Germany’s largest power company RWE posted its first loss since the establishment of the German Republic in 1949. â‚¬2.8 billion was lost in 2013, caused by massive write downs in assets of almost â‚¬5 billion. Â Last week French power company reportedÂ â‚¬15 billion euro in write downs.
Solar and wind energy expansion in Germany have reduced profitability of RWE’s coal- and gas-fired plants. Since 2008, the share has lost 70% of its value.
“I grant we have made mistakes,” RWE Chief Executive Peter Terium said today. “We were late entering into the renewables market – possibly too late.”