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Earlier this month, she said the U.S. offshore wind industry was "fundamentally broken" after BP wrote down $540 million on its wind power projects offshore New York, blaming inflation and red tape that meant projects ran over budget and over time. Globally, the renewables sector has been undermined by slow permitting, technological challenges, rising raw material costs and higher costs of capital. As BP seeks to guarantee it can meet its internal returns target of 6% to 8% on renewables projects, Dotzenrath said BP was working out how to reduce costs globally. You need one of the local energy suppliers to help you push ahead with the permitting processes and establish the onshore grid connection," she said. BP does not produce electrolysers, which split water to produce hydrogen, but Dotzenrath said did not rule out greater involvement.

Persons: Chris Helgren, Anja, Isabel Dotzenrath, Norway's Equinor, Denmark's, Dotzenrath, we'll, Chancellor Olaf Scholz, Thyssenkrupp, Christoph Steitz, Ron Bousso, Barbara Lewis Organizations: BP, REUTERS, Reuters, Siemens Energy, BASF, Thomson Locations: Vancouver , British Columbia, Canada, LONDON, Japan, U.S, New York, U.S.A, Germany

☆ Germany buys stake in EnBW's high voltage grid for $1.1 bln
▼ + stars: | 2023-11-10 | by ( ) www.reuters.com time to read: +1 min

Solar panels of Germany's largest solar park Weesow-Willmersdorf by energy supplier EnBW AG are seen during sunset in Werneuchen, Germany September 21, 2023. EnBW earlier this year already sold a 24.95% stake in TransnetBW to a savings banks-led consortium for around 1 billion euros ($1.1 billion). The group confirmed that KfW had bought its stake at the same conditions, without providing details. "We are delighted to welcome two long-term oriented and reliable co-investors on board at TransnetBW," EnBW finance chief Thomas Kusterer said in a statement. "This provides EnBW with additional funding for growth investments to accelerate the implementation of the energy transition in Germany."

Persons: Lisi Niesner, firming, KfW, Thomas Kusterer, Christoph Steitz, Jan Harvey Organizations: EnBW, REUTERS, Rights, Thomson Locations: Werneuchen, Germany, TransnetBW, Berlin

☆ German court throws out lower grid operator returns set by regulator
▼ + stars: | 2023-08-30 | by ( ) www.reuters.com time to read: +2 min

Electrical power pylons with high-voltage power lines are seen next to wind turbines near Weselitz, Germany November 18, 2022. REUTERS/Lisi Niesner/File Photo Acquire Licensing RightsFRANKFURT, Aug 30 (Reuters) - A German court on Wednesday threw out the rates of return for power and gas network infrastructure operators set in 2021 by the grid regulator, saying companies were right to complain they were too low. The federal regulator, called the Bundesnetzagentur, had set permitted future returns for new power and gas infrastructure at 5.07%, versus 6.91% previously, leading 900 operators of local distribution networks to launch an appeal. The court in June heard test cases from 14 selected companies and upheld their arguments, it said in a statement. Leading power grid companies including E.ON (EONGn.DE) and EnBW (EBKG.DE) have said they need more money to remain competitive when billions of euros must be spent to accommodate more wind and solar power production plants on the grids.

Persons: Lisi Niesner, Kerstin Andreae, Vera Eckert, Tom Kaeckenhoff, Mark Potter, Mark Porter Organizations: REUTERS, Rights, Wednesday, E.ON, Thomson Locations: Weselitz, Germany, Ukraine

FRANKFURT/LONDON July 13 (Reuters) - Energy majors BP (BP.L) and TotalEnergies (TTEF.PA) have won a 7 gigawatt (GW) offshore wind site auction in Germany worth a record 12.6 billion euros ($14.1 billion), allowing them entry to the central European market without a partnership. The awards for capacity due to come online in 2030 also excluded leading offshore wind developers, such as RWE (RWEG.DE) and Orsted (ORSTED.CO). AUCTION DESIGNThe 7 GW electronic auction officially opened in January and bidders had until June 1 to submit offers. In previous German lease auctions, companies have made low or negative bids with the expectation of subsidies from the state. Industry groups have said the high costs of the leases could drive up the cost of offshore wind projects.

