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Benzinga
Benzinga
Politics
Shivani Kumaresan

RWE AG May Be Forced To Cover Risk Of Soaring Energy Prices

RWE RWE AG European Union Moscow Ukraine
  • German electricity producer RWE AG (OTC:RWEOY) could set aside capital to manage soaring energy prices if Russian gas imports are halted due to the Ukrainian crisis in the long term, Bloomberg reported.
  • Energy companies and traders have been facing the jitters as the Russian invasion of Ukraine, and the consequent sanctions have disturbed commodity markets.
  • Soaring prices could make some of RWE’s purchase contracts with other utilities unprofitable, forcing it to take precautions.
  • The report added that the European Union plans to cut Russian gas imports by two-thirds in 2022, forcing members to diversify away from Moscow.
  • Price Action: RWEOY shares closed at $40.52 on Monday.
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