Obbligazioni societarie Monitor bond Utilities Europa I (gennaio - luglio 2009) (1 Viewer)

[Alobar]

13.10.2008: i98mark

Struttura finanziaria di GDF Suez ed allocazione del debito... i commenti di S&P

GDF SUEZ S.A.'s €10 Billion EMTN Program Assigned 'A' Rating

PARIS (Standard & Poor's) Oct. 7, 2008--Standard & Poor's Ratings Services
said today that it has assigned its 'A' long-term unsecured debt rating to the
€10 billion EMTN program of GDF SUEZ S.A. (A/Positive/A-1).

The rating reflects that although GDF SUEZ will no longer use GIE Suez
Alliance, the group's unsecured long-term debt will not be subordinated. This
is because the group's strategy is to centralize funding at the level of GDF
SUEZ S.A., the group's top holding company, and because GDF SUEZ S.A. has substantial downstream loans to operating companies, especially to the large and highly valuable French regulated gas transmission and distribution
operations, which have limited third-party liabilities.

That said, GDF SUEZ intends to retain significant debt at the level of Electrabel, the Belgian power incumbent, which is negative from a structural subordination standpoint.

The group plans to centralize financial debt issuance at the level of GDF
SUEZ S.A. GDF SUEZ S.A. is thus the issuer under the group's two commercial paper programs of €5 billion and $3 billion. Likewise, GDF SUEZ S.A. will be the main issuer under the €10 billion EMTN program. While Belgian power incumbent Electrabel can also be an issuer under the EMTN program with a guarantee from GDF SUEZ S.A., we understand that it will seldom be used and only for very limited amounts. All additional debt--which is likely to be substantial in light of the group's large investment program--will be issued
at the level of GDF SUEZ S.A.

The group also intends to gradually refinance about €3.2 billion of financial debt currently sitting at operating companies.This amount excludes project finance and nonrecourse debt outside Europe of about €3.4 billion as well as the debt of 35%-owned Suez Environnement, which we exclude for the purpose of this analysis.

As a result of the increased centralization of the group's funding, GDF
SUEZ S.A. will increase its documented downstream loans to its operating
subsidiaries. GDF SUEZ S.A. already funds in particular its regulated French
transmission and distribution subsidiaries. At end-June 2008, GDF S.A.'s
funding of these companies, which GDF SUEZ S.A. has taken over, stood at €5.6 billion. The French transmission and distribution businesses have no external financial debt, limited other external liabilities, and substantial regulated asset bases.

To optimize Electrabel's balance sheet structure and reduce its tax base
in Belgium, GDF SUEZ intends, however, to maintain a significant amount of
financial debt at the level of Electrabel and Belgelec, a funding vehicle that
is a subsidiary of Electrabel. This is negative from a structural subordination perspective as such debt is closer to the Electrabel assets than debt at GDF SUEZ S.A. is.

Moreover, a large share of the Electrabel/Belgelec debt benefits from a guarantee from GDF SUEZ S.A. through a guarantee from the GIE Suez Alliance. However, GDF SUEZ plans to reduce Electrabel/Belgelec debt
in the coming months to about €5 billion, from €8.6 billion in June 2008 (out
of GDF SUEZ's consolidated gross debt of €28 billion). It will do this through
intercompany refinancing, which should create some direct claims for GDF SUEZ' debtholders on Electrabel's assets.

Moreover, out of Belgelec's €3.5 billion of bonds, €1.7 billion mature in 2009 and another €650 million in 2010.The Belgelec bonds rank senior to GDF SUEZ debt with respect to Electrabel's assets: This reflects that the proceeds of these bonds have been on-lent to Electrabel, thus giving Belgelec priority access to Electrabel's assets.

Moreover, these bonds benefit from a de facto guarantee from GDF Suez
S.A. Nevertheless, we don't consider that the GDF SUEZ bonds are so
subordinated as to warrant notching down, given the centralization of the rest of the group's funding, the diversity of the group, and existence of large
intercompany loans, especially those to the regulated gas companies.

La parte in grassetto ti spiega anche perché l'investimento in Belgelec Suez è anch'esso da considerarsi safe per gli obbligazionisti, se valutato rispetto alla "vicinanza" agli asset del gruppo.

