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RWE

UK

Inquiry warned of ‘wall of turbines’

The north coast of Sutherland is in danger of hosting an unprecedented “wall of turbines” if proposed wind farms are added to existing and approved ventures, a public local inquiry heard.

Oil & Gas

RWE to replace head of British unit, report says

RWE will replace the head of npower and the British supplier's finance chief, two people familiar with the matter told Reuters, following long-standing billing problems and a loss of clients. Paul Massara, npower's chief executive since January 2013, will be replaced by npower Chief Operating Officer Paul Coffey, who joined from the German utility company's renewables division Innogy earlier this year, the people said. Npower Chief Financial Officer Jens Madrian will also step down from his post, the people said.

Markets

Power price slump hits profits at RWE

RWE, Germany’s largest electricity generator, today reported a 45% decline in full-year profits following a slump in power prices. Recurrent net income, the measure used to calculate dividends, dropped to£915.4million in 2014, from £1.65billion a year earlier, the Essen-based company said. Sales fell 7.5% to £34.7billion.