The new RWE AG’s subsidiary for renewables, grids and retail is scheduled to start operating today under a temporary name of RWE International SE, and is expected to generate annual revenues of around EUR 40 billion, the German power company said in a statement.
The initial public offering of the new company’s shares is expected to take place by the end of 2016, with the exact date of the IPO depending on the market environment at that point in time, RWE said.
Peter Terium, in his dual role as Chief Executive Officer (CEO) of both RWE AG and the new subsidiary said: “The founding of our subsidiary and the planned IPO are mammoth tasks. Thanks to the excellent preparatory work done by our employees, we are, however, right on schedule.”
On the day the company begins operating, the employees of RWE Innogy, RWE Deutschland, RWE Effizienz, RWE Vertrieb and RWE Energiedienstleistungen, among others, will transfer to RWE International SE.
The permanent name and branding of the new company is scheduled to be announced in the summer. The new company is headquartered in Essen, where RWE AG will also continue to be domiciled.
“We will be fast, decentralised, innovative and close to our customers. During this time of far-reaching transformation in our sector, we do not intend to simply keep up with the competition. We want to take a pioneering role and shape the energy market of the future,” Terium said.