Innogy Issues $1 Bln Bond to Fund Wind Farms
Innogy, Germany's largest energy group, on Thursday issued a 850 million euros ($1.01 billion) corporate green bond to refinance wind power projects in Europe, it said. Proceeds of the bond, which has a 10-year maturity, will be used to refinance four offshore wind farms in Britain and Germany as well as an onshore wind farm in the Netherlands that is either under construction or already operating. The bond was met with "strong interest from investors and was oversubscribed several times", Innogy said.
RWE Dea's 30th Oil Production Anniversary in Suez
RWE Dea has achieved 30 years oil production in the Gulf of Suez. The company has produced over 640 million barrels of crude during these three decades. Ongoing investments in modern technology and infrastructure have maintained high production levels. Currently, RWE Dea is optimizing its gas lift installations in the Zeit Bay oil field. RWE Dea has been successfully producing oil from the Ras Fanar field, just a few miles off the west coast of the Gulf, since 1984. Oil production at RWE Dea’s other two concessions in the Gulf of Suez — Zeit Bay and Ras Budran — has also been ongoing for around 30 years.
RWE Eyes Bigger Role in Energy Saving Business
German utility RWE plans to sell more energy saving products, its head of strategy said, as it strives to offset some of the losses made by its power plants across Europe. European utilities are facing weak energy demand, as well as an uncontrolled expansion of solar and wind power, which is replacing gas and coal-fired plants and pushing many of them into the red. Sector players, including RWE and smaller German peer EnBW , are now looking to make money by helping customers to save energy instead of selling them more.
RWE Dea Starts Gas Production in Egypt
RWE Dea achieved first production from the Central Treatment Plant (CTP) of the Disouq Development Project in Egypt. Production commenced at an initial rate of 45 million standard cubic feet gas per day. Total production of 150 million standard cubic feet gas per day from the Disouq project has been achieved already. RWE Dea’s oil and gas production in Egypt will be boosted by 50 percent. Further increase in production is expected in 2015. Production from the CTP commenced at an initial rate of 45 million standard cubic feet gas per day.
Gazprom and RWE Agree to New Gas Supply Terms
Gazprom Export, a unit of Russia's top natural gas producer Gazprom, and German power utility RWE have reached agreement on the terms for a long-term gas supply contract, both sides said on Tuesday. "Gazprom and RWE have reached agreements on the main commercial terms," a Gazprom Export official told Reuters. RWE, already a big buyer of Russian gas, has been trying to renegotiate the terms of a long-term contract with Gazprom. A RWE spokeswoman said that following the agreement potential disputes arising from a price review which could have been initiated in early summer had been avoided.
RWE Looks to Build on Gazprom Deal at Contract Talks
RWE will look to build on its current deal with Russian gas exporter Gazprom when the two sides sit down at mid-year for contract negotiations, the German utility said on Tuesday. "Our goal is a long-term solution that guarantees that a contract beyond the expiry of current agreements will no longer burden our results," RWE said. "It would be wise to base future talks with Gazprom on the existing deal," Chief Executive Peter Terium said in reply to questions. A sharp fall in oil prices since mid-2014 should strengthen RWE's hand in negotiating index-linked gas contracts.
RWE Hires Rothschild to Advise on Renewables, Grids IPO
RWE has hired investment bank Rothschild to advise it on the planned listing of its renewables, grids and retail unit, two people familiar with the matter told Reuters, in a sign that Germany's No.2 utility is moving ahead with its restructuring. Rothschild and RWE declined to comment. RWE late last year announced it would put its renewables, networks and retail activities into a single unit and list about 10 percent of it in an initial public offering (IPO) during the fourth quarter of 2016.
E.ON, RWE Still Want to Sell Urenco Stake After Failed Revamp
German utilities E.ON and RWE said they still want to sell their stake in uranium enrichment company Urenco, in which they jointly hold a third, following the collapse of lengthy talks aimed at restructuring the company. Earlier, the Dutch government, which also holds a third, said RWE and E.ON both refused to sign an agreement to restructure Urenco because it excluded the possibility of a future stock market listing. "RWE has played a constructive role in these talks. However, we could not agree to a structure that would negatively impact the value of Urenco and would have made a sale virtually impossible…
RWE: Lower Brown Coal Power Output, Profit to Suffer
German utility RWE expects to lower its brown coal to power generation volumes by 10 to 15 percent by the end of this decade, compared with current levels, Matthias Hartung, chief executive of the RWE Generation unit, told reporters on Tuesday. He also said that for the next few years, the coal-biased company would see "a further significant worsening of (its) operating result," citing the decline in wholesale power prices. Prices on the European power forward curve are just one euro a megawatt hour above 11-year lows posted six weeks ago, Thomson Reuters data shows.
RWE: Further Plant Closures Possible
Germany utility RWE does not rule out shuttering more power stations in Europe if price pressure continues to undermine generation margins and regulatory measures fail to help the bedraggled sector, a company official said. "Further closures are possible," the head of the RWE generation subsidiary, Matthias Hartung, told Reuters on the sidelines of an industry conference on Tuesday. RWE, one of Europe's biggest electricity producers, last week posted bleak nine-month results on the back of weak prices, mild winter weather and increasing competition from expanding renewable energy producers.
