FRANKFURT: Germany's No. 2 utility RWE on Thursday said the unit in charge of renewable, grids and retail energy named Innogy would be listed by the end of 2016, creating value for shareholders.
"Innogy is a balanced combination of stable, regulated business, a strong customer base and value-creating investments in renewables," RWE chief executive Peter Terium told investors in London, adding the new unit was geared towards a green, decentralised and digital energy system.
The listing depended on market conditions but could exceed the minimum 10 percent of Innogy shares, he said.
RWE was targeting a dividend payout ratio of between 70 and 80 percent. It plans investments of between 6 and 7 billion euros ($6.68-7.79 billion) between 2016 and 2018.
Overhauling the ailing UK retail business was on track to overcome problems with IT systems which had led to a mass customer defection there last year.
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