FRANKFURT, March 30 (Reuters) – Germany’s Irsching gas-fired
power plant, one of Europe’s newest, is to be shut down in April
next year, its operators said on Monday, as competition from
renewable energy pushes conventional stations out of business.
Irsching is one of many power stations in Germany that are
running at a fraction of the time needed to be profitable,
replaced by solar and wind energy which has priority access to
FRANKFURT/DUESSELDORF, March 27 (Reuters) – Working with a
deep-pocketed Gulf backer could be just what RWE boss
Peter Terium needs to restore shareholder confidence and escape
budget constraints that have plagued Germany’s top power
The utility last week disclosed it was in talks with an
unnamed Gulf investor, raising hopes that it could receive fresh
funds and emerge from a crisis that has saddled it with 31
billion euros ($33.6 billion) of debt.
FRANKFURT (Reuters) – A German regional court on Wednesday issued a nationwide ban on online taxi service Uber, barring it from operating commercial services and levelling stiff fines for any violations of the country’s local transport laws.
Each violation of the order against Uber and its uberPOP online service was subject to a 250,000 euro ($264,825) fine, a three-judge panel of the Frankfurt regional court ruled.
FRANKFURT, March 18 (Reuters) – Uber, the controversial
online taxi service, faced intense questioning on Wednesday
before judges in a German regional court, who said the company
violated German and European laws and setting the stage for the
court to renew a nationwide band on its uberPOP service.
The case, brought before Frankfurt’s regional court by
German taxi operator group Taxi Deutschland, is one of more than
a dozen lawsuits which have been filed in countries across
Europe in recent months against the San Francisco-based company.
FRANKFURT/MUNICH, March 17 (Reuters) – Germany’s Wacker
Chemie could hang on to the silicon wafer business
earmarked for a potential sale or stock market listing, it said
on Tuesday, adding that it will not be rushed into a decision.
The company also said it would pay a dividend of 1.50 euros
per share for 2014, up from 0.50 euros for 2013, far exceeding
analyst consensus for 0.84 euros after profit climbed last year.
KARLSRUHE, Germany, March 17 (Reuters) – EnBW,
Germany’s third-biggest utility, will cut costs further in
response to low wholesale prices and writedowns on plants,
expecting the crisis in the energy sector to reduce profits by
up to 5 percent this year.
The company is aiming to cut a further 400 million euros
($425 million) from annual costs by the end of the decade,
streamlining its business in light of record-low wholesale power
prices and a surge in renewables.
DUESSELDORF, Germany (Reuters) – Germany’s E.ON (EONGn.DE: Quote, Profile, Research, Stock Buzz) suffered its biggest ever annual loss after booking billions of euros in charges on its ailing power plants, clearing the way for it to spin off these assets hit hard by ultra-low wholesale prices.
Europe’s power companies are having to adapt to big changes in their industry caused by a steep decline in oil prices and a surge in renewable energy capacity which has driven many coal and gas-fired plants out of the market.
ESSEN, Germany, March 10 (Reuters) – Germany’s
second-biggest utility RWE warned profits and
investments would fall further this year because of a crisis in
the power sector, offering little hope that the 117-year old
group would return to growth in the near future.
“The vale of tears has not yet been passed,” Chief Executive
Peter Terium told journalists at the company’s annual press
conference on Tuesday.
ESSEN, Germany (Reuters) – German utility RWE (RWEG.DE: Quote, Profile, Research, Stock Buzz) expects profit to fall for a third consecutive year in 2015 under pressure from low wholesale electricity prices and competition from solar and wind power.
“Conditions in conventional electricity generation are deteriorating faster than we can take countermeasures,” Chief Executive Peter Terium, whose contract was extended until 2021 last week, said in a statement on Tuesday.
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.