Christoph's Feed
Mar 27, 2014

SMA Solar posts biggest ever loss as margins evaporate

FRANKFURT, March 27 (Reuters) – SMA Solar,
Germany’s largest solar company by sales, posted its biggest
ever annual net loss on Thursday as it took a hit from plunging
demand in its European core market as well as competition from
lower-cost Asian rivals.

The company said it had swung to a 66.9 million euro ($92.2
million) net loss in 2013, wider than the 60 million average
analyst forecast in a Reuters poll.

Mar 21, 2014

Mutual interest seen keeping Germany’s E.ON safe from Russian sanctions

FRANKFURT, March 21 (Reuters) – The Russian interests of
E.ON, Germany’s biggest energy group, are unlikely to
be damaged by economic and trade sanctions against Russia
because there is too much at stake on both sides, analysts and
shareholders said on Friday.

With the East-West confrontation over Crimea showing no
signs of abating, the European Commission has been tasked to
prepare for more possible sanctions that could impact the energy
sector.

Mar 17, 2014

Russian tycoon to buy RWE’s oil and gas production unit

FRANKFURT, March 17 (Reuters) – German utility company RWE
is to sell its oil and gas unit DEA to
investors led by Russia’s second-richest man Mikhail Fridman,
giving up a profitable part of its business in a bid to emerge
from a deep energy industry crisis.

RWE posted its first net loss since 1949 earlier this month,
hit by weak European energy demand, 30.7 billion euros in debt
and a surge in renewable energy capacity that has pushed coal
and gas-fired plants out of the market.

Mar 17, 2014

RWE to sell DEA to Russian-led investors for 4.26 billion pounds

FRANKFURT (Reuters) – Shares in troubled utility RWE (RWEG.DE: Quote, Profile, Research) rose after it reached a deal to sell its oil and gas production arm to investors led by Russian tycoon Mikhail Fridman for 5.1 billion euros (£4.26 billion), a high price but the group will lose one of its main profit drivers.

At 1157 GMT, shares in RWE were 1.1 percent higher, outperforming a 0.9-percent rise in the STOXX Europe 600 Utilities Index , with traders and analysts welcoming RWE’s sale of its DEA unit RWEDE.UL to Fridman’s investment vehicle LetterOne.

Mar 17, 2014

RWE to sell DEA to Russian-led investors for $7.1 billion

FRANKFURT (Reuters) – Shares in troubled utility RWE (RWEG.DE: Quote, Profile, Research, Stock Buzz) rose after it reached a deal to sell its oil and gas production arm to investors led by Russian tycoon Mikhail Fridman for 5.1 billion euros ($7.10 billion), a high price but the group will lose one of its main profit drivers.

At 1157 GMT, shares in RWE were 1.1 percent higher, outperforming a 0.9-percent rise in the STOXX Europe 600 Utilities Index , with traders and analysts welcoming RWE’s sale of its DEA unit RWEDE.UL to Fridman’s investment vehicle LetterOne.

Mar 16, 2014

RWE sells oil and gas unit to group led by Russia’s Fridman

FRANKFURT/DUESSELDORF, Germany, March 16 (Reuters) -
G ermany’s debt-burdened utility RWE has struck a deal
to sell its oil and gas production arm DEA to a group
of investors led by Russian tycoon Mikhail Fridman, valuing the
unit at about 5.1 billion euros ($7.10 billion) including debt.

Under pressure from a deep and prolonged industry crisis,
caused by a surge in rivals’ renewable capacity as well as weak
energy demand in its core market Europe, RWE has been looking
for ways to reduce its debt pile of more than 30 billion euros,
including cutting jobs and shedding assets.

Mar 12, 2014

E.ON, Enel to shut more plants as European power crisis bites

DUESSELDORF, Germany/MILAN, March 12 (Reuters) – E.ON
and Enel, two of Europe’s largest power
utilities, said on Wednesday they plan to shut more plants and
cut costs, joining rivals in warning that the industry crisis
will weigh on profits for years to come.

Utilities across Europe have been taken by surprise by a
surge in output from renewable energy sources, mainly solar and
wind, making many fossil-fuelled thermal plants redundant and
leading to a collapse in wholesale power prices.

Mar 12, 2014

European utilities E.ON, Enel to close power plants, cut dividends

DUESSELDORF, Germany/MILAN, March 12 (Reuters) – E.ON
and Enel, two of Europe’s largest power
utilities, are to shut more plants and cut costs, they announced
on Wednesday, joining rivals in warning that the industry crisis
will weigh on profits for years to come.

Utilities across Europe have been taken by surprise by a
surge in output from renewable energy sources, mainly solar and
wind, making many gas and coal-fired thermal plants redundant
and leading to a collapse in wholesale power prices.

Mar 12, 2014

E.ON cuts dividend, closes plants in deep sector crisis

DUESSELDORF, Germany, March 12 (Reuters) – E.ON,
Germany’s biggest utility, on Wednesday proposed nearly halving
its dividend for 2013 and said it would shut more than a quarter
of its power plants in Europe in response to a rise in
renewables that has rattled utilities across the continent.

Europe’s sixth-largest utility by market value said core
profits in 2014 would decline for a third year adding a sector
crisis would linger on for the foreseeable future.

Mar 6, 2014

Germany’s solar sell-off: picking up the remaining pieces

FRANKFURT, March 6 (Reuters) – Foreign investors are looking
to snap up what is left of Germany’s once-booming solar
industry, in time to benefit from an expected global recovery in
the sector.

During the last decade, Germany pioneered the solar industry
by throwing billions of euros in subsidies at it, making it the
world’s largest market for solar panels in the process.

    • 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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