RWE Announces 2,400 More Job Cuts as Power Demand Slumps
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RWE AG, Germany’s second-largest utility, will cut 2,400 jobs to reduce costs as plunging demand for power and natural gas left first-half profit stagnant.
Job cuts “are essential to maintaining the market competitiveness of RWE,” Chief Executive Officer Peter Terium, who took the helm on July 1, said today in a statement. “Mounting state intervention in the energy sector, shrinking power plant margins and fierce competition in electricity and gas supply are all challenges.”