RWE posts first losses in 60 years
GERMAN power giant RWE, which owns UK firm Npower, yesterday posted its first annual loss in more than 60 years due to writedowns, as increased renewables capacity hit the profitability of its power plants.
RWE posted a net loss of €2.8bn (£2.3bn), down from €1.31bn in 2012, due to impairment losses of €4.8bn. The firm’s generation business in the UK fell from a £158m profit in 2012 to a £65m loss in 2013, which it said was due to challenging market conditions.