DIRS.INFO The most relevant business & tech news

☆ Fears of European industry exodus to U.S. may be overdone
▼ + stars: | 2023-03-03 | by ( Philip Blenkinsop | ) www.reuters.com time to read: +6 min

However, the risks are offset not only by the substantial existing European incentives, but also other factors - such as proximity to European consumers - that many companies cite as critical in their decisions. Think tank Bruegel says EU support is already on a par with, or even larger than, IRA money. Moreover, well over half of the IRA support is for renewable energy production, with local content requirements playing a very limited role. Some executives say rather than providing more subsidies, Europe needs to simply improve the way they are given. The United States is not a panacea for European firms, not least due to questions about what approach the next U.S. administration might take.

☆ Tesla is not the only company reviewing its Europe investment after Biden's IRA
▼ + stars: | 2023-03-03 | by ( Silvia Amaro | ) www.cnbc.com time to read: +1 min

Tesla recently announced a strategy shift away from Europe as it seeks to benefit from unprecedented subsidies in the United States. But it's not the only company reviewing investment decisions vis-à-vis Europe. The landmark legislation, which features green subsidies for businesses, has raised competition issues for European companies — and upset politicians in the region. Northvolt, a Swedish battery maker; Linde, a chemical giant from Germany; Volkswagen, the carmaker; Enel , the Italian energy giant, have all expressed an interest in profiting from U.S. subsidies. It is still early to assess just how much investment could drift away from Europe as a result of Biden's policy.

☆ Enel Peru says state-run Chinese power firm eying possible purchase
▼ + stars: | 2023-02-24 | by ( Marco Aquino | ) www.reuters.com time to read: +2 min

LIMA, Feb 24 (Reuters) - The Peruvian unit of Italy's biggest power utility, Enel (ENEI.MI), said on Friday that state-owned China Southern Power Grid is carrying out "due diligence" on the local unit for a possible purchase offer on its energy distribution operations. Bloomberg reported earlier on Friday that the Chinese firm is weighing a possible bid for Enel's distribution business in Peru, which it said could be valued at some $3 billion. The Guangzhou-based power company's owner, state-owned Assets Supervision and Administration Commission of the State Council (SASAC), did not immediately respond to a request for comment. Part of that announcement included the plan to put up for sale Enel Peru's distribution and generation assets, which the state-controlled firm said was already under way at the time. On Friday, shares of Enel Distribucion Peru rose 25% on Lima's main stock exchange.

☆ Factbox: Company reaction to the U.S. Inflation Reduction Act
▼ + stars: | 2023-02-23 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Fabian Bimmer/File PhotoFeb 22 (Reuters) - Companies across North America and Europe have in recent months cheered the Biden Administration's $430 billion U.S. Inflation Reduction Act (IRA) that includes major provisions to cut carbon emission, boost domestic production and manufacturing. Holcim AG (HOLN.S)The world's biggest cement maker expects the IRA to provide a strong momentum for its business in North America. This month, it agreed to buy U.S. roofing systems manufacturer Duro-Last in a $1.29 billion deal, its latest move to bolster presence in North America. Linde (LIN.N),The gas giant has estimated the total investment opportunity for the company in the United States alone could exceed $30 billion over the next decade. BMW (BMWG.DE)The company plans to produce at least six fully electric models in its plant in South Carolina by 2030.

☆ China ban would slow, not halt, Western solar push
▼ + stars: | 2023-02-03 | by ( Lisa Jucca | ) www.reuters.com time to read: +3 min

Beijing may ban the export of technology used to make solar panels, an industry which China dominates by controlling at least 75% of its global supply chain. The ban would not, however, extend to China’s solar panels themselves, protecting an export market worth $40 billion in the first 10 months of 2022, sector data shows. Losing access to Chinese solar technology, such as furnaces for melting silicon, would not be an insurmountable problem for the West. A ban would nonetheless hurt a Western push to boost domestic solar panel manufacturing. Export restrictions would include technologies used to produce large-size solar panel silicon wafers, black silicon and ultra-efficient silicon ingots, according to Chinese media reports.

