by Daniel J. Graeber
Washington (UPI) Mar 14, 2017
German energy company RWE said it's "back on track" after retooling its footing in the market and riding on the success of its renewable energy arm.
Germany's energy sector is shifting focus away from nuclear power and fossil fuels to one focused more on renewables, leaving energy companies like RWE scrambling to catch up. Germany as a whole has one of the greener economies in Europe and RWE already moved in the low-carbon direction by working with port officials to create infrastructure to fuel vessels with cleaner-burning liquefied natural gas.
The company said Tuesday its earnings last year were at the high-end of its expectations and improvements were expected to continue for the rest of the 2017 fiscal year. Its green energy division, Innogy, put the parent company "on a solid financial basis" and RWE said its credit rating was still at investment grade.
"RWE is back on track," CEO Rolf Martin Schmitz said in a statement. "We made major progress in reorganizing the business last year, which has enabled us to return to reliable planning while giving us room to maneuver when taking entrepreneurial action."
In the wake of Japan's nuclear disaster in 2011, German Chancellor Angela Merkel ordered eight of the country's 17 nuclear reactors closed by the end of that year and a total shutdown by 2022. More than halfway through the transition, RWE said it was moving from an electricity producer to a company focused more on the security and reliability of energy supply.
With a footing in Europe, the company said it was now setting its sights on the growing markets in Asia and position itself as a driver of evolving supply trends like LNG.
"We have done our homework," the CEO said.
London, UK (SPX) Mar 13, 2017
Two leading organisations within the UK's nuclear industry, the Energy Industries Council (EIC) and the Nuclear Advanced Manufacturing Research Centre (Nuclear AMRC), have signed a Memorandum of Understanding (MoU) to work together to promote global opportunities in the nuclear industry and support UK companies to enter the sector, at a ceremony held at the Nuclear AMRC's Rotherham campus on Tue ... read more
Nuclear Power News - Nuclear Science, Nuclear Technology
Powering The World in the 21st Century at Energy-Daily.com
|The content herein, unless otherwise known to be public domain, are Copyright 1995-2017 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement|