TITLE OF THE PRESENTATION

Paving the way for growth with
continued focus on financial discipline
(as of March 2015)
Forward Looking Statement
This presentation contains certain forward-looking statements within the meaning
of the US federal securities laws. Especially all of the following statements
>
>
>
>
Projections of revenues, income, earnings per share, capital expenditures, dividends, capital structure or other financial items
Statements of plans or objectives for future operations or of future competitive position
Expectations of future economic performance; and
Statements of assumptions underlying several of the foregoing types of statements are forward-looking statements. Also words such
as “anticipate”, “believe”, “estimate”, “intend”, “may”, “will”, “expect”, “plan”, “project”, “should” and similar expressions are intended to
identify forward-looking statements. The forward-looking statements reflect the judgment of RWE’s management based on factors currently known to it. No assurances can be given that these forward-looking statements will prove accurate and correct, or that anticipated,
projected future results will be achieved. All forward-looking statements are subject to various risks and uncertainties that could cause
actual results to differ materially from expectations. Such risks and uncertainties include, but are not limited to, changes in general
economic and social environment, business, political and legal conditions, fluctuating currency exchange rates and interest rates, price
and sales risks associated with a market environment in the throes of deregulation and subject to intense competition, changes in the
price and availability of raw materials, risks associated with energy trading (e.g. risks of loss in the case of unexpected, extreme market
price fluctuations and credit risks resulting in the event that trading partners do not meet their contractual obligations), actions by
competitors, application of new or changed accounting standards or other government agency regulations, changes in, or the failure to
comply with, laws or regulations, particularly those affecting the environment and water quality (e.g. introduction of a price regulation
system for the use of power grid, creating a regulation agency for electricity and gas or introduction of trading in greenhouse gas
emissions), changing governmental policies and regulatory actions with respect to the acquisition, disposal, depreciation and amortisation of assets and facilities, operation and construction of plant facilities, production disruption or interruption due to accidents or other
unforeseen events, delays in the construction of facilities, the inability to obtain or to obtain on acceptable terms necessary regulatory
approvals regarding future transactions, the inability to integrate successfully new companies within the RWE Group to realise synergies
from such integration and finally potential liability for remedial actions under existing or future environmental regulations and potential
liability resulting from pending or future litigation. Any forward-looking statement speaks only as of the date on which it is made. RWE
neither intends to nor assumes any obligation to update these forward-looking statements. For additional information regarding risks,
investors are referred to RWE’s latest annual report and to other most recent reports filed with Frankfurt Stock Exchange and to all
additional information published on RWE’s Internet web site.
2
RWE – an attractive value proposition
Attractive portfolio
Stable financials
> Pure utility play with leading market
position and regionally focused
strategy
> Progress in strengthening balance
sheet
> Balanced asset portfolio with strong
downstream presence
> Highly cost-efficient and modernised
power plant portfolio
> Streamlined and disciplined
investment approach
> Cash flows from operating activities
to cover investments and dividends
> CO2 neutral position
> Further efficiency enhancements
and operational excellence
> Focused growth initiatives in new
energy market opportunities
> New dividend policy: Focus
on sustainability and continuity
Earnings outlook for 2015:
EBITDA €6.1 – 6.4 bn; operating result €3.6 – 3.9 bn; recurrent net income c. €1.1 – 1.3 bn
3
Main messages
2014 financial performance partly better than expected:
EBITDA €7.1 bn; operating results €4.0 bn; recurrent net income €1.3 bn
Successful divestment of RWE Dea for an EV of €5.1bn
