FRANKFURT (Reuters) – Deutsche Telekom Chief Executive Rene Obermann will step down at the end of next year and be succeeded at the helm of Germany’s former state telecoms monopoly by finance director Timotheus Hoettges.
Hoettges, 50, said on Thursday he was not planning major changes to strategy and would continue Obermann’s drive of investing in the United States and Germany as the firm battles to return to revenue growth against a tough economic backdrop.
FRANKFURT, Dec 20 (Reuters) – Deutsche Telekom
Chief Executive Rene Obermann will step down at the end of next
year and be succeeded at the helm of Germany’s former state
telecoms monopoly by finance director Timotheus Hoettges.
Hoettges, 50, said on Thursday he was not planning major
changes to strategy and would continue Obermann’s drive of
investing in the United States and Germany as the firm battles
to return to revenue growth against a tough economic backdrop.
FRANKFURT, Dec 19 (Reuters) – Australian bank Macquarie
has bought a stake in Czech gas grids owned by
Germany’s No.2 utility RWE, adding to its European
infrastructure portfolio as it hunts for stable returns.
Infrastructure investors are looking to buy into safer
assets that yield guaranteed returns, such as power and gas
grids, amid turbulent stock markets and low interest rates.
FRANKFURT, Dec 12 (Reuters) – The need for power grid
expansion will be a boon for infrastructure companies in the
coming years, according to fund managers at BlackRock, the
world’s biggest money manager.
“We are very bullish on energy infrastructure,” Alastair
Bishop told Reuters. “The need for investments in the area of
energy infrastructure will be one of the clearest themes in the
next three years and beyond.”
FRANKFURT/ISTANBUL (Reuters) – German utility E.ON (EONGn.DE: Quote, Profile, Research, Stock Buzz) aims to more than double Enerjisa’s share of Turkey’s power generation capacity, expanding its presence in one of the world’s fastest-growing energy markets.
Germany’s biggest utility said on Tuesday that Enerjisa, in which it acquired a 50 percent stake on Monday, wanted at least 10 percent of the market by 2020, up from 4 percent now.
FRANKFURT, Dec 3 (Reuters) – RWE AG could face
further headwinds in the planned sale of its Czech gas network
should it choose to exit the Nabucco pipeline project.
Germany’s second-biggest utility may quit Nabucco – designed
to transport Caspian gas into Austria – a source told Reuters on
Sunday, raising fears the project may be stopped after already
having been scaled back earlier this year.
FRANKFURT, Nov 22 (Reuters) – Germany’s exit from nuclear
power is weighing on its largest energy group E.ON as
it struggles in the economic downturn, and some shareholders say
a merger could solve the company’s problems.
E.ON’s shares recorded their biggest ever intraday drop last
week after it warned a weakening European economy was depressing
power demand and would hit 2013 profits.
FRANKFURT/MUNICH, Nov 20 (Reuters) – Desertec, which aims to
bring power to Europe from huge solar and wind projects in
Africa and the Middle East, should set up pilot schemes globally
to prove the plan’s feasibility faster, one of its shareholders
“Ideally, we would like to see 5-10 Desertec pilot projects
worldwide,” Thiemo Gropp, director of the Desertec Foundation,
one of the shareholders of the Desertec Industrial Initiative
(DII), told Reuters on Tuesday.
FRANKFURT (Reuters) – Germany’s No.2 utility RWE (RWEG.DE: Quote, Profile, Research) gave a more optimistic outlook for 2012 earnings after halving losses at its energy trading unit by renegotiating gas price contracts.
Gas contracts have been a major problem for European utilities which agreed long-term deals with companies such as Gazprom (GAZP.MM: Quote, Profile, Research) and Statoil (STL.OL: Quote, Profile, Research) when prices were high, having to sell to retail customers at lower tariffs.
FRANKFURT, Nov 14 (Reuters) – Germany’s No.2 utility RWE
raised its outlook for 2012 core earnings, helped by
cost cuts, disposals and an improved performance at its energy
RWE said on Wednesday its capital expenditure was down by 1
billion euros ($1.27 billion) in the first nine months of 2012,
while the recent sale of assets, including its stake in British
nuclear joint venture Horizon, has gained momentum.