Persons: Bundesnetzagentur, Bernstein, WindEurope, Orsted, Norway's, TotalEnergies, Vera Eckert, Susanna Twidale, Christoph Steitz, Ron Bousso, Nora Buli, Nina Chestney, Barbara Lewis Organizations: Energy, BP, Industry, Thomson Locations: FRANKFURT, Germany, Macquarie, England, Danish

Henriette Borgund knows attackers can find weaknesses in the defences of a big renewables power company - she's found them herself. She joined Norway's Hydro (NHY.OL) as an "ethical hacker" last April, bringing years of experience in military cyberdefence to bear at a time of war in Europe and chaos in energy markets. They're nervously monitoring a hybrid war where physical energy infrastructure has already been targeted, from the Nord Stream gas pipelines to the Kakhovka dam. It said Russia had tried to destroy digital networks and cause power cuts, and that missile attacks on facilities were often accompanied by cyberattacks. "Companies in the energy space, their core business is producing energy, not cybersecurity," said Jalal Bouhdada, CEO of cybersecurity firm Applied Risk, a division of DNV.

Persons: Nora Buli, Henriette Borgund, she's, shoring, Michael Ebner, cyberattacks, didn't, Swantje Westpfahl, James Forrest, Cem Gocgoren, Stephan Gerling, Mathias Boeswetter, Leonhard Birnbaum, Jalal Bouhdada, Nina Chestney, Christoph Steitz, America Hernandez, Paris Pavel Polityuk, Guy Faulconbridge, Pravin Organizations: REUTERS, Norway's Hydro, Reuters, Hydro's Oslo, Hydro, Ukraine, cyberattacks, Germany's Institute for Security, TRITON, Triton, Svenska, ICS CERT, University of Tulsa, E.ON, " Companies, Pravin Char, Thomson Locations: Norwegian, Fosen, Norway, Ukraine, OSLO, LONDON, FRANKFURT, Europe, Nord, Russia, Ukrainian, Moscow, United States, Russian, Capgemini, Saudi, Swedish, DNV, Oslo, London, Frankfurt, Paris, Kiev

☆ Exclusive: LNG developer Venture Global spars with customers over cargoes
▼ + stars: | 2023-06-09 | by ( Curtis Williams | ) www.reuters.com time to read: +5 min

Italian electric utility company, Edison SpA (EDNn.MI), in May brought an arbitration proceeding against Venture Global over its failure to supply cargoes, Edison's spokeswoman said. Venture Global described the complex at the time of its first cargo shipment last year as holding "the global record for the fastest large-scale greenfield LNG facility to ever be built." Edison and Repsol signed purchase contracts with Venture Global in 2017 and 2018, respectively. That volume irked contract customers who believe Venture Global took advantage of high spot LNG prices at their expense. In its reply to DOE, Venture Global chastised Repsol as an "impatient" customer.

Persons: Shaylyn Hynes, Hynes, Repsol, Portugal's, Edison, Venture Global's Hynes, Curtis Williams, Gary McWilliams, Paul Simao Organizations: HOUSTON, Venture Global LNG, U.S, LNG, Edison SpA, Venture Global, Repsol SA, U.S . Department of Energy, DOE, Venture, Reuters, Edison, Shell, Federal Energy Regulatory Commission, General Electric Co, Thomson Locations: Calcasieu, Spanish, Arlington , Virginia, Cameron Parish , Louisiana, Europe, Russia, Ukraine

"From our point of view, Rostock with its overseas port and an existing ammonia terminal can become a hub for international hydrogen imports into eastern Germany," said Hans-Joachim Polk, board member for infrastructure and technology. In another cooperation, VNG is sounding out Algeria's state oil and gas producer Sonatrach with a view to possibly arranging green hydrogen imports into Rostock via Tunisian and Italian natural gas pipelines, Polk told a press briefing. As customers across Europe baulked at sky-high prices, VNG's gas sales fell 23% last year to 588 billion kilowatt hours (kWh). As well as gas sales to local utilities and industry, the group has a wide range of activities in high pressure and distribution gas pipelines, storage facilities and biogas. Reporting by Vera Eckert; Editing by Rachel More, Friederike Heine and Susan FentonOur Standards: The Thomson Reuters Trust Principles.