RWE, SOCAR to Study Potential for Oil off Azerbaijan
German utility RWE said it had signed an agreement with Azeri state energy company SOCAR to examine the potential for oil and gas under the shallow waters off Azerbaijan's Caspian coast. RWE said on Wednesday the joint study would make a geological and geophysical evaluation in order to identify exploration opportunities in the area, which covers 850 square kilometres off the Absheron peninsula, south of Baku. RWE did not provide an estimate of the area's reserve potential other than to say the basin is near other "world class oil and gas discoveries".
RWE Files Suit against Germany over Biblis Reactor Closure
RWE said on Monday it will seek damages from Germany to compensate for losses caused by a government-imposed moratorium on nuclear power stations in 2011 in the wake of the Fukushima disaster. The German utility was forced to close its Biblis nuclear power station, causing more than 200 million euros ($264 million) in lost income, a decision later declared illegal. RWE said in a statement that it had filed a lawsuit with the Essen regional court to claim against the Federal Republic of Germany and Hesse state, represented by the federal environment ministry and the Hesse state environment ministry respectively.
RWE Dea Norge completes Titan Appraisal Well
RWE Dea Norge AS, operator of production licence (PL)420, is completing drilling operations on appraisal well 35/9-11-S and sidetrack 35/9-11-A on the Titan discovery, 16 kilometres west of the Gjøa Field in the North Sea. The purpose of the well was to delineate the Titan discovery towards the south and to reduce the uncertainties in reservoir thicknesses and reservoir properties. With the appraisal well, oil was proven in the Heather Formation, the Brent Group, the Drake Formation, the Cook Formation and the Statfjord Formation.
RWE to Close Oil-fired Power Plant
Utility RWE said it would close a 1,140 megawatt oil-fired power station in Kent, southern England at the end of March 2015, among a number of older British plants to close because of EU environmental law. Britain is at risk of a power capacity crunch in the 2020s as nuclear stations come to the end of their life and coal and gas plants shut because they cannot afford to add technology to reduce greenhouse gas emissions to comply with EU laws. RWE said the Littlebrook Power Station had opted out of the European Union's Large Combustion Plant Directive…
RWE: Supply Risks, Power Crisis Bites
CEO says security of supply under threat; Germany should follow Britain, France in plant support scheme. Germany's RWE reported a 40-percent plunge in first-half profits, blaming loss-making power plants and warning that power supplies were under threat unless an ongoing crisis in Europe's energy sector was fixed. Germany's power sector has been in turmoil, hit by a prolonged period of weak energy demand, low wholesale power prices and a surge in renewable energy sources which continue to replace gas-fired and coal-fired power plants.
Algerian Reggane Nord Gas Project entering execution phase
A project consortium that includes RWE Dea has signed a major contract for the construction of a natural gas processing plant and infrastructure in the Algerian Sahara for the Reggane Nord project. The contract is valued at US$976 million and represents an important step forward for the project. Representatives of the Groupement Reggane of which RWE Dea is a partner signed the contract to construct the natural gas processing facilities and corresponding infrastructure including the gathering network and export pipeline on Thursday.
Russian Tycoon, Britain Clash over North Sea Deal
Russian billionaire Mikhail Fridman on Monday said he would buy a number of gas licenses in the North Sea despite British opposition, threatening legal action if London should force him to sell them on to a third party. German utility RWE on Monday finalised the sale of its oil and gas production unit DEA to Fridman's investment vehicle LetterOne, ending months of uncertainty over whether the 5.1 billion euro ($5.7 billion) deal would go ahead. The transaction, first announced a year ago, coincided with sanctions imposed on Russia for its actions in Ukraine…
MOL Still Keen on RWE's O&G Unit if Rival Deal Fails
Hungary's MOL Group said it would be interested in re-entering talks to buy RWE's oil and gas unit DEA if a 5.1 billion euro ($6.5 billion) sale to Russian billionaire Mikhail Fridman falls through. Investors and analysts have expressed concern about the deal since it was first announced in March, pointing to growing tensions between Europe and Russia over the Ukraine crisis. DEA, which operates in 14 countries, owns stakes in about 190 oil and gas licences or concessions in Europe, the Middle East and North Africa. RWE requires approval from local governments to complete the transaction.
RWE Taking No Part DEA Dispute
German utility RWE said on Tuesday it will not get involved in a potential legal dispute between Britain and Russian billionaire Mikhail Fridman's LetterOne over RWE's oil and gas business. LetterOne wrapped up the 5.1 billion euro ($5.49 billion) purchase of RWE's oil and gas unit DEA last week, but the British government threatened to force the sale of the arm's UK assets unless Fridman can assure they are immune to potential sanctions. Britain has given LetterOne until Wednesday to explain why it should be allowed to retain ownership of UK North Sea oil and gas fields under the DEA deal.
RWE Dea's 'The Breagh Story' Wins Film Awards In Houston, Hamburg
At the WorldFest 2014 International Film Festival in Houston, RWE Dea won the platinum award in the documentary category with “The Breagh Story”. The film also won the silver award in the energy category at this year’s WorldMedia Festival held in Hamburg. The documentary tells the story of one of RWE Dea’s largest projects – from the exploration of the Breagh gas discovery and the installation of the production platform, all the way through to first gas produced in October 2013. “Breagh was one of the most demanding projects ever undertaken by RWE Dea…