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.
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>.
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]
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.
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.
FRANKFURT, Nov 6 (Reuters) – Germany’s E.ON AG <EONGn.DE>,
the world’s largest utility, is set to sell its German
long-distance power grid, four people with knowledge of the
matter said, ending years of wrangling with the European
E.ON is in advanced talks with Dutch grid operator TenneT as
well as a consortium of Goldman Sachs <GS.N>, Allianz <ALVG.DE>
and Deutsche Bank <DBKGn.DE> about the sale of its 11,000
kilometres of high-voltage electricity grid, the sources told
Reuters on Friday.
FRANKFURT, Oct 6 (Reuters) – Bilfinger Berger <GBFG.DE>,
Germany’s second-largest builder, will buy Austrian industrial
services group MCE for 350 million euros ($511.7 million) as
part of its strategy to move away from the volatile construction
Bilfinger plans to issue new shares worth 270 million euros
to finance the takeover, said the builder, which now has a value
of around 1.7 billion euros on the stock market.
German utility RWE – Europe’s fifth-largest power company and the continent’s biggest emitter of carbon dioxcide – has resorted to a new way to counter what it sees as a fundamental misunderstanding about power companies.
Its animated movie – to be shown on TV and in cinemas – is meant to show what the company is really about – and overcome the public’s distaste for an industry whose dominance has allowed it to mete out ever higher power prices.