Germany’s RWE Sells US LNG Assets

Germany’s RWE announced its intention to sell 50% of its share in the US liquefied natural gas company Excelerate Energy to Geoerge B. Kaiser, co-owner of the US-based company.

“Excelerate Energy has developed to become a very successful global provider of infrastructure based on special LNG ships with on-board regasification,” said Stefan Judisch, CEO of RWE Supply & Trading.

The transaction remains subject to approval by the RWE AG Supervisory Board. 

“This business is further developing into a pure LNG infrastructure business and is therefore an ever less integral part of the core activities of RWE,” added Judisch in a note, stating that the measure allows RWE to implement ‘its asset-light strategy.’

At the same time, RWE and the other German big utilities like E.ON and EnBW are facing share prices plunges. According to Reuters, German utilities are putting pressure on the government to soften green policies that are impacting negatively on their profits.