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☆ Covestro cuts profit outlook again on rising energy, raw material costs
▼ + stars: | 2022-10-25 | by ( Bartosz Dabrowski | ) www.reuters.com time to read: +2 min

The company's shares were down around 2% by 0810 GMT after it said it was only able to offset the sharp rise in raw material and energy prices to a small extent by higher prices. The group, whose main products include foam chemicals used in mattresses, car seats and insulation for buildings, sees full-year earnings before interests, taxes, depreciation and amortisation (EBITDA) in a range of 1.7 billion euros and 1.8 billion euros ($1.7 billion-$1.8 billion), compared with a previous forecast of 1.7 billions euros-2.2 billion euros. Register now for FREE unlimited access to Reuters.com RegisterIt lowered its free operating cash flow (FOCF) forecast to a range of 0 and 100 million euros from a previous range of 0 to 500 million euros. Covestro said third-quarter EBITDA fell 65% to 302 million euros, below the analysts' average estimate of 320 million euros in a company-provided poll. Chemical companies are among the hardest hit by the energy crisis because they use gas both as a raw material for production and as an energy source.

The 27 are expected to back an alternative price benchmark for liquefied natural gas and joint gas buying, after earlier agreeing to cut consumption and introduce levies on windfall profits in the energy industry. But they remain as split as they were months ago on whether and how to cap gas prices to stem high inflation and stave off recession, after Russia cut gas flows following its invasion of Ukraine. They will also discuss emergency spending to mitigate the effects the acute energy crunch has on their economies and 450 million citizens. But given EU countries' diverse energy mix and interests, the meeting risks falling short on concrete action, with other concerns being whether a gas cap would enable Britain to buy cheaper energy or compromise stability of supplies. EU energy ministers meet again next week but another senior EU diplomat said they did not expect more detailed decisions before November.

POSITIONS FAR APART1/6 European Council President Charles Michel attends the European Union leaders' summit in Brussels, Belgium, October 20, 2022. REUTERS/Yves Herman Read MoreThe most contentious issue facing the leaders is whether and how to cap gas prices. The leaders will also discuss emergency spending to cushion their economies and 450 million citizens from the energy crunch. Given EU countries' diverse energy mix and interests, the meeting risks falling short on short-term action to tackle high energy prices ahead of winter. EU energy ministers meet again next week and aim to agree on joint crisis measures in November.

☆ EU to propose extra energy measures, swerve immediate gas price cap
▼ + stars: | 2022-10-18 | by ( Kate Abnett | ) www.reuters.com time to read: +2 min

The measure must not affect EU security of gas supply, cause an increase in gas use, or disrupt the functioning of gas markets, it said. The move to curb TTF gas prices would require a separate proposal from Brussels and require approval from EU countries. The EU package is unlikely to placate all 27 EU countries - whose leaders will discuss the proposals at a summit on Oct. 20-21. Most EU countries have urged the Commission to urgently propose a gas price cap, but disagree on its design. EU energy regulators would also be changed with developing a new liquefied natural gas price benchmark by the end of March, and Brussels will launch a "tool" for EU countries to start jointly buying gas, according to the draft.

Gas leak at Nord Stream 2 as seen from the Danish F-16 interceptor on Bornholm, Denmark September 27, 2022. Sweden's daily Expressen reported that a section measuring at least 50 metres (164 feet) was missing from the ruptured Nord Stream 1 gas pipeline. Reuters could not independently verify that the images published by the paper were of Nord Stream 1. The measure would not launch immediately but would require a separate EU proposal and approval from EU countries to go ahead. Nord Stream 2 had not started commercial deliveries.

The measure must not affect EU security of gas supply, cause an increase in gas use, or disrupt the functioning of gas markets, it said. The move to curb TTF gas prices would require a separate proposal from Brussels and require approval from EU countries. The EU package includes other measures aimed at lessening the impact of high prices on consumers and businesses. The EU package is unlikely to placate all 27 EU countries - whose leaders will discuss the proposals at a summit on Oct. 20-21. Most EU countries have urged the Commission to urgently propose a gas price cap, but disagree on its design.

