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☆ Exclusive: Hydrogen firm Thyssenkrupp Nucera says IRA spurring U.S. interest
▼ + stars: | 2023-03-09 | by ( Christoph Steitz | ) www.reuters.com time to read: +5 min

Thyssenkrupp Nucera held talks about several potential green hydrogen projects "with very concrete timelines" during a trip to the United States last week, Chief Executive Werner Ponikwar said in an interview. Green hydrogen, produced using renewable energy, is seen as key to decarbonising industry and so meeting climate targets. "We are gaining a new growth market," Ponikwar said. Ponikwar expects the U.S. hydrogen market to grow to a mid double-digit gigawatt (GW) amount by the end of the decade, from just a few hundred megawatts currently. While the IRA supports hydrogen production, it does not require makers of hydrogen equipment to produce locally, unlike other renewable technologies where that's a condition to qualify for credits.

☆ German liquefied natural gas capacity may not be fully utilised-RWE CEO
▼ + stars: | 2023-03-08 | by ( ) www.reuters.com time to read: +2 min

Companies Rwe Ag FollowFRANKFURT, March 8 (Reuters) - Germany's liquefied natural gas infrastructure may end up not being fully utilised, the chief executive of the country's top utility said in an interview, but added that simply having the import capacity was key to avoid a possible fuel supply squeeze. The comments by RWE (RWEG.DE) CEO Markus Krebber, made in a joint interview with German magazines Der Stern and Capital, came in response to the notion that Berlin may have overshot the mark with existing LNG capacity plans. "It may be that the LNG terminals are not fully utilised. Krebber said that Russia, which fully stopped gas supplies via the Nord Stream 1 pipeline at the end of August, was still fulfilling supply obligations via the alternative Ukraine pipeline. Germany said on Friday that the rollout of its LNG infrastructure would exceed the 9.8 billion euros ($10.40 billion) for the 2022-2038 period approved by the Bundestag lower house of parliament.

☆ Elia's 50Hertz to invest $9.3 billion in power grid
▼ + stars: | 2023-03-06 | by ( ) www.reuters.com time to read: +1 min

FRANKFURT, March 6 (Reuters) - 50Hertz, the German high-voltage power grid owned by Belgium's Elia (ELI.BR), plans to more than double investment in upgrading its network to 8.7 billion euros ($9.3 billion) over the next five years, it said on Monday. The investment, to be made over the 2023-2027 period, is more than twice the amount it invested between 2018 and 2022 and up by more than a half from the 5.6 billion euros earmarked for the 2022-2026 period. Sufficient profitability is essential to maintain the financing capability and the partial financing of the investments," Nix said. Germany's power grids need tens of billions of euros in investments over the next few years to make sure they can manage a growing inflow of solar and wind power, as the country tries to wean itself off fossil fuels. ($1 = 0.9398 euros)Reporting by Christoph Steitz, Editing by Friederike HeineOur Standards: The Thomson Reuters Trust Principles.

"We expect the supply chain bottlenecks to gradually ease in the current year, allowing us to service the high order backlog." Shares in the company rose 7.5% to the top of Frankfurt's benchmark DAX index (.GDAXI) on the news and hit their highest level since Dec. 13. Volkswagen's revenues are forecast to grow by 10-15%, indicating 2023 sales of 307 billion to 331 billion euros, significantly higher than the 280 billion Refinitiv estimate. According to Refinitiv estimates, holders of Volkswagen's preferred shares were expected to get a dividend of 8.46 euros apiece. ($1 = 0.9414 euros)Reporting by Christoph Steitz and Jan Schwartz Editing by Miranda Murray and Sharon SingletonOur Standards: The Thomson Reuters Trust Principles.

☆ Volkswagen expects vehicle deliveries, sales to rise in 2023
▼ + stars: | 2023-03-03 | by ( ) www.reuters.com time to read: +1 min

Companies Volkswagen AG FollowFRANKFURT, March 3 (Reuters) - Volkswagen (VOWG_p.DE), Europe's largest carmaker, expects revenues and vehicle deliveries to rise in 2023, it said on Friday, citing a strong order backlog and the easing of chip shortages and supply chain issues. Vehicle deliveries are expected to rise to around 9.5 million in 2023, the company said, up from 8.26 million last year. Sales are forecast to grow by 10-15%, indicating 2023 sales of 307 billion to 331 billion euros ($326-$352 billion). According to Refinitiv estimates, 2023 sales are seen at 280 billion euros. Dividends are to increase by 1.20 euros per share, rising to 8.70 euros per ordinary share and to 8.76 euros per preferred share.

