BERLIN (Reuters) – Germany’s biggest utility E.ON aims to aggressively expand its solar business and is banking on the United States where President Barack Obama has pledged to promote renewables in a bid to fight climate change.
E.ON, which has spent about 10 billion euros ($11.50 billion) on renewable since 2007, has a pipeline of around one gigawatt (GW) of solar in the United States, Michael Lewis, chief operating officer of E.ON’s renewable unit, said.
BERLIN, Aug 25 (Reuters) – German wind turbine maker
Senvion, which was snapped up by buyout group Centerbridge
Partners in January, could expand into new markets such as
Chile, Peru and India as part of its drive to grow sales and
improve margins, its chief executive said.
“Why has Centerbridge decided to buy us? Because we’re a
successful company with growth potential,” Andreas Nauen told
Reuters in an interview on Tuesday, adding the group was
currently discussing which markets to enter.
FRANKFURT, Aug 24 (Reuters) – Germany’s RWE has
ousted the top management at npower following operational
problems at the British unit that sent RWE shares to their
lowest levels in 24 years this month.
Npower cut its guidance in mid-August, blaming problems in
its billing process which prevented it from properly charging
clients as well as growing competition that caused more clients
to switch to competitors.
FRANKFURT, Aug 13 (Reuters) – Britain was added to RWE’s
long list of woes on Thursday, as Germany’s
second-biggest utility said problems with billing at its npower
supply business and a loss of customers hit first-half profits.
It said it now expected UK operating profits to be
significantly below last year’s 227 million euros ($253
million). It had previously expected profits to rise moderately.
FRANKFURT, Aug 12 (Reuters) – German utility E.ON
said it was prepared to work with the government on shutting
down the country’s nuclear energy industry, seeking to safeguard
its plan to split itself into two separate companies.
Germany plans to close its last nuclear plant by 2022 and
the government is anxious to ensure that utility companies pay
their share of the costs.
FRANKFURT, Aug 10 (Reuters) – RWE, Germany’s
largest power producer, will simplify its local businesses,
expand senior management to get a better handle on areas such as
networks and renewables and will not rule out an E.ON-style
break-up at some stage.
“I hope that that’s not going to happen, it’s not our
preferred option,” Chief Executive Peter Terium told reporters.
But he said the group kept open the option for a broad overhaul.
FRANKFURT/BERLIN, Aug 7 (Reuters) – E.ON’s bold
move to spin-off its ailing power plants could be dealt a blow
before it has even been made by a law that aims to prevent
German utilities from evading the payment of billions of euros
needed to fund the country’s nuclear exit.
Germany’s economy ministry is preparing a law that it says
will “increase the legal certainty (for nuclear liabilities)
during company reorganisations”, seeking to close a loophole
that could allow utilities to avoid 38.5 billion euros ($42
billion) in nuclear provisions.
VIENNA, July 30 (Reuters) – German wind turbine maker Nordex
expects sales growth to continue at a high pace next
year, its chief financial officer said on Thursday, thanks to
strong demand from its core European market as well as the
“The market is currently in very good shape,” Bernard
Schaeferbarthold told Reuters in a telephone interview following
the publication of forecast-beating second-quarter results.
VIENNA, July 28 (Reuters) – Austria’s highest court on
Tuesday overturned a law that had cancelled nearly a billion
euros of debt owed by defunct bank Hypo Alpe Adria, raising
chances that certain creditors could get some of their money
But the court decision deals a blow to the Austrian
government’s attempt to spread the cost of winding down Hypo,
now known as “bad bank” Heta, after tax payers have
already poured 5.5 billion euros ($6.08 billion) into the failed
FRANKFURT, June 25 (Reuters) – German utility RWE
is merging its units overseeing strategy and innovation, one of
its executives said, highlighting the growing need for rapid
technological progress in an industry considered ponderous and
“The energy sector has not been an industry that was
considered innovative in the past,” Thomas Birr, head of
strategy at RWE, told Reuters in an interview.