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Last week, EON, No. 1 power generator in Germany, confirmed that it intended to cut 11,000 jobs, 6,000 of which in Germany. A social plan will be presented at the end of October, but this decision is rejected by the Verdi services union which reminded that the company is about to make billions in profit in 2011. There could be a social conflict. At a lower level, STEAG (No. 5) is talking about up to 600 job cuts, i.e. over 10% of its manpower. For their part, RWE (No. 2) and EnBW (No. 3) announced the extension of existing savings programs without ruling layoffs out. Finally, the CEO of Vattenfall (No. 4) mentioned the sale of its brown coal plants in eastern Germany, sites which directly and indirectly employ 12,000 people. (Ref. 110611)
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110611
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