RWE confirms it will close power stations due to solar rise in Germany
Persistently low prices on the electricity markets are placing burdens on the entire energy sector, and thus also on RWE. However, in the first half of 2013, RWE was able to offset these burdens thanks to the positive outcome of the arbitration proceedings with Gazprom. Alongside a slight increase in revenue, to EUR 28.5 billion, EBITDA was up 9% to EUR 5.5 billion and the operating result increased by 12% to EUR 4.1 billion. In spite of this, net income fell by 38% to about EUR 1 billion. The main cause was the market-induced impairment loss of about EUR 800 million recognised for our Dutch generation portfolio. Recurrent net income was about EUR 2 billion. This 19% increase is attributable to the one-off effect of the positive Gazprom arbitration decision.
