German utility RWE sees no hope for a power prices recovery in the European electricity market where its generation unit posted a 20-percent year-on-year decline in first-quarter operating profit.”There is no reason for an improvement (of power prices),” the chief executive of RWE Power, Matthias Hartung, said on release of the figures on Thursday. “Efficiency improvements and cost cuts remain top of the agenda.”The RWE generation unit earned 354 million euros ($392.30 million) after 441 million in the same 2015 period, prompting its management to decide on pushing ahead with cost savings and job reductions, he said.
Reuters 7th July 2016 read more »