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Saudi Press Agency/Handout via REUTERSDUBAI, Nov 10 (Reuters) - Saudi Arabia's Public Investment Fund (PIF) is working with Lazard (LAZ.N) on funding options and a potential initial public offering of Masar, a $27 billion mega project in the holy city of Mecca, two sources with direct knowledge told Reuters. The PIF, Lazard and Masar did not respond to a Reuters query for comment. Bloomberg first reported Lazard was advising the sovereign wealth fund on NEOM. Masar is a 1.2 million square metre urban development project in the western part of Mecca. Reporting by Hadeel Al Sayegh;Editing by Elaine HardcastleOur Standards: The Thomson Reuters Trust Principles.

Nov 10 (Reuters) - Russia does not intend to postpone the sale of bailed-out lender Otkritie to Russia's second biggest bank VTB (VTBR.MM), central bank governor Elvira Nabiullina said on Thursday. She said that she is confident the deal will be completed before the end of the year. Reporting by Reuters. Editing by Jane MerrimanOur Standards: The Thomson Reuters Trust Principles.

☆ German government says in talks with Wintershall Dea about Russia production
▼ + stars: | 2022-11-07 | by ( ) www.reuters.com time to read: +2 min

FRANKFURT, Nov 7 (Reuters) - The German government is in talks with oil and gas producer Wintershall Dea (WINT.UL)(BASFn.DE) after a media report that the company's Russian gas condensate production helps support the Russian war effort against Ukraine, a spokesperson said. Asked for a comment, Wintershall Dea has pointed to its statement on Friday saying it rejected the accusations and reserved the right to consider legal action. German magazine Spiegel and public broadcaster ZDF had reported on Friday that their investigations had shown that gas condensate produced in Russia by joint ventures between Wintershall Dea and Gazprom (GAZP.MM) was processed into jet fuel, among other uses. Citing a military expert, the outlets said the jet fuel delivered by Wintershall Dea to Gazprom could be used for military purposes. Wintershall Dea had no influence over gas and condensate deliveries from two joint ventures, Achimgaz and Achim Development, to Gazprom, but they were marketed mostly for petrochemical applications, it said.

[1/2] Logo of Uniper is pictured at the company's headquarters in Duesseldorf, Germany, September 21, 2022. REUTERS/Wolfgang RattayFRANKFURT/DUESSELDORF, Nov 3 (Reuters) - Soon-to-be-nationalised gas importer Uniper (UN01.DE) unveiled a record 40 billion euro ($39.3 billion) net loss, among the biggest in German corporate history, reflecting expected future losses in the wake of Russia's move to stop supplies. Uniper said the net loss factored in 10 billion euros of realised losses the company incurred by replacing Russian gas volumes on the spot market at much higher prices as well as 31 billion euros of future losses related to this problem. "We are also working intensively to restructure our gas portfolio in order to minimise risks and to end by 2024 the losses resulting from suspended Russian gas deliveries," Tuomela said. Among the group's top priorities remains the planned exit from the Russian market, where it owns a 83.7% stake in Unipro (UPRO.MM), it said.

☆ German industry curbed gas demand by a fifth in crisis - study
▼ + stars: | 2022-11-01 | by ( ) www.reuters.com time to read: +2 min

Companies Hertie School of Governance gemeinnützige GmbH FollowFRANKFURT, Nov 1 (Reuters) - German industry cut its gas consumption by nearly a fifth last month, sustainability experts said on Tuesday, after a plunge in Russian gas exports sparked a continent-wide energy crisis that led to soaring energy prices. "A further reduction in gas consumption in industry is likely in view of persistently high gas prices," they said. German households, half of whom heat with gas, increased savings to 36% year-on-year in September, having saved 10% in March, the study said. The researchers explained these findings with delayed billing effects, delayed saving appeal campaigns and a lower price exposure of household prices to the wholesale market. Germany's expert gas commission on Monday presented proposals to the government for a gas price cap to help citizens and encourage companies to keep up operations and protect jobs.

☆ Factbox: Germany's LNG import project plans
▼ + stars: | 2022-10-28 | by ( ) www.reuters.com time to read: +2 min

FRANKFURT, Oct 28 (Reuters) - Germany is acquiring liquefied natural gas (LNG) terminals as part of its efforts to diversify away from Russian gas. Wilhelmshaven will become the first LNG hub and Brunsbuettel the second, to be developed by Uniper UN01.DE and RWE RWEG.DE, respectively. Later, facilities to import ammonia and set up an electrolysis plant for turning ammonia into clean hydrogen will be set up at the location. Dutch gas network operator Gasunie, which has a 40% stake in the FSRU project, is planning two related gas pipelines. Shell (SHEL.L) has committed itself to some guaranteed purchases.

