FRANKFURT | Sat Apr 16, 2011 8:01am EDT
FRANKFURT (Reuters) - German utility EnBW is looking at new business models and disposals as a result of the government's move to shut down nuclear power, its chief executive told a newspaper.
The volte-face in Germany's nuclear energy plans following the Japan nuclear crisis also means EnBW will no longer be able to double sales by 2016.
"The turnover target was very ambitious and we will not be able to reach it under these circumstances. Profits will be lower too," Hans-Peter Villis told Sueddeutsche Zeitung.
Chancellor Angela Merkel on Friday said the government wanted to exit nuclear energy as soon as possible, look at supporting renewables and build more coal and gas plants.
Villis told the paper EnBW was now looking to double the percentage of electricity it generates from renewable energy, such as by developing wind farms.
He added the u-turn by the government, which had only a few months back agreed to extend the lifetime of Germany's nuclear plants, meant EnBW would not be able to invest as much as it wanted and would also consider selling minority holdings.
Villis also told the paper he could not yet say whether EnBW, which owns four of Germany's 17 nuclear plants, would take legal action if the government decided to shut down its Philippsburg nuclear plant for good.
(Reporting by Victoria Bryan; Editing by Alison Birrane)
