RWE to implement new savings

German energy giant RWE, which has been hit hard by Berlin's decision to phase out nuclear power, said Sunday it was planning for a billion euros (1.3 billion dollars) in new cuts.

By Space War Editorial Team · Editorial process

Published February 4, 2012

German energy giant RWE, which has been hit hard by Berlin's decision to phase out nuclear power, said Sunday it was planning for a billion euros (1.3 billion dollars) in new cuts.

"The overall savings figure, one billion euros, has already been decided," but the firm must still work out how, and over how many years, it will implement the cuts, a spokeswoman for the firm said Sunday.

Details of the plan will be announced on March 6 when annual results are made public, she added.

Spiegel magazine said the new savings would come on top of the 1.5 billion euros already decided for 2013 and 2014.

RWE warned shareholders last month to expect a reduced dividend for the 2011 fiscal year.

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