☆ Factbox: How is Germany replacing Russian gas?
▼ + stars: | 2022-10-24 | by ( ) www.reuters.com time to read: +2 min

FRANKFURT, Oct 24 (Reuters) - Germany, Europe's biggest economy and historically a major importer of Russian gas, is scrambling to secure alternative supplies following a plunge in flows from Russia since its invasion of Ukraine. Germany is sourcing more gas from Benelux countries, Norway, and France. IMPORTERS' STRATEGIESStricken importer Uniper (UN01.DE) has said it is sourcing Norwegian, Dutch and Azeri gas via pipelines and using its global role as a trader of liquefied natural gas (LNG) to procure more of the super-cooled gas into north western Europe. LNG TERMINALSIn the absence of LNG reception terminals, Germany is building floating LNG terminals (FSRUs), of which two will be ready at the turn of the year, in Brunsbuettel and Wilhelmshaven. In the long term, fixed onshore terminals will be built with a view to receiving gas, carbon-free hydrogen, and ammonia.

☆ Germany's Steag details return of coal plants to power market
▼ + stars: | 2022-10-21 | by ( ) www.reuters.com time to read: +2 min

FRANKFURT, Oct 21 (Reuters) - Germany's Steag gave details on Friday about the return and operation of 2,500 megawatts (MW) of coal-fired power station capacity to the wholesale market to help boost energy supplies this winter. Register now for FREE unlimited access to Reuters.com RegisterBoth sites are in Germany's southwestern Saarland state and can together supply four million households with power. Steag said it had informed the federal network regulatory agency, power transmission grid company Amprion and the EEX (DB1Gn.DE) power exchange of its intentions. The total power capacity is equivalent to just under 4% of German power generation in 2021 and to one third of electricity generated from natural gas last year, Steag said. Sector peers Uniper (UN01.DE) and RWE have also resurrected coal capacity or are planning to do so.

☆ Germany to examine plans for skimming excess power profits
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: +1 min

FRANKFURT, Oct 19 (Reuters) - Germany's government plans to examine detailed proposals for skimming off excess power profits above production costs to help subsidise electricity bills and pay for the stabilisation of power transmission grids, a paper seen by Reuters on Wednesday showed. The move comes amid as Europe faces an energy crisis, prompted by Russia's invasion of Ukraine, that has seen the European Union and national governments launch price brake measures for power, gas and other fuels. Register now for FREE unlimited access to Reuters.com RegisterBoth household and industry consumers have been hit by runaway wholesale power prices, as a lack of gas drove up prices. The paper, from Germany's Economy Ministry, showed that power production from hard coal, gas and biomethane would not be included in the measures, which are separate to subsidy plans in the general budget. Register now for FREE unlimited access to Reuters.com RegisterReporting by Markus Wacket and Vera Eckert, editing by Miranda Murray and Alex RichardsonOur Standards: The Thomson Reuters Trust Principles.

☆ Germany to cap electricity prices by taxing excess profits
▼ + stars: | 2022-10-19 | by ( Markus Wacket | ) www.reuters.com time to read: +3 min

BERLIN, Oct 19 (Reuters) - Germany's government plans to introduce a cap on electricity prices for households and industry to ease the impact of soaring energy costs, a ministry document seen by Reuters on Wednesday showed. To help finance the cap and pay for the stabilisation of power transmission grids, Berlin is considering skimming off some of electricity companies' profits, the document showed. Its design would be similar to a price brake for gas, details of which the government announced earlier this month, the document showed. As part of the plan, Berlin may skim off 90% of the power profits that electricity companies make above production costs, the paper showed. For spot prices, the levy would apply retroactively from March, and for future prices from December, it said.

☆ Explainer: How will Germany implement its nuclear power extension?
▼ + stars: | 2022-10-18 | by ( ) www.reuters.com time to read: +5 min

The operators of the three remaining nuclear power plants are E.ON (Isar 2), RWE (RWEG.DE) (Emsland) and EnBW (EBKG.DE) (Neckarwestheim 2). HOW LONG CAN THE PLANTS RUN WITH EXISTING FUEL RODS? According to industry group Nuclear Technology Germany (KernD), it usually takes around one year until fresh fuel rods are delivered. CAN GERMANY EXTEND NUCLEAR POWER BEYOND APRIL 2023? Politically, extending the lifespan of nuclear power is a red line for the Greens party, which has ruled out buying new fuel rods for longer operation of the country's remaining nuclear power plants.

☆ German gas consumption too high, says energy regulator
▼ + stars: | 2022-09-29 | by ( ) www.reuters.com time to read: +1 min

FRANKFURT, Sept 29 (Reuters) - Germany's network regulator, which would be in charge of gas rationing in the event of a supply emergency, on Thursday said that household consumption was too high to be sustainable. Last week's usage of natural gas by German households and small industry was 483 gigawatt hours, up 14.5% above the average for that week over the past four years, the Federal Network Agency said. "Without significant savings in the private area of consumption, it will be difficult to avoid an emergency situation in winter." Germany requires more gas imports and its neighbours need to organise stable supplies, he said, but energy savings are the order of the day. Households and small industry account for 40% of consumption while big manufacturing industries require 60% of the country's gas.

