The new RWE subsidiary for renewables, grids and retail has begun operating on April 1st. The company bears the temporary name RWE International SE and bundles the business areas of renewables, grids and retail in Germany and internationally.
The employees of RWE Innogy, RWE Deutschland, RWE Effizienz, RWE Vertrieb and RWE Energiedienstleistungen, among others, will transfer to RWE International SE. The permanent name and branding of the new company is scheduled to be announced in the summer. The IPO of the subsidiary should take place by the end of 2016. The exact date of the IPO depends, however, on the market environment at that point in time. The new company is headquartered in Essen, where RWE AG will also continue to be domiciled. On completion of the Group restructuring process, the new subsidiary is likely to generate annual revenues of around € 40 billion, and have around 40,000 employees.