☆ Putin: Germany unlikely to accept gas via remaining Nord Stream 2 pipeline
▼ + stars: | 2022-10-14 | by ( ) www.reuters.com time to read: +1 min

Oct 14 (Reuters) - Russian President Vladimir Putin said on Friday Germany was unlikely to accept Russian gas from the one remaining undamaged line of the Nord Stream 2 pipeline, two days after Berlin rejected his initial offer. The Nord Stream pipelines, intended to carry gas from Russia to Germany under the Baltic Sea, suffered unexplained ruptures in three of their four lines, incidents that European countries have called sabotage. Register now for FREE unlimited access to Reuters.com RegisterPutin said on Wednesday that Russian gas could still be supplied to Europe through the one remaining intact line of the uncommissioned Nord Stream 2 pipeline, but a German government spokesman ruled this out. Germany froze the approval process for the recently laid Nord Stream 2 as Russia was preparing to invade Ukraine, and it was never opened. Register now for FREE unlimited access to Reuters.com RegisterReporting by Reuters; Editing by Kevin LiffeyOur Standards: The Thomson Reuters Trust Principles.

☆ 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.

☆ EU Readies New Proposals to Drive Down Energy Costs
▼ + stars: | 2022-10-12 | by ( Kim Mackrael | ) www.wsj.com time to read: 1 min

BRUSSELS—The European Union’s executive arm said it would propose new measures to intervene in the bloc’s energy market next week in an effort to provide relief for consumers and businesses squeezed by high electricity and natural-gas prices. EU Energy Commissioner Kadri Simson said Wednesday that the proposals would be aimed at lowering prices and ensuring that Europe has enough gas to keep its factories running and its homes heated through the winter. The potential moves are a response to Russia’s decision to wield its gas supply as a weapon of economic war, cutting the flow to gas to the continent and pushing many of its manufacturers to the brink.

EU energy ministers meeting in Prague will attempt to provide clearer instructions on what the European Commission should propose as the bloc's next emergency energy measure. With gas prices almost 90% higher than a year ago, most EU countries say they want a gas price cap, but disagree on its design. Those discussions "went in all directions", one EU diplomat said - referring to the numerous options being floated, including a price cap on all gas, pipeline gas, or just gas used to produce electricity. Some countries, including Germany, Europe's biggest gas consumer, oppose a broad gas price cap, fearing it would leave Europe struggling to attract supplies from price-competitive global markets this winter. Norway's energy minister Terje Aasland, who joined Wednesday's meeting along with other European non-EU members, said his country "doesn't recommend" a gas price cap.

☆ EU countries seek way out of impasse over gas price caps
▼ + stars: | 2022-10-12 | by ( Kate Abnett | ) www.reuters.com time to read: +3 min

With gas prices almost 90% higher than a year ago, most EU countries say they want a gas price cap, but disagree on its design. Those discussions "went in all directions", one EU diplomat said - referring to the numerous options being floated, including a price cap on all gas, pipeline gas, or just gas used to produce electricity. Another EU diplomat said no "unified signal" had come out of the leaders' talks. The idea has gained support among other countries, although some worry it could raise EU gas demand, since Spain's gas use increased under the measure. EU countries have already rushed through emergency energy windfall profit levies, gas storage filling obligations, and electricity demand curbs to address the surge in energy prices driven by Russia slashing gas supplies since it invaded Ukraine.

☆ Cepsa CEO: EU has a genuine energy crisis likely to last 'a couple of years'
▼ + stars: | 2022-10-12 | 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 EmailCepsa CEO: EU has a genuine energy crisis likely to last 'a couple of years'Maarten Wetselaar, CEO at Cepsa, discusses the EU energy crisis and the firm's plans for a green hydrogen corridor linking Spain with the Netherlands.

Firefighters work in the field near the Druzhba pipeline where an oil leak was detected, near the village of Zurawice, Poland, October 12, 2022. Poland said the leak in one of the Druzhba pipelines on the main route for oil to Germany was probably caused by an accident. EU nations have been seeking to reduce their reliance on Russian energy in response to Russia's invasion of Ukraine in February. EU energy ministers were meeting in Prague on Wednesday to try to agree new measures to tackle the crisis. Rocketing gas prices across Europe and Britain have driven up the cost of electricity.

☆ Poland finance minister: EU energy support packages should be a common solution for all
▼ + stars: | 2022-10-12 | 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 EmailPoland finance minister: EU energy support packages should be a common solution for allMagdalena Rzeczkowska, minister of finance for Poland, speaks to CNBC's Geoff Cutmore at the 2022 Annual Meetings of the International Monetary Fund and the World Bank Group in Washington, D.C.

