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RWE to bring European fossil plants under one umbrella, Tilbury fire hits UK profits 15 August 2012

RWE will bring all of its European fossil plants under one umbrella starting next year, the firm announced today. The move is designed to give the firm more flexibility within the European market.

The announcement came as the firm published its results for the first six months of this year. In the UK, Npower sold slightly more electricity to domestic customers in the first half compared to the first half 2011, and slightly less to business customers. The firm sold almost 12 per cent more gas to residential customers, with business sales flat.

UK revenues were up almost 20 per cent to €4.6 billion. Electricity accounted for €3.1bn, gas €1.2bn. Earnings before interest, taxes, deductions and amortisation (ebitda) were up almost 3 per cent to €470 million. UK operating profit fell 9 per cent to €319 million. The firm blamed poor forward electricity prices and the fire at its 750MW Tilbury biomass plant in February. It said the remaining two 250MW units would be back online by the end of this month.

Source: Utility Week


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