Adoption of new dividend policy: from 2015 onwards, the dividend proposal will be
oriented towards RWE’s operating cash flows, indebtedness and earnings position
UK capacity market clears at £19.4/kW (2012 prices); RWE has been awarded
capacity agreements for 8 GW of generation capacity
Partnership solutions: recent transactions include sale of 85% stake in Nordsee
One, 2 and 3 offshore wind projects, sale of 50% stake in Triton Knoll offshore wind
project and disposal of another 15% in Czech gas distribution grid
Outlook 2015: EBITDA €6.1 – 6.4 bn; operating results €3.6 – 3.9 bn;
recurrent net income €1.1 – 1.3 bn
4
On our way to financial robustness as base for longterm growth
What we have achieved so far
> Establishment of European
generation business to drive cost
efficiencies and portfolio measures
> First two waves of efficiency
programme delivered ahead of time
> Positive cash balance achieved
ahead of time
> Successful disposal of RWE
Dea for an EV of €5.1 bn
> Improvement of net debt position
> Reduction of capex level on plan
What we are focusing on
1
Identification and fostering
of growth areas
2
Review of set-up of conventional
power generation portfolio
3
Third wave of efficiency
programme
4
Financial discipline with regards
to investments
5
1
Areas of growth
Changing energy market offers growth potential
Renewables
> Focus on on- and offshore wind
> ~ €1 bn in growth capex
(2015-2017)
> Partnering solutions will
diversify risks and
leverage project pipeline
> Double digit compound
annual earnings growth
rate over the next three
years secured
Grids
> Best in class grid
management
> Investments of > €3 bn
between 2015 and 2017
> Additional growth
potential from smart
technologies
> Single digit earnings
growth possible longer
term
Retail
> Strong Pan European
Retail organisation with
23m customers
> Decentralised energy
market models as
opportunity
> Innovation: growth
catalyst for new products
and services
> Single digit earnings
growth rate mid term
envisaged
6
2
Generation review
Increased earnings pressure on conventional
power generation
As of March 20141
OR >
WACC3
As of January 20152
c. > 50% – 60%
c. > 25% – 35%
Optimisation
OR > 0
c. > 60% – 70%
FCF3 > 0
c. > 70% – 80%
Market
decline
c. > 40% – 50%
c.>> 55% – 65%
1 Rough profitability analysis for 2014 to 2016 in % of installed capacity of RWE’s conventional power generation portfolio in Germany,
UK and NL (average c. 41 GW) based on market parameters as of October 2013.
2 Rough profitability analysis for 2015 to 2019 in % of installed capacity of RWE’s conventional power generation portfolio in Germany,
UK and NL (average c. 41 GW) based on market parameters as of November 2014.
3 OR = operating result; WACC = weighted average cost of capital pre tax; FCF = free cash flow = revenue – cash costs.
7
2
Generation review
Conventional Power Generation:
mark-to-market free cash flow neutral
€ billion
3.3
3.0
2.0
Mark-to-market (m-t-m)1
1.0
1.0
OR m-t-m Efficiencies
before
2012-2017
efficiencies
0.0
-1.0
2012
2014
Operating result (OR)
Depreciation
EBITDA
Other
Day-to-day
cash flow
capex
2
effects
Free
cash flow
1 Mark-to-market as of January 2015 at market prices of around €32/MWh for German base load forwards and anticipating the expiry
of the nuclear fuel tax.
2 Changes in provisions, funds from operations financial income and tax, changes in working capital.
8
2
Generation review
Overview of capacity measures
Measure
Plant
Decommissioning
Amer 8
Goldenbergwerk
Westfalen C2
Gersteinwerk K2
Claus C
Moerdijk 2
Gersteinwerk F
Gersteinwerk G
Weisweiler H
Weisweiler G
Mid-size units
Emsland B4
Emsland C4
Confidential
Long-term
mothballing3
Summer
mothballing
Termination
of contracts
Total
MW1
610
110
285
610
1,300
430
355
355
270
270
35
360
360
2,960
Fuel
Hard coal
Lignite
Hard coal
Hard coal
Gas
Gas
Gas – steam turbine
Gas – steam turbine
Topping gas turbine
Topping gas turbine
Gas
Gas – steam turbine
Gas – steam turbine
Hard coal
Location
NL
DE
DE
DE
NL
NL
DE
DE
DE
DE
NL
DE
DE
DE
Date
Q1-2016
Q3-2015
Q1-2016
Q1-2017
Q3-2014
Q4-2013
Q3-2013
Q2-2014
Q3-2013
Q3-2013
Q1-2013
Q2-2014
Q2-2014
Q4-2013 –
Q2-2015
8,310 MW
1 Net nominal capacity, rounded
2 Summer mothballing between April and September 2015
3 In times of market tightness mothballed plants might return temporarily to the system
4 Continuous operation decided for 2015
9
3
Efficiency programme
Efficiency programme ahead of schedule, additional