☆ Germany's Leag eyes 1,000 MW solar park in renewables expansion
▼ + stars: | 2022-09-29 | by ( ) www.reuters.com time to read: +2 min

Companies U-Leag Co Ltd FollowFRANKFURT, Sept 29 (Reuters) - German brown coal miner and power generator Leag unveiled plans on Thursday to build a 1,000 megawatt (MW) solar park that could open in early 2026, as it looks to expand in renewable energy. Register now for FREE unlimited access to Reuters.com Register"Lusatia will become a magnet for consumer industries of green power." All going well, a doubling of green capacity to 14 GW by 2040 is conceivable, the company said. The 1,000 MW plant could supply power for around 300,000 households. Germany still aims to end coal power generation by 2038.

☆ German oil imports up 13.5% in January-July period; bill more than doubles
▼ + stars: | 2022-09-23 | by ( ) www.reuters.com time to read: +2 min

Register now for FREE unlimited access to Reuters.com RegisterOil depots are pictured in the harbour in Hamburg, Germany, March 8, 2022. Russia remained the top supplier, holding a 30.5% share of Germany's oil imports in the period, monthly statistics from the BAFA foreign trade office showed. Oil imports in January through July from all origins increased to 51.0 million tonnes, from 44.9 million in the same months of 2021, BAFA said. Germany spent 35.9 billion euros ($35.07 billion) on crude oil imports in the first seven months of 2022, 100.6% more than the comparable year-earlier period. ($1 = 1.0235 euros)Register now for FREE unlimited access to Reuters.com RegisterReporting by Vera Eckert and Nerijus Adomaitis; editing by Paul SimaoOur Standards: The Thomson Reuters Trust Principles.

☆ German Jan-July gas import costs surge 164% as imports drop 25.5%
▼ + stars: | 2022-09-21 | by ( ) www.reuters.com time to read: +2 min

Pipes at the landfall facilities of the 'Nord Stream 1' gas pipeline are pictured in Lubmin, Germany, March 8, 2022. REUTERS/Hannibal HanschkeFRANKFURT, Sept 21 (Reuters) - German natural gas import costs rose by 164% in the first seven months of 2022 from a year earlier, even though imports were down by 25.5%, official monthly data showed on Wednesday. Gas data also correlates with coal, as both compete in the production of electricity, while also giving clues about demand for mandatory European Union carbon emissions permits. BAFA's statistics, which are published with a two-month delay, showed January-July imports at 2,282,849 terajoules (TJ), or 64.9 billion cubic metres (bcm), compared with 3,065,578 TJ a year earlier. As supply disruptions propelled gas prices to record highs, Germany's import bill increased to 38.3 billion euros ($37.86 billion) in the seven-month period, compared with 14.5 billion euros in the same period of 2021, the data showed.

☆ German nuclear reactor leak poses no safety threat but complicates plans
▼ + stars: | 2022-09-19 | by ( ) www.reuters.com time to read: +2 min

A general view shows the nuclear power plant Isar 2 by the river Isar in Eschenbach near Landshut, Germany, August 17, 2022. REUTERS/Christian Mang/File PhotoBERLIN, Sept 19 (Reuters) - E.ON (EONGn.DE) has informed the German government of a leak at the Isar 2 nuclear power plant which has not compromised security but could complicate the government's winter energy plan, the environment ministry said on Monday. Isar 2, in the southern state of Bavaria, had been scheduled to go offline at the end of the year under Germany's plan to phase out nuclear power. A spokesperson for E.ON said it was confident that a framework allowing Isar 2 to add to Germany's power supply security beyond Dec. 31 could be agreed with the government. E.ON's spokesperson said it has informed authorities as required by German law.

☆ Rushdie told German magazine his life is now 'relatively normal'
▼ + stars: | 2022-08-13 | by ( ) www.reuters.com time to read: +2 min

Rushdie talked in the interview with Germany's Stern magazine about the threats he sees to U.S. democracy. The interview is due to appear in the magazine on Aug. 18, but Stern released it on Saturday, a day after the attack on Rushdie. He went into hiding for nearly a decade but in recent years has lived relatively openly. Indian-born Rushdie, who became a U.S. citizen in 2016 and lives in New York City, said he was worried about threats to democracy in the United States. Register now for FREE unlimited access to Reuters.com RegisterReporting by Vera Eckert Editing by Frances KerryOur Standards: The Thomson Reuters Trust Principles.

☆ 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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