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The headquarters of the European Energy Exchange (EEX), world's biggest online power trading platform is seen in a centre-of-town high-rise office building in Leipzig, Germany April 25, 2021. REUTERS/Annegret Hilse/File Photo Acquire Licensing RightsBRUSSELS, Aug 21 (Reuters) - Deutsche Boerse's (DB1Gn.DE) European Energy Exchange (EEX) has to seek EU antitrust approval for its acquisition of Nasdaq's (NDAQ.O) European power trading and clearing business because of its importance to Europe's energy market, EU antitrust regulators said on Monday. The Commission said the two companies are the only providers of services facilitating the on-exchange trading and subsequent clearing of Nordic power contracts. This is the third time that the EU antitrust watchdog has used its power under the so-called Article 22 whereby EU countries can request that it reviews deals which do not meet the merger criteria but can impact their markets. Reporting by Foo Yun Chee and Sudip Kar-Gupta; Editing by Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

Persons: Annegret, Foo Yun Chee, Sudip Kar, Kirsten Donovan Organizations: European Energy Exchange, REUTERS, Rights, Deutsche, Energy Exchange, European Commission, Nasdaq, Thomson Locations: Leipzig, Germany, Denmark, Finland, Sweden, Norway

The aim is to shield European households and businesses from the kind of gas price spikes experienced since Russia's invasion of Ukraine. WHY CAP GAS PRICES? Gas prices have eased in recent months as the EU agreed some emergency measures, including obligations to fill gas storage, but they remain high. The EU price cap would not drop below 180 eur/MWh, even if the LNG price fell to far lower levels. The EU price cap is designed to be a temporary fix that would apply for one year.

☆ ICE warns EU gas price cap could see prices rise
▼ + stars: | 2022-12-06 | by ( Kate Abnett | ) www.reuters.com time to read: +3 min

Companies Intercontinental Exchange Inc FollowBRUSSELS, Dec 6 (Reuters) - An exchanges operator has warned the European Union that its proposal to cap gas prices would make it more likely that prices rise to hit the cap, according to a document seen by Reuters. In a memo sent to the Commission, the Intercontinental Exchange (ICE) - which hosts TTF trading - said that proposal could in fact drive prices higher, despite it being designed to cushion EU countries' economies from gas price spikes. The resulting shortage of sellers in the TTF market would drive up prices, it said. "The EU Commission hears the concerns and arguments expressed by the representatives of the European Gas Exchanges. The safeguards include that the Commission could immediately suspend the price cap if it caused negative consequences, including risks to financial stability or gas flows within Europe.

The price cap idea has led to persistent disagreements between the EU's 27 member states. Belgium, Greece, Italy and Poland are among the countries most vocal in calling for a gas price cap to be implemented, while the bloc's largest economy Germany has led the opposition. Historically, the gas price at the TTF hub has been used as a benchmark for LNG deliveries into Europe. PRICE CAP ON RUSSIAN GASThe Commission suggested a Russian gas price cap in September, but dropped the idea after resistance from central and eastern European countries worried Moscow would retaliate by cutting off the gas it still sends to them. Given that fall, some EU diplomats said a price cap would do little to reduce European gas prices, and would function as more of a geopolitical move to cut revenues to Moscow.

☆ BASF CFO Faces Wild Swings in Energy Prices as Company Looks to Budget for 2023
▼ + stars: | 2022-10-07 | by ( Nina Trentmann | ) www.wsj.com time to read: +6 min

There are roughly 15,000 people working for Mr. Engel, including in the company’s digital, finance and global shared-service teams. Mr. Engel declined to comment on the financial impact of the cut in production. However, the company expects it will become more difficult to pass on higher costs to customers, Mr. Engel said. Cash flows from operating activities came in at €1.2 billion in the second quarter, down €1.3 billion from the prior-year period. The company is slowing down its hiring and reducing its marketing budget, Mr. Engel said, adding that it hasn’t started cutting jobs.

☆ Cheniere CFO Aims for Investment-Grade Credit Rating as Natural-Gas Prices Soar
▼ + stars: | 2022-09-15 | by ( Kristin Broughton | ) www.wsj.com time to read: +6 min

Cheniere Energy Inc.’s finance chief is working toward landing an investment-grade credit rating in the coming year, as the largest U.S. exporter of liquefied natural gas pays down debt and benefits from the run-up in energy prices. Photo: Cheniere Energy Inc. The company expects to reach investment grade next year based on its current rating and financial position, Mr. Davis said. An investment-grade rating would provide confidence to long-term investors and customers that the company can survive volatility in commodity markets, Mr. Davis said. Higher natural gas prices have been a boon to Cheniere’s finances, prompting it to accelerate plans to pay down debt.

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