|Bid||9.35 x 600000|
|Ask||9.39 x 600000|
|Day's Range||9.17 - 9.39|
|52 Week Range||8.10 - 10.20|
|Beta (3Y Monthly)||1.05|
|PE Ratio (TTM)||8.49|
|Forward Dividend & Yield||0.43 (4.70%)|
|1y Target Est||N/A|
Germany will allow operators of coal power stations to keep their existing carbon emissions certificates after the units have been shut down, part of a compromise designed to reduce the cost to generators of a climate change package. Under plans seen by Reuters, the government will reduce by an equivalent amount the number of new certificates issued under a trading scheme that is designed to ensure that emitters of the greenhouse gas carbon dioxide pay for the environmental impact of their activities. The compromise means the government will earn less from the emissions trading scheme.
For 2019 as a whole, E.ON now expects adjusted net income between EUR1.45 billion and EUR1.65 billion, compared with a previous forecast of between EUR1.4 billion and EUR1.6 billion.
British Prime Minister Boris Johnson promised on Sunday "to get Brexit done", with his Conservative Party making an election pledge to bring his deal to leave the European Union back to parliament before Christmas. With Britain heading to the polls on Dec. 12, the governing Conservatives rolled out an election manifesto that promised more public sector spending and no further extensions to the protracted departure from the EU.
British Prime Minister Boris Johnson will promise to bring his Brexit deal back to parliament before Christmas when he launches his manifesto on Sunday, the cornerstone of his pitch to voters to "get Brexit done". Voters face a stark choice at the country's Dec. 12 election: opposition leader Jeremy Corbyn's socialist vision, including widespread nationalisation and free public services, or Johnson's drive to deliver Brexit within months and build a "dynamic market economy". Opinion polls show Johnson's Conservative Party commands a sizeable lead over the Labour Party, although large numbers of undecided voters means the outcome is not certain.
RWE said it has raised its full-year guidance, in light of the reinstatement of the British capacity market and a strong trading performance in the first nine months.
The German government will not force hard coal power plants to close over the next seven years, a draft law expected to be approved by the cabinet next week showed on Tuesday. The plan not to force hard coal plant closures before 2026 risks making Germany's coal exit more expensive as the government would have to give operators generous financial incentives to shut down facilities voluntarily. The new plan is a reversal for the government, which had stipulated in a previous blueprint that utilities would be forced to deactivate hard coal power plants by 2026 if not enough closures happen voluntarily.
(Bloomberg Opinion) -- Any takers for a couple of big stakes in an old-style, carbon-emitting power generator?Germany’s Uniper SE is not a business that fits with the times. Yet hedge funds Elliott Management Corp. and Knight Vinke have just succeeded in squeezing a high price from the one keen buyer of their combined 21% holding, the Finnish utility Fortum Oyj.Investors sitting on the other 30% not already owned by Fortum can only look on in dismay and ask how they missed out.Fortum made a takeover bid for Uniper in 2017 but had to settle for a stake just below 50% after it emerged that Moscow had an effective veto on it gaining control (the German company owns a water facility in Russia and Fortum is controlled by the Finnish state, hence Russia’s right to block the deal).All of a sudden, something has changed. Fortum sees a potential path to Russian approval, although it won’t say precisely what it is. The Finnish company has agreed therefore to pay 2.3 billion euros ($2.5 billion) for the position held by Elliott and Knight Vinke. That would give it a 71% stake, assuming Russia’s approval is forthcoming.For Elliott, it’s a classic short-term win from opportunistically buying into a bid target. For Knight Vinke, it’s the profitable culmination of a longstanding activist campaign that began with nudging the German power giant E.ON SE to carve out Uniper in a demerger three years ago.As for Fortum, it’s a victory of sorts in a war of attrition with Uniper’s management. The Finns look set to gain de facto control. Key shareholder votes in German companies require 75% approval and Fortum would almost certainly clear that hurdle, gaining the power to appoint directors to Uniper’s supervisory board, who in turn oversee the management board. True, Fortum can’t fully integrate the German business into its own company. But it will get to direct Uniper’s strategy and receive dividend payments to cover the cost of its stake.There’s nothing here for Uniper minority investors, though. They were hoping to get a fresh takeover offer from Fortum, made available to all shareholders. Either that or a so-called “domination agreement” whereby Fortum got full access to Uniper’s cash flow in return for paying minority shareholders a chunky dividend. Fortum says it has no plans to make a fresh bid and won’t seek a domination agreement for at least two years. Why would it?It would have been better if Uniper had extracted some sort of agreed deal with Fortum. The German target appears to have relied on the Russian water asset being a poison pill. Fortum seems to have found a way around that. But with Fortum having a blocking stake and the hedge funds agitating for an exit, negotiating a grand bargain between all the stakeholders would have been the best way forward for Uniper.Minority investors are always in a tough spot when the register includes other big beasts, especially when one is a strategic bidder and another is Elliott. The episode is a reminder that sometimes their interests are best served by management not fighting too hard.To contact the author of this story: Chris Hughes at email@example.comTo contact the editor responsible for this story: James Boxell at firstname.lastname@example.orgThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Chris Hughes is a Bloomberg Opinion columnist covering deals. He previously worked for Reuters Breakingviews, as well as the Financial Times and the Independent newspaper.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
Sweden's Vattenfall will seek to monitor and possibly widen expansion targets for offshore wind in Europe which is growing amid rising investor interest, said the company's board member in charge of wind, Gunnar Groebler. Groebler had said in January that the company was aiming to arrive at an installed total 11,000 megawatts (MW) of offshore wind by 2025, up from 3,000 MW installed at the end of 2018. "These targets for offshore wind already need constant monitoring and reviewing," Groebler said in an interview with Reuters.
Energy firm Innogy , in the process of being broken up by parent RWE and rival E.ON, could team up with oil majors to build offshore wind farms in the booming U.S. market, one of its board members said. Projects off the U.S. coast have become a major target for utilities in Europe, by far the world's largest offshore market in terms of installed capacity, with several large players forming partnerships with Shell.
Want to participate in a short research study? Help shape the future of investing tools and you could win a $250 gift card! Today we're going to take a look at the well-established E.ON SE (FRA:EOAN). The company's s...
While it may not be enough for some shareholders, we think it is good to see the E.ON SE (FRA:EOAN) share price up 12% in a single quarter. But if you look at the last five years the returns have not been good. In fact, th...