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☆ EU competition chief flags fresh probes into multinationals' tax deals
▼ + stars: | 2023-03-20 | by ( Foo Yun Chee | ) www.reuters.com time to read: +1 min

BRUSSELS, March 20 (Reuters) - EU regulators are likely to open investigations into tax deals between EU countries and multinationals after reviewing their arrangements in the previous decade, the bloc's competition chief warned on Monday. European Commission Vice-President Margrethe Vestager, who has ordered Apple (AAPL.O) to pay 13 billion euros in back taxes in Ireland and Amazon (AMZN.O) 250 million euros to Luxembourg, among a dozen cases, has said such tax deals amount to illegal tax breaks. Despite her crackdown, Vestager said aggressive tax planning "is still with us". She did, however, get the court's backing for her order to Engie to pay back taxes of 120 million euros to Luxembourg. And Belgium, Ireland, Luxembourg and the Netherlands have all changed their tax practices in response to her tax crusade.

☆ French strikes continue to block refinery shipments and LNG terminals
▼ + stars: | 2023-03-20 | by ( Forrest Crellin | ) www.reuters.com time to read: +4 min

REUTERS/Eric GaillardPARIS, March 20 (Reuters) - Shipments of refined products from French refinery and depots were blocked on Monday by a 13th day of strike action, though some refineries operated with a reduced flow. The cost of keeping LR2 vessels floating outside ports is leading many traders to avoid shipments into France, traders said. Strikes also continued through the weekend and into Monday at ExxonMobil (XOM.N) subsidiary Esso's Fos refinery, blocking deliveries, CGT union representative Germinal Lancelin said. At French liquefied natural gas (LNG) terminals, the strike was extended until March 27 at the three terminals operated by Engie (ENGIE.PA) subsidiary Elengy, a union representative said. Another vote will be held later this week, possibly on Wednesday, on whether to take further strike action, the representative added.

☆ Corporate Climate Targets Get Lift Under Rosier U.S. Government Emissions Outlook
▼ + stars: | 2023-03-17 | by ( Dieter Holger | ) www.wsj.com time to read: +3 min

A new government projection says the U.S. climate bill will speed up cuts to greenhouse-gas emissions this decade, helping ease the burden on corporate climate targets but still falling short of Paris Agreement ambitions. The EIA considers only energy-related emissions, not the entire economy, and uses 2005 as the baseline because the Paris Agreement also targets that year. The EIA attributed most of the improvement to the 2022 climate bill known as the Inflation Reduction Act. It also remains to be seen if the rosier outlook will spur companies to raise their climate ambitions. “I’m not sure it will lead to more ambitious corporate climate targets, many of which are already targeting net-zero emissions—a goal that will require policy and technology adoption well beyond that included in EIA’s new projections,” Mr. Newell said.

[1/11] Protesters take part in a demonstration against the French government's pension reform plan, as part of the eighth day of national strike and protests, in Ancenis-Saint-Gereon, France, March 15, 2023. The pension bill passed to a joint parliamentary committee on Wednesday where lawmakers from the lower and upper chambers are seeking a compromise text. If a deal is reached, a final vote in both the Senate and National Assembly will be held on Thursday. This new day of protests "is meant to tell lawmakers: don't vote this reform," he said. "In the National Assembly, there will not be an easy vote, nor will there be panic," government spokesman Olivier Veran told Europe 1 radio station.

☆ As Treasury yields surge, these global stocks have yields of over 5%
▼ + stars: | 2023-03-10 | by ( Weizhen Tan | ) www.cnbc.com time to read: +2 min

Bond yields are surging , as markets get jittery on reignited fears that the U.S. Federal Reserve will keep interest rates higher for longer. It drove stocks lower and bond yields higher (yields rise as prices fall). As rates surge, it becomes harder to find stocks that can compete on a yield basis — but some do exist. CNBC Pro used FactSet to screen for global stocks on the MSCI World index with yields above 5%. Engie had a buy rating from 73% of analysts, while SITC got 85% — the highest buy rating among the screened stocks.

☆ Goldman Sachs says these 8 beaten-up stocks will turn profitable this year — and outperform the market
▼ + stars: | 2023-03-03 | by ( Ganesh Rao | ) www.cnbc.com time to read: +2 min

Goldman Sachs has named eight global stocks of companies that will become profitable this year and beat the broader market. In a new research report, the investment bank found that companies that transition from unprofitable to profitable during a market recovery typically outperform the broader market. Goldman Sachs also said stocks of European companies undergoing this transition are already showing signs of outperformance against the Stoxx 600 by 6%. Pan-European classifieds operator Adevinta and Swiss solar power engineering firm Meyer Burger are also expected to turn profitable this year. However, Goldman cautioned that the bank isn't certain the market has reached its bottom, and the trend applies only in a market recovery scenario.

