European Utilities Correspondent
Peter's Feed
Jul 30, 2010

Li Ka-shing to buy EDF’s UK grids for £5.5 billion-sources

FRANKFURT/LONDON (Reuters) – Two firms controlled by Asia’s richest man, Li Ka-shing, are to buy UK power grids from France’s EDF for over 5.5 billion pounds, giving them a foothold in more lucrative overseas markets.

Cheung Kong Infrastructure (CKI), together with Hongkong Electric (HKE), won the auction for the three power distribution grids and the private power networks from EDF, the world’s second-largest utility, three people told Reuters.

Jul 30, 2010

Li Ka-shing to buy EDF’s UK grids for $8.6 bln-sources

FRANKFURT/LONDON, July 30 (Reuters) – Two firms controlled
by Asia’s richest man, Li Ka-shing, are to buy UK power grids
from France’s EDF (EDF.PA: Quote, Profile, Research, Stock Buzz) for over 5.5 billion pounds ($8.6
billion), giving them a foothold in more lucrative overseas
markets.

Cheung Kong Infrastructure (1038.HK: Quote, Profile, Research, Stock Buzz) (CKI), together with
Hongkong Electric (0006.HK: Quote, Profile, Research, Stock Buzz) (HKE), won the auction for the
three power distribution grids and the private power networks
from EDF, the world’s second-largest utility, three people told
Reuters.

Jul 30, 2010

EDF sells British grids for $8.6 bln – sources

FRANKFURT/LONDON, July 30 (Reuters) – France’s EDF
(EDF.PA: Quote, Profile, Research), the world’s second-largest utility, agreed to sell
its British power grids to two Hong Kong bidders for more than
5.5 billion pounds ($8.6 billion), two sources told Reuters.

Hongkong Electric (0006.HK: Quote, Profile, Research) (HKE) and Cheung Kong
Infrastructure (1038.HK: Quote, Profile, Research) (CKI), which is controlled by
billionaire Li Ka-shing, won the auction for the three power
distribution grids and the private power networks, three people
told Reuters.

Jul 30, 2010

EDF sells its British power grids: sources

FRANKFURT/LONDON (Reuters) – France’s EDF (EDF.PA: Quote, Profile, Research, Stock Buzz), the world’s second-largest utility, agreed to sell its British power grids for more than 5.5 billion pounds ($8.60 billion), two people with knowledge of the matter told Reuters.

Hongkong Electric (0006.HK: Quote, Profile, Research, Stock Buzz) (HKE) and Cheung Kong Infrastructure (1038.HK: Quote, Profile, Research, Stock Buzz) (CKI) won the auction for the three power distribution grids and the private power networks, three people told Reuters.

Jul 21, 2010

European firms set to cut more costs

FRANKFURT (Reuters) – European companies in industries with low growth prospects such as airlines, retailers and utilities are set to seek more cost cuts to sustain profits and reassure investors in the absence of a strong economic recovery.

They will have to walk a fine line between making further savings and damaging their businesses by cutting too deeply, having already slashed expenditure during the downturn last year.

Jul 20, 2010

Analysis: European firms set to cut more costs

FRANKFURT (Reuters) – European companies in industries with low growth prospects such as airlines, retailers and utilities are set to seek more cost cuts to sustain profits and reassure investors in the absence of a strong economic recovery.

They will have to walk a fine line between making further savings and damaging their businesses by cutting too deeply, having already slashed expenditure during the downturn last year.

May 28, 2010

Corrected: Higher 2012 profit possible: CEZ

LONDON (Reuters) – Czech utility CEZ <CEZPsp.PR>, the largest listed company in central Europe, believes operating more efficiently could help stabilize profits in 2011 while higher power prices could boost 2012 results.

A higher share of profitable nuclear power and a growing contribution from units abroad could also help stabilize 2011 earnings before potentially rising back toward record levels in 2012, said Alan Svoboda, executive director for sales and trading.

May 27, 2010

CEZ eyes return to record profit levels in 2011

LONDON (Reuters) – Czech utility CEZ <CEZPsp.PR>, the largest listed company in central Europe, believes operating more efficiently could push next year’s profit back to 2009′s record levels before a further boost to earnings in 2012.

A higher share of profitable nuclear power and a growing contribution from units abroad could also help lift 2011 earnings, said Alan Svoboda, executive director for sales and trading.

May 11, 2010

Offshore energy’s headwinds could cost Europe dearly

MADRID/FRANKFURT (Reuters) – A boom in offshore wind power sparked by the European Union’s espousal of the technology runs the risk of becoming a bubble unless installation, running and repair costs are more clearly defined.

As major European countries backpedal over state aid for so called “immature technology” like solar power, other EU members are charging into offshore wind, despite cost estimates being notoriously unreliable after nearly two decades of working wind farms in European waters.

May 11, 2010

European utilities stick to 2010 profit forecast

FRANKFURT, May 11 (Reuters) – German utility E.ON
<EONGn.DE>, French peer EDF <EDF.PA> and Czech competitor CEZ
<CEZPsp.PR> clung to their 2010 earnings forecasts with E.ON
hinting that higher profits may be in the offing.

E.ON, the world’s largest utility by sales, said its
earnings expectations for the year were conservative, adding to
signs that the sector’s profits are recovering from an
unprecedented slump in demand.