measures contribute another €500 million
Net benefit to operating result
Net benefit by division
€ million
400
~ 10%
Holding and cross
divisional effects
~ 50%
Generation
100

100
~ 10%
Trading/
Gas Midstream
400

~ €2 bn
by 2017
800

200
2012
~ 30%
Supply/Distribution
2013
2014
2015e
2016e
2017e
10
3
Efficiency programme
Next wave of efficiencies entails a wide range of
performance measures
Additional measures focus on cost reduction and cash flow optimisation
Costs
> Implementation of lean programme and improved end-to-end
processes
> Consolidation of IT landscape
> Reduction of costs of external service providers
> Streamlining of organisational and legal structures: reduction
of management levels and number of legal entities
> Reduction of personnel costs through internal job market, lower
travel costs, improved performance management
Cash
> Optimisation of working capital should contribute c. €1.5 bn to
debt reduction by 2016, of which c. 50% already achieved by 2014
> Special focus on cash-optimising procurement process
> Further integration of working capital measures in target setting
and incentive process
11
3
Efficiency programme
Development of total controllable costs (TCC)
Continuous reduction of TCC (nominal values)
€10.8 bn
€10.1 bn
0.5
0.2
€8.7 bn
0.4
~ €8.5 bn
1.0
0.1
5.5
0.1
4.9
3.9
3.9
5.3
5.2
4.8
4.6
2012
2013
2014
2017e
Personnel costs
Other TCC
Operational cost improvement
Portfolio and other effects
12
4
Financial discipline
Capex programme reduced to maintenance level
Further growth projects have to be financed debt-neutral, e.g. by the disposal
of other assets or partnering solutions
€ billion
> Approx. €6.5 – 7.0 bn capex
programme for 2015 – 2017:
~ 1.5 – 2.0 Conventional power generation
~ €1.5 – 2.0 bn for major projects
~ 6.5 – 7.0
~ 1.0 Renewables
~ 3.3 Distribution
networks
~ €5.0 bn for day-to-day incl. grids
> Completion of new-build power
plant programme
~ 0.7 Retail
> Completion of large offshore wind
farm projects in 2015
5.1
4.5
3.2
~ 2.5 – 3.0
4.4
3.8
0.7
0.7
2012
2013
2014
2015e
~ 2.0
~ 2.0
2016e
2017e
RWE Dea
13
4
Financial discipline
Positive cash balance reached 1 year ahead of plan
Cash flows from operating activities to cover investments and dividends
€ billion
-2.7
-0.7
+1.1
<0
>0
≥
≤
2015e
2016e
Cash balance
7.1
5.5
4.4
2012
5.6
4.8
20131
4.5
20141
Capex in property, plant & equipment and financial assets (according to cash flow statement)
Dividends (incl. minority payments; year of payment)
Cash flows from operating activities
1 From continuing operations (excluding RWE Dea).
14
4
Financial discipline
Excellent access to the capital market is key to us
Significant reduction of net financial debt
€ billion
Achievements
> Strong decrease of net
29.9
financial debt
3.5x
> Net financial debt/
EBITDA <1x (2015e)
> Ample liquidity after Dea sale
16.9
Financial policy
13.0
> Access to the capital market
at all times through…
− keeping solid investment
grade rating
− first funding of provisions
− targeting ongoing positive
cash balance
2011
33.0
30.7
31.03
< 2014
Net debt
3.5x
3.5x2
3.8x2
> 2014
Leverage
factor1
19.9
20.6
19.6
Financial
assets
earmarked
to cover
already
>10% of
provisions
13.1
11.1
2012
2013
Net financial debt incl. 50% of hybrids
9.3
2014
Dea
sale
2015e
Pension, mining and nuclear provisions
1 Leverage factor (Net financial debt (incl. 50% of hybrids) + pension, mining and nuclear provisions)/EBITDA.
2 Pro-forma leverage factor including the EBITDA of RWE Dea, as reported net debt still includes RWE Dea.
3 Including €1.1 bn net debt from discontinued operations (= RWE Dea).
15
Outlook for 2015
€ million
EBITDA
Operating
result
Recurrent
net income
Dividend
7,131
6,100 – 6,400
4,017
1,282
€1.00/share1
2014
reported
3,600 – 3,900
1,100 – 1,300
Oriented towards growth opportunities, indebtedness and earnings situation.
The dividend for 2014 serves as a reference point.
2015e2
1 Executive and Supervisory Board propose to the AGM on 23.04.2015 a dividend of €1 per share for fiscal year 2014.
2 The outlook considers the current status of the nuclear fuel tax law. In case nuclear fuel tax is declared finally illegal and fully in our favour, we
expect a positive earnings contribution of c. €1.6 bn to EBITDA and operating result and c. €1.1 bn to net income.
RWE Dea: In 2014 and 2015 RWE Dea is not included in EBITDA and operating result. The recurrent net income includes the pro rata interest
on the sale price.