[1/5] The logo of Nord Stream AG is seen at an office building in the town of Vyborg, Leningrad Region, Russia August 22, 2022. Nord Stream 1 and Nord Stream 2, each consisting of two pipes, were built by Russia's state-controlled Gazprom to pump 110 billion cubic metres (bcm) of natural gas a year to Germany under the Baltic Sea. Three of the pipes were ruptured by unexplained blasts in September, and one of the Nord Stream 2 pipes remains intact. Engie (ENGIE.PA), Gasunie (GSUNI.UL) and Wintershall DEA (WINT.UL) (BASFn.DE) - stakeholders in Nord Stream AG, the operator of Nord Stream 1 - declined to comment. The similar-sized Nord Stream 2 had been completed in September 2021 as tensions with Russia were growing and ran in trouble as Germany's regulators refused to certify it.

☆ Explainer: Europe gets ready to revamp its electricity market
▼ + stars: | 2023-02-27 | by ( Kate Abnett | ) www.reuters.com time to read: +6 min

STOCKHOLM, Feb 27 (Reuters) - European Union energy ministers meet on Monday to debate upcoming power market reforms. Currently, power prices in Europe are set by the running cost of the plant that supplies the final chunk of power needed to meet overall demand. Often, that is a gas plant, so gas price spikes can send electricity prices soaring. They say Europe's existing power market is functioning well, and has fostered years of lower power prices, supported renewable energy and helped avoid energy shortages. The Commission initially pitched the reform as a chance to "decouple" gas and power prices in Europe, suggesting a redesign of the current system of setting power prices.

☆ BofA says these global stocks can weather a choppy market — and are 'inexpensive'
▼ + stars: | 2023-02-15 | by ( Weizhen Tan | ) www.cnbc.com time to read: +2 min

As sentiment turns a little bearish, BofA screened for cheaper global stocks that proved resilient during the financial crisis of 2008. Europe has been one of the brightest spots in the global stock market this year, with Wall Street calling the region a better bet than the U.S. right now . BofA screen BofA screened for European stocks that met the following criteria: Inexpensive compared with the past 15 years' average 12-month forward price to earnings ratio. According to FactSet, analysts covering the stock gave it average potential upside of around 23%, and 62% rated it a buy. According to FactSet, analysts covering the stock gave it average potential upside of around 26%, and 78% rated it a buy.

☆ Belgium to extend life of two nuclear reactors by 10 years
▼ + stars: | 2023-01-09 | by ( ) www.reuters.com time to read: +3 min

Companies Engie SA FollowBRUSSELS, Jan 9 (Reuters) - Belgium has reached an agreement with French utility Engie to extend the life of two nuclear reactors by 10 years, the prime minister said on Monday, overturning a plan to exit nuclear power in 2025 as the war in Ukraine has changed energy strategy. "The extension of these two nuclear reactors is crucial to guarantee our energy security," Belgian Prime Minister Alexander De Croo told a news conference after meeting cabinet members. Belgium had planned to exit nuclear power entirely in 2025, but Russia's invasion of Ukraine has forced the government to rethink plans to rely more on natural gas. Belgium's six operating nuclear reactors have a combined capacity of about 5 gigawatt and generate about half of the country's electricity, World Nuclear Association data show. The cost of the future dismantling of the Belgian reactors will remain Engie's responsibility, De Croo added.

☆ 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.

☆ European energy firms dominate landmark California offshore wind auction
▼ + stars: | 2022-12-07 | by ( Nichola Groom | ) www.reuters.com time to read: +3 min

The auction began on Tuesday and ended Wednesday, the offshore wind industry's first chance to snag leases in waters off the U.S. West Coast. "Today’s lease sale is further proof that industry momentum -- including for floating offshore wind development -- is undeniable," U.S. Winners of the five leases were mainly divisions of European energy companies already developing projects in the U.S. offshore wind market. "The macroeconomic environment has hardened significantly over the last six to 12 months," said Alon Carmel, a partner at consultancy PA Consulting who advises offshore wind companies. About 100 megawatts of floating wind capacity is currently installed in the world compared with 50 gigawatts (GW) for conventional offshore wind.

