RWE, the German energy group, today ruled out making a bid for Scottish & Southern Energy and set out plans to build several new plants in Britain under a €25bn (£16.73bn) five-year investment programme. Harry Roels, outgoing chief executive, when asked to comment on market rumours RWE was eyeing a takeover of SSE, said in Essen: “No, there’s absolutely nothing in it.” SSE is, with Centrica, one of the last two surviving independent British players in the UK’s liberalised energy market. Announcing a 14% jump in operating profits to €6.1bn last year, helped by the sale of Thames Water, Mr Roels said RWE npower, the group’s British arm, could now build two new gas-fired plants in Pembroke and Staythorpe. It has previously said it would opt for one. He also said npower would invest £100m in three new wind farms in the UK with a capacity of around 100MW and held out the prospect of building new-generation nuclear plants in Britain – if the government gave the go-ahead and there was “social acceptance” for a rebirth of atomic power. He made plain nuclear energy and clean coal were essential to reduce Europe’s dependence on imported power-fuels. Mr Roels, who has helped increase RWE’s market value to €70bn in the last few years, quadrupling its capitalisation, is to make way early next year for Jürgen Grossmann, a private steel company chairman. The RWE supervisory board surprisingly refused to prolong his contract earlier this week. The Dutchman, who said he would simply retire, disclosed that he earned €15.3m last year, making him one of Germany’s highest-paid executives largely thanks to a long-term incentive plan and bonuses. He indicated that his remuneration would be a third lower this year.

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