FRANKFURT (Reuters) – Profit growth at RWE (RWEG.DE: Quote, Profile, Research, Stock Buzz) lagged that of its main peer E.ON (EONGn.DE: Quote, Profile, Research, Stock Buzz), reflecting a slower adjustment by Germany’s No.2 utility to the country’s exit from nuclear power and underlining the group’s need to renegotiate expensive gas contracts.
RWE said on Tuesday its core earnings (EBITDA) rose 9 percent year-on-year to 5.04 billion euros ($6.23 billion) compared with E.ON’s 55 percent increase posted on Monday.
FRANKFURT, Aug 14 (Reuters) – Profit growth at RWE
lagged main peer E.ON on Tuesday, reflecting a slower
adjustment by Germany’s No.2 utility to the country’s exit from
RWE’s first-half earnings before interest, tax, depreciation
and amortisation (EBITDA) rose 9 percent year-on-year to 5.04
billion euros ($6.23 billion), compared with E.ON’s 55 percent
increase posted on Monday.
MOSCOW, July 13 (Reuters) – Russia’s No.2 gas producer
Novatek has signed a landmark deal to supply German
utility EnBW with gas, setting foot in the lucrative
European market, two sources familiar with the deal told Reuters
The agreement will also allow Novatek to start forming its
customer base in Europe as it eyes liquefied natural gas sales
to the European Union from its Arctic plant, Yamal LNG, due on
stream in 2015-2016.
FRANKFURT, July 12 (Reuters) – Germany’s third-largest
utility EnBW said it had agreed a 10-year gas
procurement deal with a foreign supplier, giving it more
flexibility when it comes to deciding whether to store or sell
its gas depending on the market price.
The deal is for an annual volume of 21 billion kilowatt
hours (kWh), equivalent to 1.9 billion cubic metres (bcm) per
year, which is more than a third of its total gas sales and
enough to supply a huge industrial company, or a large number of
FRANKFURT, July 3 (Reuters) – Russia’s Gazprom has
given in to customer pressure and offered German utility E.ON
a price cut on its long-term gas supplies, boding
well for other firms from Germany, Italy and Poland seeking to
Germany’s biggest utility said on Tuesday it had reached a
settlement with Gazprom on long-term gas supply contracts that
would significantly raise its earnings outlook for 2012.
FRANKFURT, July 2 (Reuters) – Many European utilities are
ignoring EU rules to toughen laws against market abuses, but do
so at their peril, energy and financial consultancy Baringa said
“Utility firms will have to hold available more personnel
and technology to comply with new transparency rules within the
next 12 months or so, but many are not yet aware of this,” said
Maik Neubauer, a partner at the consultancy which released a
study based on a poll of 150 companies.
FRANKFURT, June 25 (Reuters) – Unconventional gas reserves
in Germany amount to trillions of cubic metres (cbm) and can be
safely exploited if the right rules are in place, federal
authorities said on Monday with the release of the first
findings of an ongoing long-term study.
The Federal Institute for Geosciences and Natural Resources
(BGR) said between 0.7 trillion and 2.3 trillion cbm of the gas
could be technically extracted.
DUISBURG, Germany, June 14 (Reuters) – German imports of
hard coal are likely to fall by seven percent year-on-year to 45
million tonnes in 2012, importers said on Thursday, citing the
euro zone’s economic crisis and competition from a rising share
of renewable energy in power generation.
The likely total this year would be down by 3.4 million
tonnes from 48.4 million in 2011, said importers group VDKI at
its annual news conference.
FRANKFURT, June 13 (Reuters) – E.ON AG, Germany’s
largest utility, is seeking 8 billion euros ($10 billion) in
compensation in a potential industry-wide claim against the
government for shutting down nuclear power stations.
The Frankfurter Allgemeine Zeitung newspaper reported on
Wednesday that German utilities including E.ON wanted a total of
15 billion euros but did not say how it calculated that figure.
BONN (Reuters) – Germany must invest tens of billions of euros in its power grid over the coming decade to avoid an electricity shortfall as it switches from nuclear to renewable energy, grid operators said on Tuesday.
Germany’s government, the federal energy network regulator and grid firms unveiled joint plans to build thousands of kilometers of new electricity lines by 2022, to help distribute volatile renewable energy.