[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.

☆ Volkswagen board discusses two new North America plants at meeting - sources
▼ + stars: | 2023-03-03 | by ( ) www.reuters.com time to read: +1 min

Companies Volkswagen AG FollowHAMBURG, March 3 (Reuters) - Volkswagen's (VOWG_p.DE) supervisory board will on Friday discuss plans for two new factories in North America, one production plant and one battery cell factory, two people familiar with the matter said. While the committee is expected to approve a site for its Scout brand in the United States, discussions around a gigafactory are open-ended, the sources said. Separately, Volkswagen CEO Oliver Blume in December said the carmaker had begun searching for a site for a battery cell factory in North America, adding Canada was "one logical option" due to its raw material resources. "We are still working hard to find a suitable location for our first gigafactory in North America and are in good, constructive talks," a Volkswagen spokesperson said on Friday, adding no decision has been made yet. Reporting by Jan Schwartz; Writing by Christoph Steitz, Editing bz Miranda Murray and Matthias WilliamsOur Standards: The Thomson Reuters Trust Principles.

[1/2] Customers shop at a mall ahead of the Chinese Lunar New Year, in Beijing, China January 15, 2023. REUTERS/Tingshu Wang/File PhotoLONDON/MILAN/FRANKFURT/NEW YORK, March 1 (Reuters) - The world's top consumer and luxury goods companies have seen sales of everything from cosmetics to condoms grow in China since Beijing ended strict COVID-19 curbs, another sign that the world's No. Tourism from China was helping sales in neighbouring Macau, Hong Kong, Taiwan and even Japan, he added. Reckitt Benckiser, which makes Nurofen tablets, cold remedy Lemsip and Durex, saw a pick-up in China after a decline in volumes because of lockdowns. U.S. retailer Walmart Inc (WMT.N), which operates nearly 400 retail and wholesale stores in China, reported strong traffic in its stores since reopening.

"His deep understanding of our customers' needs, and the broader industry make him an ideal candidate for Chairman of the Supervisory Board from 2024 onwards," Plattner added. Plattner, who co-founded SAP in 1972 alongside four other former IBM employees, stepped down from active management in May 2003 to head the supervisory board after serving as SAP's CEO since 1997. He owns a 6.16% stake in SAP which is currently worth 8.23 billion euros ($8.73 billion), and said he would remain committed to the company as an "investor with an unchanged stake". SAP, in a separate statement, said it would propose a dividend of 2.05 euros per share for 2022. The company paid 2.45 euros a share for the previous year, which included a 0.50 euros apiece special dividend.

☆ SAP names ex Deloitte CEO as designated chairman to succeed co-founder Plattner
▼ + stars: | 2023-02-22 | by ( ) www.reuters.com time to read: 1 min

BERLIN/FRANKFURT, Feb 22 (Reuters) - SAP (SAPG.DE) on Wednesday named former Deloitte global CEO Punit Renjen as designated chairman to succeed co-founder Hasso Plattner, whose term will expire in May 2024. SAP's board nominated Renjen, global CEO of Deloitte from 2015 until the end of 2022, to stand for election as a new member of the supervisory the board, the statement said. Reporting by Victoria Waldersee in Berlin and Hakan Ersen in Frankfurt; Editing by Christoph SteitzOur Standards: The Thomson Reuters Trust Principles.

Healthcare group Fresenius (FREG.DE) said late on Tuesday it would give up strategic control over FMC via a planned change of the division's legal form, also releasing annual results and an outlook that failed to impress investors. Fresenius CEO Michael Sen, a former E.ON (EONGn.DE) and Siemens (SIEGn.DE) executive who took over the helm in October, wants to simplify the company's structure but said he will hang onto the 32% stake Fresenius owns in FMC. This makes a sale more likely in the future, said Florian Oberhofer, portfolio manager at Union Investment, which holds 0.26% of Fresenius shares. Sen said Fresenius was banking on a business improvement at FMC and Vamed and on participating financially in this through its holdings in both. FMC and Fresenius shares lagReporting by Ludwig Burger and Patricia Weiss; Additional reporting by Christoph Steitz; Writing by Rachel More; Editing by Josephine Mason, Elaine Hardcastle and Alexander SmithOur Standards: The Thomson Reuters Trust Principles.

