Latin America, Green Business Propel Enel Earnings
Q1 EBITDA 4.02 billion euros vs f'cast 3.87 billion; earnings at Latin America businesses jumps 33 percent. Italy's biggest utility Enel posted higher core earnings in the first three months, topping forecasts as a strong performance in its Latin America and renewables businesses offset weak domestic power generation. Enel said in a statement its earnings before interest, tax, depreciation and amortisation reached 4.02 billion euros ($4.5 billion), above a Thomson Reuters consensus of 3.87 billion.
Enel Looks to Emerging Markets for Growth
Annual net profit down 84 percent on writedowns; sees profit growing average 10 pct per year to 2019. Enel aims to raise profits and dividends over the next five years by focusing on emerging markets and green energy after Italy's biggest utility reported an 84 percent fall in 2014 net profit on Thursday due to writedowns. Under the first business plan of CEO Francesco Starace, Enel said it would spend 18 billion euros ($19.2 billion) on growth…
Investors Warm up to German Offshore Wind
German offshore plants attract new investment; offshore energy a key component in switch from nuclear. Start-up costs high, but returns are attractive. Germany's offshore wind parks, once seen as only for brave investors because of high costs and operational risks, are attracting fresh money after laws were passed to ensure ambitious renewables targets are met. British investment firm Laidlaw Capital bought its second German offshore wind park project two weeks ago…
RWE: Supply Risks, Power Crisis Bites
CEO says security of supply under threat; Germany should follow Britain, France in plant support scheme. Germany's RWE reported a 40-percent plunge in first-half profits, blaming loss-making power plants and warning that power supplies were under threat unless an ongoing crisis in Europe's energy sector was fixed. Germany's power sector has been in turmoil, hit by a prolonged period of weak energy demand, low wholesale…
Germany Could Stop RWE Unit Sale
Germany's Economy Ministry is investigating whether to block the sale of RWE's oil and gas unit DEA to a group of investors led by Russian tycoon Mikhail Fridman, a spokeswoman said. The German government has never previously made use of a clause in its foreign trade law, under which it could stop the deal announced earlier this year if there were concrete signs it threatened "public safety and order". "An investigation has been started.
Prompt Physical Prices Fall to Lowest Since 2009
Prompt prices for European physical coal dropped to their lowest since 2009 on Friday, as warmer weather and ample supplies continued to weigh on the market. Cargoes for delivery in June to the European ports of Amsterdam, Rotterdam and Antwerp (ARA) lost 70 cents or 1 percent to $69.00 a tonne on volume of 50,000 tonnes traded, according to the GLOBALcoal trading platform. The front-month DES ARA contract, down $1 for the week…
Physical Prices Down as Warm Weather Saps Demand
European physical coal prices continued to slide on Thursday as warm weather across Europe sapped demand for energy. Cargoes for delivery in August to the European ports of Amsterdam, Rotterdam and Antwerp (ARA) slipped by 50 cents to $72.50/tonne on volume of 50,000 tonnes traded, according to the GLOBALcoal trading platform. "It's been hotting up across Europe this week, impacting demand which was never really strong anyway," a coal trader said.
Coal Prices Fall on Weak Outlook
European physical coal prices declined on Tuesday as a bearish outlook for demand and oversupply weighed on the market, with one broker also citing aggressive sales by a trading house. Cargoes for delivery in June to Amsterdam, Rotterdam and Antwerp (ARA) were trading at $72.05 a tonne, around 45 cents below their last close, according to the GLOBALcoal trading platform. "There's quite heavy selling going on in ARA at the moment…
RWE Eyes Bigger Role in Energy Saving Business
German utility RWE plans to sell more energy saving products, its head of strategy said, as it strives to offset some of the losses made by its power plants across Europe. European utilities are facing weak energy demand, as well as an uncontrolled expansion of solar and wind power, which is replacing gas and coal-fired plants and pushing many of them into the red. Sector players, including RWE and smaller German peer EnBW , are now looking to make money by helping customers to save energy instead of selling them more.
