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E.ON

Markets

Premier Oil’s shares suspended for third day

Premier Oil shares remained suspended yesterday amid uncertainty over the status of the firm’s latest North Sea investment. The stock was worth 19p per share before Wednesday’s request from London-based Premier to halt trading, due to its £83million-plus acquisition of assets from Germany’s E.ON.

Other News

Power station to close after half century of electricity production

A power station is to stop generating electricity and will close after 46 years. E.ON said the Ironbridge Power Station in Shropshire will reach its 20,000 hours limit of generation under an EU directive aimed at lowering emissions of certain pollutants. Former employee Mike Smith has been invited back to press the button to end generation on Friday and mark the closure of the plant, which used to be powered by coal but was converted to biomass in 2012.

Renewables/Energy Transition

E.ON to sell Italian hydroelectric plants to ERG for $1bln

Italian energy group ERG is to buy German utility E.ON's Italian hydroelectric power plants for about 950 million euros ($1 billion), expanding its renewable portfolio which mostly comprises windfarms. E.ON's Terni Hydroelectric Complex, which has 527 megawatts (MW) of generating capacity and produces about 1.4 terawatt hours of electricity a year, was put up for sale in late 2013 along with other assets in the country. ERG currently operates windfarms in Europe with a total capacity of 1.38 gigawatts, including 1.1 gigawatts in Italy, as well as a gas-fired thermal plant in Sicily with a capacity of 480 MW.

Oil & Gas

E.ON to put North Sea assets up for sale

German utility E.ON is set put its North Sea and Algerian oil and gas assets up for sale, hoping to raise an estimated £1.25billion as it restructures its business. E.ON, which operates a number of North Sea fields including Huntington, also has production interests in the Elgin, Franklin, Glenelg and West Franklin fields.