January 26, 2019 / 3:52 PM / 4 months ago

RWE says coal exit in 2038 too early, will review proposals

RWE logo in Essen, Germany, March 14, 2017. Reuters/Thilo Schmuelgen

FRANKFURT (Reuters) - RWE, Germany’s biggest electricity producer, said it would thoroughly review the impact of proposals by a government-appointed commission for how to phase out coal, adding fully exiting the fuel by 2038 was too early.

“The commission’s proposals have grave consequences for the lignite business of RWE,” Chief Executive Rolf Martin Schmitz said in a statement. “We will thoroughly assess the specific implications for our company.”

Earlier, the commission proposed to shut down all coal-fired power plants in Germany by 2038 at the latest, recommending at least 40 billion euros in aid to affected regions as well as compensation payments to operators.

Reporting by Christoph Steitz; Editing by Andrea Shalal

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