RWE announces billions of green electricity

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DThe long-term energy company RWE wants to expand its green electricity business with billions of investments, relying on the booming markets in North America and Asia. "Renewable energy is becoming a global and growing business for us," said CFO Markus Krebber. "We expect to invest billions of euros in the expansion of the US business in the coming years".

By the second half of the next decade at the latest, the utility wants to enter the Asian market for renewable energy sources. "Preparations are starting now."

With the planned acquisition of the green electricity activities of the subsidiary Innogy and that of Eon by the end of the year, the environmental critic supplier wants to become one of the largest producers of green electricity. If the European Commission agrees to the entire exchange agreement with Eon, RWE would do green power plants of ten gigawatts – roughly equivalent to the production of ten nuclear power plants – in one go.

And it shouldn't stay that way. "We ourselves want to invest around 1.5 billion euros a year, together with our partners, the total sum of 2.5 billion euros," announced Krebber.

"You want to invest in all technologies"

With the move to more distant markets like the United States, the utilities are also responding to the diminished state subsidies for green electricity in this country. For larger projects that require a lot of capital, partnerships are common. Therefore, the Karlsruhe EnBW is also in view of the US offshore market and is willing to cooperate. EdF from France and EDP from Portugal have allied themselves with the oil company Shell. This Wednesday RWE has also signed a new credit line of over five billion euros to expand its operations.

"We want to invest in all technologies: offshore wind, wind energy, solar energy and storage," said Krebber. The main market for investments in the coming years in wind energy at sea is Europe, for wind energy in North America and Europe. "For photovoltaics, North America, Europe and even Australia are relevant."

(TagToTranslate) Markus Krebber (t) Vera Eckert (t) RWE (t) ISIN_DE0007037129 (t) E.ON (t) ISIN_DE000ENAG999 (t) ON

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