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MarketScreener Homepage  >  Equities  >  Xetra  >  RWE AG    RWE   DE0007037129

RWE AG

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RWE AG : Environment Minister : Germany Needs More Coal, Gas Power Plants

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08/15/2012 | 08:42am EDT

By Jan Hromadko

GREVENBROICH-NEURATH, Germany--German Environment Minister Peter Altmaier said Wednesday the country will need to build more coal- and gas-fired power plants in coming years to ensure energy supplies, even as Germany is pursuing one of the world's most ambitious climate protection strategies.

Speaking at the opening ceremony of a new lignite-fired power plant that utility RWE AG (RWE.XE) built west of Cologne, Altmaier said that Germany will require conventional fossil-fueled power plants for "decades to come" to complement unreliable and intermittent renewable energies such as wind and solar power.

By 2020, Germany wants to cover at least 35% of its electricity consumption via renewable energies and plans to raise this share to over 80% by 2050.

Renewable energies have been booming in Germany in recent years and the renewable electricity production has already exceeded 20% of overall production. But the government has repeatedly said that there needs to be adequate backup power generation capacity to ensure that consumers and, more crucially, industry can be supplied with energy around the clock.

He also said that new fossil-fueled power plants like the 2,200-megawatt facility that RWE built in western Germany are contributing to climate protection goals.

"If one builds a new state-of-the-art lignite power plant to replace several older and much less efficient plants, then I feel this should also be acknowledged as a contribution to our climate protection efforts," Mr. Altmaier said.

 
  Write to Jan Hromadko at jan.hromadko@dowjones.com 
 

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Stocks mentioned in the article
ChangeLast1st jan.
FIRST SOLAR, INC. 1.21% 36.06 Delayed Quote.-35.56%
RWE AG -0.13% 23.09 Delayed Quote.-15.58%
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Financials (EUR)
Sales 2020 15 482 M
EBIT 2020 1 400 M
Net income 2020 974 M
Debt 2020 2 409 M
Yield 2020 3,85%
P/E ratio 2020 14,0x
P/E ratio 2021 10,8x
EV / Sales2020 1,07x
EV / Sales2021 0,96x
Capitalization 14 194 M
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Number of Analysts 23
Average target price 31,52  €
Last Close Price 23,09  €
Spread / Highest target 90,1%
Spread / Average Target 36,5%
Spread / Lowest Target -4,72%
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NameTitle
Rolf Martin Schmitz Chief Executive Officer
Werner Brandt Chairman-Supervisory Board
Markus Krebber Chief Financial Officer
Frank-Detlef Drake VP, Head-Corporate Research & Development
Frank Bsirske Deputy Chairman-Supervisory Board
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