☆ A credit crunch could worsen the bank turmoil and commercial real estate could be next domino to fall
▼ + stars: | 2023-03-27 | by ( Phil Rosen | ) www.businessinsider.com time to read: +5 min

Odds are, commercial real estate is the next shoe to drop for the banking sector after this month's unrest. "Commercial real estate [is] widely seen as next shoe to drop as lending standards for CRE loans to tighten further," BofA's Michael Hartnett said. Regional banks have enormous exposure to commercial real estate loans. But this time around, it is commercial rather than residential real estate that may be in trouble. Are you worried about the impact of commercial real estate on the banking sector and the economy?

China currently dominates the supply chain for many of the entries on Europe's list of "strategic" metals. By which time not more than 65% of any strategic metal's consumption will be able to come from a single third country. Europe has no strategic metal inventory, unlike the United States, China and South Korea. Given such a humble starting point, it seems unlikely EU strategic metal reserves are going to come any time soon, if they come at all. What started as a response to China's dominance of critical metals supply has been accelerated by Russia's invasion of Ukraine.

Shares in EnBW rose 5.5% after the news to end the day at their highest level in five weeks. The savings banks in Baden-Wuerttemberg, where EnBW is based, are part of the final bidding round, their president Peter Schneider said last week. KfW, EnBW and CIP declined to comment. EnBW Chief Financial Officer Thomas Kusterer in November said EnBW hoped to conclude the sales process in early 2023. ($1 = 0.9297 euros)Reporting by Christoph Steitz and Markus Wacket Editing by Miranda Murray and Emelia Sithole-MatariseOur Standards: The Thomson Reuters Trust Principles.

☆ Germany's half-a-trillion dollar energy bazooka may not be enough
▼ + stars: | 2022-12-15 | by ( Christoph Steitz | ) www.reuters.com time to read: +8 min

Almost half a trillion dollars, and counting, since the Ukraine war jolted it into an energy crisis nine months ago. The money set aside stands at up to 440 billion euros ($465 billion), according to the calculations, which provide the first combined tally of all of Germany's drives aimed at avoiding running out of power and securing new sources of energy. That equates to about 1.5 billion euros a day since Russia invaded Ukraine on Feb. 24. Energy rationing is a risk in the event of a long cold spell this winter, Germany's first in half a century without Russian gas. There's no security in sight either, with the push to build up of two alternatives to Russian fuel - liquefied natural gas (LNG) and renewables - years away from targeted levels.

☆ Nio to install 20 battery-swapping stations in EnBW charging parks
▼ + stars: | 2022-12-08 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Dec 8 (Reuters) - Chinese electric vehicle maker Nio will install swapping stations, where drivers can switch their car battery for a fully-charged one, at 20 charging parks in Germany owned by utility EnBW (EBKG.DE), the utility provider said on Thursday. Nio launched in Germany in October on a leasing model, with users leasing cars with a 75 gigawatt hour battery for 1,199-1,295 euros ($1,171-$1,264) a month depending on the length of the subscription, which can be as short as a month. The carmaker, which is aiming for 120 swapping stations in Europe by the end of 2023, opened its first swapping station in Germany in late September in Zusmarshausen in collaboration with charging operator Sortimo and mobility technology company TSG. EnBW, which is investing over 100 million euros ($105.26 million) a year in expanding electric vehicle charging infrastructure, plans to expand its partnership with Nio to install more swapping stations in future, the provider's statement said. ($1 = 0.9500 euros)Reporting by Victoria Waldersee, editing by Rachel MoreOur Standards: The Thomson Reuters Trust Principles.

