RWE AG’s supervisory board agreed today the executive board’s plans to restructure the company, which will see its renewables, grid and retail operations in Germany and abroad transferred to a new subsidiary.
The company said the new subsidiary will be listed on the stock market towards the end of next year.
RWE will focus on conventional electricity generation and energy trading, as well as being the new subsidiary’s majority shareholder over the long term and consolidate it fully.
The company said the “restructuring will create two viable companies under RWE with a clear strategic focus and increased financial headroom.
The IPO of the new subsidiary is scheduled for late 2016.
Some 10% of new share capital will be placed on the market and a placing of further stakes – then owned by RWE AG – is possible.
“The additional capital will enable the new subsidiary to step up its capital expenditure in renewable energy and the trends of the energy world of tomorrow,” RWE said.
RWE supervisory board chairman Manfred Schneider said: “Today, we set an important course for the future of the entire RWE Group.
“As a result of this restructuring, we will increase our capacity to invest in the energy world of tomorrow and, in turn, secure the viability of RWE as a whole.
“Our Group will thereby be even better placed to fulfil its responsibility towards its shareholders, employees and society.”
RWE AG executive board chairman Peter Terium (pictured) said: “This decision sends the clear signal that we have found our answer to the transformation of the energy system.
“We will implement our plans for the Group’s new structure as quickly as possible and as carefully as necessary.
“As a result, we will improve the viability of all our business areas, without neglecting our social obligations.”
Image: RWE
