German REpower not worried about nuclear plant life extension - report

(ADPnews) - Sep 9, 2010 - German wind turbine maker REpower Systems AG (ETR:RPW) is not worried that the life spans of nuclear power plants will be extended, CEO Andreas Nauen told daily Frankfurter Allgemeine Zeitung (FAZ).

Most important for REpower is that all the discussions lead to increasing the share of renewable energy in the long term, the CEO said.

Nauen expects that the electricity from renewable sources will soon be completely competitive. On the most successful locations REpower is already achieving the average price of the Leipzig electricity stock exchange. However, wind energy is still dependent on subsidies and the CEO did not say when exactly this type of energy will be able to reach the price level of the traditional electricity sources.

REpower does not fear competition from China as local companies are still concentrated on the domestic market, Nauen said. According to the report, around one-third of all wind parks in China are based on REpower's technology.

The CEO also said that he expects financial investors, pension funds and industrial groups to participate in the financing of offshore wind farms in the future.

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