RWE transfers renewables to new subsidiary
The German energy company RWE AG has announced it is to transfer its renewables, grid and retail operations in Germany and abroad to a new subsidiary.
RWE will focus on conventional electricity generation and energy trading and have a majority stake in the new company, which will be floated on the stock exchange next year.
“Today, we set an important course for the future of the entire RWE Group,” said Manfred Schneider, Chairman of the Supervisory Board of RWE AG.
“As a result of this restructuring, we will increase our capacity to invest in the energy world of tomorrow and, in turn, secure the viability of RWE as a whole. Our Group will thereby be even better placed to fulfil its responsibility towards its shareholders, employees and society.”
Frank Bsirske, Deputy Chairman of the Supervisory Board of RWE AG, adds: “In light of the radical changes to the energy landscape, this is a necessary step and the right one. By taking this decision, we are giving the entire workforce long-term prospects. Only a healthy RWE is a secure employer. We hope that the restructuring will create new jobs in future-oriented business fields over the medium and long term.”
Jamie Hailstone is a freelance journalist and author, specializing in local government, transport and energy issues