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14.10.2008: i98mark

Originalmente inviato da batti38
Ciao a tutti.
posseggo questo titolo:
National Grid 4.375 2020 Isin: XS0213972614
E' calato parecchio ultimamente. Dipende solamente dalla crisi generale, o c'è qualcosa a livello emittente?

E' anche molto lungo ... se è un parte contenuta della tua esposizione di portafoglio sulle durate lunghe, allora è accettabile... in questo momento è meglio sottopesare durate di questo tipo, IMHO... la società è una sorta di Terna britannica... forse distribuisce qualche utile di troppo agli azionisti, ma per il resto...

 

[Alobar]

17.10.2008: i98mark

Originalmente inviato da fabry18
Posto qui......se qualcuno mi risponde, mi fa un favore: mi hanno chiesto informazioni su questo titolo Codice ISIN: FR0000475733 GIE SUEZ ALLIANCE 4,25% 24.06.2010 a me sembra molto buono, la la persona che lo detiene è in ansia.......avete qualche informazione da darmi? non seguo molto le utilities, mi sa che devo iniziare, dai post precedenti mi è parso di capire che la società e solida.....
saluti.

E' solidissima, dopo la fusione di Gaz de France con Suez poi quello che ne è venuto fuori è davvero un colosso che macina profitti ... non vedo ragione per essere preoccupati...

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Postata da Researcher in altro 3D, la recupero qui con qualche dettaglio in più in inglese...

Due nuove emissioni di GDF Suez (ciò che può aver giustificato qualche calo nel prezzo dei bond, anche in considerazione della salita dello spread fra CDS e rendimento dei bond al quale si fa cenno nell'articolo, circostanza verificatasi nei mesi scorsi in corrispondenza di molte nuove emissioni di bond corporate)

Thomson Financial News
UPDATE 1-GDF Suez kickstarts euro corp primary bond mkt
10.17.08, 7:27 AM ET

LONDON, Oct 17 (Reuters) - French utility GDF Suez reopened the European corporate bond primary market on Friday with the first deal in five weeks, while British bank Lloyds TSB brought a 10-year benchmark sterling bond to the table, officials at banks managing both deals said on Friday.

Orders for GDF Suez's dual-tranche benchmark euro bond, which consisted of a five-year and a 10-year tranche, was already oversubscribed, one credit analyst said.

Guidance on the five-year benchmark bond has been set at mid-swaps plus about 200 basis points and at about 240 basis points over mid-swaps for the 10-year benchmark bond, an official said.

The cost of insuring the debt against default on GDF Suez rose after the deal was announced. Five-year credit default swaps (CDS) on GDF Suez were about 25 basis points wider at 100 basis points, a trader said.

That gives a negative basis points -- the difference between the CDS and underlying bond -- of about 100 basis points.

'It's a safe utility, double-A category and it should get good domestic support,' the analyst said. 'It shows that you can get deals away if you pay up.'

The new bond issue market has been closed to corporates since early September, but there have been tentative hopes for a revival following global government plans to shore up the banking sector by taking stakes in some financial institutions.

The deal from Lloyds TSB, which is buying rival HBOS <HBOS.L>, was mandated to Lloyds, RBC Capital Markets and UBS. Five-year CDS on Lloyds were also slightly wider, another trader said, but he added that liquidity was very thin.

Five-year CDS on Lloyds TSB was trading at about 73.5 basis points late on Thursday, according to Markit data. Guidance on the sterling bond was set at gilts plus about 225 basis points, an official said.

'There's plenty of demand for senior bank debt, so they have decided to bite the bullet,' the analyst said.

Barclays, BNP Paribas, Natixis and Societe Generale are joint lead managers on the GDF Suez deal.

GDF Suez is rated A by Standard & Poor's and Aa3 by Moody's Investors Service, while Lloyds is rated AAA by Moody's, AA by S&P and AA+ by Fitch Ratings.

Overnight, UK drinks group Diageo raised $1 billion through a five-year senior note, said IFR, a ThomsonReuters publication.