☆ European energy firms capture most leases in California offshore wind auction
▼ + stars: | 2022-12-07 | by ( Nichola Groom | ) www.reuters.com time to read: +1 min

Dec 7 (Reuters) - The Biden administration's sale of offshore wind development rights off the coast of California drew $757.1 million in high bids, mainly from European developers seeking a foothold in the domestic industry's expansion to the Pacific Ocean. Winners of the five leases were primarily divisions of European energy companies that are already developing projects in the U.S. offshore wind market. The winners included Norway's Equinor ASA (EQNR.OL), Denmark's Copenhagen Infrastructure Partners, Germany's RWE AG (RWEG.DE), Ocean Winds, which is a joint venture between France's Engie (ENGIE.PA) and Portugal's EDP Renewables (EDPR.LS), and U.S. developer Invenergy LLC. The auction, which began on Tuesday and stretched into Wednesday, is part of the administration's plan to put wind turbines along every U.S. coastline to tackle climate change and create jobs. Reporting by Nichola Groom; Editing by Alexander Smith, Aurora Ellis and Nick ZieminskiOur Standards: The Thomson Reuters Trust Principles.

☆ As Wall Street strikes a bearish tone, these global stocks with margin growth could be safe bets
▼ + stars: | 2022-11-30 | by ( Zavier Ong | ) www.cnbc.com time to read: +3 min

After what has been a tumultuous year for stocks, many investors are hoping that markets are at a turning point. Defensive stocks ArcelorMittal , the world's largest steelmaker, made CNBC's screen. The stock is rated buy by nearly 60% of analysts covering it, who give it potential upside of 26.3%. The company is expected to grow its margin by 17.9% next year and analysts give it potential upside of 23.4%. Analysts give the stock potential upside of 34.8%.

☆ Renault wants to use water from depths of 4,000 meters to supply heat to an old production plant
▼ + stars: | 2022-11-25 | by ( Anmar Frangoul | ) www.cnbc.com time to read: +1 min

The French automotive giant says it's targeting carbon neutrality in Europe by 2040 and globally by 2050. The Renault Group is working with French utility Engie on the development of a geothermal energy project at the automaker's Douai facility, with the collaboration set to last 15 years. The plan centers around taking hot water from a depth of 4,000 meters, or more than 13,100 feet. According to Renault, this water will be used to help meet the Douai site's "industrial and heating process needs from 2025." "In summer, when the need for heat is lower, geothermal energy could be used to produce carbon-free electricity," it added.

☆ Polish regulator to appeal after Gazprom Nord Stream 2 fine annulled
▼ + stars: | 2022-11-21 | by ( ) www.reuters.com time to read: +2 min

WARSAW, Nov 21 (Reuters) - UOKiK will appeal a ruling that annulled fines it imposed on Russia's Gazprom (GAZP.MM) and five other companies responsible for building the Nord Stream 2 pipeline, the Polish regulator said on Monday. UOKiK in 2020 fined Gazprom more than 29 billion zlotys ($6.33 billion) for building the Nord Stream 2 gas pipeline without Warsaw's approval. It also imposed a total fine of 234 million zloty spread across five other companies involved in financing the project. The other companies affected by the fines were Engie Energy (ENGIE.PA), Uniper (UN01.DE), OMV (OMVV.VI), Shell (SHEL.L) and Wintershall. Poland was a staunch opponent of the Nord Stream 2 project because it feared Russia could use energy supplies to exert influence over European countries.

☆ Engie upgrades full-year guidance on boost from high power prices
▼ + stars: | 2022-11-10 | by ( ) www.reuters.com time to read: +2 min

Nov 10 (Reuters) - French power company Engie (ENGIE.PA) on Thursday raised its full-year net income guidance, as energy prices surged in the wake of Russia's Ukraine invasion, and boosted its earnings at end-September. The company has benefited from the jump in power prices as the Ukraine war highlighted Europe's reliance on Russian gas, which has left the bloc seeking alternative energy sources. Engie's earnings before deducting interest and taxes (EBIT) for the nine months to September 30 came in at 7.3 billion euros ($7.32 billion), up 79.3% organically from a year earlier. Engie also said it expected earnings before interest, taxes, depreciation and amortisation (EBITDA) in the range of 13.2 and 14.2 billion euros and EBIT from 8.5 to 9.5 billion. Finance chief, Pierre-Francois Riolacci, said the annual forecast was now including a few hundred million euros in costs relating to a European revenue cap aimed at addressing high power prices for consumers.

☆ There's a 'great amount' of political will in COP27, says consulting firm
▼ + stars: | 2022-11-08 | 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 EmailThere's a 'great amount' of political will in COP27, says consulting firmMalavika Bambawale of Engie Impact discusses the 2022 United Nations Climate Change Conference and the energy crisis.

