EnergyWatch

RWE heralds impairment of EUR 4.3 billion

If shareholders in major German utility RWE believed that the company was now headed towards a brighter future after several years of crisis, they are set to be disappointed.

Just as Germany's RWE started to believe in real improvement, the company had to acknowledge that 2016 was not the year, in which several years of deficits and crisis would end. Wednesday morning (CET), the company warned in a trade update that it will make an impairment of EUR 4.3 billion in the 2016 annual report, which will be presented on March 14.

This mainly relates to impairments on power plants in Germany, due to the low electricity prices which have triggered the dire slowdown for RWE. But it also counts impairments on plants in the UK, Turkey, and the Netherlands. All in all, RWE assigns EUR 3.7 billion to impairments due to low energy prices in Europe.

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