16
Dividend policy reflects whole economic situation
Dividend of the preceding year serves as a reference point for the dividend proposal
Earnings
situation
Dividend
Growth
opportunities
Leverage
and cash flow
situation
17
Back-up charts
RWE’s mid-term business profile drivers
GENERATION
TRADING
> Selective growth in
renewable energy
> Partnership solutions to
reduce development risks
> Restructure conventional power generation
(“no profit or cash
burning”)
> Upside potential from
market recovery of
conventional power
markets (e.g. new market
design or recovery of
commodities)
> Ongoing focus on value
extraction in commercial
asset optimisation
> Develop growth
opportunities in new
trading markets
> Additional value
contribution from principal
investment projects
> Commercial settlement
with Gazprom; no further
losses until May 2016
> Ongoing losses from longterm contracted gas
storage capacities
DISTRIBUTION
> GER: Stable regulatory
environment for the next
regulatory period
Electricity: 2014 – 18
Gas:
2013 – 17
– Growth potential from
integration of decentralised generation units &
smart technologies
– Focus on performance
> CEE/SEE: Aim to stabilise
regulated earnings
– CZ: Discussion on next
regulatory period (2015)
– HU: Political pressure
on returns
SUPPLY
> Focus on value enhancing
products and services
> Innovation as growth
catalyst
> Increasing pressure on
sales margins
> Value oriented
customer service
> Smart markets:
– Decentralised
CHP/services
– Energy efficiency
> Growth by leveraging
sales know-how across
mature and new markets
High portion of earnings from stable regulated businesses
(German and CEE/SEE networks; renewables)
Integrated utility along the value chain with focus on core markets within Europe
19
More customers will produce self-generated power
and will be enabled to manage their consumption
Changing energy landscape
Trends in retail markets
Household
customer
» Increase in decentral energy
production from household
customers
Virtual
power plants
» Higher incentivisation of
“prosumers” to maximise own
consumption
» Rising penetration of home
automation systems enables
households to manage their
energy needs
Business
customer
Electricity
production
Gas production
Surplus
marketing
» Electricity production on-site
becomes increasingly attractive
for business customers which
leads to higher volumes of own
production of power, gas or heat
Heat
production
20
RWE in European downstream markets
Market share 2014
Sales to end-customers and redistributors
Germany
11%
Netherlands/
Belgium
11%
UK
211
34%
23%
Germany
Central and
Eastern Europe2
Netherlands
UK
Czech
Republic
Slovakia
Σ = 15,958
6,693
3,387
2,176
14%
24%
Belgium
119
RWE’s electricity customers3 by country [‘000]
Netherlands/
10%
Belgium
UK
1,397
1,290
Market share 2014
Sales to end-customers and redistributors
Germany
2,169
1,969
5%
Central and
Eastern Europe1
Σ = 7,155
RWE’s gas customers3 by country [‘000]
