German utility RWE AG (RWE.XE) continues to consider mothballing its power plants amid weak electricity prices that have made many conventional gas and coal-fired power plants across Europe unprofitable, executive board member Rolf Martin Schmitz said Wednesday.

Addressing reporters on the sidelines of an energy conference in Berlin , Mr. Schmitz said the company may announce some power plant closures in its second-quarter results publication on Aug. 16.

"We're still calculating," he said, adding that at many of the company's conventional power plants the operating costs are higher than the revenues generated.

Wholesale power prices presently trade at around 38 euros ($50) a megawatt-hour of electricity, significantly below the EUR55/MWh to EUR60/MWh needed to run a fleet of power plants over the longer term, Mr. Schmitz said.

Mr. Schmitz said gas-fired power plants are "totally out of money" due to high fuel costs and low power prices.

Hard coal-fired power plants aren't generating enough profit to recover capital costs, while even lignite-fueled plants are struggling to earn money at present, he added.
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