Thyssenkrupp rejects steel unit's request for funding
Thyssenkrupp announced on Saturday that its steel division would need to be restructured in order to fund its investment needs from its own earnings. However, the parent company has provided financial security for two years. Thyssenkrupp's CEO, Miguel Lopez made the comments after the chairman of its steel division stated that the company needs to close a funding gap of 1.3 billion euros ($1.4 billion).
Thyssenkrupp steel faces a $1.4 billion funding shortfall in its planned separation from parent
The supervisory board chair of Thyssenkrupp’s steel division said that the company needs an additional 1.3 billion euro ($1.4 billion) to cover costs beyond what its parent was willing to pay as part of a planned separation. Sigmar Gabriel said, after a supervisory meeting of Thyssenkrupp Europe (TKSE), that an external audit will be conducted to determine the unit’s restructuring and financing needs. He added that this could occur before the end of the year.
EU Leaders Sign Letter Objecting to Nord Stream-2 Gas Link
Eight EU governments have signed a letter objecting to the Nord Stream-2 project that would double the amount of gas shipped directly from Russia to Germany, according to a document seen by Reuters. The letter, addressed to European Commission President Jean-Claude Juncker, reignites a debate that has pitched dominant EU member Germany against central and eastern European nations.
Is It Time for the US to Dump Saudi Arabia?
After the recent execution of Shi'ite cleric Nimr al-Nimr by Saudi Arabia, the Middle East once again risks devolving into sectarian chaos. A mob torched the Saudi Embassy in Tehran, prompting Saudi Arabia and a number of its Sunni allies to break diplomatic relations with Iran. In response to the unfolding chaos, the Wall Street Journal responded by asking "Who Lost the Saudis?"…
Germany Warns Against Rushed Coal 'Exit'
Germany on Tuesday warned against a hasty exit from coal-fired power generation, concerned that such a move could pile more pressure on producers still wrestling with the planned shutdown of nuclear plants by 2022. Calls for the German government to set a timeline for phasing out coal-generated electricity have grown following the climate protection deal struck in Paris last month.
EU Examining Germany's Coal Funding Plan
Coal most polluting of the fossil fuels; Germany already included in EU-wide capacity mechanism enquiry. The European Commission is in the early stages of examining Germany's plans to provide funding to keep brown coal generation in reserve to ensure security of supply, a Commission spokesman said on Monday, adding they must conform with EU rules. Germany in July announced it would reduce generation from brown coal…
Foreign Firms Scramble to Fix Iran's Refineries Once Sanctions End
International oil services companies are scrambling to win contracts worth tens of billions to repair and modernize Iran's oil refineries once sanctions are removed, with officials even laying on bus tours for visiting foreign executives. Officials from Iran's oil refining company NIORDC, its National Petrochemical Company and the privately owned Persian Oil and Gas are holding…
Foreign Firms Queue to Fix Iran's Refineries
Iran seeks to upgrade derelict refining, petchem sector; Oil services executives visit Iran on tour of sites. International oil services companies are scrambling to win contracts worth tens of billions to repair and modernize Iran's oil refineries once sanctions are removed, with officials even laying on bus tours for visiting foreign executives. Officials from Iran's oil refining company NIORDC…
Nord Stream II to Boost Gas Supplies to Europe
A working meeting took place in Berlin yesterday between Alexey Miller, Chairman of the Gazprom Management Committee and Sigmar Gabriel, German Vice-Chancellor, Federal Minister for Economic Affairs and Energy. The meeting addressed the reliability of Russian gas supplies to Europe and the progress with the Nord Stream II project. The parties pointed out the success of construction…
Germany Finally Seals Coal Compromise
Planned levy on coal plants dropped; utilities to be compensated for reserve power. coalition leaders agreed on Thursday. to business interests. Merkel's right-left coalition agreed early on Thursday. plants was dropped. firms had long pushed for. said. energy from the north to Germany's industrial south. this year on the details. brokered by Merkel at Schloss Elmau in Bavaria in May. "Angela Merkel has broken her climate promises from Elmau. Tobias Muenchmeyer.
