RWE AG

OTC Pink - Current Information:RWEOYUnited States

Apr 22, 2024

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• DJ RWE's Share Fall Creates Buying Opportunity -- Market Talk, from 4:10AM ET on Monday Apr 22, 2024 by Dow Jones

  4:10AM ET on Monday Apr 22, 2024 by Dow Jones
  Companies Mentioned: RWEOY
  
  0810 GMT - Any weakness in RWE shares today on the back of a cancelled U.S. offshore project offers a buying opportunity, Barclays says. The state of New York on Friday cancelled negotiations for three major offshore wind projects totaling 4 gigawatts, including the German energy company's project, which was provisionally awarded a 1.3GW offtake contract last year. However, this doesn't seem to have an impact on the German energy company's profit-and-loss accounts or balance sheet, nor change the development timeline of the project, Barclays analysts write in a research note. They don't believe that at the current share price, investors were reflecting any value creation from RWE's New York project, they add. Shares are down 0.7% at EUR32.24. (christian.moess@wsj.com)
  

• DJ RWE, National Grid Suffer Limited Hit from U.S. Contracts Termination -- Market Talk, from 3:50AM ET on Monday Apr 22, 2024 by Dow Jones

  3:50AM ET on Monday Apr 22, 2024 by Dow Jones
  Companies Mentioned: RWEOY, NGG
  
  0748 GMT - The fragility of the U.S. offshore wind market continues as the state of New York cancels three projects, Citi analysts say. Germany's RWE and the U.K.'s National Grid are the European utilities affected, they say. "From RWE's perspective, the cancellation of New York contract is disappointing but not meaningful in terms of value loss," they say. For National Grid, it has only limited valuation impact, they add. With the cancellation, New York will increasingly struggle to meet its 9GW 2035 offshore wind target as well as the U.S. government's 30GW by 2030, Citi says. Shares in RWE are down 0.4% at EUR32.32, while National Grid's are up 0.6% at 1,046.00 pence. (christian.moess@wsj.com)