Adverts
BERLIN, Oct 3 (Reuters) - RWE (RWEG.DE) sees room to increase investment in renewable energy in Europe, its chief executive said on Monday, dismissing the German power producer's concerns for 6 $.8 billion from Con Edison (ED.N) green. energy arm would harm spending on the continent.
RWE, Germany's biggest energy producer, on Saturday disclosed the planned purchase of Con Edison Clean Energy Business, drawing criticism from activist fund Enkraft, which called the deal "incomprehensible" given Europe's energy crisis.
“There was a strategic objective to take a step forward especially in the US, which we have now clearly achieved with this transaction. But this does not mean we will scale back our European and British ambitions,” said Markus Krebber, CEO of RWE. told journalists.
Register now for FREE, unlimited access to Reuters.ComRegister
Krebber said capital is not the limiting factor in Europe, adding that the group may update spending targets for the continent when it updates markets on its renewable energy spending plan in late 2023.
“The limiting factors are more… Compensation frameworks, how attractive they are, but also getting the licenses and accelerating planning,” Krebber said.
RWE targets gross investments of more than €50 billion by 2030, with a strong focus on solar and wind energy. Three-quarters of this amount will be spent in Europe.
The company's shares rose 1.7% on German holiday Monday while markets are open, with analysts at Bernstein saying the deal is “positive for the RWE share story as it moves RWE into a prominent position in the US renewable energy space.”
Register now for FREE, unlimited access to Reuters.ComRegister
Reporting by Christoph Steitz Editing by Riham Alkousaa and Paul Simao
Our Standards: The Thomson Reuters Trust Principles.
