February 22, 2017 / 7:43 AM / 6 months ago

RWE takes $4.5 billion writedown on power plants

FRANKFURT, Feb 22 (Reuters) - RWE said its 2016 earnings were hit by a 4.3 billion euro ($4.52 billion) writedown, mostly on its ailing German power plants that have come under intense pressure from low wholesale power prices and rivalling renewable energy.

Impairments were also made on assets in Britain, the Netherlands and Turkey, triggering a net loss of 5.7 billion euros in 2016, RWE said in an unscheduled statement on Wednesday.

$1 = 0.9509 euros Reporting by Christoph Steitz; Editing by Maria Sheahan

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