RWE reports €5.7 bln net loss

German power company RWE reported a net loss of €5.7 billion in 2016.
By Staff reporter 15 March 2017 0 25051

German power company RWE reported a net loss of €5.7 billion ($6.1 billion) in 2016, mainly because of impairment charges on its power plants and financial responsibilities in relation to nuclear waste disposal.

"The causes were beyond our control," Chief Executive Rolf Martin Schmitz, who was appointed last October, said in an interview released by the company on Tuesday.

The German federal government is taking over intermediate and final storage of nuclear waste, and RWE has said it will transfer funds equivalent to their provisions to a...

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