The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Utilities Electricity, Gas, Steam And Air Conditioning Supply Electricity, Gas, Steam And Air Conditioning Supply 35 - Electricity, gas, steam and air conditioning supply
200 - 300 jobs Number of planned job losses
Announcement Date
15 January 2015
Employment effect (start)
15 January 2015
Foreseen end date
31 December 2015
Description
RWE Innogy will cut its workforce by between 200-300 employees in its renewable energies division due to high levels of debt incurred in the acquisition of other renewable businesses. The sector is suffering from high levels of competition, declining electricity prices and declining tariff supports. The number of employees has already declined from 1,500 over the last year with many being transferred to other units. The latest job cuts will be carried out during 2015.
According to the chief executive, capital expenditure was around one billion euros last year. It will be reduced but the company remains committed to renewable energy. RWE Innogy is a subsidiary of the German energy company RWE, the second biggest energy group in Germany based in Essen.
Sources
15 January 2015: Die Welt Online
Citation
Eurofound (2015), RWE Innogy, Internal restructuring in Germany, factsheet number 78186, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/78186.
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