Wednesday 12th November 2014


November 12, 2014

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Germany urges Vattenfall green re-think

The German government is seeking to persuade Swedish utility Vattenfall to reconsider its plans to restructure its energy assets.

The firm last month said it planned to increase the proportion of renewables in its portfolio after reporting a €2.1bn third quarter loss. The utility was forced to take impairment charges of €2.5bn after past acquisitions, and said it planned to restructure including selling its lignite power plants and mines in Germany for up to €3bn. This would involve increasing the proportion of wind in its portfolio.

However, Reuters has reported that the German government said this would threaten jobs in the country, and said it was unrealistic to quickly abandon traditional energy sources in favour of renewables.

Utilities eye increases in wind M&A

Mergers and acquisitions activity in the renewables sector by utilities reached $7.3bn in the third quarter of 2014.

Ernst & Young yesterday published its annual ‘Power & Utilities Global Capital confidence barometer’, which said the quarterly figure for M&A activity by utilities in renewables had reached a three-year high. This was driven by the growth of wind in the US.

It also reported that 40% of firms in the power sector said they expected to conclude an M&A deal in the next year; and were demonstrating a growing appetite for non-hydro renewables deals in the Middle East and sub-Saharan Africa.

Isle of Man favours Dong deal

The Isle of Man government has named Dong Energy as preferred development partner for a 700MW wind farm in the Irish Sea.

The government yesterday announced that the Danish developer was preferred bidder for a wind farm in Isle of Man territorial waters off the island’s east coast. The project is due to complete by 2023.

The Isle of Man hopes that leasing parts of the seabed for renewable energy schemes in its territorial waters would help to boost the island’s public funds by an estimated £5m a year.

Studies: Red tape raises offshore costs

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