Senior Power Correspondent
Vera's Feed
Sep 13, 2011

RWE says still aims to raise capital this year

MUNICH, Sept 13 (Reuters) – German utility RWE
hopes to conclude a planned 2.5 billion euro ($3.4 billion)
capital increase and sale of treasury shares this year, board
member Leonhard Birnbaum told reporters in Munich on Tuesday.

“We would like it to be this year,” Birnbaum said.

Debt-laden RWE said in August it needed to raise fresh
capital, sell some assets and raise efficiency amid turmoil in
Germany’s energy industry.

Aug 15, 2011

Six stand trial in carbon fraud case in Germany

FRANKFURT, Aug 15 (Reuters) – Six people accused of evading
more than 200 million euros ($282 million) in tax in the
European carbon market face possible prison terms of up to nine
years, the judge told the opening of their trial at a Frankfurt
district court on Monday.

The six men, aged 27 to 65, are accused of having
conspired to evade value-added tax (VAT) from September 2009 to
April 2010. The prosecutors said the accused took advantage of
tax rules in Germany which were valid until June of last year.

Aug 12, 2011

Analysis: E.ON, RWE must hope for oil drop to improve results

LONDON/FRANKFURT (Reuters) – Germany’s leading utilities, badly positioned in the upstream gas market and tied into long-term gas deals linked to crude, must pin hopes for better results on oil prices coming down.

Executives at E.ON and RWE reported falls in half-year profits of 45 percent and 40 percent respectively this week.

Aug 9, 2011

RWE and Gazprom willing to extend JV talks

FRANKFURT (Reuters) – RWE (RWEG.DE: Quote, Profile, Research, Stock Buzz) and Russia’s Gazprom (GAZP.MM: Quote, Profile, Research, Stock Buzz) are both willing to develop further their exclusive talks, begun last month, on power station ventures and gas prices, the German utility said on Tuesday.

“There is a match of interests. We want to conclude a new, modernized gas supply treaty with our biggest supplier … while Gazprom for its part wants to increase its value creation here,” Chief Executive Juergen Grossmann said in a press call.

Aug 9, 2011

RWE H1 profit plummets on nuclear phase-out

FRANKFURT (Reuters) – RWE’s (RWEG.DE: Quote, Profile, Research, Stock Buzz) first-half core net profit fell 40 percent, hit by a government decision to phase out nuclear power and unprofitable gas sales, highlighting the problems faced by the German utility’s new CEO-designate.

Germany’s largest power producer said on Tuesday first-half profit took a 900 million euro ($845 million) hit from provisions to decommission nuclear power plants, the write-off of nuclear fuel rods and a nuclear fuel tax.

Aug 9, 2011

RWE H1 plummets on nuclear phase-out

FRANKFURT, Aug 9 (Reuters) – First-half core net profit at
RWE plunged 40 percent, hit by Germany’s decision to
phase out nuclear power , a nuclear fuel tax and
unprofitable gas sales.

Germany shut down eight nuclear power plants after
Japan’s Fukushima nuclear disaster and decided to phase out
nuclear power completely by 2022, overturning legislation that
had originally extended the lifespan of 17 nuclear power
plants.

Jun 30, 2011

E.ON will not rush to replace lost nuclear units-CEO

BERLIN, June 30 (Reuters) – Germany’s E.ON (EONGn.DE: Quote, Profile, Research, Stock Buzz) feels
no pressure to replace nuclear power plants with alternatives
after a national policy shift in energy policy.

“There is no strategy to replace lost nuclear capacity
one-to-one. As an entrepreneur I always ask myself is my
investment profitable?,” Chief Executive Johannes Teyssen said
on Thursday on the sidelines of a conference.

Jun 30, 2011

German lawmakers back nuclear power exit by 2022

BERLIN, June 30 (Reuters) – Germany’s lower house of
parliament overwhelmingly approved an exit from nuclear energy
by 2022, setting the seal on a policy U-turn by Chancellor
Angela Merkel driven by Japan’s Fukushima disaster.

Opposition deputies from the centre-left Social Democrats
(SPD) and Green Party joined lawmakers in Merkel’s centre-right
coalition in supporting the key measure in an energy reform bill
in its third and final reading.

Jun 30, 2011

Germany votes on nuclear exit

BERLIN, June 30 (Reuters) – Germany’s parliament looked set
on Thursday to approve an exit from nuclear energy by 2022, a
U-turn by Chancellor Angela Merkel driven by Japan’s Fukushima
crisis and described by anti-nuclear opponents as a victory.

Calling it Merkel’s “Waterloo”, the centre-left Social
Democrats (SPD) and Greens said the nuclear phase-out vindicated
three decades of bitter opposition to nuclear power in Germany.

Jun 29, 2011

Renewables boom could strain Germany’s grid

BERLIN (Reuters) – An uncontrolled renewable power expansion in Germany could threaten the stability of energy grids, the head of energy agency Dena told Reuters on Wednesday.

Failure to connect new capacity near demand centers or near transport grids or storage facilities would waste assets or put at risk the grids’ stability, said Dena’s director, Stephan Kohler, in an interview on the sidelines of a sector conference.

    • 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."
    • Follow Vera