FRANKFURT (Reuters) – Germany’s biggest utility E.ON (EONGn.DE: Quote, Profile, Research, Stock Buzz) on Tuesday called for compensation for its loss-making gas-fired power stations after posting a 12-percent fall in first-quarter earnings.
Germany’s utilities are under pressure from expansion of renewable energy capacity which is threatening the business model of their conventional power plants, most notably gas.
ESSEN, Germany, April 23 (Reuters) – German utility RWE
plans to sell more energy saving products, its head of
strategy said, as it strives to offset some of the losses made
by its power plants across Europe.
European utilities are facing weak energy demand, as well as
an uncontrolled expansion of solar and wind power, which is
replacing gas and coal-fired plants and pushing many of them
into the red.
ESSEN, Germany, April 16 (Reuters) – Germany’s RWE
said it expected profits to stabilise beyond 2014, albeit at a
lower level, as it targets customer-friendly products in an
attempt to offset a decline in traditional power generation.
Along with larger peer E.ON, RWE has suffered
from weaker energy demand in Europe and a massive expansion of
renewable energy at home, making many of its coal and gas plants
VELKE KAPUSANY, Slovakia/FRANKFURT, April 15 (Reuters) -
U nprecedented talks across the European Union on Tuesday showed
it scrambling for solutions on the ground to break its
dependence on Russian gas and help supply Ukraine.
The EU faces a daunting task in quickly overcoming a
mountain of logistical challenges, avoiding breaking binding
contracts and making sure Ukraine does pay up for gas.
FRANKFURT/WARSAW, April 15 (Reuters) – Germany’s RWE
began deliveries of natural gas to Ukraine on Tuesday,
marking an initial step in EU efforts to boost supplies as a
diplomatic crisis involving Kiev and Moscow poses the risk of
Russia turning off the taps.
A framework agreement signed by Ukraine’s Naftogaz and RWE
subsidiary RWE Supply & Trading in 2012 allows for delivery of
up to 10 billion cubic metres (bcm) of gas per year.
FRANKFURT/DUESSELDORF, Germany (Reuters) – A Hamburg court has reached a preliminary decision that could lead to German utilities being refunded more than 2.2 billion euros (1.82 billion pounds) in nuclear fuel taxes by the government.
The Hamburg Financial Court said on Monday it had granted a request by nuclear power plant operators E.ON (EONGn.DE: Quote, Profile, Research) and RWE (RWEG.DE: Quote, Profile, Research), Germany’s two largest utilities, and ordered the central customs offices to pay back the sum.
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.
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
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.
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.