LONDON/FRANKFURT, March 2 (Reuters) – Profit at two major
European power companies last year dropped less than forecast,
helped by overseas units and higher than expected power prices.
International Power (IPR.L: Quote, Profile, Research, Stock Buzz), majority owned by French
utility GDF Suez (GSZ.PA: Quote, Profile, Research, Stock Buzz), on Wednesday posted 2010 operating
profit slightly above market expectations, helped by growth in
Asia and the Middle East. [IP:nLDE71R0X9]
ESSEN, Germany, Feb 24 (Reuters) – Germany’s RWE (RWEG.DE: Quote, Profile, Research, Stock Buzz),
Europe’s fifth-largest utility, said it will cut investments and
sell assets to limit the burden of higher taxes and lower power
prices that will lead to three years of falling profits.
The power provider plans to sell assets worth 8 billion
euros ($11 billion) and reduce investments by 3 billion through
2013, but profits will nonetheless drop during that period
before they start to pick up again in 2014.
FRANKFURT/COPENHAGEN (Reuters) – Major European renewable energy groups gave an upbeat outlook for 2011 on Wednesday, with demand for green products offsetting a long-term struggle with competition and pricing pressure.
Demand for green power or production facilities such as windmills and solar cells depends almost entirely on state-subsidy schemes. But it has been bolstered by more countries seeking to cut carbon-dioxide emissions.
COPENHAGEN/FRANKFURT (Reuters) – The outlook for renewable energy groups might be lighting up enough to give investors an opportunity to benefit from the struggle against climate change.
Danish wind turbine maker Vestas, Norwegian solar industry group Renewable Energy Corp and French renewable energy producer EDF Energies Nouvelles are set to send signs of hope for 2011 when they post results on Wednesday.
FRANKFURT, Dec 13 (Reuters) – German conglomerate Evonik
[EVON.UL] has agreed to sell a controlling stake in its power
plants to seven municipal utilities from western Germany,
marking the emergence of a new player on German power market.
The chemicals-to-real estate group will get 650 million
euros ($857.5 million) excluding debt for the 51 percent stake
in Germany’s fifth-largest electricity producer Steag, three
people with knowledge of the matter told Reuters on Monday.
FRANKFURT, Dec 6 (Reuters) – The southern German state of
Baden-Wuerttemberg is buying EDF’s (EDF.PA: Quote, Profile, Research, Stock Buzz) stake in peer
Energie Baden-Wuerttemberg (EnBW) (EBKG.DE: Quote, Profile, Research, Stock Buzz) for 4.7 billion euro
($6.2 billion), helping the French utility to cut debt.
Baden-Wuerttemberg agreed to buy EDF’s 45 percent stake for
41.50 euros a share and is offering remaining shareholders the
same price, the state’s government said on Monday.
FRANKFURT/MOSCOW, Dec 1 (Reuters) – Germany’s E.ON
(EONGn.DE: Quote, Profile, Research, Stock Buzz), the world’s largest utility, agreed to sell its 3.5
percent stake in Russian gas monopoly Gazprom (GAZP.MM: Quote, Profile, Research, Stock Buzz) for 3.4
billion euros ($4.5 billion) in a first step to raise money to
expand outside Europe and to cut debts.
The Duesseldorf-based company sold 2.7 percent to Russian
state bank VEB and 0.8 percent on the stock market, E.ON said on
Wednesday. E.ON shares extended gains and Gazprom stock rose to
its highest levels since April.
DUESSELDORF, Germany, Nov 10 (Reuters) – Germany’s E.ON
(EONGn.DE: Quote, Profile, Research, Stock Buzz), the world’s largest utility, reassured investors by
promising minimum dividends for two years, offering confidence
in an industry unsettled by slumping prices and demand.
The triple whammy of lower industrial production, declining
power and gas prices as well as prospects of higher taxes in
markets such as Germany has made the utility sector the
worst-performing in Europe for the second year in a row.
FRANKFURT (Reuters) – Germany’s E.ON(EONGn.DE: Quote, Profile, Research), the world’s largest utility, sees three years of declining earnings, people with knowledge of the matter said on Tuesday, disappointing current market forecasts.
To revive growth Chief Executive Johannes Teyssen will on Wednesday reveal an additional 600 million euros ($835 million) in cost cuts from 2013, the sources said.
FRANKFURT, Nov 8 (Reuters) – Germany’s E.ON (EONGn.DE: Quote, Profile, Research, Stock Buzz),
Europe’s largest utility, will on Wednesday likely confront
investors with bleak earnings forecasts for the next few years,
further hitting perceptions of the sector as a whole.
E.ON is the first large European utility that is
reconsidering its whole strategy since the economic crisis made
the industry the worst-performing sector for two years in a row
as demand and energy prices plummeted.