RWE: First loss since 1949

Time to switch to modern energy, RWE?

Germany’s largest power company RWE posted its first loss since the establishment of the German Republic in 1949. €2.8 billion was lost in 2013, caused by massive write downs in assets of almost €5 billion.  Last week French power company reported €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.”

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