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Business

German Power Giant Pulls out of US

RWE, the second-biggest power group in Germany, has announced that its energy trading division will pull out of the North American market in order to focus exclusively on Europe. "Following a recent review of RWE's trading activities, the future focus will be in the European markets where we have both a competitive advantage and an asset portfolio," RWE Trading said in a statement. "As a result, we have decided to close our United States operations in Houston, Texas." In the coming months, RWE Trading Americas would "work with all its various stakeholders to ensure a smooth and orderly exit," the statement said. "In particular, all contractual commitments will be honored. The Houston-based coal trading operations will continue under the umbrella of SSM Coal Americas but, at some stage in the future, may be relocated to another existing facility of SSM Coal in the United States."