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German power giant EON to sell Italian ops

Germany's biggest power supplier E.ON has decided to pull the plug on its Italian operations and is looking for a potential buyer, the business daily Handelsblatt reported on Thursday. The plans were still at an early stage, but the decision has been taken, the newspaper reported, quoting company sources. Industry sources put the potential sale price at more than 2.0 billion euros ($2.7 billion), the paper added. A spokesman for E.ON told AFP that "there have long been rumours concerning a possible sale of our Italian activities.

German utility E.ON plans sale of Italian business

FRANKFURT/MILAN (Reuters) - Germany utility E.ON <EONGn.DE> has started preparations for the sale of its Italian business and will soon begin the search for a buyer, four people familiar with the matter said, at a price likely to be about 3 billion euros ($4 billion). Burdened by a massive expansion of renewable energy capacity, falling wholesale prices and tepid energy demand in Europe, E.ON embarked on a disposal plan that has already raised close to its target of about 20 billion euros.

German power giant EON to sell Italian ops

Germany's biggest power supplier E.ON has decided to pull the plug on its Italian operations and is looking for a potential buyer, the business daily Handelsblatt reported on Thursday. The plans were still at an early stage, but the decision has been made, the newspaper reported, quoting company sources. It said that an E.ON spokesman refused to confirm the information, but he was quoted as saying that the group was "always looking at strategic options for its portfolio and that includes Italy."

E.ON UK boss calls for competition probe into energy market

LONDON (Reuters) - The chief executive of one of Britain's "big six" energy suppliers called on lawmakers to launch a competition probe into the country's utility market. "I fundamentally believe that this market is competitive but we are not trusted and therefore I believe we need to have a very thorough Competition Commission investigation," E.ON's <EONGn.DE> UK chief executive Tony Cocker told a cross-party committee on Tuesday.

Novatek secures $8.5 billion gas deal to supply E.ON Russia

MOSCOW (Reuters) - Gas producer Novatek <NVTK.MM> has agreed an 284 billion rouble ($8.5 billion) deal to supply more gas to E.ON Russia <EONR.MM> in 2014-2017, the Russian subsidiary of Germany's E.ON <EONGn.DE>, E.ON Russia said on Wednesday. The agreement allows Novatek, Russia's No.2 gas producer, to strengthen its position in the country's domestic gas market, where it has been increasing market share at the expense of other companies, such as state-owned Gazprom <GAZP.MM>.

Utility says subsidized renewable energy continues to pressure business; reaffirms outlook

FRANKFURT - German gas, electric and water utility E.ON says net profit fell 22 per cent in the second quarter as it faced weak demand for power in Europe and increased competition from subsidized renewable energy. Net income was 919 million euros ($1.22 billion), down from 1.18 billion in the April-June period a year ago.

Britain opens world's largest offshore wind farm

LONDON (Reuters) - The world's largest offshore wind farm, which can generate enough electricity for half a million homes, was officially opened off Britain's south-east coast on Thursday. Prime Minister David Cameron opened the 630-megawatt London Array project, which was developed by E.ON, DONG Energy and Abu Dhabi's Masdar and produced its first electricity from all its turbines in April.

German utility E.ON says net income is up, but business still under pressure

FRANKFURT - German utility company E.ON SE says net income rose 25 per cent in the first quarter thanks to the sale of several businesses. The company's profits fell however when that one-time boost was excluded, and the CEO said it faced a difficult environment. CEO Johannes Teyssen said in a statement Wednesday "the economic situation of our legacy business in Europe, particularly in conventional power generation, remains difficult."

E.ON says reaches deal to keep Irsching plant open

IRSCHING, Germany (Reuters) - Germany's top utility E.ON <EONGn.DE> said it reached a deal with regulators and grid operators to keep open its modern but unprofitable Irsching gas-fired power station in Bavaria, providing reserve power to stabilise the grid. The agreement with the German network regulator Bundesnetzagentur and power grid TenneT <TNETH.UL> ensures the Irsching blocks 4 and 5 will remain operational over the next three years, E.ON said, adding it would be paid based on Irsching's contributions to the grid.

Gazprom, Gasunie to explore Nord Stream expansion to Britain

By Alexei Anishchuk AMSTERDAM (Reuters) - Russia's Gazprom <GAZP.MM> and Dutch Gasunie <GSUNI.UL> signed a letter of intent on Monday to explore the potential expansion of the Nord Stream pipeline to Britain, one of several deals signed during President Vladimir Putin's visit to the Netherlands. If the project comes through, the extended arm of Nord Stream would give Gazprom greater access to Britain, which has an annual demand of 100 billion cubic metres (bcm).
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