FRANKFURT, July 22 (Reuters) - German utility RWE has increased the scope of its savings programme to 1.5 billion euros ($2 billion), in response to falling electricity wholesale prices and low utilisation of power plants, a German newspaper reported on Monday.
The company has introduced a new 500 million euro cost cutting programme, dubbed RWE Neo, for its power stations division, Handelsblatt reported on Monday, citing sources close to the company.
That comes on top of the group’s plans to save 1 billion euros as part of the RWE 2015 programme, the paper said.
RWE declined to comment.
$1 = 0.7611 euros Reporting by Victoria Bryan and Ralf Banser; Editing by Mark Potter