Vattenfall strikes deal to sell German coal division
The developer of a controversial windfarm off the coast of Aberdeen has agreed a deal to sell its German coal division.
Germany
Siemens to cut 2,500 jobs
Siemens said it plans to reduce its headcount by about 2,5000 jobs related to the oil and gas, metals and mining sectors.
Billionaire neighbors clasp dirty fuel shunned by Angela Merkel
Two Czech billionaires have come up with an unusual way to tap Angela Merkel’s shift toward clean energy: invest in some of Germany’s dirtiest coal-fired power plants and lignite mines.
Vattenfall to shut two German lignite plants
Swedish utility Vattenfall has agreed to phase out two lignite coal plants in Germany as part of government plans to cut greenhouse gas emissions.
Volkswagen could set aside more than $7billion for emissions scandal
Volkswagen said it may set aside more than $7billion to cover the costs of the recent emissions scandal if car sales suffer, according to its chief executive.
Shell to install nationwide network of hydrogen fuel pumps in Germany
Shell will install a nationwide network of hydrogen fuelling pumps at retail sites in Germany from 2016, as it aims to accelerate the growth in Europe of the low-carbon alternative fuel.
Merkel pledges 1billion Euros to fund Indian solar projects
Germany pledged an investment of over 1billion euros ($1.1billion) in Indian solar power projects as Asia’s third-largest economy looks to reduce its dependence on fossil fuels.
AFC Energy delivers first surge of energy to German power grid
AFC Energy has delivered its first surge of energy into the German power grid. The move is part of the planned trials of the power electronics connected to its first commercial sale KORE fuel cell system. It forms part of the final test stage of proving and providing electricity to the German grid from the system.
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.
New head of Wintershall appointed
Wintershall has named a successor to Rainer Seele after he was named as the new chief executive of OMV. Mario Mehren, currently a member of the the board of executive directors of Wintershall, will take on the role from July 1. He is currently responsible for exploration and production for the company covering the regions of Russia, North Africa and South America.
Power price slump hits profits at RWE
RWE, Germany’s largest electricity generator, today reported a 45% decline in full-year profits following a slump in power prices. Recurrent net income, the measure used to calculate dividends, dropped to£915.4million in 2014, from £1.65billion a year earlier, the Essen-based company said. Sales fell 7.5% to £34.7billion.
Rose Petroleum pulls out of German shale licences
Rose Petroleum has pulled out from some of its German exploration licences, citing the current political situation, which it said remains “unclear” in regard to exploration for hydrocarbons. The company said its subsidiary Parkyn Energy has withdrawn from its Konstanz and Biberach exploration licences in Baden-Wurttemberg. It will now focus efforts on licences in the US.