Senior Power Correspondent
Vera's Feed
Aug 14, 2012

RWE earnings recovery lags peer E.ON

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
nuclear power.

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.

Jul 13, 2012

Russia’s Novatek makes foray into European gas trade

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
on Friday.

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.

Jul 12, 2012

Germany’s EnBW locks in 10-year gas supply

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
smaller players.

Jul 3, 2012

Gazprom bows to European client price pressure

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.

Jul 2, 2012

Many EU utilities ignorant of new trade rules, study finds

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
on Monday.

“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.

Jun 25, 2012

German shale gas reserves up to 22 trln cbm – study

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.

Jun 14, 2012

German hard coal imports seen down 7 pct in 2012

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.

Jun 13, 2012

E.ON seeks 8 bln euros in nuclear exit damages

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.

May 29, 2012

Germany counts cost of nuclear-to-renewables shift

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.

May 29, 2012

Germany in 20 bln euro grid upgrade as it quits nuclear

BONN, May 29 (Reuters) – Germany mapped out a 20 billion
euro ($25 billion) plan on Tuesday to expand its power grid and
avoid a “power gap” as Europe’s largest economy switches away
from nuclear to renewable energy.

Germany’s government, the federal energy network regulator
and transmission grid firms unveiled joint plans for thousands
of kilometres of new electricity lines to 2022, to help
distribute volatile renewable energy.

    • About Vera

      "I report on German power and gas markets in liaison with a team of other specialists in European bureaus. I am based in Frankfurt and previously covered commodities out of Hamburg and London. My aim is to identify market and industry trends and to produce high quality copy which is accessible to expert subscribers as well as to energy and business audiences, and to help shape our energy products."
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