logo
  

RWE Power Stations Hit By Severe Floods; Sees Mid-double-digit Million Euro Impact; Stock Down

Shares of RWE AG (RWEOY.PK) were losing around 3 percent in the early morning trading in Germany after the German utility Monday said its power stations and numerous RWE sites have been affected by the severe floods.

After an initial evaluation, the company estimates damage from the floods up to a mid-double-digit million euro sum.

The company noted that many hydro power stations are out of operation.

RWE further said it has donated 1 million euros as emergency aid, to be used to support aid organisations and regional initiatives.

The company said Garzweiler and Hambach open-cast mines are currently stable and operations are not affected. The large power plant sites at Niederaußem and Neurath can continue to produce power.

Meanwhile, the Inden open-cast mine and the connected Weisweiler power station are massively affected. The waters of the river Inde had flooded a dam near the village of Lamersdorf and subsequently entered the open-cast mine.

In the meantime, the situation has been stabilised due to falling water levels and extensive safety measures.

The Weisweiler power station is running at reduced capacity.

Further, the RWE run-of-river power stations operated in the Eifel region and on the Mosel, Saar and Ruhr rivers are also struggling with the consequences of the floods.

In Germany, RWE shares were trading at 29.57 euros, down 2.51 percent.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
The U.S. Food and Drug Administration (FDA) approved Boehringer Ingelheim's Cyltezo as the first interchangeable biosimilar to AbbVie's top-selling drug Humira or adalimumab. Cyltezo, originally approved in August 2017, is both biosimilar to, and interchangeable with Humira for Cyltezo's approved uses. The Food and Drug Administration may be planning to allow people to receive Covid-19 vaccine booster shot that is different from the initial dose, reports indicate. The agency is likely to make the announcement on mix and match approach on coronavirus booster vaccines on Wednesday. The move will be part of FDA's expected authorization of boosters for the Moderna and Johnson & Johnson vaccines. Drug major Johnson & Johnson on Tuesday raised again its forecast for fiscal 2021 earnings and sales, which are above market view, after reporting higher results in the third quarter. The company's quarterly adjusted earnings also beat market estimates. In pre-market activity on the NYSE, JNJ shares were gaining around 1.24 percent to trade at $162.10.
Follow RTT