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RWE Writes Down $4.5 Billion as Power-Plant Earnings Drop

RWE AG, Germany’s second-largest utility, expects to write down an additional 3.3 billion euros ($4.5 billion) when it reports 2013 earnings following a slump in profit from power plants.

About 2.9 billion euros of the amount is attributable to the “continued deterioration” of earnings from fossil-fueled power stations, the Essen-based company said today in an e-mailed statement. Renewable-energy plants contributed to the remainder of the impairments, it said.