☆ Biden's IRA has left Europe blind-sided. And playing catchup could lead to 2 big mistakes
▼ + stars: | 2023-02-02 | by ( Silvia Amaro | ) www.cnbc.com time to read: +5 min

"U.S. legislation doesn't pass overnight," Emre Peker, director at the consultancy group Eurasia, told CNBC, adding that the EU could have acted faster. Luisa Santos, deputy director at BusinessEurope, a group of business federations, told CNBC that "it is still a bit early to say who will invest where." watch nowBelgian Prime Minister Alexander de Croo told CNBC that more state aid "is not a good answer." Several other experts have also raised concerns about easing state aid rules. Slow to respondIn addition to challenges with state aid relaxation, timing is also a risk.

☆ How to speed up the transition to green energy, according to leaders at Davos
▼ + stars: | 2023-01-19 | by ( Freya Graham | ) www.businessinsider.com time to read: +6 min

Leaders at Davos say government policy to incentivize the transition can push things forward. There's no 'silver bullet' solutionThe energy transition involves a huge variety of solutions coming together — renewable energy, electric vehicles, hydrogen technology, and nuclear power, to name a few, will all play a role. Andrés Gluski, CEO of energy company AES, said there isn't "one silver bullet" for the energy transition. Daniels said that while the US is using incentives to drive the energy transition, the EU is using rules and regulations. Ciorra also called China a champion of the electric transition, because "they are making this as a business."

☆ Italy set to appoint veteran economist Barbieri as new Treasury head
▼ + stars: | 2023-01-19 | by ( Giuseppe Fonte | ) www.reuters.com time to read: +3 min

SummarySummary Companies Barbieri to replace Rivera, who failed to win over MeloniPrevious Treasury chiefs include former PM DraghiBureaucrats in Italy get substantial say in policy-makingROME, Jan 19 (Reuters) - Italy's government is set to appoint veteran economist Riccardo Barbieri as director general of the Treasury, replacing Alessandro Rivera in the influential position, the economy ministry said on Thursday. The move marks a victory for newly installed Prime Minister Giorgia Meloni, who was looking to remove Rivera and put her stamp on key positions. "A cosmopolitan former banker and chief economist, Barbieri is one of the Treasury senior officials who liaises more frequently with Brussels," said Francesco Galietti, head of political risk consultancy Policy Sonar. MPS is 64%-owned by the Treasury following a 2017 bailout that cost taxpayers 5.4 billion euros ($5.8 billion). Rivera spent much of his career within the economy ministry, specialised in the handling of banking and financial crises.

☆ Energy crisis: The worst is over for Europe, Enel CEO says
▼ + stars: | 2023-01-19 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEnergy crisis: The worst is over for Europe, Enel CEO saysFrancesco Starace, CEO of Enel, says the Ukraine war has been a catalyst for more renewable energy.

☆ European markets head for lower open as investor mood sours
▼ + stars: | 2023-01-19 | by ( Holly Ellyatt | ) www.cnbc.com time to read: 1 min

European markets are heading for a negative open Thursday as investors gauge the economic outlook, a topic high on the agenda at the World Economic Forum in Davos this week. CNBC will be speaking to a range of delegates at the World Economic Forum on Wednesday, including the CEOs of Enel, Merck, Rio Tinto and leaders of the Netherlands and Ireland, among many others. The lower open in Europe comes after the Dow Jones Industrial Average tumbled more than 600 points on Wednesday as investors took profits on some of the strong January gains, and as a disappointing December retail sales reading in the U.S. raised concerns about a recession. Overnight, shares in the Asia-Pacific traded mixed on Thursday after tracking the losses on Wall Street.

☆ These low-volatility stocks beat the market last year — and analysts see further upside in 2023
▼ + stars: | 2023-01-04 | by ( Zavier Ong | ) www.cnbc.com time to read: +3 min

As market pros warn investors of bumpy times ahead , CNBC Pro used FactSet data to screen for low-volatility stocks that not only beat the market in 2022 but are expected to rise further this year. "Beta" is a measurement of a stock's volatility ; a beta of 1 means that a stock's volatility is equal to the market, whereas a beta below 1 means that stock is less volatile than the market. Its largest shareholder Deutsche Telekom made the list too, with the company given average upside of 34.5%. Fertilizer Stocks Fertilizer stocks Nutrien and Corteva made the screen too. Some 54% of analysts covering the stock still rate it a buy, however, with consensus estimates give the stock average upside of 38.6%

