RWE CFO says lower investments will help fund share buybacks
FRANKFURT, Nov 13 (Reuters) -RWE RWEG.DE, Germany's largest power producer, on Wednesday said investments had been lowered for the two coming years to help fund planned share buybacks, citing delays to its offshore wind projects in the United States and a slower ramp-up of the hydrogen economy in Europe.
"We have recalibrated our capital allocation... In 2025 and 2026, we will invest around seven billion net per year," said chief financial officer Michael Mueller in a statement to reporters after the company presented nine-month results along with the buyback announcement.
Shares were last up 7.5%.
Reporting by Vera Eckert, editing by Rachel More
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