German Chancellor Angela Merkel will meet representatives from the energy industry including RWE AG’s Juergen Grossmann next week for talks about power plant expansion in Europe’s biggest electricity market.
German officials and business leaders including Bert Ruerup, ex-chairman of Chancellor Angela Merkel’s council of economic advisers, and RWE AG head Juergen Grossmann are buying Greek government bonds as part of a campaign launched by Handelsblatt newspaper to support the debt-stricken country.
RWE AG’s Chief Executive Officer designate Peter Terium said Germany’s second-biggest utility is almost over the worst after a “very difficult year” following the government’s decision to exit nuclear power.
RWE AG plans to sell about 8 billion euros ($11 billion) of assets, starting with its German power network, as the country’s second-largest utility cuts debt, according to two people with knowledge of the matter.
RWE AG, Germany’s second-largest utility, said while its “fundamental approach” to the Nabucco pipeline project to ship natural gas from the Caspian to Europe remains unchanged, an agreement between Turkey and Azerbaijan for an alternative route creates a “new situation.”
RWE AG Chief Executive Officer Juergen Grossmann told German town councils, who own about 16 percent to 20 percent of the company’s shares, that he expects “particularly difficult” years ahead and that the government’s decision to quit nuclear power by 2022 rather than 2036 would cause “several billion” euros of “unexpected financial burdens” over the coming years, the Financial Times reported, citing Grossman speaking at a private meeting.