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RWE AG : RWE to Invest Solely in Renewable Energy - Report

10/29/2013 | 01:42pm US/Eastern

German utility RWE AG (RWE.XE) is set to change its strategy and invest solely in renewable forms of power generation, newspaper Handelsblatt says in an article released ahead of publication Wednesday, citing an internal document.

RWE Chief Executive Peter Terium wants no further investments in fossil-fueled powered plants, according to the German daily. In 2020, conventional forms of power generation should contribute no more than one fifth of the operating result, according to Mr. Terium's plans, the article says. He also wants to develop new business models for decentralized power distribution, Handelsblatt reports.

An RWE spokeswoman declined to comment on the report.

Germany is phasing out nuclear power and replacing fossil fuels by renewable sources of energy like wind and solar power, a policy that raised prices for electricity.

Newspaper website: http://www.handelsblatt.com

-Write to the Frankfurt Bureau at djnews.frankfurt@dowjones.com

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