MILAN, Jan 27 (Reuters) – Embattled Italian oil services
group Saipem is in pole position to win a contract
worth up to $2 billion to replace pipes at the Kashagan oilfield
in Kazakhstan, two sources with knowledge of the matter said on
Saipem has had 10 billion euros ($11.31 billion) wiped from
its value over the past two years, hit by two profit warnings, a
corruption investigation in Algeria and a grim industry outlook,
but the new Kashagan tender could provide a timely boost before
it announces 2015 targets next month.
MILAN, Jan 19 (Reuters) – Italy’s energy regulator has
signalled it may rein in the high investment returns driving
profits for some of the country’s biggest power firms under a
review of the sector.
The AEEGSI watchdog published the first document in its
review of power transmission and distribution late on Friday,
setting out proposals that will be debated up to November and
form the basis of new regulations coming into force next year.
FRANKFURT/MILAN (Reuters) – Germany’s largest utility E.ON AG has agreed to sell its Italian gas- and coal-fired power plants to Czech energy company EPH, ridding itself of unwanted assets from an acquisition spree in 2007.
Privately-held EPH will take over 4,500 megawatts (MW) worth of thermal power capacity in the deal, expected to close in the second quarter of 2015.
MILAN, Jan 9 (Reuters) – A law paving the way for Italian
power grid operator Terna to buy power lines owned by
state-owned railways (FS) could spell higher electricity bills
for consumers at a time when Italy is seeking to cut energy
prices for businesses.
FS, which the government plans to privatise, is in talks to
sell state-controlled Terna the grids that power its trains in a
deal that could be worth up to 1 billion euros ($1.2 billion).
MILAN, Dec 16 (Reuters) – Canadian power-producer Boralex
Inc has offered to buy Enel Green Power’s (EGP)
French business for around $343 million, as the
Italian company sheds more of its European business to focus on
In a statement late on Monday, Boralex said it expected to
become the largest independent wind power producer in France
following the deal, with an installed capacity of 455 megawatts.
MILAN, Dec 3 (Reuters) – Plans by Italian oil major Eni
for major asset sales to help fund exploration and its
dividend payments have hit problems due to diving oil and gas
prices, sources say.
State-controlled Eni has already sold assets worth 5 billion
euros to finance the generally more profitable business of
finding oil and gas, while radically slimming down its troubled
MILAN, Dec 2 (Reuters) – Russia’s scrapping of the $40
billion South Stream gas pipeline hit shares in Italian oil
services group Saipem SpA on Tuesday, threatening to
decimate its order book in the latest of a string of setbacks.
South Stream’s demise, caused by plunging energy prices and
European opposition, may unwind up to 2.4 billion euros ($3
billion) of contracts won by Saipem this year to lay the pipe’s
offshore section, equating to 10 percent of its orders.
MILAN, Nov 20 (Reuters) – Italian utility Enel
increased the number of shares it is offering retail investors
in Spanish subsidiary Endesa, which could raise 3.2
billion euros ($4 billion) to help reduce debt.
Enel, Europe’s most indebted utility, is selling up to 22
percent of Endesa as part of wider plans this year to raise more
than 4 billion euros from disposals to help maintain its
investment-grade credit ratings.
LONDON, Nov 19 (Reuters) – Italy’s Generali
expects to hit its 2015 targets a year ahead of schedule and
raise its dividend payout, after cutting costs and selling
assets to focus on its main life, property and casualty
insurance businesses in Europe.
Chief Executive Mario Greco, who promised to shake-up
Generali to improve profitability when he took over in August
2012, unveiled a turnaround plan at the start of last year
centred on cutting debt through the sale of non-core businesses,
such as its U.S. life insurance arm and Swiss private bank BSI.
MILAN, Nov 19 (Reuters) – Italy’s biggest utility Enel
is on track to raise up to 3.2 billion euros ($4
billion) from the sale of shares in its Spanish subsidiary
Endesa, three sources with knowledge of the deal said
Enel, Europe’s most indebted utility, is selling a stake of
up to 22 percent in Endesa to help cut its mountain of debt and
beef up the Spanish group’s market float.