TotalEnergies' third-quarter revenue drops as refining profits collapse
TotalEnergies, the French oil giant, reported a third-quarter net profit at $4.1 billion, a three-year-low. The company was hit by a collapse in refining margins as well as upstream outages. The adjusted net income fell 37% compared to a year ago and 12.7% compared to the $4.7 billion of the previous quarter. Analysts had expected $4.2 billion. The adjusted earnings before interest tax…
Grid operators predict a 20% drop in French gas consumption by 2030
French grid operators announced on Thursday that the consumption of gas in France will drop by nearly 20% by 2030, as a result of changes made to meet climate targets and to reduce costs. France is Europe's biggest energy consumer and its gas consumption has a significant impact on the region's trade and price flows. GRDF GRTgaz Terega conducted a study that forecasts 2030 consumption of 321 terawatt hours (TWh), 78 TWh less than in 2023.
Oil Profits Soar: Oil Majors Shed Pandemic Blues
Europe's major energy companies profited from a rise in oil prices to report big increases in first-quarter earnings on Thursday, putting the worst of the pandemic era slump in fuel demand behind them.Last year's demand collapse forced BP, Royal Dutch Shell and Equinor to slash their dividends and preserve cash as they to try to transform themselves into companies…
Total Keeps Dividend But Cuts Investment Target
Total trimmed its 2020 investment target on Friday after a sharp drop in third-quarter net profit, though the French oil and gas producer maintained its dividend.The company cut its investment target to $13 billion from $14 billion and said it was keeping a lid on operating costs too, even as it strives to grow in renewable energy and electricity markets.Energy…
Total to Raise Output in 2019
Oil major Total's output will rise to 3 million barrels of oil equivalent per day in 2019, Chief Executive Patrick Pouyanne said on Friday.The company has said its production rate stood at 2.8 million barrels of oil equivalent per day during the third quarter of this year.(Reporting by Benjamin Mallet; writing by Inti Landauro; editing by Richard Lough)
French Regulator Recommends Increasing Gas Tariffs
French energy market regulator CRE has recommended an 8.1 percent increase in gas tariffs paid by 4.7 residential and business in France to Engie from July 1, due to the global increase in gas prices.The CRE, which recommends regulated gas and electricity tariffs to the government for a final decision, said Engie's supply costs are expected to increase by around 3 percent as of July 1 due to higher natural gas prices.Regulated gas prices are expe
France to Decide on Offshore Wind in Coming Days
The French government will decide on the future of its planned offshore wind parks in the coming days, renewable energy lobby SER said in a statement. Last month, the French senate rejected a government proposal to renegotiate and possibly cancel projects to generate a combined 3,000 megawatts of offshore wind power on six sites on France's west coast awarded in 2012 and 2014.
Engie Board to Propose Solvay's Clamadieu as New Chairman
French gas and power group Engie's board will propose Jean-Pierre Clamadieu, chief executive of Belgian chemical group Solvay, as new Engie board chairman on Tuesday, French daily paper Le Figaro reported on its website on Monday. Clamadieu would succeed Gerard Mestrallet, who built the global utility through a series of mergers and acquisitions over the past two decades. Mestrallet retires in May.
France has Made Proposals to EU on Hydro Power Privatization
France has made proposals to the European Commission which could accede to long-standing demands by the EU's executive for France to privatise its hydro power concessions mostly operated by state-controlled utility EDF, CGT union said Wednesday. The mines and energy branch of the hard left CGT, said in a statement that it had learned of the proposals following a meeting on Wednesday between unions and the French prime minister's office.
