RWE makes for a good coal wind-down guinea pig gfhay
Activist fund Enkraft has taken a stake in RWE and is calling for a separation of the German utility’s brown coal activities, Reuters reported exclusively on Sept. 8.
Enkraft, which has a track record in investing in the renewable energy sector, now holds more than 500,000 shares in RWE, worth 16.4 million euros at current prices. The stake gives it the right to request items on the agenda of annual general meetings. Separating RWE’s brown coal, or lignite, operations would be a way to close RWE’s valuation gap with rivals and create value, Enkraft said in a letter.
A spokesperson for RWE confirmed Enkraft’s approach: “As is the case with every investor, we have offered them to have a conversation about our business strategy.” Shareholders Deka Investment and Union Investment have also called for an acceleration of the group’s exit from brown coal. Under current agreements with the German government that will happen by 2038 at the latest.A traffic light signals red in front of the Weisweiler brown coal power plant of German energy supplier RWE, in Weisweiler near Aachen, Germany, March 12, 2018.
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