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Wednesday, May 8, 2:52 PM The North American shale boom is a bust for Europe's gas plants, with a rising number being mothballed since they can't compete with rising imports of cheap coal. The latest examples are in Slovakia, where German utility EON (EONGY.PK) may shut down a modern yet now-unprofitable 430 MW gas-fired power plant, and Norway's Statkraft plans to mothball a gas plant it operates in Germany. Comment! [Energy, Global & FX]
Friday, April 5, 2:30 PM Top German utilities EON and RWE are set to significantly pare back their alternative energy spending, actions bound to further weaken demand in a top solar market that has already been hurt by subsidy cuts. EON plans to lower its clean-energy investments to less than €1B in 2015 from €1.79B in 2012, and RWE plans to cut its annual renewable energy spending by roughly half over the next two years to €500M. Comment! [Tech]
Friday, December 21, 2012, 1:37 PM Hydrogenics Corporation (HYGS -4.7%) says it's delivered, on time, a two megawatt "Power-to-Gas" energy storage system to E.ON (EONGY.PK), one of the world's largest power and gas companies. Installed in Falkenhagen, Germany, system will be fully operational in early in 2013 and use surplus renewable energy to produce hydrogen for storage in the country's existing natural gas pipeline network. 2 Comments [Energy]
Tuesday, July 3, 2012, 8:29 AM German utility E.ON (EONGY.PK) strikes an agreement with Russia's Gazprom over the commercial terms of long-term gas procurement contracts, and raises its 2012 earnings outlook as a result. E.ON now expects 2012 EBITDA of €10.4B-€11B vs. its previous outlook of €9.6B-€10.2B; after-tax profit is seen at €4.1B-€4.5B vs. previous €2.3B-€2.7B. Comment! [Energy]
Friday, June 29, 2012, 11:45 AM German utility E.ON AG (EONGY.PK 4%) and France's GDF Suez SA (GDFZY.PK 3.7%) both move higher today after Europe's second-highest court cut antitrust fines levied on both companies by more than 40%, citing an error in their calculation. In 2009, the European Commission had fined the two companies around $689M each for agreeing not to compete on each other's national gas markets. Comment! [Global & FX, Energy]
Wednesday, June 6, 2012, 1:00 PM Maybe what's really hurting Angela Merkel politically are rising electricity costs, up more than 10% with more price hikes to come as the country phases out nuclear energy in favor of trendier sources. Much of the increase is to finance solar subsidies, which Merkel would like to end, but as of yet has been unable to. 1 Comment [Energy]
Tuesday, June 5, 2012, 8:46 AM German utility EON (EONGY.PK) says it has found "irregularities" in some trading positions of an energy trader that will probably result in the loss of a "low two-figure million euro amount," but the irregularities will have a "non-material impact" on results of the trading unit. Comment! [Energy]
Wednesday, May 16, 2012, 3:56 PM E.ON (EONGY.PK) confirms the sale of its natural gas transmission grid to a consortium led by Macquarie (MQBKY.PK) for €3.2B ($4.07B). E.ON's sale of Open Grid Europe will help the German utility reduce debt amid a weak domestic electricity market; the Australian bank will gain a network that accounts for ~70% of Germany's total annual shipping volume. Comment! [Energy, Global & FX, M&A]
Friday, May 11, 2012, 8:34 AM German utility E.ON (EONGY.PK) reportedly is close to selling its Open Grid Europe gas transmission network for ~€3.2B ($4.14B) to a consortium led by Macquarie's (MQBKY.PK) infrastructure funds. The acquisition of the grid that's key to shipping large volumes of gas from Europe's east to west would be the second gas network purchase by the Australian bank in just over a year. Comment! [Energy, Global & FX]
Thursday, March 29, 2012, 7:00 AM E.ON (EONGY.PK) and RWE (RWEOY.PK) scuttle a joint plan to build nuclear power stations in the U.K. worth up to £15B ($23.78B) - potentially damaging the government's stated goal to see new plants by 2025. The German utilities say they made their "strategic decision" because of the slow pace and high costs of the project. 2 Comments [Global & FX]
Wednesday, February 1, 2012, 11:52 AM Among the big gainers in Europe are German utilities RWE (RWEOY.PK +4.6%) and E.ON (EONGY.PK +3.6%). RWE received a boost from Morgan Stanley adding the name to its best ideas list. This follows last week's upgrade by JPMorgan. The companies had an ugly 2011, but now sport head-turning double-digit yields. Comment! [Global & FX, Energy]
Friday, December 30, 2011, 8:22 AM Stocks close in Germany for the day and the year, the DAX off 15% for 2011. Deutsche Bank (DB) -27%. German utilities were slammed by a combination of Europe woes and the rush to abandon nuclear power. E.ON (EONGY.PK) -30%, RWE (RWEOY) -48%. Presumably, companies still need to run factories and people need to light their homes. Could they be worth a look in 2012? Comment! [Global & FX, Quick Ideas, Energy]
Friday, December 23, 2011, 7:12 AM Remember all those stories about China coming to bail out Europe by peeling off some of its reserves to buy sovereign and EFSF paper? They never made any sense, and thankfully, EU officials have stopped floating them. China will invest plenty in Europe, but it wants real assets, to wit today's announcement of China Three Gorges taking Portugal's stake in EDP (EDPFY.PK) off of its hands for a song. 1 Comment [Global & FX]
Friday, December 23, 2011, 1:59 AM China Three Gorges is buying Portugal's 21% stake in utility EDP (EDPFY.PK) for €2.7B ($3.5B), beating out E.On (EONGY.PK) and Eletrobras (EBR). The deal also includes Chinese investment in the wider economy, and is a crucial indicator of Portugal's ability to sell state assets in the face of its debt crisis. Comment! [Global & FX, M&A]
Tuesday, December 13, 2011, 7:42 AM E.ON's (EONGY.PK) €3B impairment charge bomb yesterday looks ugly, but can't be a total surprise and might be the sort of "kitchen sink" operation that assures the news can only get better in 2012 and beyond, says the group at CreditSights. Germany's largest utility, it is off 27% YTD, and yields 9.7%. Another German utility, RWE (RWEOY.PK) is off 47% YTD, and yields 14.5%. Comment! [Global & FX, Energy, Quick Ideas]
Monday, December 12, 2011, 3:49 PM EON AG (EONGY.PK -6.7%), Germany's largest utility, will book an impairment charge of about €3B due to lower prices and "regulatory intervention" in Italy and Spain. Struggling to bring its cost structure down to deal with Germany's withdrawal from nuclear energy, the company earlier announced job cuts in the 9K-11K range. Comment! [Global & FX, Energy]

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