German Chancellor Olaf Scholz (on screen), Economics Minister Robert Habeck and Finance Minister Christian Lindner attend a news conference about how to handle high gas prices, at the Chancellery in Berlin, September 29, 2022. Chancellor Olaf Scholz said on Tuesday that Germany could not expect energy deliveries from Russia for the foreseeable future but that the situation could be managed. "If we all continue to adapt to the changed situation - the citizens, the companies and the politicians - then we will get safely through this winter," Scholz told an engineering conference. Other European countries once dependent on Russia gas, such as Italy, have also been building up storage and sourcing supplies from other countries including Algeria and Azerbaijan. If adopted, the plan would be paid for by a 200 billion euro ($194 billion) relief package Chancellor Scholz's government announced last month to reduce the impact of energy prices.

☆ EU countries eye deal on more energy measures within weeks
▼ + stars: | 2022-10-10 | by ( Kate Abnett | ) www.reuters.com time to read: +3 min

BRUSSELS, Oct 10 (Reuters) - European Union countries will seek a November deal on more emergency measures to tackle high gas prices, officials said, although countries still disagree on what form those measures would take and whether they should cap gas prices. As Europe heads into a winter of scarce Russian gas supplies and high energy costs, EU energy ministers will meet in Prague on Wednesday to discuss their next move, having already rushed through emergency EU energy windfall profit levies, gas storage filling obligations, and electricity demand curbs. The senior EU official said that in their view countries were leaning towards the "Iberian model" of capping the price of gas used for power generation. Spain and Portugal capped the price of gas used in power generation in June, which has helped curb local power prices. The idea has gained traction among other countries, although some worry it could raise EU gas demand, since Spain's gas use increased under the measure.

☆ Hungary cannot support any new EU energy sanctions against Russia - govt
▼ + stars: | 2022-09-29 | by ( ) www.reuters.com time to read: +1 min

BUDAPEST, Sept 29 (Reuters) - Hungary cannot support the European Union's planned eighth round of sanctions against Russia over its invasion of Ukraine if those contain energy sanctions, Prime Minister Viktor Orban's chief of staff said on Thursday. The EU executive proposed on Wednesday fresh sanctions against Russia, including tighter trade restrictions, more individual blacklistings and an oil price cap for third countries. The proposed sanctions fall short of harder-hitting measures, including a ban on importing Russian diamonds, sought by Russia hawks Poland and the three Baltic countries. "Hungary has done a lot already to maintain European unity but if there are energy sanctions in the package, then we cannot and will not support it," Gergely Gulyas told a briefing. Hungary cannot support energy sanctions."

☆ EU countries head for deal on energy windfall levies, split over gas price cap
▼ + stars: | 2022-09-29 | by ( Kate Abnett | ) www.reuters.com time to read: +2 min

The 27 EU member countries are negotiating measures proposed by Brussels last week to attempt to contain an energy price surge that is stoking record-high inflation across the bloc and threatening a recession. But even before those measures are approved, countries are pushing Brussels for further action - specifically, a gas price cap. Fifteen countries, including France, Italy and Poland, on Tuesday urged the EU to propose a cap on gas prices. The European Commission's response, shared with countries on Wednesday evening struck a sceptical tone - warning a wholesale gas price cap could be complex to launch, require "significant financial resources", and cause gas supply disruptions. Germany, the Netherlands and Denmark are among those opposed to a gas price cap - setting up a potential scrap among countries if the EU were to propose the measure.

Russia intends to call a United Nations Security Council meeting over damage to the gas pipelines, Foreign Ministry spokeswoman Maria Zakharova said in a statement on Telegram. In the Baltic Sea, gas was still bubbling from the Nord Stream 1 pipeline, the Swedish Coast Guard said in an email. "There are good teams in place to handle pipeline accidents, there are emergency pipe inventories and experts for onshore and offshore," Jens Schumann, managing director of gas pipeline grid company Gasunie Deutschland, said. European gas prices rose following news of the leaks. The new Nord Stream 2 pipeline had yet to enter commercial operations.