2,116
895
328
Germany Netherlands
Belgium
UK
Hungary
Poland
265
98
Czech Croatia
Republic
1 Central and Eastern Europe: Czech Republic and Slovakia
2 Central and Eastern Europe: Czech Republic, Hungary, Poland and Croatia
3 Residential and commercial customers
21
2015 divisional outlook for the operating result
€ million
2014
2015 forecast versus 2014
979
Significantly below 2014
1,871
Moderately below 2014
Supply NL/B
146
Significantly above 2014
Supply UK
227
Moderately above 2014
Central Eastern and South Eastern Europe
690
Moderately below 2014
Renewables
186
Significantly above 2014
Trading/Gas Midstream
274
Moderately below 2014
Conventional Power Generation1
Supply/Distribution Networks Germany
1 The outlook considers the current status of the nuclear fuel tax law.
22
Operating result outlook for fiscal year 2015
Trend for major value drivers in fiscal year 2015
Depreciation
Lower depreciation as 2014 includes impairments
Electricity generation margins (D;NL;UK);
volumes, prices and spreads

Lower realised generation spreads
Weather effect

c. €100 million envisaged for 2015
Normalised weather conditions assumed
Growth in renewables

Efficiency programme

€4.0 bn

Operating result (OR) 2014
Commissioning of new generation capacity and absence of impairments
recorded in 2014 (see comment depreciation above)
Other

Among others: book gains from grid sales in 2014; impact from change in
provisions
OR fiscal year 2015 outlook
€3.6 – 3.9 bn
23
RWE’s forward hedging of conventional electricity
production (German, Dutch and UK portfolio)
As of 31 December 2014
>40% >10%
>40% >20%
>50% >30%
>60% >40%
>60% >50%
>80% >60%
>90% >70%
>90% >70%
31 March 2014
30 June 2014
30 Sep. 2014
31 Dec 2014
-3
-0
2016 forward
2015 forward
>30% >10%
31 Dec. 2012
31 March 2013
30 June 2013
30 Sep. 2013
31 Dec. 2013
>30% >20%
>40% >10%
>40% >10%
>60% >10%
>60% >20%
31 Dec. 2013
31 March 2014
30 June 2014
30 Sep. 2014
31 Dec. 2014
-18
-15
-12
2017 forward
>30% <10%
31 Dec. 2014
-24
-21
-9
-6
Months before delivery of forward contract
Outright, electricity hedged incl. CO2 (GER nuclear and lignite based power generation)
Spread, electricity and underlying commodity hedged incl. CO2 (GER, UK and NL/B hard coal and gas based power generation)
24
RWE successfully qualified approx. 8 GW for the
UK capacity market
MW1
Plant type
Aberthaw
1,486
Coal/OCGT
Didcot B
1,364
CCGT
Great Yarmouth
361
CCGT
Little Barford
683
CCGT
Pembroke
2,090
CCGT
Staythorpe
1,633
CCGT
Plant
Miscellaneous
smaller units
395
CHP/OCGT/CCGT
8,012
1 De-rated power plant capacity, i.e. capacity which effectively can participate
in the auction process. Different from net generation capacity.
> First UK capacity auction for
winter 2018/19 settled at
£19.40/kW (2012 money).
> The result was broadly in line with
our expectations.
> Capacity Market will provide the
necessary support for plants
required for system security and
prices in future will need to
remunerate the marginal MW on
the system.
> RWE has a total of 8,012 MW of
capacity that will receive the
capacity payments, equivalent to
£155 million in 2012 money.
25
Germany: Clean Dark (CDS) and Spark Spreads
(CSS)
2014 forward
2015 forward
2016 forward
16
12
Ø 7.86
8
Ø 5.78
Ø 4.14
4
0
-4
-8
Ø -11.63
Ø -8.74
Ø -13.11
-12
CDS Cal 2014–16 base load (€/MWh)
(assumed thermal efficiency: 36%)
1O
ct
-1
5
1Ju
l- 1
5
Trading year 2015
1Ap
r-1
5
1Ja
n15
1O
ct
-1
4
1Ju
l- 1
4
Trading year 2014
1Ap
r-1
4
1O
ct
-1
3
1Ju
l- 1
3
1Ap
r-1
3
1Ja
n13
Trading year 2013
1Ja
n14
-16
CSS Cal 2014–16 peak load (€/MWh)
(assumed thermal efficiency: 49%)
Source: RWE Supply & Trading, prices through to 02 March 2015
26
NL: Clean Dark (CDS) and Spark Spreads (CSS)
2014 forward1
2015 forward1
2016 forward1
20
15
Ø 11.43
Ø 9.47
10
Ø 9.10
5
0
Ø -7.46
-5
Ø -7.27
-10
Ø -7.52
-15
CDS Cal 2014–16 base load (€/MWh)
(assumed thermal efficiency: 37%)
1O
ct
-1
5
1Ju
l- 1
5
Trading year 2015
1Ap
r-1
5
1Ja
n15
1O
ct
-1
4
1Ju
l- 1
4
Trading year 2014
1Ap
r-1
4
1Ja
n14
1O
ct
-1
3
1Ju
l- 1
3
Trading year 2013
1Ap
r-1
3
1Ja
n13
-20
CSS Cal 2014–16 base load (€/MWh)
(assumed thermal efficiency: 49%)
1 CDS: Including coal tax.
Source: RWE Supply & Trading, prices through to 02 March 2015
27
UK: Clean Dark (CDS) and Spark Spreads (CSS)
2014 forward1
2015 forward1
2016 forward1
28
Ø 22.49
24
20
Ø 16.96
16
12
Ø 11.49
8
Ø 3.67
Ø 2.03
Ø 4.99
4
CDS Cal 2014–16 base load (€/MWh)
(assumed thermal efficiency: 36%)
4O
ct
-1
5
4Ju
l- 1
5
Trading year 2015
4Ap
r-1
5
4Ja
n15
4O
ct
-1
4
4Ju
l- 1
4
Trading year 2014
4Ap
r-1
4
4Ja
n14
4O
ct
-1
3
4Ju
l- 1
3
Trading year 2013
4Ap
r-1
3
4Ja
n13
0
CSS Cal 2014–16 base load (€/MWh)
(assumed thermal efficiency: 49%)
