The German company RWE has published its 2016 annual report. The company's adjusted EBITDA amounted to €5.4 bn while its adjusted net income reached €0.8bn. As expected, these figures are lower than in 2015 but they remain in line with the company forecast. The Group's headcount has been reduced by 1,100.
At the end of 2016, RWE's installed capacity reached 46.4 GW including mothballed stations. The capacity dropped by 1.6 GW in particular because of the decommissioning of Amer 8 (611 MW), the sale of Lynemouth (395 MW) and the closure of the coal-fired Wesphalia C plant (284 MW). At Innogy, the sale of Zephyr Investments contributed to the decline in capacity. The current capacity consists mostly of gas power plants (15.2 GW), hard coal (9 GW) and lignite-fired power plants (11 GW). Renewables accounted for 4 GW of installed capacity of which 3.7 GW for Innogy only. RWE's total power generation reached 74.3 TWh in 2016, compared to 77.8 TWh in 2015 (-4.5%).
In the meantime, ENGIE is considering the acquisition of Innogy (in which RWE holds a 76.8% stake) for €18.6bn (US$19.8bn). ENGIE is looking upon Innogy because it would gain access to UK customers and German grids. Another rationale for it is the potential regulated earnings increase and it also fits into ENGIE's strategy which currently tries to focus more on grids and renewables. The deliberations between ENGIE and RWE are preliminary and may not necessarily lead to an offer. RWE could reduce its shares down to 51% to keep a majority stake but the company may also explore other alternatives for Innogy.
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