AFP, Berlin :
Germany’s second biggest energy company, RWE, saw profits from its core coal and gas business plummet again in the first nine months of the year.
In Frankfurt, shares in RWE tanked over 8 percent to 11.44 euros after it said 2015 profits would “only just” meet the company’s forecast range of 1.1-1.3 billion euros.
Like other German power giants, RWE has been hit by rock-bottom wholesale prices as it competes against subsidised renewables like wind and solar power.
RWE, Germany’s largest electricity producer, however saw its net profit boosted to 1.94 billion euros ($2.08 billion), against 994 million a year ago, by the sale of oil and gas exploration division RWE Dea.
The sale allowed the RWE Group to reduce its huge debt to 25.8 billion euros on September 30.
However, data reflecting the utility’s ongoing business operations again looked bleak.
Germany’s second biggest energy company, RWE, saw profits from its core coal and gas business plummet again in the first nine months of the year.
In Frankfurt, shares in RWE tanked over 8 percent to 11.44 euros after it said 2015 profits would “only just” meet the company’s forecast range of 1.1-1.3 billion euros.
Like other German power giants, RWE has been hit by rock-bottom wholesale prices as it competes against subsidised renewables like wind and solar power.
RWE, Germany’s largest electricity producer, however saw its net profit boosted to 1.94 billion euros ($2.08 billion), against 994 million a year ago, by the sale of oil and gas exploration division RWE Dea.
The sale allowed the RWE Group to reduce its huge debt to 25.8 billion euros on September 30.
However, data reflecting the utility’s ongoing business operations again looked bleak.
