RWE (Rheinisch-Westfälischen Elektrizitätswerk) is one of the largest electrical power companies in biggest soft coal (aka dirt or lignite) mining operations in the world. It is also home base for Fritz Varenholt, one of Germany's most active solar fans (nonono, not wind energy, he don't like that or solar power either, but the sun, the sun, not greenhouse gases are the thing for Fritz). Anyhow RWE is in big trouble because of the Energiewende, folks are not paying as much for what they make because they are using less of it and RWE is deep into coal and gas power generators.
Germany and operators of one of the largest lignite (brown coal, aka dirt) mines in the world
The Sueddeutsche brings news of a major reorganization typical of a failing concern that had overexpanded in the fat times. Many of the 100 formerly more or less independently operating subsidiaries, with their own boards, are being hovered up into 32 and what is left will be directly controlled by the mothership. The command module will, of course, expand. The large pink elephant of a headquarters building has been sold off, from which bunnies gather that they are turning stuff into cash as fast as they can.
What will make this change hard is that RWE has large public ownership, the cities of the Ruhr own great chunks of stock and depend on the profits cast off from the company for significant parts of their budget and, of course, while upper management grows, employment will shrink, which makes the unions happy.
Eli was thinking of this today when he read a re tweet from 350.org
Dortmund, Essen and the like are too deeply dug into RWE to get out. OTOH, the fat times are over. The lignite mines may have taken their last church.Municipal investments in climate killer @RWE_AG should be a thing of the past. #Divest http://t.co/0QGLlWS0kB pic.twitter.com/SJoC4zjHtA— Fossil Free De (@FossilFreeDe) August 11, 2015