RWE To Raise Energy Prices To Counter Rising Costs

RWE, Europe's third- biggest utility, plans to raise electricity prices for private and industrial customers next year to counter higher costs and taxes, Handelsblatt has reported, citing an executive at Germany’s second largest utility.

The company is seeking government approval to raise prices for both its 2.9 million household customers as well as its 70,000 industrial customers, the paper quoted Heinz-Werner Ufer, chief executive of RWE's power supply division, as saying.

RWE last raised electricity prices for household customers by about 5 percent in January. The larger German rival E.ON has said in past months it also plans to raise prices this year.

RWE also plans to expand in Italy by taking stakes in Italian municipal utilities in Rome, Milan or Verona, to benefit from the “wave” of state asset sales in the Italian power market in coming years, Financial Times Deutschland said earlier, citing Ufer.

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