Exclusive: RWE CFO maps out planned expansion in renewables, US in focus

Exclusive: RWE CFO maps out planned expansion in renewables, US in focus

German utility RWE expects to spend heavily in the U.S. renewable energy market as it maps out its future as a global renewable champion after its pending asset swap deal with peer E.ON.

RWE CFO Markus Krebber attends the annual shareholders meeting of German power supplier RWE in Essen
FILE PHOTO: RWE CFO Markus Krebber attends the annual shareholders meeting of German power supplier RWE in Essen, Germany, April 26, 2018. REUTERS/Thilo Schmuelgen

ESSEN, Germany, NEW YORK, FRANKFURT: German utility RWE expects to spend heavily in the U.S. renewable energy market as it maps out its future as a global renewable champion after its pending asset swap deal with peer E.ON.

"We expect to spend several billions of euros on the expansion of the U.S. renewables business in the next few years," chief financial officer Markus Krebber told Reuters in an interview.

RWE is trying to shed its image as coal-heavy, closing many of its German plants in return for compensation that is yet to be negotiated, and has demonstrated the bulk of its future profits will come from renewables.

(Editing by Georgina Prodhan and Michelle Martin)

Source: Reuters

Bookmark