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Energy Companies RWE and ENGIE Exit Coal in Germany

While RWE is putting plans for a new coal-fired power plant on hold, the French want to sell their shares in coal-fired power plants in Germany and the Netherlands.

Image: PixabayImage: Pixabay

It's not worth the dough. At the latest with Germany's decision to abandon coal-fired power generation in the long term, it is clear that this technology no longer has a future. In this respect, the news that the Essen-based energy group RWE is shelving its plans for BoAplus, a lignite-fired power plant in Niederaussem, comes as no surprise.

Dr. Rolf Martin Schmitz, CEO of RWE AG, explains: "We are aware of our responsibility and are consistently pushing ahead with the energy transformation. New coal-fired power plants no longer have a place in our future strategy. Once the transaction with E.ON has been completed, RWE will be one of the world's leading producers of renewable energies".

New power plants and, above all, storage facilities will be necessary in the future in order to ensure long-term supply for an industrial nation like Germany, which is why the company announced that it would invest in renewable energies, storage technologies and low-CO2 technologies such as gas plants if market conditions permit.

Meanwhile, French energy group ENGIE has also announced that it will divest its coal-fired power plants in Germany and the Netherlands. After this sale, coal will account for only 4% of ENGIE's global electricity generation capacity, compared to 13% at the end of 2015, when the group announced that it would gradually close or divest its coal plants and no longer build new coal-fired power plants.

Isabelle Kocher, ENGIE CEO, said: “This transaction is fully in line with the Group's strategy to be the world leader in the zero-carbon transition. We are focusing investments on solutions for corporates and local authorities, large-scale development of renewable energy and the necessary adaptation of power and gas networks to the energy transition. We will allocate 12 billion euros to these activities from 2019 to 2021, as previously announced during our Capital Market Day held this past February 28th.”

Windfair Staff
RWE, ENGIE, coal, divest, energy transition, investment, power plant

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