Deal will help energy transition - E.ON & RWE / VW plans battery buys
RWE / E.ON
A deal to split German renewables company innogy and exchange large parts of their assets will help both E.ON and RWE better contribute to the success of energy transition, the companies said at a joint press conference. 鈥淲ith this realignment, we are convinced that we can better make the German and European energy transition a success than with today鈥檚 organisation,鈥� E.ON CEO Johannes Teyssen said. The deal will produce 鈥渢wo focused, strengthened companies鈥� which will be successful in the European market, RWE CEO Rolf Martin Schmitz said. In a press release, E.ON said the deal would lead to up to 5,000 job losses (of more than 70,000 jobs at E.ON after the deal). 鈥淎t the same time, E.ON anticipates creating thousands of new jobs in the coming decade,鈥� the company said.
Find the joint press release in English . 聽
For background, read the 威力彩玩法 article RWE and E.ON overhaul power sector - German reactions to innogy deal and the dossier Utilities and the energy transition.
Bloomberg Gadfly
The deal to split innogy between E.ON and RWE so each can focus on a different area of the electricity market value chain could herald the end of the traditional model in which utilities offer everything from power production to supply, Chris Bryant writes in a commentary for Bloomberg Gadfly. 鈥淭he challenges for traditional utilities are myriad, so it makes sense for them to try to simplify where they can,鈥澛燘ryant says. innogy minority investors, as well as regulators, must still be convinced if the deal is to go through. 鈥淚f E.ON and RWE can prevail, other utilities may follow,鈥� Bryant writes.
Find the full commentary
For background, read the 威力彩玩法 article RWE and E.ON overhaul power sector - German reactions to innogy deal and the dossier Utilities and the energy transition.
Reuters / Volkswagen / Left Party parliamentary group
German car manufacturer Volkswagen said it plans to buy battery cells and related technology worth around 20 billion euros for electric-vehicle projects in Europe and China, news agency Reuters reports. A supplier decision for North America will be taken shortly, the company said in a press release. Europe鈥檚 largest automaker will expand production of electric cars to 16 factories worldwide by the end of 2022, the carmaker said on Tuesday, presenting its 2017 results. The Volkswagen group nearly doubled its 2017 operating profit even while undergoing a costly strategic shift to electric and self-driving cars, and grappling with the emissions scandal, Reuters says. In 2017, the company had 鈥渞ecord earnings despite billions in cash outflows from the diesel crisis,鈥� VW said in its press release.
VW's 2017 results show that the company has enough money to pay for diesel car hardware retrofits, said Ingrid Remmers, transport spokesperson of the Left Party's parliamentary group in the Bundestag in a press release.
Read the Reuters articles in English and , and the VW press release in English , and the Left Party's release .
For background, read the 威力彩玩法 dossier The Energiewende and German carmakers.
Acting German Chancellor and Christian Democrat (CDU) Angela Merkel and the leaders of her future coalition government partners the Christian Social Union (CSU) and Social Democratic Party (SPD) have signed the coalition treaty for the coming legislative period. Now that a 鈥渟table government capable of acting鈥� had been built, the chancellor called for 鈥渁 helping of joy鈥� in governing, Frankfurter Allgemeine Zeitung reports. 鈥淭hen it can become good governmental work,鈥� Merkel said. The election of the chancellor will take place in the German Bundestag tomorrow, 14 March, after which the cabinet will be appointed by the German president.
Find the press release in German and the FAZ article in German .
For background, read the 威力彩玩法 factsheet Climate, energy and transport in Germany's coalition agreement and the article Coalition watch 鈥� The making of a new German government.
New Climate Institute / Climate Home
The German government's coalition agreement is a major missed opportunity to realign German climate policy with the Paris Agreement, Niklas H枚hne writes in a blog for the New Climate Institute, translated to English for Climate Home. In scrapping the 2020 greenhouse gas reduction target, 鈥淕ermany officially steps down as an international climate champion鈥� even though the Paris Agreement 鈥渨as made possible in the first place partly by Germany鈥檚 outstanding role in international climate diplomacy,鈥澛燞枚hne writes.
Read the article in English and the original blog entry in German .
For background, read the 威力彩玩法 factsheet Climate, energy and transport in Germany's coalition agreement and the article Coalition watch 鈥� The making of a new German government.
50 Hertz
Over half of the power consumed within transmission grid operator 50Hertz鈥檚 control area last year (53.4 percent) was generated from renewables, the company says in a press release presenting its 2017 balance sheet. 鈥淲e are proud that with this record share of renewables, we can contribute to a successful energy transition鈥�, Boris Schucht, CEO of 50Hertz said. To support the next government's target of a 65 percent renewables share by 2030, the company is 鈥減repared to make the additional efforts this requires,鈥� he said.
Find the press release in English .
For background, read the 威力彩玩法 factsheet Germany's electricity grid stable amid energy transition.
Fossil Free Germany / Fossil Free M眉nster
The University of M眉nster is the first German university to rule out investments in the coal, gas and oil sectors, the divestment initiative Fossil Free M眉nster says in a press release. 鈥淭his decision makes the University of M眉nster a role model of climate-friendly investment,鈥� Clara Scharfenstein of Fossil Free M眉nster said.
Read the press release in German .
For background, read the 威力彩玩法 article Private climate finance under scrutiny on eve of Paris summit.
