$4.1bn loss announcement expected at RWE

Germany’s second biggest utility is expected to declare a net loss of about $4.1bn (€3bn) for 2013, when it reports its results on Tuesday (March 4).

It will be the first time that RWE (FWB:à‚ RWE) has reported a full-year net loss, according to German newspaper, Handelsblatt and is yet another indication of the problems that have beset power producers in Europe.
The net loss is attributable to write downs for the year of $6.6bn, most of which is due to declining earnings from conventional power generation.

The Germany-led switch in emphasis to renewable energy coupled with an overall weak demand within the bloc has hit power utilities hard.

Earlier this week the company’s board announced that it would be taking a pay cut.

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