E.ON SE with its headquarter in Germany is a global provider of specialized energy solutions. Five global units are responsible for Generation, Renewables, New Build & Technology, Optimization & Trading, and Exploration & Production. Eleven regional units manage our operating business in Europe.... More
Wednesday, Mar 128:18 AM
Wednesday, Mar 128:18 AM| Comment!
- European utilities E.ON (EONGY) and Enel (ENLAY) cut their annual dividends as part of cost saving programs in response to falling power prices.
- E.ON is reducing its dividend to €0.60/share vs. €1.10/share paid out last year, but investors are reacting positively to a further reduction in debt, to €32B at the end of 2013 from €35.8B at the end of 2012.
- Enel is cutting its dividend by 13% to €0.13 but says it will lift its payout ratio to at least 50% of ordinary net profit, which excludes special items, from its current payout policy of at least 40%; it plans to sell assets worth ~€4.4B and cut costs further in a bid to chip away at its huge debt by a further 7.3% this year.
Friday, Nov 292013, 1:35 PM
Friday, Nov 292013, 1:35 PM| 1 Comment
- The U.K. government has asked the country's six biggest energy suppliers to freeze prices for gas and electricity, barring any major increase in wholesale fuel costs, until the 2015 election, BBC reports.
- The government seeks the commitment as part of a wider deal with firms that could cut annual bills by ~£50, and it wants to avoid another round of price rises that could be blamed on government green levies.
- Britain's "big six" energy companies, British Gas owner Centrica (CPYYF, CPYYY), SSE (SSEZF, SSEZY), RWE's npower (RWEOY), Iberdrola's Scottish Power (IBDRY, IBDSF), EDF Energy and Eon (EONGY), supply ~98% of the country's homes.
Friday, Sep 272013, 12:52 PM
Friday, Sep 272013, 12:52 PM| 1 Comment
- German utility E.ON (EONGY.PK) says an extended production outage at a Norwegian offshore oil and gas field will have a significant impact on its production volumes for 2014.
- The outlook comes after Statoil (STO), the operator of the field, decided to postpone the resumption of production at the Njord field in the Norwegian Sea because reinforcements are needed to the platform structure before production can restart; E.ON owns a 30% interest in the field.
Wednesday, Sep 42013, 8:34 AM
Wednesday, Sep 42013, 8:34 AM| Comment!
- Gas producer Novatek (NOVKY.OB) agrees to a 284B ruble deal ($8.5B) to supply more gas to E.ON (EONGY.PK) Russia in 2014-27.
- The agreement allows Novatek, Russia's no. 2 gas producer, to strengthen its position in the country's domestic gas market, where it has been increasing market share at the expense of Gazprom (OGZPY.PK) and other companies.
- Last year, Novatek accounted for 35% of E.ON Russia's gas purchases of 13.5B cu. meters.
Tuesday, Aug 132013, 7:53 AM
Tuesday, Aug 132013, 7:53 AM| Comment!
- German utility E.ON (EONGY.PK) says H1 underlying profit, which strips out gains on asset disposals and other non-recurring effects, fell 42% Y/Y to €1.91B, exceeding €1.83B consensus.
- The drop is blamed on a drop in European wholesale power prices and the boom in renewable energy; warns it may consider shutting or mothballing fossil power plants in Europe due to “interventionist” energy policies and regulations that subsidize renewable energy.
- CEO Johannes Teyssen: "A sober view of the situation indicates that, at least for 2013 and 2014, no recovery is in sight."
Friday, Jul 52013, 8:09 AMBrazilian billionaire Eike Batista's EBX Group energy, mining and shipbuilding conglomerate begins breaking up, as he steps down as chairman of MPX Energia (MPXEY.PK). The restructuring should take months, with reorganizing OGX Petroleum (OGXPY.PK) considered the biggest challenge. Batista reportedly will be left with $1.7B of long-term debt and $1B-$2B of assets; his empire once was valued at $60B-plus. |Friday, Jul 52013, 8:09 AM| Comment!
Wednesday, Jun 262013, 7:59 AMThe BP-led Shah Deniz II consortium has not selected the Nabucco West plan to channel natural gas from the Caspian region to central Europe, according to Austrian energy producer OMV. The defeat means Trans Adriatic Pipeline wins the two-horse race for the $28B Shah Deniz II scheme to produce 16B cubic meters/year of gas, with production to start in 2018. TAP shareholders include Statoil (STO) and Axpo with 42.5% each and E.ON (EONGY.PK). |Wednesday, Jun 262013, 7:59 AM| 1 Comment
Monday, Jun 32013, 3:57 PMCanadian energy company Pieridae reaches a deal with German utility E.ON (EONGY.PK) to export ~5M tons/year of liquefied natural gas from a proposed plant in Nova Scotia. It's the first contract for a Canadian LNG export plant with a top European end-user of gas, something that has so far eluded several proposed plants envisioned for Canada's Pacific coast which are geared toward Asian markets. |Monday, Jun 32013, 3:57 PM| Comment!
Wednesday, May 82013, 2:52 PMThe 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. |Wednesday, May 82013, 2:52 PM| Comment!
Friday, Apr 52013, 2:30 PMTop 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. |Friday, Apr 52013, 2:30 PM| Comment!
Friday, Dec 212012, 1:37 PMHydrogenics 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. |Friday, Dec 212012, 1:37 PM| 2 Comments
Tuesday, Jul 32012, 8:29 AMGerman 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. |Tuesday, Jul 32012, 8:29 AM| Comment!
Friday, Jun 292012, 11:45 AMGerman 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. |Friday, Jun 292012, 11:45 AM| Comment!
Wednesday, Jun 62012, 1:00 PMMaybe 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. |Wednesday, Jun 62012, 1:00 PM| 1 Comment
Tuesday, Jun 52012, 8:46 AMGerman 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. |Tuesday, Jun 52012, 8:46 AM| Comment!
Wednesday, May 162012, 3:56 PME.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. |Wednesday, May 162012, 3:56 PM| Comment!