Utility RWE AG (RWE.XE) said Wednesday it increased provisions for its nuclear power business in the second quarter of 2013, reflecting a recent change to legislation in its German home market over the search and selection of a final storage facility for radioactive waste.
Utility RWE AG (RWE.XE) said Wednesday it increased provisions for its
nuclear power business in the second quarter of 2013, reflecting a recent
change to legislation in its German home market over the search and selection
of a final storage facility for radioactive waste.
The comments come after Germany's lower and upper houses of parliament earlier
this year passed an amendment to a nuclear waste-storage law that broadened the
search for a storage facility beyond the controversial existing site in
Gorleben, northern Germany.
As a result of the changed law, construction and commissioning of any final
nuclear waste storage will take longer than originally expected, RWE said.
"This means that spent nuclear fuel elements will remain in interim
storage for a longer period of time," it added.
In total, RWE estimates the additional costs of the amended law to be around
2.7 billion euros ($3.6 billion) "in nominal terms" for the nuclear
energy industry.
For RWE itself, the company expects the additional financial burden could
amount to EUR1.1 billion. It added, however, that nuclear provision had to be
increased by only EUR400 million.
Its rival E.ON SE said Tuesday it is examining the impact on its earnings,
adding it expects its 2013 earnings before interest, taxes, depreciation and
amortization to take "a lower triple-digit million euro amount" hit.
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