Frankfurt, November 12, 2025 — RWE AG (RWEG.DE), Germany’s largest electricity producer, has signaled its willingness to sell its stake in the uranium enrichment company Urenco, though the company’s Chief Financial Officer cautioned that such a deal would be difficult to execute due to the intricate ownership and regulatory framework surrounding the asset.

RWE and its German peer E.ON SE jointly hold a one-third share of Urenco on behalf of the German government, while the United Kingdom and the Netherlands each own one-third as well. This multilayered ownership arrangement makes any sale of the German utilities’ stakes legally and diplomatically complex.

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RWE Sees Rising Urenco Valuation as Global Uranium Demand Grows

Speaking to investors following RWE’s nine-month financial results presentation, CFO Michael Mueller highlighted that Urenco’s valuation has risen significantly in recent months amid surging global demand for enriched uranium fuel.

“Clearly, the value of Urenco has increased lately because the demand for enriched material is increasing and so are the prices,” Mueller said.

The war in Ukraine and rising energy security concerns across Europe have prompted several nations to reassess nuclear energy’s role in ensuring reliable power supplies. This shift has increased interest in uranium enrichment capacity, benefitting Urenco, which is one of the few Western firms operating in this strategic sector.

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Divestment “Not Easy” Due to Regulatory Constraints

Despite the strong valuation, Mueller emphasized that contractual and governmental restrictions surrounding Urenco make a sale complicated.

“The complexity here is that there are some contractual regulations around that one, so it’s not as easy to just sell it,” Mueller explained.

However, he reaffirmed RWE’s openness to an offer, saying the company would be “happy to sell” its Urenco stake if a reasonable proposal emerged.

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Strategic and Financial Implications for RWE

For RWE, holding a share in Urenco continues to provide a stable financial return through dividend income. “If we cannot sell it, obviously the asset as such gains in value because with higher incomes, dividends will grow over time and that also contributes to our earnings and cash position,” Mueller said.

RWE has been undergoing a strategic transformation, pivoting from coal and nuclear toward renewable energy investments. The potential sale of its Urenco holding could free up additional capital for expansion in green energy projects across Europe and North America.

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Urenco’s Strategic Role in the Global Nuclear Supply Chain

Urenco Limited (URENC.UL) plays a critical role in the international nuclear fuel market, enriching uranium for use in civilian nuclear power generation. The company operates enrichment facilities in Germany, the Netherlands, the United Kingdom, and the United States, serving utilities worldwide.

With growing concerns over energy independence and reduced reliance on Russian nuclear material, Urenco has become increasingly important for Western energy strategies. Analysts believe that any sale of Urenco shares would require multinational government approval, given the company’s sensitive role in nuclear technology.

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Outlook

While RWE’s management remains open to divesting its Urenco stake, industry observers expect no immediate transaction, citing complex regulatory procedures and government oversight. In the meantime, rising uranium enrichment demand continues to enhance the value of RWE’s holding, offering a financial cushion as the company accelerates its transition toward renewable energy.