoroughly financed through the end of the decade, everything is under control,” he said.  RWE, together with rival E.ON, have both been hard-hit by costs related to the country’s decision to shut down its nuclear power plants and focus on renewables, the paper writes. Profits from coal and nuclear have declined severely, and RWE’s debts are considerably higher than its equity, according to the newspaper.

Read how companies are paying for the nuclear clean-up in a CLEW factsheet here.