1 Including UK carbon tax.
Source: RWE Supply & Trading, prices through to 02 March 2015
28
Development of net debt
€ billion
Cash flows
from operating activities1
Capex on
property, plant
and equipment
and intangible
assets and
financial
assets1
Dividends1
Divestments1
30.7
Change
in pension,
nuclear,
mining
provisions1
Others
including f/x
effects,
deconsolidations
and change of net
debt from
discontinued
operations (DCO)
31.0
+1.6
+1.1
+3.4
+0.8
-1.0
No “DCOrestatement”
of FY
2013
-5.6
Of which
€ 1.1 bn
from
DCO
Effect from positive cash balance: -1.1
Net debt
31st Dec 2013
Net debt
31st Dec 2014
1 From continuing operations.
29
Capital market debt maturities and sources
of financing
Capital market debt maturities1
Strong sources of financing
€ billion
2.5
2,5
20
2.0
2,0
16
16
1.5
1,5
12
Fully committed
syndicated loan
(€4.0 bn up
to March 2020)
€0.0 bn
Commercial paper
(up to 1 year)
1,0
1.0
For liquidity
back-up
$0.0 bn ($5.0 bn)
88
€0.0 bn (31 December 2014)
Maturities of debt issued
2045
2042
2039
2036
2033
2030
2027
2024
00
2021
0,0
0.0
2018
44
2015
0,5
0.5
MTN programme
(up to 30 years)
Hybrid (first call date)
€30 bn
€14.0 bn (31 December 2014)2
Accumulated outstanding debt (incl. hybrid)
Balanced profile with limited maturities
up to end of 2015 (~ €3.75 billion)
1 RWE AG and RWE Finance B.V. as of 31 December 2014.
2 Bonds outstanding under the MTN-programme, i.e. excluding hybrids. Including hybrids: €17.9 bn.
30
RWE’s major investment projects
RWE
share
Capex
(€ bn)
2013
77%
2.5
Unit E (764 MW)
100%
3.1
Gwynt y Môr (offshore wind, 576 MW)
60%2
2.43
Nordsee Ost (offshore wind, 295 MW)
100%
1.4
2014
2015
2016
2017
2018
Conventional new build power plant programme (capex at 100% share)
Hamm (hard coal, 1,528 MW)1
Eemshaven (hard coal/biomass, 1,554 MW)
Units A&B
1 The date for bringing unit D (764 MW) into operation is pending.
RWE Innogy: major projects under construction (capex at 100% share)
2 Sale of 10% to Green Investment Bank (GIB) envisaged in 2015.
3 After sale of transmission assets in February 2015.
31
The fuel mix of European electricity generators 2013
RWE has one of the most balanced generation portfolios of European electricity generators
(installed capacity)
100%
80%
60%
Hydro/
Other
40%
Gas
Hard Coal
20%
Lignite
Nuclear
0%
Centrica
CEZ
EDF
Enel
E.On
GDF
Iberdrola
RWE
SSE
Share in power plant capacity of own generation by fuel type.
Source: Annual reports 2013, company presentations, RWE.
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The fuel mix of European electricity generators 2013
RWE has one of the most balanced generation portfolios of European electricity generators
(generation output)
100%
80%
60%
Hydro/
Other
40%
Gas
Hard Coal
20%
Lignite
Nuclear
0%
Centrica
CEZ
EDF
Enel
E.On
GDF
Iberdrola
RWE
SSE
Share in electricity generation of own generation by fuel type.
Source: Annual reports 2013, company presentations, RWE.
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Keep up with RWE …
Follow us on twitter.com/RWE_IR and have a look at www.rwe.com/ir
Financial calendar
http://www.rwe.com/web/cms/en/110614/rwe/investor-relations/events/calendar/
Annual and Interim Reports
http://www.rwe.com/web/cms/en/110822/rwe/investor-relations/reports/
Investor and Analyst Conferences
http://www.rwe.com/web/cms/en/1460144/rwe/investor-relations/events/investor-and-analyst-conferences/
Facts & Figures – The Guide to RWE and the Utility Sector – as well as further factbooks
http://www.rwe.com/web/cms/en/2495606/rwe/investor-relations/presentations-videos/presentations/
Consensus of analysts’ estimates of RWE‘s key performance indicators
http://www.rwe.com/web/cms/en/345802/rwe/investor-relations/shares/analyst-consensus-estimates/
IR videos and presentations
http://www.rwe.com/web/cms/en/2701466/rwe/investor-relations/presentations-videos/videos/videos-2015/
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