RWE has responded to last week’s disappointing results by announcing a plan to invest around $1.05bn in renewable energy over the next three years.
RWE chief executive Peter Terium was cited by reNEWS as saying that the renewable sector is “a major technology whose high load factor helps ensure grid stability”.
As well as offshore wind, the company will also vouch for onshore wind developments especially across Germany, the UK, the Netherlands, and Poland.
RWE spent €1bn for the renewable energy sector in 2014 alone. While revealing a net profit of $1.7bn last year the company expects further declines to profitability from its conventional power generating capacity in the current year.
CEO, Peter Terium was quoted by The Wall Street Journal as saying: “The crisis in conventional electricity generation will continue to have a significant impact on RWE’s earnings…therefore we will probably not succeed in keeping the operating result at the level recorded in 2014.”
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