☆ Italy antitrust drops pricing probe into A2A and Hera, partially confirms for others
▼ + stars: | 2022-12-30 | by ( ) www.reuters.com time to read: +1 min

ROME, Dec 30 (Reuters) - Italy's antitrust authority on Friday said it had dropped its investigation into energy companies A2A (A2.MI) and Hera (HRA.MI) over suspected improper price-setting for gas and electricity. The agency also said its investigation into other utilities including Eni (ENI.MI) and Enel (ENEI.MI) would no longer cover price changes for contracts which had already expired or were due to expire. Eni, Enel as well as Edison (EDNn.MI), Acea (ACE.MI) and Engie (ENGIE.PA) remain under investigation for the alleged improper price-setting. The five energy companies were given five days to comply with an order to suspend all unilateral price changes they have introduced for open-ended contracts, with no clear or predetermined expiry date. Reporting by Alvise Armellini, additional reporting by Giancarlo Navach in Milan, editing by Louise Heavens, Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

☆ Italy to scrap suspension of changes to expiring energy contracts -draft decree
▼ + stars: | 2022-12-28 | by ( ) www.reuters.com time to read: +1 min

ROME, Dec 28 (Reuters) - The Italian government plans to allow utilities to go ahead with changes to expiring gas and electricity supply contracts which the antitrust authority had suspended, according to a draft decree seen by Reuters. It will however extend by two months to June 30 a suspension to changes made to non-expiring contracts, the document read, as it seeks to help firms and households cope with soaring energy prices. It suspended the validity of contracts from Aug. 10 this year to April 30 2023 that allowed the companies to change their prices. In a statement on Dec. 14, Enel said it would appeal the watchdog's move and that changes to terms of expired and expiring contracts subject to a potential renewal should not be affected. Reporting by Giuseppe Fonte, writing by Federico Maccioni; editing by Emelia Sithole-MatariseOur Standards: The Thomson Reuters Trust Principles.

☆ Enel signs state-backed credit line worth 12 bln euros
▼ + stars: | 2022-12-23 | by ( Francesca Landini | ) www.reuters.com time to read: +2 min

MILAN, Dec 23 (Reuters) - Enel (ENEI.MI) and a pool of banks signed a 12 billion euro ($12.74 billion) credit facility to fund margin calls linked to the group's derivative trades, Italy's biggest utility said. The financing is 70% guaranteed by the Italian export credit agency SACE and has a term of about 18 months, Enel said on Friday. As anticipated by Reuters, the credit line is part of the Italian government's efforts to shield the country's utilities against volatility on energy markets. Other Italian utilities are expected to apply for the SACE guarantee scheme. Italy's second-biggest utility A2A (A2.MI) told Reuters on Tuesday it would tap the credit facility backed by the credit export agency in January.

REUTERS/Dinuka Liyanawatte/File PhotoDec 13 (Reuters) - For the energy industry, 2022 will be remembered as the year Russia's invasion of Ukraine accelerated a global energy crisis. The world's top energy companies beat a hasty retreat from Russia and wrote off tens of billions of dollars in assets. WHY IT MATTERSRussia's invasion of Ukraine caused European countries to re-evaluate their relationship with that nation, long the continent's primary supplier of natural gas. "We are seeing nothing less than the termination of a successful 50-year partnership on gas between Russia and Europe," said Michael Stoppard, special adviser and global gas analyst at S&P Global Commodity Insights. As the year comes to a close, costs for natural gas and heating fuel have ebbed as economic activity declines.

☆ U.S. pledges to ramp up supplies of natural gas to Britain as Biden and Sunak seek to cut off Russia
▼ + stars: | 2022-12-07 | by ( Anmar Frangoul | ) www.cnbc.com time to read: +2 min

In this article ENEL-IT Follow your favorite stocks CREATE FREE ACCOUNTRishi Sunak and Joe Biden photographed on the sidelines of the G20 Summit in Indonesia on Nov. 16, 2022. Saul Loeb | AFP | Getty ImagesLONDON — The U.K. and U.S. are forming a new energy partnership focused on boosting energy security and reducing prices. Commenting on the plans, U.K. Prime Minister Rishi Sunak said: "We have the natural resources, industry and innovative thinking we need to create a better, freer system and accelerate the clean energy transition." "This partnership will bring down prices for British consumers and help end Europe's dependence on Russian energy once and for all." The news comes at a time of huge disruption within global energy markets following Russia's invasion of Ukraine in February.

