German utility company RWE AG (RWE AG) Tuesday said it will continue operating its Garzweiler brown coal mining site, denying a media report that said it is considering shutting the site by 2018.

"The Garzweiler II site with its around 1 billion tons of approved coal supply and an annual production volume of between 35 and 40 million tons is a fixed part in our business's future planning," head of the RWE Generation segment Matthias Hartung said.

Sueddeutsche Zeitung had reported that RWE is considering closing the site because it may no longer be profitable in the future, due to competition from renewable energies like wind and solar.

While RWE said the business environment has become tougher due to lower power prices, it said RWE Generation is meeting this challenge with a strict cost-cutting program in all business areas. In addition, RWE expects the regulatory framework on energy markets to change in order to secure supply, leading to an improved outlook for conventional power generation.
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