RWE confirms end of involvement in $2.35bn pumped storage project

Economic circumstance continues to impact on RWE’s power sector interests, with the company confirming that it is to pull out of the Atdorf pumped storage project in Germany.

Back in September RWE (FWB:à‚ RWE) had indicated that it would pull the plug on its involvement with Essen-based newspaper carrying that news.

The 1400 MW plant was originally expected to commence operation in 2019
The $2.35bn Baden Wuerttemberg project involved a partnership between RWE and fellow utility EnBW, but the former has decided that the initiative is now too costly to proceed.

The current plan approval process is funded by EnBW and the energy service , which also involves shareholders Schluchseewerk AG who wish to continue with the project despite the loss of the partner. German news reports that the possibility of RWE re-joining the project at a later date has not been ruled out.

Both RWE and EnBW are in agreement that the project is not worth it under current economic and political conditions, with the growing proportion of solar energy in the impacting on prices and reducing the chance of profit.

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