RWE AG (RWE.XE) expects there will be plenty of growth opportunities in the European energy sector despite the current recessionary tendencies and hopes to find growth opportunities in the financial crisis.
"We're determined to benefit from the crisis," executive board member Leonhard Birnbaum told reporters late Monday at the company's head office in Essen.
Birnbaum said Germany's largest electricity producer by generation capacity expects the need for investment in the European energy sector will remain robust even in a slowing economy and possibly muted energy demand growth.
"The need to invest will remain robust because the sector urgently needs to replace a large part of its aging capacities."
Through 2020, the energy sector in Europe - including Russia - will have to invest around EUR500 billion, Birnbaum said.
RWE plans to invest more than EUR30 billion through 2012 and expects its investment level to remain at a similar high level after that, Birnbaum said.
Birnbaum also said RWE expects there will be chances for external growth through mergers and acquisitions as well as organic growth.
He singled out Poland, Russia and the Balkans as markets RWE considers interesting in terms of M&A opportunities.
"But we're not dependent on M&A, come hell or high water," Birnbaum said. RWE has plenty of potential to grow organically, he added.