RWE renewables subsidiary launched

GERMANY: RWE has officially launched its new subsidiary encompassing the renewables, grid and retail businesses under the temporary name RWE International.

RWE International's 32.8MW Goole Fields wind farm in the UK
RWE International's 32.8MW Goole Fields wind farm in the UK

RWE said the permanent name and branding of the new company will be announced in the summer, and an initial public offering of about 10% of the new company will be held by the end of the year.

RWE group and RWE International CEO Peter Terium said: ""The founding of our subsidiary and the planned IPO are mammoth tasks. Thanks to the excellent preparatory work done by our employees, we are, however, right on schedule."

Employees of RWE Innogy, RWE Deutschland, RWE Effizienz, RWE Vertrieb and RWE Energiedienstleistungen will move to the new subsidiary.

In December, RWE announced plans to separate the departments from its conventional power and energy trading business. It said the new company would be responsible for RWE's 3.5GW of renewable energy capacity, a distribution network of more than 500,000 kilometres and the utility's 23 million customers.

"We are convinced that conventional power generation will remain an irreplaceable partner for renewable energy for decades to come. Our conventional power stations are the backup for renewables," he said at the time of the announcement.

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