German utility RWE appears to be following in the footsteps of rival Vattenfall by seeking advisers to help in selling its Polish business. This is according to the Polish daily newspaper Puls Biznesu reports Reuters.
RWE had up to now excluded its Polish assets from a multi-billion euro divestment plan, but the group’s finances have been hit hard by Germany’s hasty decision to exit nuclear power following Fukushima.
In the first nine months of this year, RWE suffered a net loss of EUR174m ($227m) compared with a profit of EUR594m in the same period last year, while net profit fell 46.2 per cent.
According to Reuters, sources earlier this year said that RWE local assets, primarily RWE Polska and the RWE Stoen Operator, which operates the Warsaw electricity network, could be on the block if the group struggled to achieve its ambitious cash target.
The sources put a value of about EUR700m on the businesses.
For more nuclear power generation news