☆ Germany's Fresenius to simplify structure, flags potential profit fall
▼ + stars: | 2023-02-21 | by ( Ludwig Burger | ) www.reuters.com time to read: +3 min

[1/2] Samples of products of Fresenius and Fresenius Medical Care are on display during the company's annual news conference at their head quarters in Bad Homburg Germany, February 20, 2019. "The new structure will greatly benefit both companies: Fresenius Medical Care needs an operational turnaround, to improve its performance and focus on its core business." "Fresenius needs to simplify its complex corporate structures and commit to its Operating Companies and to maximizing value from its investments," Sen said. FMC is expected to hold an extraordinary general meeting in July to let shareholders vote on the proposed change of the legal form, Fresenius said. Frankfurt-listed shares of Fresenius and FMC were up 1% and 2.2%, respectively.

☆ Czech group PPF takes 9.1% stake in Germany's ProSiebensat.1
▼ + stars: | 2023-02-21 | by ( ) www.reuters.com time to read: +1 min

PRAGUE/BERLIN, Feb 21 (Reuters) - Czech investment group PPF has taken a 9.1% stake in ProSiebensat.1 (PSMGn.DE), PPF said on Tuesday, becoming the German broadcaster's second-largest investor behind Italy's MFE-MediaforEurope (MFEB.MI). "PPF believes the digital transformation of ProSieben will create value for all shareholders," privately-owned PPF said in a statement. "PPF is looking forward to liaising with the management and supervisory board of ProSieben in this digitalization process." The group, which also owns the CME group that operates dozens of channels in six central and east European markets, is now controlled by Kellner's widow, Renata Kellnerova. Reporting by Jan Lopatka, Klaus Lauer and Christoph Steitz Editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.

Lawrence Elbaum, co-head of law firm Vinson & Elkins' shareholder activism practice, said investors were looking for value-boosting strategies that do not require much funding in a difficult market. Deka Investment, which has around 367 billion euros ($392 billion) in assets under management and holds stakes in most major German corporations, has repeatedly called out German companies for structural weaknesses. Germany's blue-chip DAX 30 index (.GDAXI) put in the worst performance of any major European stock market in the past year, rising just 2%. Joe Kaeser, supervisory board chairman of Siemens Energy (ENR1n.DE), said the United States was much more advanced, and also more successful, in the field of shareholder activism. As CEO of conglomerate Siemens AG from 2013 until 2021, he engineered one of Germany's most successful corporate break-ups, separately listing Siemens Energy and Siemens Healthineers (SHLG.DE) and merging Siemens's wind unit with Spain's Gamesa.

Concerns of an impending recession in the U.S., coupled with the war in Ukraine, have caused prices for steel to fall and customers to empty their inventories. That has impacted Thyssenkrupp's materials trading division, where profits tanked by 91%. "There is limited visibility in respect of future economic developments," Chief Financial Officer Klaus Keysberg said in a statement. Adjusted earnings before interest and tax, or EBIT, came in at 254 million euros ($272 million) in the October-December period, while sales remained stable at 9.02 billion euros, the company said. ($1 = 0.9328 euros)Reporting by Christoph Steitz and Tom Kaeckenhoff; Editing by Sandra Maler, Miranda Murray and Nivedita BhattacharjeeOur Standards: The Thomson Reuters Trust Principles.

[1/2] The main deck of the Floating Storage and Regasification Unit (FSRU) "Neptune" is seen during the official commissioning of the liquefied natural gas (LNG) terminal "Deutsche Ostsee" at the harbour in Lubmin, Germany, January 14, 2023. John Macdougall/Pool via REUTERSLONDON/FRANKFURT, Feb 9 (Reuters) - Germany and Oman are in advanced talks to sign a long-term deal for liquefied natural gas (LNG) lasting at least 10 years as Berlin continues its search for alternatives to Russian fuel supplies, three sources familiar with the matter said. Europe has been scrambling to replace Russian gas since last year against a backdrop of war in Ukraine, with state-run Gazprom (GAZP.MM) progressively reducing and then suspending the lion's share of pipeline supplies to Europe. Germany has been holding talks for months with the world's biggest LNG producer Qatar for additional supplies, but negotiations have been lengthy. While supply deals with Qatar would be positive for Germany, they would not offer an immediate solution to Berlin's energy crisis.

