German nuclear policy hits RWE
Nikhil Kumar is The Independent's New York correspondent. He was formerly assistant editor on the foreign desk and has also done a variety of jobs on the city desk, where he wrote about markets, commodities and other business and economics topics.
Wednesday 10 August 2011
Germany's decision to phase out nuclear power in the wake of the disaster at the Fukushima Daiichi plant in Japan led to a sharp fall in profits at RWE, the utility which has recently named the Dutchman Peter Terium as its next chief executive.
The company said recurrent net profits for the first half of the year had declined by 39 per cent to around €1.67bn as it took a €900m hit over provisions to meet costs of decommisioning nuclear plants, writing off fuel rods and to cover a nuclear fuel tax. Analysts had been expecting profits of around €1.71bn. "The decisions made by the German government have led to substantial financial burden," the outgoing chief executive Dr Jergen Grossmann said.
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