FRANKFURT/LOS ANGELES, Feb 18 (Reuters) – German solar
energy pioneer Frank Asbeck is betting that the United States
can rehabilitate him and his company SolarWorld,
which he rescued from the jaws of insolvency two years ago,
making himself an industry outcast in the process.
Asbeck, 55, pursued measures both imaginative and ruthless
to ensure that his solar panel company did not fall victim to a
crisis that claimed many of its German peers.
FRANKFURT/DUESSELDORF, Jan 30 (Reuters) – SMA Solar
, Germany’s largest solar company, expects to make a
loss for the third year in a row in 2015, with no let up in
falling demand in Europe and fierce competition from Asia.
However, the company said on Friday it aimed to return to a
profit in 2016, helped by more than 160 million euros ($181
million) of cost cuts.
BERLIN, Jan 21 (Reuters) – Political infighting risks
delaying beyond a 2022 deadline the construction of high-voltage
power lines that are a core element of Germany’s transition away
from nuclear power, grid firm TenneT TSO GmbH said.
The firm, part of the Dutch TenneT group, applied to
regulators in December to build the SuedLink line.
BERLIN (Reuters) – RWE is exploring the sale of power plants, its chief operating officer told Reuters on Tuesday, frustrated with profit erosion and lack of political support for its struggling generation units.
Europe’s power sector has been hit by a sluggish economy, low wholesale prices and a surge in demand for cleaner renewable energy which is replacing gas and coal-fired power plants.
FRANKFURT, Jan 19 (Reuters) – Germany’s biggest utilities
have set aside tens of billions of euros to fund the country’s
exit from nuclear power from 2022, when the last reactor leaves
the grid and the clear-up begins.
But as an energy crisis puts the value of the assets
underpinning those provisions at risk, concerns are growing that
taxpayers may end up footing part of the bill, undermining an
ambitious shift to renewable power on which Chancellor Angela
Merkel has staked a hefty chunk of political capital.
FRANKFURT, Jan 16 (Reuters) – German utility RWE
will complete the sale of oil and gas unit DEA to
Russian tycoon Mikhail Fridman by early March, it said on
Friday, easing fears of a potential collapse.
RWE, whose shares were up 6.1 percent at 1300 GMT on the
news, had originally planned to close the transaction by the end
of 2014 but in November warned it could take longer.
FRANKFURT, Jan 12 (Reuters) – Germany’s largest utility E.ON
AG has agreed to sell its Italian gas- and coal-fired
power plants to Czech energy company EPH, ridding itself of
ailing assets from an acquisition spree in 2007.
Privately-held EPH will take over 4,500 megawatts (MW) worth
of thermal power capacity in the deal, which is expected to
close in the second quarter of 2015.
FRANKFURT, Jan 12 (Reuters) – The slump in oil prices to
their lowest since 2009 will bring a multibillion-euro boost to
European businesses, but the benefits are being distributed in a
patchy fashion and in some surprising places.
While the oil industry has been left licking its wounds
after Brent crude’s 50 percent plunge to about $50 a barrel
over the past six months, fund managers and analysts
have been turning their attention to the likely beneficiaries.
FRANKFURT/DUESSELDORF, Dec 17 (Reuters) – E.ON’s
investment strategy in Russia remains unaffected by the plunge
in the rouble, the company said on Wednesday, seeking to allay
concerns over a business it plans to spin off in 2016 as part of
a major overhaul.
The weakening of the rouble in the face of Western sanctions
over the Ukraine crisis has already hit profits at the German
utility’s Russian operations, in which it has invested about 6
billion euros ($7.5 billion) since 2007.
SAO PAULO/FRANKFURT, Dec 10 (Reuters) – Eneva SA,
the Brazilian power producer controlled by Germany’s E.ON SE
and tycoon Eike Batista, filed for creditor
protection late on Tuesday after failing to refinance part of
its 2.33 billion reais ($900 million) in debt.
In a statement, Eneva said court protection from creditors
will allow the ailing power producer to preserve cash and
continue its operations. Following the decision, Eneva appointed
Alexandre Americano as chief executive officer, replacing Fabio
Bicudo, who will become chairman.