EnBW reviewing strategy, portfolio - CEO

·1-min read
A logo of German power supplier EnBW Energie Baden-Wuertemberg AG is pictured at the companies headquarters in Karlsruhe

FRANKFURT (Reuters) - EnBW is reviewing its strategy and portfolio, Chief Executive Andreas Schell, who has been leading the German utility for about half a year, said on Wednesday.

The company wants to use this year to set the course of EnBW in the time after the phase out of nuclear power and coal, Schell told shareholders in a speech held at the group's annual general meeting.

"To this end, we launched the 'EnBW 2030' strategy process a few weeks ago," he said, adding that the group planned gross investments of 14 billion euros ($15.4 billion) by 2025.

He said this included a review of the group's assets, which include fossil fuel-based as well as renewable generation assets, adding the company's set-up could be adjusted if needed.

EnBW, which recently brought forward the phase-out of its coal-fired power plants and saw its last nuclear power station end service in mid-April, is currently seeking to sell two minority stakes in its high-voltage power grid TransnetBW.

In March, the company sold a 49.9% stake in its 2.4 billion euro He Dreiht offshore wind farm project to a consortium of Allianz Capital Partners, Danish investor AIP Management and Norges Bank.

($1 = 0.9071 euros)

(Reporting by Christoph Steitz; Editing by Madeline Chambers, Friederike Heine and Maria Sheahan)