RWE expects nuclear exit reimbursement

FILE PHOTO: A charging box for electric cars is pictured in front of the headquarters of the German power supplier RWE in Essen, Germany, April 24, 2018. REUTERS/Wolfgang Rattay/File Photo

FRANKFURT (Reuters) - Utility RWE RWEG.DE expects to receive a medium triple-digit million euro sum related to a court ruling that ensures power firms are reimbursed for a sudden shift away from nuclear energy that was agreed in 2011, its chief financial officer said.

“Generally speaking, we are happy that this issue is now being addressed,” Markus Krebber told journalists after presenting first-quarter results.

Germany’s Constitutional Court in late 2016 ruled that a decision to abandon nuclear stations by 2022 violated some property rights, leaving open the amount utilities stand to receive.

Krebber said that RWE’s electricity quota, which it expects to either sell to a peer or get paid for by the government, still amounts to 27 terawatt hours.

Reporting by Christoph Steitz and Vera Eckert; Editing by Maria Sheahan