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☆ European power use falls, but winter targets still a stretch
▼ + stars: | 2022-10-13 | by ( Leigh Thomas | ) www.reuters.com time to read: +4 min

European countries are racing to save energy going into the winter following a collapse in Russian gas exports in response to Western sanctions. To avoid forced power outages during peak winter demand, EU energy ministers agreed at the end of September to curb electricity consumption by 10% on a voluntary basis and committed to a mandatory 5% cut during peak hours each month. With weak nuclear production as well as a dry summer limiting hydroelectric output, high power prices are weighing on power demand and likely would for some time, Morgan Stanley said. Swings in power consumption can depend on factors including unseasonably warm or cold weather and the behaviour of consumers and businesses. Power consumption data for October suggest an even bigger drop - possibly as much as 10% or more - if the trend seen in the first week is maintained through the month.

☆ Steel makers fear deepening crisis from energy crunch as output halted
▼ + stars: | 2022-09-23 | by ( Philip Blenkinsop | ) www.reuters.com time to read: +5 min

Stainless metal coils are seen at the Belgian site of stainless steel maker Aperam, which has been forced to slow production due to spiralling energy prices, in Genk, Belgium September 22, 2022. Even with four wind turbines and over 50,000 solar panels at its site in eastern Belgium, stainless steel maker Aperam has been forced to halt production as surging energy prices bite. Hallemans says the potential payout producers such as Aperam would receive is unclear and could be months away, with energy prices sky-high just as Aperam seeks to bind customers to annual contracts. ThyssenKrupp Steel Europe has trimmed production there, with customers hesitant in the face of an emerging recession and energy prices that challenge its international competitiveness. Eurofer says the situation has worsened markedly since its August forecast of a modest 1.7% decline of European steel consumption this year, but a solid 5.6% rebound in 2023.

☆ Germany reaches provisional agreement on Uniper nationalization - Bloomberg
▼ + stars: | 2022-09-20 | by ( ) www.reuters.com time to read: +1 min

Register now for FREE unlimited access to Reuters.com RegisterThe logo of German energy utility company Uniper SE is pictured in the company's headquarters in Duesseldorf, Germany, March 10, 2020. REUTERS/Thilo SchmuelgenCompanies Uniper SE FollowFortum Oyj FollowBERLIN, Sept 20 (Reuters) - Germany has reached a provisional agreement with Uniper (UN01.DE) and its Finnish parent, Fortum (FORTUM.HE), about nationalizing the ailing German gas importer, Bloomberg reported on Tuesday, citing sources familiar with the situation. The German government aims to make an announcement regarding the agreement this week although contracts have not yet been signed, according to the report. Register now for FREE unlimited access to Reuters.com RegisterFortum also did not comment on the report while Uniper was not immediately available for comment. Register now for FREE unlimited access to Reuters.com RegisterReporting by Tom Kaeckenhoff, Christoph Steitz, Riham Alkousaa, Writing by Miranda Murray, Editing by Rachel MoreOur Standards: The Thomson Reuters Trust Principles.

The logo of the energy company Fortum headquarters a subsidiary of Uniper is pictured in Espoo, Finland July 22, 2022. Roni Rekomaa/Lehtikuva/via REUTERSRegister now for FREE unlimited access to Reuters.com RegisterCompanies Fortum Oyj FollowUniper SE FollowBERLIN/DUESSELDORF, Sept 20 (Reuters) - Germany is set to buy Fortum's (FORTUM.HE) stake in Uniper (UN01.DE) and inject a further 8 billion euros ($8 billion) as part of a nationalisation of the gas importer, Uniper said on Tuesday. The capital injection, which would come via a capital increase subscribed only by Germany's government, would bring the total package of loans and equity used to stabilise Uniper so far to at least 29 billion euros. Register now for FREE unlimited access to Reuters.com RegisterFortum, which owns a 78% stake in Uniper, said that the deal will include the "return of the financing Fortum granted to Uniper" which the Finnish group has put at 8 billion euros. ($1 = 1.0019 euros)Register now for FREE unlimited access to Reuters.com RegisterReporting by Markus Wacket and Riham Alkousaa in Berlin, Tom Kaeckenhoff in Duesseldorf and Christoph Steitz in Frankfurt, editing by Rachel MoreOur Standards: The Thomson Reuters Trust Principles.

The logo of German energy utility company Uniper SE is pictured in the company's headquarters in Duesseldorf, Germany, March 10, 2020. REUTERS/Thilo SchmuelgenLONDON/FRANKFURT, Sept 19 (Reuters) - German utilities RWE (RWEG.DE) and Uniper (UN01.DE) are close to striking long-term deals to buy liquefied natural gas (LNG) from Qatar's North Field Expansion project to help replace Russian gas, three sources familiar with the matter said. Qatar Energy did not immediately respond to a request for comment. Uniper told Reuters on Monday that it remained in talks with Qatar but had not reached a deal. read moreGULF TRIPAt the moment, the two utilities buy LNG from Qatar on the spot market.

☆ Factbox: Nord Stream's role in Russia's gas supply to Europe
▼ + stars: | 2022-07-18 | by ( ) www.reuters.com time to read: +3 min

The logo of Nord Stream AG is seen at an office building in the town of Vyborg, Leningrad Region, Russia August 22, 2022. Below are further details of the importance of the pipeline in carrying Russian gas to Europe. In Germany, the gas is received by the connecting pipelines OPAL (Baltic Sea Pipeline Link) and NEL (North European Gas Pipeline), which link into the European grid. OWNERSThe pipeline is majority-owned by Gazprom (GAZP.MM) and forms the main route through which Russian gas flows to Germany. OPERATORSThe Switzerland-based Nord Stream AG consortium is the operating company for transit, technical, legal and environmental matters, but does not own the asset or the gas in it.

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