RWE Q1 core profit up 65%, takes $894 million writedown on coal ban

FRANKFURT – RWE on Thursday said core earnings rose by about two thirds in the first-quarter, partly driven by stronger winds, while a ban on Russian coal in Britain triggered an 850 million euros ($894 million) writedown.

“The UK government had already imposed sanctions against Russian Railways from March. As a company that is active in the UK, this means that RWE has not accepted any coal from Russia since the end of March,” RWE said.

“As a consequence, RWE has written off its long-term supply contract for Russian coal.”

($1 = 0.9508 euros)