April 16, 2014 / 8:07 AM / 4 years ago

RWE sees net income stabilising at lower levels after 2014

ESSEN, Germany, April 16 (Reuters) - Germany’s RWE said it expected its net income to stabilise beyond 2014, albeit at lower levels compared with previous years, taking heart after an industry-wide sector crisis triggered billions of euros in writedowns last year.

“We do not expect the dramatic trends of recent years to continue to quite the same extent,” Chief Executive Peter Terium said at the group’s annual general meeting on Wednesday.

RWE, Germany’s second-largest utility by market value after E.ON, in March posted its first net loss in more than six decades, after being forced to take impairment charges on its fleet of coal and gas plants, many of which have been made redundant by surplus renewable energy in its home market. (Reporting by Christoph Steitz; Editing by Maria Sheahan)

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