"Any deliberate disruption of European energy infrastructure is utterly unacceptable and will be met with a robust and united response," Borrell said. A statement issued by Russia's embassy in Denmark said that any sabotage on Nord Stream's pipelines was an attack on both Russia's and Europe's energy security. Map of Nord Stream pipelines and locations of reported leaksGAS FLOWSOperator Nord Stream has called the damage "unprecedented", while Gazprom (GAZP.MM), the Russian-controlled company with a monopoly on its gas exports by pipeline, declined to comment. Russia reduced gas supplies to Europe via Nord Stream 1 before suspending flows altogether in August, blaming Western sanctions for causing technical difficulties. The new Nord Stream 2 pipeline had yet to enter commercial operations.

☆ EU tells countries gas price cap would come with risks
▼ + stars: | 2022-09-28 | by ( Kate Abnett | ) www.reuters.com time to read: +3 min

The document, seen by Reuters, said a wholesale price cap for exchange transactions - covering both liquefied natural gas and pipeline supplies - could disrupt flows of fuel between EU countries. A broad wholesale gas price cap would pose a bigger "risk of triggering supply disruptions" from foreign suppliers than a cap on just pipeline deliveries, it added. The EU could cap the price of Russian gas imports, or cap the price of gas used to generate electricity as a way to tame high power prices, the document said. EU countries disagree on whether a broad gas price cap would ease the supply crunch and energy price surge caused by Russia slashing supplies to Europe. France, Italy, Poland and 12 other countries urged Brussels on Tuesday to propose a wholesale gas price cap to help rein in surging inflation.

☆ EU countries at odds over possible gas price cap
▼ + stars: | 2022-09-28 | by ( Kate Abnett | ) www.reuters.com time to read: +3 min

BRUSSELS, Sept 28 (Reuters) - European Union countries were at odds on Wednesday over whether to cap gas prices in the bloc, with France, Belgium and 13 other states stepping up their call for the move opposed by Germany and others. Eyes were on the EU executive European Commission, which was expected to present an analysis on the feasibility of the bloc capping gas prices during a meeting of diplomats from the 27 EU member states on Wednesday. But with Germany, the Netherlands and Denmark among those arguing that a gas price cap would harm efforts to contain Europe's energy crunch, there were doubts as to whether any potential proposal could win sufficient support to become law. "It's highly questionable whether gas price caps are the right measure," an official from one EU country said, adding that saving energy should be countries' priority. Russia's two Nord Stream pipelines, built to carry gas to Europe, were damaged this week, with EU suspecting sabotage as leaks spewed greenhouse gas emissions into the Baltic Sea.

☆ EU countries eye delay to levy on fossil fuel windfall profits - document
▼ + stars: | 2022-09-27 | by ( Kate Abnett | ) www.reuters.com time to read: +2 min

The 27 EU member countries are negotiating measures proposed by Brussels last week to attempt to pull down sky-high energy costs - including bloc-wide windfall profit levies on energy firms. The latest compromise proposal for EU countries' negotiations, seen by Reuters, would let countries impose the EU's planned fossil fuel levy on firms' earnings from 2022, from both 2022 and 2023, or just from 2023 if they choose. States like Greece and Italy that already have a windfall profit tax on fossil fuel firms would be able to keep those schemes, if they are deemed "equivalent" to the EU levy. Countries could also impose a levy of above 33% of fossil fuel firms' excess profits in a fiscal year - the proposed EU rate - if they choose, the draft said. EU energy ministers would then approve the agreement at a meeting on Friday.

☆ Group of countries to push EU for gas price cap
▼ + stars: | 2022-09-26 | by ( Kate Abnett | ) www.reuters.com time to read: +3 min

REUTERS/Fabrizio BenschBRUSSELS, Sept 26 (Reuters) - A group of European Union countries want to push Brussels to produce plans this week for a bloc-wide cap on the price of gas, according to a draft letter seen by Reuters. The EU proposed a package of emergency measures to tackle soaring energy prices earlier this month, but has steered clear of a gas price cap, an idea which has split the bloc's 27 member states. Addressed to EU energy commissioner Kadri Simson, the draft letter called for a price cap on all wholesale gas transactions. Other states oppose capping gas prices, raising doubts as to whether any EU proposal would win sufficient support. EU countries are negotiating those proposals and aim to approve them when EU energy ministers meet on Friday.

☆ Bilfinger CEO: Maximising nuclear power would ease EU energy crisis
▼ + stars: | 2022-09-20 | 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 EmailBilfinger CEO: Maximising nuclear power would ease EU energy crisisThomas Schulz, CEO at Bilfinger, discusses EU energy supply, continental infrastructure, and nuclear as an alternative, sustainable source of energy.

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