NEW YORK, Dec 7 (Reuters) - Sonnedix and Cubico, two renewable energy developers, are competing to buy Chilean solar power assets that Italy's Enel (ENEI.MI) has put on the block to help trim debt, sources familiar with the matter told Reuters. Consisting of around 500 megawatts (MW) of operating and newly built sites, the portfolio is expected to fetch up to 1 billion euros ($1 billion). Enel and Cubico declined to comment. Pension and infrastructure funds have been buying stakes in low-carbon energy generation for many years, attracted by their predictable returns. Additional reporting by Valentina Za and Francesca Landini in Milan; editing by Cynthia OstermanOur Standards: The Thomson Reuters Trust Principles.

So far the practical help for a project that will create around 1,000 jobs, has come from the Europe Union. It also says its panels are better and that 3Sun will be the European Union's largest producer of high performance bifacial solar panels by 2024. Eurostat figures show around three quarters of Europe's solar panels are sourced from China. The European Union as a whole aims to reach almost 600 gigawatts (GW) of solar energy by 2030 and the number of installations is increasing. Enel is not limiting its ambitions to Europe, although it says at least 50% of its Sicilian production will be for the continent.

☆ Energy crisis highlights need to broaden renewables' supply chain
▼ + stars: | 2022-12-01 | by ( Laila Kearney | ) www.reuters.com time to read: +4 min

[1/2] Enel CEO Francesco Starace speaks during the Reuters NEXT Newsmaker event in New York City, New York, U.S., December 1, 2022. REUTERS/Brendan McDermidNEW YORK, Dec 1 (Reuters) - The global energy crisis sparked by war in Ukraine has underscored how parts of the renewables supply chain might face similar struggles if not quickly diversified, energy executives told the Reuters NEXT conference this week. "Out of this crisis, you learn that there are many other things that might follow this same pattern," said Francesco Starace, CEO of Italy's Enel (ENEI.MI), speaking at the conference on Thursday in New York. Starace noted how solar panels are produced overwhelmingly in China, saying that, and the manufacture of other energy components critical to transitioning from fossil fuels, are potential problem areas. South Africa, the most industrialized country in Africa, will need to add more than 50,000 megawatts (MW) of new power generation capacity to help meet demand and stabilize its grid, Brian Dames, chief executive officer of African Rainbow Energy & Power, said at a Reuters NEXT panel on Wednesday.

☆ U.S. subsidies better than EU ones on energy re-shoring, Enel CEO says
▼ + stars: | 2022-12-01 | by ( ) www.reuters.com time to read: +1 min

Companies Enel SpA FollowNEW YORK, Dec 1 (Reuters) - The U.S. Inflation Reduction Act is more efficient than European Union aid to support domestic production of energy sector components, the CEO of Europe's biggest utility Enel (ENEI.MI) said in an interview during the Reuters Next conference. The United States approved a $430-billion new green energy subsidy package in the summer labelled Inflation Reduction Act that offers tax breaks for components used in renewable energy technologies on condition they are made in North America. Starace called "problematic" the global dependence on Chinese solar materials, and confirmed Enel would ramp up its solar panel manufacturing capacity in Europe and in the United States with two plants. Europeans will eventually find an agreement on how to reduce the volatility of gas prices, the CEO of Enel said. To view the Reuters NEXT conference live on Nov. 30 and Dec. 1, please click [https://www.reuters.com/world/reuters-next/]Reporting by David Gaffen; writing by Francesca Landini Editing by Nick ZieminskiOur Standards: The Thomson Reuters Trust Principles.