Five-year CDS on Diageo were about 40 basis points wider at 108 basis points on Friday, according to Markit data.

(Reporting by Natalie Harrison and Jonathan Cable; Editing by Andrew Macdonald) Keywords: GDF SUEZ/BOND

In Italiano...

Gdf prezza bond da 1,9 mld euro, primo corporate in 5 settimane

Reuters - 17/10/2008 18:15:40

LONDRA, 17 ottobre (Reuters) - Dopo oltre cinque settimane di latitanza delle emittenti corporate sul mercato dei capitali, si è fatta avanti oggi GDF Suez con un'operazione in due tranche dell'ammontare complessivo di 1,9 miliardi di euro, facendo sperare nella riapertura del mercato primario e che altre emittenti la possano seguire.

Gdf ha prezzato stasera a 99,644 la tranche a 5 anni, scadenza 24 gennaio 2014 e cedola 6,25%, per un ammontare di 1,0 miliardi di euro a un rendimento, in linea con le attese, 200 punti base sopra il tasso del mid-swaps.

La tranche a 10 anni, scadenza 24 gennaio 2019, da 900 milioni di euro e cedola 6,875% è stata prezzata a 99,363 per offrire un rendimento pari a 240 punti base sopra il tasso del mid-swaps corrispondente.

Lo dicono i lead manager dell'operazione Barclays, BNP Paribas, Natixis e Societe Generale.

GDF Suez ha rating 'A' da Standard & Poor's e 'Aa3' da Moody's Investors Service.

Nel settore financial, oggi anche l'inglese Lloyds TSB Plc (LLOY.L) ha prezzato a 99,242 un bond decennale da 400 milioni di sterline. Il bond, con scadenza 24 ottobre 2018, ha cedola 6,75% e offre un rendimento pari a 225 punti base sopra il rendimento del gilt con pari scadenza e cedola del 5%.

Hanno guidato l'operazione Lloyds, RBC Capital Markets e UBS.

Lloyds TSB, che sta acquistando la rivale HBOS (HBOS.L), ha rating 'AAA' da Moody's Investors Service, 'AA' da Standard & Poor's e 'AA+' da Fitch Ratings.

 

[Alobar]

20.10.2008: i98mark

Originalmente inviato da lollofanki
mark un paio di domande:
vedo che iberdrola da rendimenti niente male ,a parte il rating che sappiamo che oramai non significa piu un gran che,l'hai seguita e sai per caso come e messa?
secondo vattanfall vedo che il perpetual ha un rating diverso rispetto alle altre obbligazioni della stessa società
volevo capire se questo è dovuto ad un qualch regolamento che permette di non distribuire cedole in caso di mancanza di utili o quant'altro?
grazie ciao

La ho seguita molto alla lontana Iberdrola, e mi è parsa intenta anch'essa in una campagna acquisti molto spinta, sostenuta dalla crescita degli utili determinata dalla salita dei prezzi dell'energia (windfall profits, all'inglese: praticamente un regalo al comparto, visto che non è stata determinata da alcuna attività, ma è venuta quale mera conseguenza della bolla sui prezzi del petrolio).

Questo fattore peserà sul comparto, sia perché ciò che si è comprato lo si è pagato a caro prezzo, sia perché, quando si andrà a valutare la redditività delle prede con prezzi energetici in calo, anche questa risulterà inferiore alle previsione fatte a suo tempo....

C'è un significativo rischio svalutazioni in vista per le utilities energetiche, un po' come successe con le telecom dopo la campagna acquisti per le licenze UMTS ....

Non sono in grado tuttavia di dare dettagli su Iberdrola.

Per ciò che riguarda Vattenfall, non ho esaminato il prospetto del bond, e non so dirti se la cedola vada incontro a cancellazione o a posposizione in caso di mancata distribuzione dei dividendi.

Tieni conto che comunque le agenzie, anche in presenza della mera facoltà di posporre il pagamento della cedola, imputano comunque un merito di credito inferiore ad un bond perpetual sia perché espone al rischio per cui il godimento della cedola verrebbe differito, sia in quanto, nell'ipotesi di default dell'emittente, comunque il perpetualista avrebbe pretese qualitativamente inferiori a quelle dell'obbligazionista senior nella gerarchia dei creditori, potendosi soddisfare solo a piena realizzazione del diritto di quest'ultimo...