☆ Engie CEO: Winter 'quite comfortable' from gas standpoint
▼ + stars: | 2022-10-25 | by ( ) www.reuters.com time to read: 1 min

Companies Engie SA FollowRIYADH, Oct 25 (Reuters) - The situation for this coming winter in terms of security of gas supply is "comfortable", the chief executive of France's leading gas importer Engie (ENGIE.PA) said on Tuesday. "Today the situation for this winter is actually quite comfortable from the gas standpoint," Catherine MacGregor told the annual Future Investment Initiative (FII) conference in the Saudi capital Riyadh. "The situation of the security of supply in Europe is something we've been working on extremely hard even before the war broke out." Register now for FREE unlimited access to Reuters.com RegisterReporting By Aziz El Yaakoubi and Hadeel Al Sayegh, writing by Nadine Awadalla and Maha El Dahan, Editing by Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

Register now for FREE unlimited access to Reuters.com RegisterEven before leaks were found, supplies via Nord Stream 1 had been halted as a result of a dispute over Western sanctions on Russia, while the newly-built Nord Stream 2 pipeline had not started commercial deliveries. An E.ON spokesperson said Nord Stream 1's operating company was responsible for operational issues, including insurance. "Nord Stream AG remains in close contact with relevant authorities about the recent incident. U.S. President Joe Biden has said damage to Nord Stream was a deliberate act of sabotage. If there was any Russian involvement it could also mean the Nord Stream 1 damage being designated as an act of war, something that is typically excluded by insurance policies.

FRANKFURT/LONDON, Oct 20 (Reuters) - Morgan Stanley's infrastructure investment arm is weighing a sale of a 40% stake in German wind and solar power project developer PNE AG (PNEGn.DE) after being approached by potential suitors, three people familiar with the matter said. PNE confirmed on Thursday that Morgan Stanley and Photon Management intend to enter into open-ended preliminary talks with potential interested parties regarding Photon's stake in PNE. Photon, which is controlled by Morgan Stanley, is PNE's largest shareholder. Morgan Stanley Infrastructure Partners (MSIP) acquired the PNE stake following a failed takeover attempt in 2020. Buying the whole stake would trigger a mandatory takeover bid for all of PNE under German stock market rules.

Morgan Stanley Infrastructure Partners (MSIP) acquired the PNE stake following a failed takeover attempt in 2020. PNE, which has a project pipeline of more than 9 gigawatt and a generation portfolio worth 261 megawatt, has a current market capitalisation of 1.4 billion euros ($1.38 billion), valuing Morgan Stanley's stake at 560 million euros. Buying the whole stake would trigger a mandatory takeover bid for all of PNE under German stock market rules. A potential sale of MSIP's participation would result in chunky profits given the investment bank bought in at 4.00 euros per share and saw PNE's value grow to 18.50 euros. News about the potential stake comes in the wake of major renewables deal in recent weeks, including RWE's RWEG.DE $6.8 billion purchase of Con Edison's ED.N cleantech unit and BP's BP.L $4.1 billion takeover of U.S. biogas producer Archaea LFG.N.

☆ Spanish energy firm Everwood in talks to sell 6.1 GW solar assets portfolio - sources
▼ + stars: | 2022-10-20 | by ( Andres Gonzalez | ) www.reuters.com time to read: +2 min

LONDON, Oct 20 (Reuters) - Spain-based renewable energy investor Everwood Capital has hired Bank of America to sell a portfolio of 6.1 gigawatts (GW) of solar power plants in Europe and Latin America, according to four sources with knowledge of the deal. Everwood expects to start receiving early offers for the projects, located in Spain, France, Italy, Germany, Colombia, Greece, Peru and Argentina, in two weeks. Appetite for low-carbon energy sources has taken on fresh urgency this year after Russia's invasion of Ukraine, with oil and gas companies setting ambitious green targets and jostling with utilities and existing renewables investors to lead the energy transition. Register now for FREE unlimited access to Reuters.com RegisterThe portfolio consists of 1.3 GW of solar photovoltaic projects in Spain and Italy and a development platform with 4.8 GW of solar pipeline and local teams in Spain, Italy, France, Germany and Latin America. The assets could be valued at up to 750 million euros ($735.15 million) depending on bidders' appetite, one of the sources said.

A liquefied natural gas (LNG) tanker is tugged towards a thermal power station in Futtsu, east of Tokyo, Japan November 13, 2017. The global LNG market has more than doubled in size since 2011, ushering in dozens of new entrants and the expansion of smaller players in Asia. The capital needed to trade the market soared after benchmark LNG prices rose from record lows below $2 per million British thermal units (mmBtu) in 2020 to highs of $57 in August. LNG spot prices price stood at $40.50/mmBtu then. 'DIFFICULT TO COMPETE'High LNG cargo prices are also widening energy poverty globally as some cargoes, initially destined for poorer nations, end up being diverted to European buyers.

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