Dr. Michael Müller, RWE: Navigating Energy Transition, Changing Regulatory Environments & Risk-Driven Capital Allocation

What does it take to transform one of Europe’s largest utility companies from a legacy coal and nuclear powerhouse into a leader in global renewables? In this episode, we speak with Dr. Michael Müller, CFO of RWE AG, about steering one of Germany’s most iconic energy companies through structural upheaval, international expansion, and shifting regulatory environments. From its roots as a diversified conglomerate to a focused player in power generation with a portfolio increasingly dominated by renewables, RWE exemplifies what transformation at scale truly means. We discuss the strategic rationale behind RWE’s separation from grid operations, how trading and asset optimization became a central pillar of their business model, and why building international teams with local autonomy is key to growth in markets like the US, UK, and the Netherlands. Michael reflects on the impact of geopolitics and regulation on long-term capital investment decisions, the future of energy affordability and security, and the role of active portfolio management in driving returns in volatile markets. He also shares insights into RWE’s decision to reduce its €55B investment program, the influence of hedge funds like Elliott, and the increasing importance of digitalization and AI in energy trading. Finally, Michael opens up about his own career journey—from engineering and a PhD in turbomachinery to corporate finance and executive leadership—and why taking ownership, managing risk culture, and staying commercially curious are key traits for modern CFOs. Guest: Dr. Michael Müller, CFO of RWE AG Hosts: Prof. Dr. Martin Glaum & Gori von Hirschhausen Editorial Team: Annika Lux & Simon Görlach