RWE Shaves 1 Gigawatt Off Renewable-Energy Target for End-2014

RWE AG (RWE), Germany’s second-biggest utility, reduced its target for clean-energy capacity by 1 gigawatt, equivalent to about one nuclear reactor.

RWE now plans to have 3.5 gigawatts of renewable capacity by the end of 2014, Chief Executive Officer Peter Terium told the company’s annual general meeting today in Essen, Germany.

The company said last month it would cut renewable-energy investment by half from next year as it seeks to reduce debt and counter falling earnings. It said in March it wouldn’t meet the 4.5 gigawatt target by 2014, without giving a new number. RWE, building a 1-billion euro ($1.3 billion) wind farm in the North Sea, will spend about 500 million euros on its Innogy renewables unit in both 2014 and 2015, after 1 billion euros this year.

To contact the reporters on this story: Tino Andresen in Dusseldorf at tandresen1@bloomberg.net; Stefan Nicola in Berlin at snicola2@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net

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