RWE reports lower consumption because of recession

25 February 2010

As a result of the economic crisis, the demand for energy declined in all RWE markets, the utility with nuclear interests in Germany and the UK, said in a 2009 earnings statement. Electricity generated by the Group and externally procured totalled 300 billion kilowatt hours (kWh). This was 10% less than in 2008. Electricity sales declined by 11% to 283 billion kWh. Excluding the acquisition of Essent, gas sales would have fallen by 7% due to the economic situation.

Still, the company reported that its 2009 revenue declined slightly to EUR 48 billion, while EBITDA grew by 4% to EUR 9.2 billion. The operating result also improved by 4% to EUR 7.1 billion, putting it slightly above the forecast for 2009.

Despite the economic crisis, RWE is maintaining its current investment programme and plans to commission more than 14,000 megawatts of new generation capacity by the end of 2013.

Dr. Juergen Grossmann, CEO of RWE AG, said: "Companies can only invest, create jobs and pay dividends if they have a firm grip on their core business. RWE has withstood the crisis and has even achieved slightly more than promised." He went on to say: "We remain on course for growth. Energy supply is all about having a long-term business model. We think in terms of decades, not years."

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