☆ Energy markets are facing 'one or two years of extreme volatility,' Enel CEO says
▼ + stars: | 2022-11-29 | by ( Anmar Frangoul | ) www.cnbc.com time to read: +1 min

Europe's energy markets have experienced turbulence in recent months. The CEO of Italian power firm Enel told CNBC Tuesday that turbulence in energy markets was likely to persist for some time. "The turbulence we're going to have will remain — it might change a little bit, the pattern, but we're looking at one or two years of extreme volatility in the energy markets," he added. Russia was the biggest supplier of both natural gas and petroleum oils to the EU in 2021, but gas exports from Russia to the European Union have slid this year. "In the current context, the complete shutdown of Russian pipeline gas supplies to the European Union cannot be excluded ahead of the 2022/23 heating season — when the European gas market is at its most vulnerable."

☆ Italy applies 50% windfall tax on energy companies' extra income, draft shows
▼ + stars: | 2022-11-28 | by ( ) www.reuters.com time to read: +1 min

Companies Eni SpA FollowEnel SpA FollowROME, Nov 28 (Reuters) - Italy plans to apply a 50% one-off windfall tax next year on income of energy companies that have benefited from the surge in oil and gas prices, a draft of the government's 2023 budget seen by Reuters showed. The levy has a rate equal to 50% of the part of 2022 corporate income which is at least 10% higher than the average income reported between 2018 and 2021. It has a ceiling equal to 25% of the value of net assets at the end of 2021. That version envisaged a 35% tax running from January until July 2023 and calculated on energy companies' profits, rather than income as in the latest draft. ($1 = 0.9637 euros)Reporting by Giuseppe Fonte, editing by Gavin JonesOur Standards: The Thomson Reuters Trust Principles.

☆ Enel Chile says agreement with Shell to bring $500 mln positive impact
▼ + stars: | 2022-11-25 | by ( ) www.reuters.com time to read: +1 min

SANTIAGO, Nov 25 (Reuters) - Enel Generacion Chile (ENELGXCH.SN) said on Friday that it reached an agreement with Shell (SHEL.L) to carry out contractual modifications that would have a pre-tax financial positive impact of about $500 million. In a note to local markets regulator, Enel Generacion Chile said the changes are still pending some corporate authorizations that are expected in December. The note said that "among others", one of the changes is the partial disposal of projected excess liquefied natural gas. "It is estimated that the operation will have a positive impact on the pre-tax result of Enel Generacion Chile of approximately USD 500 million," the note added. On Tuesday, Enel , the Chilean subsidiary's parent company in Italy, announced plans to sell $21.5 billion in assets and pull out of certain markets.

☆ Italy's Enel to cut debt with 21 bln euro asset sale
▼ + stars: | 2022-11-22 | by ( ) www.reuters.com time to read: +1 min

MILAN, Nov 22 (Reuters) - Enel (ENEI.MI) plans asset sales worth 21 billion euros ($21.51 billion) to reduce net debt and focus its presence in six core countries, Italy's biggest utility said on Tuesday in its 2023-25 strategy update. Enel, which could also sell its gas portfolio in Spain, aims to reach a 51 billion-52 billion euro net debt target by the end of next year, from 69 billion euros at the end of September. Ordinary EBITDA is expected to grow to between 22.2 billion and 22.8 billion euros in 2025 from 19.0 billion-19.6 billion euros estimated in 2022. Enel pledged to reward investors with a 0.43 euro dividend for the 2023-2025 period, up from 0.40 euros in 2022. ($1 = 0.9761 euros)Reporting by Francesca Landini, editing Federico Maccioni, Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

☆ Rebound in oil, mining stocks lifts European shares
▼ + stars: | 2022-11-22 | by ( ) www.reuters.com time to read: +1 min

Nov 22 (Reuters) - European shares edged higher on Tuesday, supported by a recovery in commodity stocks after a rout in the previous session, with investors weighing mixed signals from European Central Bank (ECB) policymakers on their stance on interest rates. The pan-European STOXX 600 index (.STOXX) rose 0.2%, hovering near its strongest levels in over two months. Miners (.SXPP) gained 1.4%, after dropping 1.6% on Monday due to worries about surging COVID-19 cases in China. That followed remarks from other ECB officials this week that suggested the central bank could slow its pace of rate hikes. Reporting by Sruthi Shankar in Bengaluru; editing by Uttaresh.VOur Standards: The Thomson Reuters Trust Principles.

Search resuls for: "ENEL"

25 mentions found