RWE plans no boost in green energy investments in short term - report
(ADPnews) - Oct 20, 2010 - RWE (ETR:RWE) does not intend to raise investments in renewable energy in the short term, given Germany's plan to extend the lifespan of nuclear power plants, CEO Juergen Grossmann said in an interview for Stern magazine.
The German utility invests more than EUR 1 billion (USD 1.4bn) a year in the development of renewable energy. However, it will not boost the volume of its investments as it will be burdened by the decision of the government to extend the lifespan of nuclear plants.
Grossmann pointed out that the government has decided to boost the lifespan of Germany's 17 nuclear reactors by eight to 14 years. In addition, a fuel-rod tax will be introduced and utilities will have to make contributions to the country's Eco-Fund, aiming to boost the development of renewable energy.
Nevertheless, RWE plans to raise its investments in alternative energy in the long term, as it recognises the strategical importance of the sector, the CEO said.