Innogy Sells Stake in $2.6 Bln Offshore Wind Project
German energy group Innogy will sell a 41 percent stake in its 2 billion pound ($2.6 billion) offshore wind farm Triton Knoll to Japan's Electric Power Development Co and Kansai Electric Power Co, it said on Monday.The move helps Innogy secure funding for the project, which will result in one of Europe's largest offshore wind farms, and gives the Japanese firms a stake in a regulated energy infrastructure asset on the continent.Electric Power Development Co…
Nordex scores biggest ever single contract
German wind turbine maker Nordex on Tuesday said it had won a contract to supply and install 191 wind turbines with a capacity of 595 megawatts in Brazil, marking the company's biggest ever single contract to date.The order from Italian utility Enel is for the Brazilian wind farm Lagoa dos Ventos, which is located in the north of the country.
Innogy Flags Cost Cuts Shortly after CEO Resignation
German energy group Innogy on Tuesday said it was examining potential cost cuts across all segments, less than two weeks after its chief executive left in the wake of a profit warning. "The Innogy Executive Board is currently reviewing discretionary spending across all segments for the potential to deliver further cost reductions," Innogy, which is majority-owned by RWE, said in a statement. The group will provide further details along with annual results scheduled to be published on March 12, it said.
German Onshore Wind Subsidies Cut by 2.4%
Feed-in tariffs for onshore wind parks in Germany that were not awarded in auctions will decline by 2.4 percent from April 1, 2018, as capacity expansion was ahead of the government's target rate, Germany's energy regulator said on Friday. * Germany is shifting from a subsidy-based system to one of auctions, but very small facilities or those approved by end-2016 and starting operations by end-2018 are still eligible. * Wind energy accounts for over half of…
Siemens May Cut Jobs in Power Turbine Business Overhaul
Siemens may cut thousands of jobs as part of plans to overhaul its power turbine business, where growth in renewable energy is dampening demand for new coal and gas power stations, a person familiar with the matter said. "Various scenarios are being considered," the source said, adding that details of the changes at the Power & Gas division were still to be decided. German monthly Manager Magazin earlier cited company sources as saying that Siemens could shut or sell up to 11 of its 23 Power & Gas sites around the world…
E.ON CEO Says Turkish Business Going Well
E.ON Chief Executive Johannes Teyssen said business in Turkey was going well, adding the group expected power demand in the country to rise and flagging a possible listing of Enerjisa, its local joint venture with Sabanci. Sabanci in March announced that Enerjisa would be split into two corporations: one in charge of electricity distribution and retail and one responsible for generation and energy and natural gas wholesale. Teyssen on Wednesday said these businesses could be listed on the stock exchange…
OMV, ADNOC Mull Possible Partnerships
Austrian oil and gas group OMV and Abu Dhabi National Oil Company (ADNOC) agreed on Thursday to explore opportunities for cooperation, among others in downstream projects. The two companies said in a joint statement they had signed a memorandum of understanding. The agreement provides for cooperation areas, including the evaluation of opportunities in downstream projects, the exchange of knowledge and experience in refining operations and refinery-petrochemical integration and optimization, and downstream technical and maintenance support, they said.
Nordex CEO Resigns Following Drastic Outlook Cut
Nordex Chief Executive Lars Bondo Krogsgaard will step down at the end of March, taking responsibility for a loss of confidence among investors after the wind turbine maker slashed its financial targets last month. Weaker expectations for business in Brazil, India and South Africa caused Nordex to significantly lower its sales and profit outlook for 2018. It said in February it now expected revenues of 3.4 to 3.6 billion euros ($3.7-3.9 billion), down from previous guidance for 4.2 to 4.5 billion.
Several Injured, Some Missing after BASF Germany Casualty
Several people were injured and some were missing on Monday after blasts at two German chemicals plants owned by BASF which forced the world's biggest chemicals company to shut down some production facilities. BASF said there was an explosion and a fire broke during work on pipelines in the north harbour area of its Ludwigshafen site, where it is headquartered, at around 1130 local time (0930 GMT). Several people were injured and some are still missing, it said in a statement.
Gas Suppliers Praxair, Linde Hold Merger Talks
U.S. industrial gas supplier Praxair Inc and German peer Linde AG are in early-stage talks about a merger to create a market leader with a value of more than $60 billion, Linde said on Tuesday, sending shares in both companies higher. An agreement would accelerate consolidation sweeping the industrial gas sector where slower economic growth has weakened demand in the manufacturing, metals and energy sectors and put pressure on smaller players to compete. A combination of Praxair and Linde…
RWE Hires Rothschild to Advise on Renewables, Grids IPO
RWE has hired investment bank Rothschild to advise it on the planned listing of its renewables, grids and retail unit, two people familiar with the matter told Reuters, in a sign that Germany's No.2 utility is moving ahead with its restructuring. Rothschild and RWE declined to comment. RWE late last year announced it would put its renewables, networks and retail activities into a single unit and list about 10 percent of it in an initial public offering (IPO) during the fourth quarter of 2016.
