According to energy giants RWE, decisions by the German government to remove nuclear power have made economic conditions tough for them. They say that including the nuclear fuel tax, the financial burdens now total some EUR 900 million.
While revenues of EUR 27 billion was at almost the same level as in the first half of last year, earnings before interest, taxes and depreciation fell by 25% to EUR 4.6 billion. Dr. Juergen Grossmann, CEO of RWE AG said: “The decisions made by the German government have led to substantial financial burdens. However, the German government’s energy concept also presents us with opportunities which we would like to make use of.”
In the first half of 2011, RWE produced 104.3 billion kilowatt hours (kWh) of electricity, 7% less than in the same period of 2010. The main reason for this was the shut-down of the Biblis nuclear power station as part of the nuclear moratorium imposed by the German government, RWE say.
The company will now make a downward adjustment to its earnings forecast of February 2011 due to the unforeseen burdens imposed by the sudden change in German energy policy.