German utility RWE raises financial outlook
RWE, the German utility, has slightly raised its financial forecast for the current year as its coal-fired power stations profited from low lignite prices and low emissions charges, setting it apart from bigger German rival Eon.
Peter Terium, chief executive, said he expected full-year earnings before interest, tax, depreciation and amortisation to "at least" match last year's level of €8.5 billion, while recurring net profit would be stable at about €2.5 billion.
The company reminded that its 2011 result had been dragged down by "substantial one-off burdens" caused by the government's decision to close eight of 17 nuclear power stations and phase out the power source by 2022 in the wake of the nuclear disaster in Fukushima, Japan. -
(Copyright The Financial Times Limited 2012)