RWE Signs Renewable Energy Deal With 50 Utilities
Date: 17-Apr-08
Country: GERMANY
RWE said it had signed a letter of intent with the ARGE group of 50 local utilities for power projects using sources such as wind and biomass in Germany and abroad.
Chief Executive Juergen Grossmann wants to cut carbon dioxide emissions as allowances to emit the greenhouse gas, given out under a European Union-wide scheme, are made scarcer and costlier to moderate global warming.
Grossmann has pledged to invest 1 billion euros (US$1.58 billion) a year on average in renewable energy projects to triple the generation capacity from such sources by 2012 from some 1.3 gigawatts.
(Reporting by Peter Dinkloh; Editing by Jason Neely)
