GE Unit to Invest Heavily in EU Renewables
GE Energy Financial Services, a unit of General Electric Co., expects to invest hundreds of millions of euros in sustainable energy across Europe this year. Managing Director Andrew Marsden says that the firm is now very much into growth mode and will deploy capital if they find the right investment. GE Energy Financial Services’ main focus are on projects valued at more than $25 million that utilize proven renewable energy technologies that produce a running income. The company is setting its sights in areas such as Ireland, France, Germany, U.K. and is also considering Sweden and Norway.
BP is Back; Can Again Bid for U.S. Contracts After Oil Spill
BP Plc has won the right to again bid for U.S. contracts and new leases in the Gulf of Mexico, where its huge 2010 oil spill prompted regulators to ban it from acquiring new government contracts. The end of the suspension is a milestone for BP, which had to sell about $38 billion in assets to provide compensation to victims as well as meet costs of cleaning the worst offshore oils spill in the United States.
France’s Industrial Giants Ask for Price Cap for Nuclear
France’s biggest electricity consumers urge the government to cap Electricite de France SA’s wholesale nuclear-power price at the current level to help industrial consumers compete with German rivals. The current regulated rate is set at 42 euros per megawatt-hour. Large German industrial power consumers will pay 35 percent less for their electricity next year than those in France, says the 41-member lobby group Uniden. France said that it will announce any revisions to the power rate at the end of the month.
L1 Acquires RWE Unit for $7.1 Billion
L1 Energy, the investment firm of Russia’s fourth-richest man Mikhail Fridman, agreed to buy RWE AG’s Dea oil and gas unit for about 5.1 billion euros ($7.1 billion), including debt. The agreement helps Fridman and co-investor German Khan to gain assets overseas. The transaction must still win final approval from RWE’s supervisory board in several countries, says the utility. Dea pumps oil in Germany, U.K. and Norway and is no longer of strategic importance, RWE CEO Peter Terium said in April last year.
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