☆ E.ON: supply region of Turkish JV Enerjisa affected by earthquake
▼ + stars: | 2023-02-08 | by ( ) www.reuters.com time to read: +1 min

FRANKFURT, Feb 8 (Reuters) - E.ON (EONGn.DE) on Wednesday said the devastating earthquake in southern Turkey has affected the supply area of local power grid operator Enerjisa Enerji (ENJSA.IS), in which the German group owns 40%, adding that repair work was currently underway. "The supply area of our Turkish joint venture Enerjisa is also affected," the spokesperson said, adding the company mourned the loss of four employees while others were wounded, some in a critical condition. Enerjisa, in which Sabanci Holding (SAHOL.IS) also owns 40%, has more than 10 million customers in 14 Turkish provinces, including Adana and the surrounding region, which are among the affected parts of Turkey. Around 2,500 transformers - key components of long-distance power transmission - are still out of operation and 380,000 people are without electricity in Enerjisa's supply region, the spokesperson said, adding this was already down from 1 million shortly after the earthquake. Repairwork has started, the spokesperson said, adding that technical teams from less affected regions were providing support.

Shares in EnBW rose 5.5% after the news to end the day at their highest level in five weeks. The savings banks in Baden-Wuerttemberg, where EnBW is based, are part of the final bidding round, their president Peter Schneider said last week. KfW, EnBW and CIP declined to comment. EnBW Chief Financial Officer Thomas Kusterer in November said EnBW hoped to conclude the sales process in early 2023. ($1 = 0.9297 euros)Reporting by Christoph Steitz and Markus Wacket Editing by Miranda Murray and Emelia Sithole-MatariseOur Standards: The Thomson Reuters Trust Principles.

☆ E.ON tops own 2022 outlook, helped by non-core division
▼ + stars: | 2023-02-08 | by ( ) www.reuters.com time to read: +1 min

SummarySummary Companies 2022 adjusted EBITDA at 8 bln eurosBoosted by division that includes nuclear powerShares up 2%FRANKFURT, Feb 8 (Reuters) - E.ON (EONGn.DE), Europe's largest operator of energy networks, likely exceeded its own profit outlook in 2022 thanks to its division that includes legacy nuclear plants, pushing its shares to the top of Germany's blue-chip index on Wednesday. E.ON late on Tuesday cited a better than expected performance at its non-core unit, which covers its remaining nuclear power plants and its Turkey business, for adjusted core profit (EBITDA) of around 8 billion euros ($8.6 billion) in 2022. Adjusted net income likely came in at 2.7 billion euros, the group said. It had forecast adjusted EBITDA of 7.6 billion to 7.8 billion euros and adjusted net profit of 2.3 billion to 2.5 billion euros. Originally slated for shut-down at the end of 2022, they are currently scheduled to end operation in mid-April.

☆ Bayer picks outsider Anderson as CEO after investor pressure
▼ + stars: | 2023-02-08 | by ( ) www.reuters.com time to read: +2 min

News of the CEO change sent the German drugs-to-pesticides giant's shares to their highest level in nearly eight months. Shares in Bayer closed up 6% on the news of the new CEO, reaching the top of Frankfurt's blue-chip index and hitting their highest level since June last year. "Bill Anderson's mission is clear: enable Bayer to realize its full potential and create sustainable value for our shareholders, farmers, patients, consumers, employees, and all stakeholders of the company," Winkeljohann added. Sources told Reuters earlier this week that activist investor Jeff Ubben had contacted fellow investors to drum up support for big changes at Bayer, including the swift replacement of Baumann. Reporting by Patricia Weiss, Kirsti Knolle and Christoph Steitz; Editing by Tom Sims and Alexander SmithOur Standards: The Thomson Reuters Trust Principles.

