Siemens Energy AG has secured a €15 billion ($16.2 billion) deal with the German government, its biggest shareholder Siemens AG and a consortium of banks, as the troubled manufacturer weathers massive losses at its wind-turbine unit.
Siemens Energy climbed the most on record after supervisory board chairman Joe Kaeser pushed back against suggestions the troubled turbine maker may need a taxpayer-funded bailout from the German government.
RWE and Equinor said they would build hydrogen power plants, as well as a pipeline to send the fuel to Germany from Norway.
Air Products and Mabanaft have set out a plan to build Germany’s first large green ammonia import terminal, at the Port of Hamburg.
Germany has been on the hunt for new LNG supplies in order to stave off the near term crisis of stuttering Russian gas supplies. Chancellor Olaf Scholz’s visit to Canada did not come through on the LNG front, but he did seal an ambitious deal on hydrogen.
Germany's government has secured the delivery of a fifth FSRU in a bid to tackle the country's gas challenge.
A 9 billion-euro ($9 billion) offshore wind power hub planned in the Baltic will mark a significant step in the process of weaning Europe off its reliance on Russian gas, according to the German and Danish governments.
German households face additional annual costs of about 500 euros ($510) to pay for natural gas as the government spreads the burden of Russia’s squeeze on energy flows to Europe.
Germany is considering intervening in its energy markets to bring coal plants back online and conserve natural gas as it rushes to limit further disruptions from top-supplier Russia.
Uniper has retracted its financial guidance for 2022 as spiralling gas prices have driven it to seek support from the German government.
Energy ministers from Denmark, Germany, Belgium and the Netherlands have pledged to install at least 150 gigawatts of offshore wind by 2050, in a bid to support the EU’s drive to reduce its use of Russian oil and gas.
Germany has officially launched construction of an LNG terminal at Wilhelmshaven, while signing up preliminary agreements for four FSRUs.
Economy Minister Robert Habeck said Germany has already cut its reliance on Russian oil enough to make a full embargo “manageable,” potentially laying the groundwork for a continent-wide ban that would upend the global trade in petroleum.
Germany has struck agreements with Adnoc on securing low-carbon test ammonia cargoes, which will play a key part in the European state’s energy transition.
QatarEnergy (QE) has held talks with German officials in preparation to begin sending LNG to the northern European country.