Germany Scraps Coal Levy: report
The German government plans to scrap a proposed levy on coal-fired power plants, a government source told Reuters on Wednesday, confirming a report from public broadcaster ARD and boosting shares in utilities E.ON and RWE. A spokesman for Economy Minister Sigmar Gabriel said there was no agreement yet. He said Gabriel would give a statement at 1100 local time (0900 GMT). "I firmly deny that," the spokesman said. "No decision has been made.
Germany Denies Report on Coal Plant Agreement
Germany denied on Friday a report saying taxpayers might have to pay the country's utility companies more than 1 billion euros ($1.1 billion) to cover the cost of closing some coal-fired power plants. Weekly magazine Der Spiegel reported that German Economy and Energy Minister Sigmar Gabriel had reached such a deal with Peter Altmaier, Chancellor Angela Merkel's chief of staff, and Michael Vassiliadis, head of the IG BCE coal union.
EU Energy Integration Edges Closer
Devil is in detail of implementing broad goals; national plans should complement regional plans. European energy ministers on Monday signed three accords on closer power and gas ties but differences remained over implementing a single energy market and 2030 green fuel goals. The European Commission, the European Union executive, has used the political crisis with the bloc's biggest energy supplier…
Germany: Coal Compromise One of Many Proposals
German Economy Minister Sigmar Gabriel said on Tuesday a proposal to soften CO2 emissions cuts for coal-fired power plants was just one of many alternatives being considered to try and resolve a dispute with the coal industry over the levy. The government has faced a backlash over its plans to slap a levy on the oldest and most polluting power plants, with unions saying the measure could put up to 100,000 jobs at risk.
Coal Row Takes Shine off Germany's Green Image
Germany hosts G7 summit on June 7-8; Merkel's credibility hinges on fulfilling own targets. Germany's clean energy drive earned it a reputation as a green leader but a domestic row over coal has highlighted the challenge of balancing economic and environmental demands and threatens its ability to lead by example. Angela Merkel, once dubbed the "climate chancellor", hopes to…
RWE Open to Splitting Group if Crisis Worsens
Keeps option open to explore split, no current need; crisis is far from over for utilities. Germany's largest power producer RWE will explore a split of its businesses if the sector's crisis intensifies, Chief Executive Peter Terium said, keeping open the option of a drastic overhaul similar to rival E.ON. Germany's utilities have seen their profits and share prices tumble as…
FTSE Hit by Decline in Energy Stocks, Worries over Greece
A fall in major energy stocks and worries over the political outlook in Greece knocked down Britain's top equity index on Monday. The blue-chip FTSE 100 closed down 2 percent at 6,417.16 points. The index also retreated 0.3 percent on Friday, after falling 2.7 percent in 2014. Weaker energy stocks, including BP and Royal Dutch Shell, took the most points off the FTSE, as concerns…
Germany Steps Up CO2 Cuts to Meet 2020 Climate Goals
Germany's cabinet approved a new plan on Wednesday to slash CO2 emissions in order to meet its ambitious climate targets, but environmental groups criticised the government for not going further in reducing its reliance on coal-fired power plants. The package, which includes an energy efficiency programme that could trigger billions of euros in investment, is essential if Germany is to hit its goal of a 40 percent drop in emissions by 2020 from 1990 levels.
Germany May Reduce Coal-Fired Energy to Protect Climate
Germany is considering removing some of its coal plant capacity as part of a raft of new policies to help Europe's biggest economy meet its greenhouse gas emissions goals, a state secretary at the economy ministry said on Wednesday. Chancellor Angela Merkel's cabinet is to decide on Dec. 3 on a programme that is likely to include steps to boost energy efficiency and possibly reduce coal generation…
Germany Unveils Europe's Biggest Battery Plant
Germany switched on Europe's largest commercial battery plant on Tuesday, an installation powered by 25,600 lithium-ion batteries that will help stabilise the region's growing supply of renewable energy. The 6-million-euro plant, the size of a school gymnasium, is designed to help even out short-term fluctuations that sometimes accompany power from renewable sources as Germany…
