german energy giant rwe posts 57bneuro loss in 2016
Last Updated : GMT 05:17:37
Emiratesvoice, emirates voice
Emiratesvoice, emirates voice
Last Updated : GMT 05:17:37
Emiratesvoice, emirates voice

German energy giant RWE posts 5.7-bn-euro loss in 2016

Emiratesvoice, emirates voice

Emiratesvoice, emirates voice German energy giant RWE posts 5.7-bn-euro loss in 2016

RWE said it was forced to recognise impairments of 4.3bn euros last year and set aside provisions to contribute to a fund to store nuclear waste by 2022
Frankfurt am Main - AFP

German energy provider RWE on Thursday announced a surprise loss of 5.7 billion euros ($6 billion) for 2016, hit by writedowns on its plants and one-off costs related to the country's exit from nuclear power.

"The difficult market environment made impairments necessary. In addition, the nuclear energy fund imposed a substantial one-off burden on us," chief executive Rolf Martin Schmitz said in a statement.

RWE said it was forced to recognise impairments of 4.3 billion euros last year, mainly on its unprofitable German power plants although the company also wrote down the value of assets in Britain, the Netherlands and Turkey.

Like most big European energy companies, RWE is battling low wholesale electricity prices and competition from heavily-subsidised renewable energy rivals.

The group's performance was also dented by what it described as an "additional extraordinary burden" in the shape of new German legislation that forces energy firms to help pay for the country's nuclear phase-out.

The German government decided to move away from nuclear power in the wake of the 2011 Fukushima disaster.

Under a draft law approved in October, the firms Vattenfall, EON, RWE and EnBW would have to contribute 23.5 billion euros to a state fund for the storage of nuclear waste by 2022.

RWE said it will have to contribute about 6.8 billion euros to the fund.

Of that amount, 1.8 billion euros was set aside as nuclear provisions in its 2016 results.

The group said it would not be paying any dividends for 2016.

"The new regulations governing nuclear waste disposal are sensible, but require a great financial effort from RWE," chief financial officer Markus Krebber said in a statement.

"We do not see any room for paying a dividend on common shares for fiscal 2016," he added.

The group will present its full-year results on March 14.

source: AFP

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

german energy giant rwe posts 57bneuro loss in 2016 german energy giant rwe posts 57bneuro loss in 2016

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

german energy giant rwe posts 57bneuro loss in 2016 german energy giant rwe posts 57bneuro loss in 2016

 



GMT 19:57 2018 Tuesday ,23 January

Farm-fresh from Kerala to the UAE, in just one day

GMT 01:01 2017 Sunday ,11 June

Qatari banks brace for cash crisis

GMT 07:35 2017 Tuesday ,07 November

French chef’s twist on haute cuisine

GMT 12:03 2012 Tuesday ,07 February

Temperature in UAE to rise gradually

GMT 13:02 2017 Wednesday ,01 November

H.H. Amir tasks Sheikh Jaber to nominate cabinet members

GMT 23:34 2017 Sunday ,02 July

Indian embassy thwarts 700 bogus job offers

GMT 04:53 2016 Thursday ,22 December

Trial of 48 MB members over death

GMT 13:57 2017 Monday ,06 November

UAE Cricket to play Zimbabwe A Team in 50-over match

GMT 13:45 2017 Thursday ,12 January

It is not about money, but PR power

GMT 09:25 2017 Thursday ,19 October

Smithsonian launches drive for major hip-hop anthology

GMT 08:16 2017 Sunday ,10 September

Top luxury and performance in a compact body

GMT 14:31 2017 Wednesday ,15 November

Spain awarded 1.6 bln euros over Prestige oil spill

GMT 07:59 2017 Wednesday ,27 September

Russian strikes in Syria’s Idlib kill 37 civilians

GMT 12:47 2017 Monday ,20 November

PISCES (February20th-March20th)

GMT 18:58 2017 Sunday ,26 November

Japan's Reds target Asian glory after race row

GMT 12:04 2017 Saturday ,09 December

Step inside a quirky Umm Suqeim home brimming

GMT 08:47 2011 Sunday ,12 June

Sireen Abd Al Nour gives birth

GMT 00:25 2017 Thursday ,16 March

Return childhood to Syrian children
Emiratesvoice, emirates voice
 
 Emirates Voice Facebook,emirates voice facebook  Emirates Voice Twitter,emirates voice twitter Emirates Voice Rss,emirates voice rss  Emirates Voice Youtube,emirates voice youtube  Emirates Voice Youtube,emirates voice youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

emiratesvoieen emiratesvoiceen emiratesvoiceen emiratesvoiceen
emiratesvoice emiratesvoice emiratesvoice
emiratesvoice
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
emiratesvoice, Emiratesvoice, Emiratesvoice