August 14, 2019 / 9:09 AM / 4 days ago

Coal compensation talks with government driven by facts: RWE CEO

FILE PHOTO: Rolf Martin Schmitz, CEO of RWE, attends the company's annual shareholder meeting in Essen, Germany, May 3, 2019. REUTERS/Wolfgang Rattay

FRANKFURT (Reuters) - Talks with the German government on how to compensate utilities for a planned shutdown of their coal-fired power plants are being driven by facts, not feelings, RWE’s (RWEG.DE) Chief Executive Rolf Martin Schmitz told journalists on Wednesday.

“I would describe the discussions as fact-based and unemotional,” he said after presenting first-half results. Schmitz said he continues to expect a deal in the second half of the year.

RWE is demanding 1.2 billion to 1.5 billion euros ($1.3-$1.7 billion) of compensation per gigawatt of coal capacity it has to shut down as part of Germany’s plan to exit the energy source.

Reporting by Christoph Steitz and Vera Eckert; Editing by Michelle Martin

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