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To: Jurgis Bekepuris who wrote (42688)	5/17/2011 9:48:13 AM
From: Spekulatius	Read Replies (1) \| Respond to of 78648

re RWE.DE >>I can't understand how you get from the first paragraph (20% net loss) to the second (30% net loss). Are you adding additional losses from some other sources?<< Correct. The 30% earnings reduction for Y2012 are from analyst estimates from German sources. Besides the problem with the nuclear power generation, other parts of the wholesale business suffering as well. For example they have NG contracts with the Russian sources, with the delivery prices indexed to crude. Since the world is flooding in NG (not just North America), this has turned out a very bad idea. Same applies to EON.DE.