As it continues to struggle with the impact of Germany’s decision to phase out nuclear energy, RWE is set to cut up to 5,000 jobs, as much as 7 per cent of it s 72,000 workforce, in a bid to bolster its debt-heavy balance sheet.

Peter Terium of RWE
The company confirmed that new RWE chief executive Peter Terium will provide an “efficiency plan” in mid August, as the news on potential job cuts emerged from a meeting between RWE executives and the German services union, Verdi.

RWE has vowed to keep its focus on Germany and the European Union in contrast to rival Eon, which is looking for opportunities to grow in emerging markets such as Turkey, India and Brazil, where it recently set up a joint venture.

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