Dive Summary:

• Fearing loss of profit and mounting debt due to wind farm construction glitches and delays, Germany’s largest utility EON SE and RWE AG are cutting spending on Germany’s $700 billion clean-power plan for the first time since 2009.
• The companies will cut $88 billion from projects set to operationalize 4,500 megawatts of renewable capacity by 2014, replace all atomic reactors by 2022, and triple the share of renewables by 2050.
• Chancellor Angela Merkel’s shut-down of 8 nuclear reactors after Japan’s nuclear meltdown in 2011 caused utilities to lose billions of market value and investment power.
   

From the article:
“RWE will slow the development of offshore wind projects to “one park at a time” to reduce investment risks, Chief Executive Officer Peter Terium said in March. The Essen-based utility has abandoned plans to have 4,500 megawatts of renewable capacity under construction or in operation by 2014.”