FX.co ★ Germany’s energy sector disaster

Germany’s largest energy companies suffer huge losses as the country is switching to the renewable energy recourses. This may end in a disaster, mass media reports.
The two major companies – E.ON and RWE – are under huge pressure. One is more or less dead, the other one is in a very difficult situation," Henri Prolio, EDF head claimed.
The profits of energy companies declined in Germany amid the drive for renewables and enforcing of a ban on nuclear energy.
RWE, the German energy concern, reported a fall in profits by 62% in August and said that it is about to close several energy stations in view of higher expenses for energy production. The income of the biggest energy supplier E.On slumped 20% as the result of use of alternative energy resources.