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Aug 14, 2014

Germany’s RWE warns of supply risks as power crisis bites

FRANKFURT, Aug 14 (Reuters) – Germany’s RWE
reported a 40-percent plunge in first-half profits, blaming
loss-making power plants and warning that power supplies were
under threat unless an ongoing crisis in Europe’s energy sector
was fixed.

Germany’s power sector has been in turmoil, hit by a
prolonged period of weak energy demand, low wholesale power
prices and a surge in renewable energy sources which continue to
replace gas-fired and coal-fired power plants.

Aug 14, 2014

Germany’s RWE warns of supply risks as power sector crisis bites

FRANKFURT, Aug 14 (Reuters) – Germany’s RWE
reported a 40-percent plunge in first-half profits, blaming
loss-making power plants and warning that power supplies were
under threat unless a European energy sector crisis was fixed.

German power producers are facing a crisis caused by weak
demand for energy in Europe, low wholesale power prices and a
surge in intermittent renewable energy sources, which continue
to replace gas-fired and coal-fired power plants.

Aug 13, 2014

E.ON profit falls as weak rouble hits Russian business

FRANKFURT (Reuters) – Germany’s biggest utility E.ON posted a 12 percent drop in first-half core profit, hit by a weakening currency in Russia, its most important foreign market that is the target of Western economic sanctions over Ukraine.

E.ON on Wednesday said earnings before interest, tax, depreciation and amortisation (EBITDA) at its Russian energy business declined by a quarter due to a drop in the rouble, and warned the currency could fall further.

Aug 13, 2014

Germany’s E.ON posts profit fall on Russian business

FRANKFURT, Aug 13 (Reuters) – Germany’s biggest utility E.ON
posted a 12 percent drop in first-half core profit,
hit by a weakening economy in Russia and said it was concerned
about the impact of the Ukraine crisis on its most important
foreign market.

Tensions between the West and Moscow over its support for
separatists in Ukraine have already hurt German companies active
in Russia, in sectors including cars and defence.

Aug 8, 2014

E.ON to post profit slide as Russia worries mount

FRANKFURT, Aug 8 (Reuters) – E.ON, Germany’s
biggest utility, is expected to report a 14 percent drop in
first-half core earnings next week, hit by subdued demand for
energy in Europe, low wholesale power prices and a weakening
economy and currency in Russia.

Earnings before interest, tax, depreciation and amortisation
(EBITDA) are forecast to have fallen to 4.9 billion euros ($6.6
billion), according to the average forecast of analysts compiled
by Thomson Reuters.

Aug 7, 2014

SMA Solar warns of price pressure after 7th straight quarterly loss

FRANKFURT, Aug 7 (Reuters) – SMA Solar, Germany’s
biggest solar group by sales, posted its seventh straight
quarterly operating loss and warned on Thursday of high pricing
pressure in coming months as it struggles to get back to
profitability.

Like others in the sector, SMA has been squeezed by a global
glut of solar equipment and dwindling subsidies for
solar-generated energy in Europe, driving out of business many
who were unable to lower costs as fast as prices fell.

Aug 5, 2014

Four groups seen bidding for gas grid owned by E.ON, VNG -sources

FRANKFURT (Reuters) – At least four final bidders have been chosen for German regional gas grid operator EVG Thueringen, three people familiar with the matter told Reuters on Tuesday.

Jointly owned by German utility E.ON (EONGn.DE: Quote, Profile, Research, Stock Buzz) and gas firm VNG AG [VNG.UL], final bids for EVG Thueringen are due to be submitted at end-September and are expected in the range of 350 to 400 million euros ($469-536 million), the sources said.

Aug 1, 2014

Wacker Chemie Q2 profit beats view on solar price recovery

FRANKFURT, Aug 1 (Reuters) – German specialty chemicals
maker Wacker Chemie said its core profit rose by more
than a fifth in the second quarter, driven by a recovery in
prices and demand for polysilicon, its most important product,
which is needed to make solar cells.

Wacker Chemie said on Friday its second-quarter earnings
before interest, tax, depreciation and amortisation (EBITDA)
reached 229.5 million euros ($307.2 million), beating the 221
million average analyst forecast in a Reuters poll.

Jul 30, 2014

Germany’s SMA Solar cuts jobs after profit warning

FRANKFURT, July 30 (Reuters) – SMA Solar,
Germany’s biggest solar company by revenue, said it will cut 12
percent of its workforce after competition from Asia and a
decline in Europe’s solar sector forced it to lower its outlook
for sales and profit.

The 600 job losses by the end of 2015 are SMA Solar’s second
major round of layoffs in as many years. The company has been
badly hit by falling solar power subsidies in Europe, most
notably in its home market Germany, where the company makes
about 28 percent of its sales.

Jul 17, 2014

RWE Innogy expects strong profit growth, says Britain still attractive

ESSEN, Germany, July 17 (Reuters) – RWE Innogy, the
renewables arm of RWE, expects profits to grow
strongly over the next two years and is interested in investing
in Britain even though the company abandoned a major windfarm
project there last year.

“We see our share of RWE’s total operating profit standing
at about 10-15 percent in the mid-term, this corresponds with
the planned level of investment,” Hans Buenting, chief executive
of RWE Innogy, told Reuters in an interview.

    • About Christoph

      "I'm responsible for the coverage of German renewable companies, mainly solar, at Reuters News. Previously, I have worked as a correspondent at Thomson Financial News, covering German technology and construction companies."
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