☆ E.ON tops own 2022 outlook, helped by non-core business
▼ + stars: | 2023-02-07 | by ( ) www.reuters.com time to read: 1 min

FRANKFURT, Feb 7 (Reuters) - E.ON (EONGn.DE), Europe's largest operator of energy networks, likely exceeded its own profit outlook in 2022, the company said on Tuesday, citing a better than expected development at its non-core divisions, which covers nuclear and Turkey. The company, which is due to release full-year results on March 15, expects adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) of around 8 billion euros ($8.6 billion) and adjusted net profit of 2.7 billion. It had forecast adjusted EBITDA of 7.6 billion to 7.8 billion euros and adjusted net profit of 2.3 billion to 2.5 billion euros. ($1 = 0.9326 euros)Reporting by Christoph Steitz, Editing by Franklin PaulOur Standards: The Thomson Reuters Trust Principles.

FRANKFURT, Feb 7 (Reuters) - Plans by the European Union to loosen state aid rules in order to boost local industry and compete with U.S. support schemes tackle the right issues but lack clarity over implementation and, more importantly, speed, Siemens Energy (ENR1n.DE) said. "The most important issue is not how big the programme is and how many billions are behind it, but how to implement it faster," Siemens Energy Chief Executive Christian Bruch told journalists after presenting first-quarter results. Reporting by Christoph Steitz Editing by Miranda MurrayOur Standards: The Thomson Reuters Trust Principles.

☆ Siemens Energy Q1 net loss more than doubles on wind unit woes
▼ + stars: | 2023-02-07 | by ( ) www.reuters.com time to read: +1 min

FRANKFURT, Feb 7 (Reuters) - Siemens Energy (ENR1n.DE) said on Tuesday its net loss more than doubled in the first quarter, blaming charges related to quality issues at Siemens Gamesa (SGREN.MC) which the German firm is trying to fix via a full takeover of the wind division. Siemens Energy, which pre-released first-quarter results last month, said its net loss widened to 598 million euros ($641 million) in the October-December period, compared with a loss of 246 million euros in the same period a year earlier. Order backlog, however, hit a new record at 98.8 billion euros at the end of December, said the group that was spun off from Siemens (SIEGn.DE), driven by its grid technology division which recorded a major win last month. The group, in presentation slides, said the order backlog would translate into 22 billion euros of revenues in 2023, 21 billion euros in 2024 and 55 billion in 2025. ($1 = 0.9330 euro)Reporting by Christoph Steitz in Frankfurt Editing by Matthew Lewis and Miranda MurrayOur Standards: The Thomson Reuters Trust Principles.

☆ Thyssenkrupp top-20 investor calls for sale of defense division
▼ + stars: | 2023-02-03 | by ( ) www.reuters.com time to read: +1 min

FRANKFURT, Feb 3 (Reuters) - A top-20 investor of Thyssenkrupp (TKAG.DE) on Friday called for a fast disposal of the German industrial group's warship and submarine division, saying the risks associated with the business outweighed potential benefits. "We demand the immediate sale of all defense activities. According to Refinitiv Eikon data, Deka holds 0.45% of Thyssenkrupp shares, making it the company's 12th-biggest shareholder. Thyssenkrupp is weighing what it calls a standalone solution for its defense division, Thyssenkrupp Marine Systems (TKMS), which potentially covers partnerships, joint ventures or any other form of consolidation. "Even a partial sale would be a step in the right direction," Speich said in a speech embargoed for the start of Thyssenkrupp's annual general meeting.

[1/2] Two sportsmen sail near an offshore wind turbine of the Siemens Gamesa company is seen from the Telde coast on the island of Gran Canaria, Spain, May 2, 2022. REUTERS/Borja SuarezFRANKFURT/MADRID, Feb 2 (Reuters) - Beleaguered wind turbine maker Siemens Gamesa (SGREN.MC), soon to be delisted and folded into parent Siemens Energy (ENR1n.DE), said on Thursday its first-quarter net loss more than doubled on higher warranty provisions as a result of faulty components. The net loss in the October-December period, Siemens Gamesa's fiscal first quarter, widened to 884 million euros ($974 million) from 403 million in the same period last year, the company said. "The negative development in our service business underscores that we have much work ahead of us to stabilize our business and return to profitability," said Siemens Gamesa Chief Executive Jochen Eickholt, who joined from Siemens Energy last year. Still, Siemens Gamesa confirmed the outlook for the wind industry remained good, pointing to the U.S. Inflation Reduction Act as well as the continent's RePowerEU programme aimed at ditching fossil fuels.

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