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UPDATE 1-EU ends cartel probe of RWE electricity biz - RWE

Published 10/15/2009, 08:57 AM
Updated 10/15/2009, 09:03 AM

* German utility says was informed on Oct 14 that probe over

* EU confirms that probe has ended

* CEO seeks "more objective" approach to regulation

* RWE shares down 2.3 percent

(Adds quotes, EU confirmation)

FRANKFURT/BRUSSELS, Oct 15 (Reuters) - The European Commission has ended an anti-trust investigation of RWE's electricity business, the German utility said on Thursday.

"This supports RWE's position that it operates according to market rules, and in particular that the company neither withholds power generating capacity nor manipulates wholesale electricity prices," it said in a statement.

Chief Executive Juergen Grossmann said he was pleased that the investigation had ended, which he said was an important step toward dispelling "general suspicion" of the energy sector.

"I would like to express a plea for a more objective anti-trust and energy policy discussion in the future, which takes into account more facts and fewer generalised accusations," he added.

The European Union confirmed it had closed the anti-trust case against RWE, having found insufficient evidence to proceed further.

Shares of RWE were down 2.3 percent at 60.78 euros by 1248 GMT, while Germany's blue-chip index was down 0.6 percent. (Reporting by Michael Shields in Frankfurt and Foo Yun Chee in Brussels)

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