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Feb 5, 2014

E.ON, VNG may sell gas grid EVG Thueringen – sources

FRANKFURT, Feb 5 (Reuters) – German utility E.ON
and gas firm VNG AG are considering selling their
jointly owned regional gas grid EVG Thueringen in an auction
that could fetch 300-400 million euros ($406-540 million), two
people familiar with the matter said.

The sale of EVG, which operates a 1,200 kilometre gas grid
in the German states of Thuringia and Saxony, could be launched
this month or next, one of the people told Reuters.

Feb 4, 2014

Nordex CFO eyes first net profit in three years

FRANKFURT, Feb 4 (Reuters) – German wind turbine maker
Nordex will post its first profit in three years for
2013, its chief financial officer said on Tuesday, citing a
successful overhaul that saw the group cut costs and jobs at
home and abroad.

Nordex is emerging from an overcapacity crisis and falling
state subsidies as European governments back wind power, which
is much cheaper than its solar equivalent, to increase their
exposure to renewable energy sources.

Feb 3, 2014

Analysis – Germany’s utilities struggle to adapt to renewable revolution

FRANKFURT (Reuters) – Faced with a plunge in profits, Germany’s power utilities are having to bend to the will of the government and join the renewable energy revolution, while smartening up on the retail front with new customer-friendly energy saving products.

“The situation in the energy sector is miserable, in Germany and in the whole of Europe,” Peter Terium, chief executive of RWE (RWEG.DE: Quote, Profile, Research), Germany’s second-largest utility by market value, said at an industry conference last month.

Feb 3, 2014

Germany’s utilities struggle to adapt to renewable revolution

FRANKFURT, Feb 3 (Reuters) – Faced with a plunge in profits,
Germany’s power utilities are having to bend to the will of the
government and join the renewable energy revolution, while
smartening up on the retail front with new customer-friendly
energy saving products.

“The situation in the energy sector is miserable, in Germany
and in the whole of Europe,” Peter Terium, chief executive of
RWE, Germany’s second-largest utility by market value,
said at an industry conference last month.

Jan 28, 2014

RWE takes 3.3 billion euro charge on power plants

FRANKFURT, Jan 28 (Reuters) – German utility RWE
announced a 2013 writedown on Tuesday of 3.3 billion euros ($4.5
billion), more than twice its net profit a year earlier,
reflecting losses at coal and gas-fired power plants hit by low
wholesale prices and rival renewables.

Top German utilities RWE, E.ON and EnBW
have all announced plans to close or mothball thousands of
megawatts of coal and gas plant capacity.

Jan 21, 2014

German power sector troubles trigger big and ‘bad’ ideas

BERLIN, Jan 21 (Reuters) – Big problems are prompting big
ideas about reforming Germany’s utility sector ranging from a
super-merger among players in the “big four” to creating a “bad”
utility to take over loss-making plants.

The business model for German utilities has crumbled over
the last three years, rocked by the country’s decision to drop
nuclear energy by 2022, record-low wholesale power prices and a
boom in solar and wind power capacity that is pushing coal and
gas plants off the grid.

Jan 20, 2014

German energy leaders look to Gabriel for change

FRANKFURT (Reuters) – Germany’s energy sector gets its first major speech from new economy and energy minister Sigmar Gabriel this week with utilities and households both hoping he can ease the cost burden imposed on them by Berlin’s push for greener energy.

Germany is undergoing Europe’s deepest energy transformation as it exits nuclear, renewables surge and cheap coal plays havoc with plans to switch to cleaner natural gas.

Jan 17, 2014

Three bidders emerge in auction for RWE DEA-sources

FRANKFURT, Jan 17 (Reuters) – Offers for RWE DEA,
the oil and gas exploration and production unit of RWE
, are expected to come in well below the initial
expectations of Germany’s second-biggest utility, two people
close to the negotiations told Reuters.

Bids, which are due on Monday, Jan. 20, will value DEA at
about 4 billion euros ($5.4 billion), the people said on Friday,
less than the up to 5 billion that sources said had been
originally targeted by RWE.

Jan 14, 2014

RWE to sue after German nuclear plant shutdown ruled illegal

DUESSELDORF/FRANKFURT, Jan 14 (Reuters) – Germany’s No.2
utility RWE is preparing to sue for millions of euros
of damages after a federal court confirmed that a state’s
decision to shut down the company’s Biblis nuclear plant for
three months in 2011 was illegal.

A spokeswoman for RWE said it planned to take action against
the German state of Hesse, which ordered the closure of Biblis,
Germany’s oldest nuclear plant, as a precaution following the
disaster at Japan’s Fukushima plant nearly three years ago.

Dec 18, 2013

E.ON investors begin to fret over Brazilian adventure

FRANKFURT, Dec 18 (Reuters) – Faced with radical green
policies at home, German energy utility E.ON has
turned to foreign markets again, but with its past mishaps
abroad still fresh in the memory investors worry that its latest
$1.3 billion investment in Brazil could prove at best ill-timed.

“You have to be careful not to get carried away by foreign
markets,” said Ingo Becker, European head of utility research at
Kepler Cheuvreux.

    • 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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