Siemens CEO Declines Comment on Reports of Delays to Gamesa Deal
Siemens Chief Executive Joe Kaeser declined to comment on Friday on media reports of a delay in the planned merger of its wind power business with Spain's Gamesa. He was asked about the reports at a discussion event hosted by the Rheinische Post newspaper on Friday. Gamesa said in January it was in talks with Siemens to create a world-leading wind power company that would have roughly 10 billion euros ($11 billion) in sales. But sources have told Reuters that the deal has been held up by complications relating to Gamesa's joint venture with French energy group Areva.
OMV Poaches Outokumpu Finance Chief
Austrian oil and gas company OMV named Reinhard Florey, chief financial officer of Finnish stainless steel maker Outokumpu, as its new finance chief. Florey, 50, will replace long-serving CFO David Davies, who will step down a month after Florey starts the job, which OMV said on Tuesday would be on Aug. 1 at the latest, depending on his availability. Florey, an Austrian national, will be appointed for three years, with an option to extend for another two years. (Reporting by Maria Sheahan)
Sequa Calls off Purchase of Wintershall Assets
Sequa Petroleum has called off a planned $602 million purchase of Norwegian offshore field interests from Wintershall, the oil and gas subsidiary of BASF, citing a poor market environment. Sequa had agreed in June to buy, via Oslo-based Tellus Petroleum Invest A/S, interests in five fields -- 20 percent of Knarr, 15 percent of Maria, 10 percent of Yme, 6.5 percent of Ivar Aasen and 4.5 percent of Veslefrikk. "I will not point to a specific factor, but the market situation is challenging right now for oil companies…
VW freezes Promotions due to Emissions Scandal
Volkswagen will freeze managerial promotions next year at its VW division as part of a savings drive to help meet the cost of a scandal over diesel emissions tests, a German business magazine reported on Saturday. The German company also plans to re-use as many parts as possible in the next generation of its popular Golf model to save hundreds of millions of euros, according to the Manager Magazin report, which cited Volkswagen sources. Europe's largest carmaker…
Briton Extradited in Carbon Trading Probe
A Briton arrested in Las Vegas last year in connection with suspected evasion of taxes worth 136 million euros ($153 million) in the trading of carbon emissions certificates has been extradited to Germany, local prosecutors said. The move is part of a probe into so-called carousel trades made in 2009 and 2010, in which buyers imported emissions permits in one European Union country without paying value-added tax (VAT) and then sold them to each other, adding VAT to the price and generating tax refunds when no tax had been paid.
OMV Names New Head of Exploration Business
Austrian Johann Pleininger will take over from Jaap Huijskes as head of exploration and production at OMV, the oil- and-gas group said on Thursday. Pleininger, 53 and currently senior vice president CEE & Black Sea in OMV's Exploration & Production segment, will take over on Sept. 1, according to a statement. (Reporting by Maria Sheahan)
Manz Launches Capital Increase to Fund Acquisitions
German engineering group Manz said on Tuesday it would issue 492,805 new shares, equivalent to 10 percent of existing share capital, in an accelerated bookbuilding to raise funds to further finance growth. In addition, up to 100,000 shares from the holdings of the principal shareholder and Chief Executive Dieter Manz will be offered, the group said in a statement. "Manz AG currently examines possible options to further strengthen its technology portfolio by potential acquisitions," Man said.
Russian Tycoon, Britain Clash over North Sea Deal
Russian billionaire Mikhail Fridman on Monday said he would buy a number of gas licenses in the North Sea despite British opposition, threatening legal action if London should force him to sell them on to a third party. German utility RWE on Monday finalised the sale of its oil and gas production unit DEA to Fridman's investment vehicle LetterOne, ending months of uncertainty over whether the 5.1 billion euro ($5.7 billion) deal would go ahead. The transaction…
Draegerwerk to Buy Norwegian Gas Sensor Maker
German medical technology group Draegerwerk said on Tuesday it had agreed to buy GasSecure, a Norwegian maker of wireless gas detectors, for between 55 million and 60 million euros ($59.2-64.6 million). Draegerwerk said it was buying the shares from venture capital companies and GasSecure employees. It said GasSecure's wireless technology, geared among other toward the oil and gas sectors, had advantages over competitors' products which it said still relied…
