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Germany's RWE to cut one in three jobs in $2.9 billion coal exit deal

Germany's RWE to cut one in three jobs in $2.9 billion coal exit deal

FRANKFURT (Reuters) - RWE ( RWEG.DE ), Germany’s biggest power producer, will cut about 6,000 jobs, or nearly a third of its current workforce, by 2030 as the country moves to phase-out brown coal as an energy source, the company said on Thursday. Germany’s exit from the coal industry marks the second major upheaval for RWE in as many years following

Germany's RWE to cut nearly a third of workforce in coal phase-out

Germany's RWE to cut nearly a third of workforce in coal phase-out

FRANKFURT (Reuters) - RWE, Germany’s biggest power producer, will cut about 6,000 jobs by 2030, or nearly a third of its current workforce, due to an agreed phase-out of brown coal as an energy source, it said on Thursday. RWE will also receive 2.6 billion euros ($2.9 billion) in compensation over 15 years to soften the blow to its business, it added,

RWE says 6,000 jobs will be lost by 2030 over coal exit

RWE says 6,000 jobs will be lost by 2030 over coal exit

FRANKFURT (Reuters) - German utility RWE, the country’s biggest power producer, said decisions how to organize the exit from brown coal mining and burning will cost thousands of jobs as the company bears the brunt of the fallout. “We assume that in the short term, 3,000 jobs will go. By 2030, it will be 6,000 in total. The number of employees in our

Germany adds brown coal to energy exit under landmark deal

Germany adds brown coal to energy exit under landmark deal

BERLIN (Reuters) - Germany is set to become the first country to drop both nuclear and coal power under a landmark agreement to compensate workers, companies and regional governments as it switches off brown coal-fired plants by 2038. The government struck a deal worth more than 40 billion euros ($44.7 billion) in the small hours of Thursday morning

Germany to cancel emissions allowances of shut-down lignite plants

Germany to cancel emissions allowances of shut-down lignite plants

FRANKFURT (Reuters) - Germany plans to cancel the emission allowances of lignite-fired power plants to be shut down as part of a broader effort to phase-out the fuel, a spokesman for the country’s Environment Ministry said on Thursday. Earlier, Germany struck a deal to pay regions, workers and plant operators compensation for phasing out coal-fired

Germany to cancel emissions allowances of shut-down lignite plants

Germany to cancel emissions allowances of shut-down lignite plants

FRANKFURT (Reuters) - Germany plans to cancel the emission allowances of lignite-fired power plants to be shut down as part of a broader effort to phase-out the fuel, a spokesman for the country’s Environment Ministry said on Thursday. Earlier, Germany struck a deal to pay regions, workers and plant operators compensation for phasing out coal-fired

Germany agrees 40 billion euro coal exit deal for states, companies

Germany agrees 40 billion euro coal exit deal for states, companies

BERLIN (Reuters) - Germany has agreed to compensation of about 40 billion euros ($45 billion) for affected regions, workers and companies as part of plans to end its use of brown coal in power plants by 2038, Economy Minister Peter Altmaier said on Thursday. The plans are part of measures aimed at cutting greenhouse gas emissions in Europe’s largest

Germany to compensate RWE with 2.6 billion euro for coal exit: sources

Germany to compensate RWE with 2.6 billion euro for coal exit: sources

BERLIN (Reuters) - The German government plans to compensate utility RWE ( RWEG.DE ) with around 2.6 billion euros ($2.9 billion) for costs related to the country’s planned coal exit, two government sources said on Thursday. Mining company Mibrag, owned by Czech energy group EPH, is likely to get 1.75 billion euros of compensation, the people familiar

Germany agrees plan to exit coal power

Germany agrees plan to exit coal power

A year ago, a government-appointed panel recommended that Germany stop burning coal to generate electricity by 2038 at the latest, as part of efforts to curb climate change. However, efforts to translate that into policy had stalled over recent months. Some areas, particularly in the less prosperous east, are heavily dependent on lignite coal mining

Germany to help regions, employees, companies affected by coal exit: Government spokesman

Germany to help regions, employees, companies affected by coal exit: Government spokesman

BERLIN (Reuters) - The German government said on Thursday that energy-intensive companies who compete internationally can get an annual subsidy from 2023 to compensate for higher electricity costs caused by a planned coal exit law. Government spokesman Steffen Seibert said in a statement that Berlin would also pay compensation to employees affected