RWE says coal exit in 2038 too early, will review proposals

RWE, Germany`s biggest electricity producer, said it would thoroughly review the impact of proposals by a government-appointed commission for how to phase out coal, adding fully exiting the fuel by 2038 was too early.

"The commission`s proposals have grave consequences for the lignite business of RWE," Chief Executive Rolf Martin Schmitz said in a statement. "We will thoroughly assess the specific implications for our company."

Earlier, the commission proposed to shut down all coal-fired power plants in Germany by 2038 at the latest, recommending at least 40 billion euros in aid to affected regions as well as compensation payments to operators.