European Utilities Correspondent
Peter's Feed
Mar 16, 2010

SSE opens bidding for EDF’s British power grids

LONDON/AMSTERDAM, March 16 (Reuters) – Scottish & Southern
Energy Plc <SSE.L> said it has made an indicative offer for the
British power grids of French peer EDF <EDF.PA>, as the field
of potential buyers for the three networks is narrowing down.

“We have put in an indicative bid, it’s at a very early
stage of the process,” Scottish & Southern’s Finance Director
Gregor Alexander told Reuters on Tuesday on the sidelines of a
conference in London, declining to specify the value of the

Mar 2, 2010

E.ON mulls sale of U.S. unit to cut debt – sources

NEW YORK/FRANKFURT, March 2 (Reuters) – Germany’s E.ON
<EONGn.DE>, the world’s largest utility by sales, may sell its
U.S. unit in what could be one of the biggest deals in the
industry this year, people familiar with the matter told

“It’d be good to get rid of that business,” said a person
from within E.ON familiar with the management’s strategy.

Feb 23, 2010

Cells gives cloudy outlook for solar market

FRANKFURT, Feb 23 (Reuters) – Q-Cells <QCEG.DE>, the world’s
fourth-biggest maker of solar cells, echoed competitors in
warning on Tuesday of an uncertain year ahead as countries cut
financial support for solar power and low-cost producers
pressure prices.

While Q-Cells is sold out for the first half of the year it
sees “unclear pricing dynamics” from July onwards, it said,
adding that it could only say of 2010 that it aims to be
profitable as prices remain so unpredictable.

Feb 17, 2010

E.ON makes 3i favorite for Italy gas grid-sources

MILAN/FRANKFURT, Feb 17 (Reuters) – E.ON <EONGn.DE>, the
world’s largest utility, selected a consortium of private
equity fund 3i <III.L> and local Italian gas supplier Erogasmet
as favorites to buy their Italian gas grid, two people with
knowledge of the matter said.

E.ON needs to sell the 9,400 kilometers of gas lines in
order to reach its target of completing 10 billion euros of
divestments by the end of 2010.

Jan 29, 2010

Resources and chips among top picks for sales growth

FRANKFURT (Reuters) – Raw materials needed for an economic recovery, semiconductors and luxury carmakers are among the sectors where investors are likely to find the sales growth that has eluded them for the past year.

Increasing revenue will be key for European company earnings in 2010 because it will enable companies to build on the gains from cost cuts forced on them by a global economic slump.

Nov 27, 2009

Gazprom set for rare victory in European expansion

FRANKFURT (Reuters) – Russia’s Gazprom <GAZP.MM>, the world’s largest gas company, is set for a rare victory in the quest to expand its foothold in western Europe.

Shareholders in eastern German gas supplier VNG, which has been importing Russian gas for more than 40 years, are set to agree to GDF Suez selling its 5 percent VNG stake to Gazprom and have indicated they would allow the Russian company to buy more shares.

Nov 27, 2009

Cez, Macquarie set for defeat on German energy market

FRANKFURT (Reuters) – Foreign utilities and investors such as CEZ <CEZPsp.PR> or Macquarie <MQG.AX> face another setback in the lucrative German power market, this time beaten by an eastern German city.

Foreign competitors have had trouble expanding in Europe’s largest power market after initial successes several years ago by utilities like Sweden’s Vattenfall <VATN.UL> and France’s EDF <EDF.PA>.

Nov 12, 2009

Downturn bites for European power sector

FRANKFURT, Nov 12 (Reuters) – The economic downturn is
hurting power producers more than feared, results from some of
Europe’s largest utilities GDF Suez <GSZ.PA>, EDF <EDF.PA>, RWE
<RWEG.DE> and CEZ <CEZPsp.PR>, showed on Thursday.

Both France’s GDF Suez and Germany’s RWE reported weaker
earnings in the first nine months of the year that also missed
expectations. Tumbling gas prices due to weak industrial demand
were at the heart of the companies’ problems. [ID:nLA022008]

Nov 11, 2009

E.ON, International Power see recovery signs

FRANKFURT/LONDON, Nov 11 (Reuters) – E.ON <EONGn.DE>, the
world’s largest utility, and power-station owner International
Power <IPR.L> forecast a tentative pickup in demand for power as
economies start to recover from the global downturn.

Germany’s E.ON and UK-based International Power, which has
interests in power stations around the world, raised their
earnings forecasts on Wednesday and joined Czech power provider
CEZ <CEZsp.PR> and U.S. utilities American Electric Power
<AEP.N> as well as Duke Energy <DUK.N> in reporting indications
of a recovery. [ID:nL0728161] [ID:nLB423819]
E.ON said it is seeing the first signs of an end to
shrinking power demand while International Power said
continental Europe and its Australian businesses were ahead of
“Many indicators suggest that the worst part of the crisis
is behind us,” said E.ON Chief Financial Officer Marcus Schenck.

Nov 9, 2009

E.ON sells German grid to TenneT: sources

FRANKFURT/DUSSELDORF (Reuters) – E.ON, the world’s largest utility, has sold its German long-distance power grid to Dutch TenneT for 1 billion euros, sources said, as it moves away from regulated markets in search of bigger but riskier profits.

The company agreed to sell 10,700 kilometers of high-voltage power lines to Dutch state-owned grid operator TenneT with effect from January 1, two people familiar with the situation said on Monday.