Industry Information

Industry Information

RWE, Gazprom sign MoU to jointly build power plants in Europe

German utility RWE and Russian gas company Gazprom have signed a memorandum of understanding (MoU) on strategic partnership in power generation in Europe.

The companies are looking to form a joint venture which will consist of existing or newly built gas- and coal-fired power plants in the UK, Germany and the Benelux.

The MoU provides RWE with exclusive rights for negotiations with Gazprom on the implementation of energy projects in these countries for a period of three months.

Gazprom management committee chairman Alexey Miller said that the companies see good prospects for the construction of new modern gas-fired plants in Germany in light of the German government’s recent decisions to reduce its nuclear power programs.

RWE CEO Jurgen Grossmann said the MoU, when put into commercial reality, could secure safe and competitive natural gas supply to RWE.