The energy company has to write off billions expenditures and losses. Therefore, investors should now renounce their dividends. This could bring many communities in distress.
How serious the situation at RWE, shows up on Wednesday morning at 9:17. Since the power company sent a message in which of billion dollar depreciation on power plants, of losses in the last fiscal year, the speech is -. And that the dividend be reduced sharply by the proposal of the Board
Lars Martin Klieve sitting at the time at his desk. He is one of the shareholders who should now renounce their money. As Chamberlain in Essen he has just presented a supplementary budget with additional funds amounting to 132 million euros. The city needs this money mainly to 6,000 refugees in the city continue to accommodate and to ensure that they get something to eat and attention is paid to their health. The cost of language courses and all that would be needed to really take these people are not even provided for in the budget.
Klieve has nine million euros factored in distributions of RWE. Approximately half as much as last year will probably be the dividend, he thought. “Other communities have me subordinated and meant exaggerated skepticism, so I bring the board to get any ideas,” says Klieve. “But the board had its own.” Now drop off the nine million euros that were already scheduled. “This applies to us the core.”
One end of the crash is not in sight
energy policy nuclear phase – to the taxpayer the next financial crisis
In no event should to the banks now the power companies their contaminated roll off. Still, that is likely to happen during the demolition of old nuclear power stations.
Just as it comes Klieve many strapped eunuchs in North Rhine-Westphalia. Uwe Bonan from Mülheim an der Ruhr even announces resistance: “We will not accept the proposal so and take every opportunity to bring about a change,” he says
About a quarter of the shares in RWE hold cities. and communities. It is a legacy from the distant past: 1898 the Rhine-Westfalia Electricity Works AG, which made from coal power, founded as a municipal utility in Essen. There were the municipalities that the company allowed the expansion – as a donor and as a purchaser. Soon RWE became one of the largest electric utilities in the Empire. For the municipalities themselves should the long worth a lot.
Now that the company is in crisis, it is a difficult legacy. For too long, RWE has maintained the conventional power plants. But because the electricity from wind turbines and solar panels flooded the current stock market, prices fell through the floor. Coal and gas power plants no longer worthwhile. RWE now has to write off for the past year 2.1 billion euros of its conventional power plants. One end of the crash, and that was in the release of Wednesday, is in sight this year. RWE shares lost on Wednesday in the top 14 percent to just over ten euros.
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