FRANKFURT, July 19 (Reuters) – German utility RWE AG
faces a tough choice in its efforts to sell oil and
gas unit DEA – hold out for a single buyer, or offload it in
The first option appeals as RWE pursues a disposal designed
to help it slash capital spending, raise an estimated 5 billion
euros ($6.6 billion) and cut net debt which stood at 33.2
billion euros at the end of March.
FRANKFURT, July 12 (Reuters) – Qatar has held initial talks
with Germany’s No.2 utility RWE AG about buying its
DEA oil and gas exploration and production unit, two
people familiar with the deal told Reuters on Friday.
However the talks are some way from bearing fruit. “The
project has been moving very slow and no decision should be
expected anytime soon,” one of the people said on Friday.
FRANKFURT, July 5 (Reuters) – German solar group Conergy
has filed for insolvency, putting about 800 jobs at
risk and becoming the latest casualty in an industry battered by
overcapacity, plunging prices and a trade dispute between Europe
Once Europe’s largest solar company, Conergy has been
fighting for months to secure fresh investment.
FRANKFURT (Reuters) – Germany’s No.2 utility RWE (RWEG.DE: Quote, Profile, Research, Stock Buzz) has doused hopes of an earnings boost following a legal ruling last week, compounding concerns about a looming profit squeeze and sending its shares to their lowest level in nearly two years.
Investors had hoped RWE would raise its full-year outlook after a court ruled Russia’s Gazprom (GAZP.MM: Quote, Profile, Research, Stock Buzz) had to base the prices it charged RWE in long-term contracts partly on spot-market rates and had to reimburse the German company for overpayments since May 2010.
FRANKFURT, June 27 (Reuters) – Russian gas export monopoly
Gazprom’s efforts to keep a link between the price it
sells gas and costlier oil were dealt a blow on Thursday, when a
court ruled it had to include market pricing in the rates it
charged Germany’s RWE.
Gazprom must also reimburse Germany’s second-largest utility
for overpayments it made on gas purchases, RWE said on Thursday,
adding to pressure on the Russian firm from European clients who
say they have lost billions of dollars on long-term supply deals
agreed at higher prices than current market spot rates.
FRANKFURT, June 25 (Reuters) – Asset management firm
Bluefield Partners is betting that the solar industry has the
potential to grow in Britain, while taking a beating elsewhere
in Europe, benefiting from favourable laws and a relatively
Bluefield, which specialises in buying and managing energy
and infrastructure assets, plans to list the Bluefield Solar
Income Fund on the London Stock Exchange on July 12
to raise up to 150 million pounds ($231 million) for the
acquisition of solar plants in Britain.
MUNICH, Germany (Reuters) – SMA Solar, Germany’s largest solar company, is launching an battery set that will allow households to store surplus daytime solar energy for use in the evening, cutting energy bills.
German households pay some of the highest prices in Europe for electricity because they pick up much of the cost of subsidizing cleaner energy production.
FRANKFURT, June 12 (Reuters) – Europe needs to step up
support for an ambitious plan to import cheap solar and wind
power from African deserts or face a jump in power prices on the
continent over the next few decades, the head of the Desertec
The Desertec Industrial Initiative (DII), a consortium set
up in Germany in 2009, envisages Europe could import up to a
fifth of its electricity from solar and wind parks in North
Africa and the Middle East by 2050, thereby saving 33 billion
euros ($43.8 billion) in costs per year.
FRANKFURT, May 15 (Reuters) – Reduced losses at its gas
trading business helped RWE to post a
smaller-than-expected fall in quarterly earnings and Germany’s
No.2 utility predicted “significant” benefits from a new deal
with main supplier Gazprom by mid-year.
The group, Europe’s biggest polluter thanks to its extensive
use of lignite, or brown coal, said quarterly earnings before
interest, tax, depreciation and amortisation (EBITDA) fell 3
percent to 3.04 billion euros ($3.95 billion), hit by sluggish
energy prices and falling margins in power generation.
FRANKFURT, May 10 (Reuters) – Planned European levies on
Chinese solar panels will only go some way to halt a rout among
equipment makers who face the paradox of a booming market but
falling revenues – and could suffer even more if a trade war
Huge European subsidies for solar power helped create
hundreds of start-ups building solar equipment. Those subsidies
are being phased out faster than expected, while greater
competition within Europe and the United States as well as from
China have pushed down prices and forced panel manufacturers to