☆ Factbox: Germany's LNG import project plans
▼ + stars: | 2022-10-28 | by ( ) www.reuters.com time to read: +2 min

FRANKFURT, Oct 28 (Reuters) - Germany is acquiring liquefied natural gas (LNG) terminals as part of its efforts to diversify away from Russian gas. Wilhelmshaven will become the first LNG hub and Brunsbuettel the second, to be developed by Uniper UN01.DE and RWE RWEG.DE, respectively. Later, facilities to import ammonia and set up an electrolysis plant for turning ammonia into clean hydrogen will be set up at the location. Dutch gas network operator Gasunie, which has a 40% stake in the FSRU project, is planning two related gas pipelines. Shell (SHEL.L) has committed itself to some guaranteed purchases.

☆ Factbox: How is Germany replacing Russian gas?
▼ + stars: | 2022-10-24 | by ( ) www.reuters.com time to read: +2 min

FRANKFURT, Oct 24 (Reuters) - Germany, Europe's biggest economy and historically a major importer of Russian gas, is scrambling to secure alternative supplies following a plunge in flows from Russia since its invasion of Ukraine. Germany is sourcing more gas from Benelux countries, Norway, and France. IMPORTERS' STRATEGIESStricken importer Uniper (UN01.DE) has said it is sourcing Norwegian, Dutch and Azeri gas via pipelines and using its global role as a trader of liquefied natural gas (LNG) to procure more of the super-cooled gas into north western Europe. LNG TERMINALSIn the absence of LNG reception terminals, Germany is building floating LNG terminals (FSRUs), of which two will be ready at the turn of the year, in Brunsbuettel and Wilhelmshaven. In the long term, fixed onshore terminals will be built with a view to receiving gas, carbon-free hydrogen, and ammonia.

☆ Explainer: How will Germany implement its nuclear power extension?
▼ + stars: | 2022-10-18 | by ( ) www.reuters.com time to read: +5 min

The operators of the three remaining nuclear power plants are E.ON (Isar 2), RWE (RWEG.DE) (Emsland) and EnBW (EBKG.DE) (Neckarwestheim 2). HOW LONG CAN THE PLANTS RUN WITH EXISTING FUEL RODS? According to industry group Nuclear Technology Germany (KernD), it usually takes around one year until fresh fuel rods are delivered. CAN GERMANY EXTEND NUCLEAR POWER BEYOND APRIL 2023? Politically, extending the lifespan of nuclear power is a red line for the Greens party, which has ruled out buying new fuel rods for longer operation of the country's remaining nuclear power plants.

☆ Germany's EnBW says Sefe settlement cuts negative impact on profit
▼ + stars: | 2022-10-10 | by ( Ludwig Burger | ) www.reuters.com time to read: +3 min

A general view of pipelines on the gas storage facility at the gas trading company VNG AG in Bad Lauchstaedt, Germany July 28, 2022. The negative earnings impact for 2022 will likely be below 1.3 billion euros ($1.3 billion), an upper limit mentioned in its second-quarter report, but above 545 million euros, EnBW said in a statement on Monday. EnBW's VNG (VNG.UL) relies on Sefe for 65 terawatt hours (TWh) of gas supplies, accounting for much of its gas procurement needs. As a result of this, Germany's largest gas importers - Uniper (UN01.DE), Sefe and VNG - have either been bailed out or requested state aid to stay afloat. More specific effects on EnBW's finances and cash flows depend on further talks with the German government, the utility added.

REUTERS/Annegret Hilse/File PhotoBERLIN, Sept 22 (Reuters) - The German government has opened discussions about providing urgent support for scores of regional state-owned energy providers which are struggling to cope with soaring gas prices, three sources familiar with the matter said. A spokesperson for Germany's economy ministry said it was in contact with the country's regional states concerning the municipal authorities, but declined to elaborate. There is a growing sense of urgency to provide support as energy bills for German households and industry become increasingly unaffordable. Liebing, who has previously warned about insolvencies in the sector, said the talks involved measures needed to shield municipal utilities from "acute" difficulties. "Should municipal authorities be at risk of collapse, many other services such as water, bin collection and public transport could fall apart," he said.

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