German energy giant RWE lowers dividend forecast

German energy giant RWE warned shareholders to expect a reduced dividend for the 2011 fiscal year, in an interview published Saturday. RWE's financial director Rolf Pohlig told the Boersen Zeitung newspaper the dividend would be reduced by about a third of normal levels. The energy supplier's earnings have been hit by Germany's decision to phase out nuclear power, as well as a generally difficult market environment. It intends to divest 11 billion euros' ($14 billion) worth of assets before the end of 2013, after already having completed a planned capital increase of some 2.1 billion euros. RME has yet to sell 9.5 billion euros of shares. Pohlig said his company would move in that direction this year.