Total CEO Not Worried over Possible Norway Fund Capital Exit
The possible exit of Norway's sovereign wealth fund from the capital of French oil and gas major Total will take place over time and is thus unlikely to hurt Total's stock price, Chief Executive Officer Patrick Pouyanne said on Friday. "I can tell you that, obviously, the managers of the fund who we know very well...are not going to sell in a manner that would lead to a stock-price collapse…
France to End Oil & Gas Production by 2040
France plans to pass legislation by the end of 2017 to phase out all oil and gas exploration and production on its mainland and overseas territories by 2040, becoming the first country to do so, according to a draft bill presented on Wednesday. President Emmanuel Macron wants to make France carbon neutral by 2050 and plans to curb green house gas emissions by leaving fossil fuels, blamed for contributing to global warming, in the ground.
French Court to Decide on Removal of Regulated Gas Tariffs
France's highest administrative court should decide by the end of July on the potential removal of regulated gas tariffs for consumers, sources close to the matter told Reuters on Monday. The ANODE association of alternative power and gas vendors filed a legal challenge against regulated gas tariffs with France's Conseil d'Etat in 2013. The council then sought the advice of the European Court of Justice…
Engie Stake Sale Deepens Doubts Over UK Nuclear Project
Toshiba has been forced to buy out French utility Engie from a project to build three nuclear reactors in Moorside, northwest England, adding to strains on the Japanese company's finances and to uncertainty over the project. Engie said on Tuesday it was exercising its right to sell its 40 percent stake in the NuGen venture to Toshiba following the bankruptcy of the Japanese firm's Westinghouse unit.
Engie Not Interested in Innogy
French gas and power group Engie is not interested in making a bid for German energy group Innogy, French BFM TV reported on its website, quoting a source close to Engie. Innogy shares rose and Engie stock fell on Tuesday following a report by Bloomberg late on Monday saying Engie was weighing a bid for networks, renewables and retail group Innogy, in which German utility RWE holds a 76.8 percent stake.
Total on Hunt for Deals After Outperforming Rivals
French oil company Total is on the hunt to buy assets from struggling rivals, it said on Thursday, as it reported some of the biggest profits in the industry for last year and raised its dividend. Chief Executive Patrick Pouyanne said Total was reaping the benefit of cutting costs more quickly than competitors following the start of an oil price rout in 2014, and of focusing on projects with lower production costs.
TVO Gets Favorable Decision in Nuclear Power Plant Dispute
Finland's Teollisuuden Voima (TVO) said on Thursday it had received a favourable partial decision from the International Chamber of Commerce (ICC) in its long-running dispute with French nuclear power engineering company Areva. The two companies are claiming billions of euros from each other at the ICC's arbitration court due to delays and cost overruns on the Olkiluoto 3 reactor project.
Bourbon: Oil Price boost Yet to Impact Activity
The recovery in world oil prices has yet to have an impact on activity at France's Bourbon SA but is a move in the right direction, said deputy managing director Christian Lefevre. The oil services company has had to cut costs under pressure from clients and said in early September it believed things should look up in 2017 after hitting a low point. OPEC producers…
Engie Considers Future of its LNG Unit
French gas and power group Engie is considering the future of its liquefied natural gas (LNG) business, which could lead to a reorganisation and maybe a sale, the firm's CGT union said on Monday. Earlier this year, Engie set a target to sell 15 billion euros ($16.8 billion) worth of assets in 2016-18, potentially including oil and gas exploration and production businesses which have been hit by low energy prices.
French Unions Walk Out of Nuclear Sector Meeting with Minister
Several French trade unions walked out of a meeting with the economy minister on the nuclear sector on Monday, saying they did not want their participation used as a cover to sanction decisions such as on EDF's Hinkley Point project in Britain. Economy Minister Emmanuel Macron was expected to meet the energy branch of the trade unions to discuss the overhaul…
GE, Senvion Prepare Bids for Adwen
General Electric and German wind turbine maker Senvion are preparing bids for French wind power group Adwen, which is jointly owned by Spain's Gamesa and France's Areva, people familiar with the matter said. German industrials group Siemens is due to take over Gamesa's 50 percent stake in Adwen as part of its 1 billion euro ($1.1 billion) deal to buy a majority stake in Gamesa. It has also made an offer for Areva's stake in Adwen.