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Originalmente inviato da luke75
con la poca liquidita' che c'è sui mkt dei bond, soprattutto quelli corporate non dici che è buon momento per comprare bondi di utility con scadenze non troppo lunghe?
faccio l'esempio del RWE 2014, come quotazione ufficiale ask siamo sui 95,74 con rendimento 5,5 lordo, sul tlx ne ha prese pochine settimana scorsa a 92,50 portando il rendimento cosi oltre il 6% (il MM aveva quotazioni sui 95 poi d'improvviso è sceso x poi risalire)
con un po' di pazienza penso che si possono fare buoni affari

Ciao, credo anch'io ... può darsi che prezzi bassi su questi bond possano venire in futuro come risultato di dinamiche compartimentali, quelle alle quali accennavo nel mio ultimo post qui... però ripeto: per anni ci siamo lagnati di rendimenti infimi, adesso Cash is King, e non è sbagliato approfittarne.

Continuo ad essere un po' scettico sulle scadenze lunghe, ma potrei essere in errore...

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Rallenta la crescita degli utili previsti per il 2008 da Veolia, la maggiore utility mondiale nel settore della gestione delle acque.... e crollano le sue azioni in borsa. Il calo del fatturato generato dal business dell'acqua nel secondo semestre del 2008 e la crescita dei costi nel settore del waste management, costi che la società non è stata in grado di trasferire alla clientela, faranno sì che il cash flow complessivo per il 2008 si attesti sui medesimi livelli dello scorso anno.

Per il 2009 la società conferma il proprio piano di riduzione dei costi biennale (per complessivi 400 mln eur di tagli) e conferma altresì che resterà in grado di generare flussi positivi di free cash flow.

Veolia Slumps in Paris After Warning of Slower Growth (Update1)

By Tara Patel

Oct. 20 (Bloomberg) -- Veolia Environnement SA, the world's biggest water company, slumped the most in Paris trading since going public eight years ago after saying a slowdown at its water and waste management businesses will crimp earnings.

Veolia slid as much as 4.74 euros, or 20 percent, to 18.68 euros, the steepest one-day decline since July 2000. The shares, which have lost 69 percent of their value this year, traded at 19.29 euros as of 10:40 a.m. local time.

The French utility reduced its growth outlook for the second time this year and pledged to dispose of businesses, blaming the economic slowdown and higher energy costs. Debt financing costs have also risen because of the global credit crisis, Veolia said. Analysts criticized the company for not reporting its current difficulties sooner.

``There is a real risk of a breakdown in confidence independent of the company's fundamentals,'' Patrice Lambert-de Diesbach, an analyst at CM-CIC Securities in Paris, who has a ``hold'' rating on the stock, said in a report today. ``The impression is of a lack of reliable feedback in its financial control and a considerable delay by management in communicating problems.''

The Paris-based company expects total investments to fall 34 percent to 4 billion euros ($5.4 billion) this year and said weaker economic growth and temporary shutdowns of incinerators are weighing on this year's earnings, according to a statement released late yesterday.

Borrowing Costs

Veolia's cost of borrowing in 2008 has risen to between 5.7 percent and 5.8 percent, compared with 5.4 percent in the first half of the year, Senior Executive Vice-President Jerome Contamine said on a conference call today.

``We expected the water business to be above 2007 levels and in fact it is below,'' he said. Veolia's industrial waste operations in Europe have been hit by rising costs, which it hasn't been able to pass on to customers, Contamine said.

Veolia said its waste business in France has slowed. The temporary shutdown of incinerators in Italy and the closure of a facility in Germany also hurt revenue, it said.

It expects 2008 cash flow of between 4.1 billion euros and 4.2 billion euros, about the same level as the 4.16 billion euros recorded in 2007.

Veolia maintained its 2009 target of 400 million euros in savings over two years. About 180 million euros of savings will come through in 2009, the company said. The company expects to generate positive free cash flow in 2009, it said.

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Originalmente inviato da luke75
ciao
ti chiedo cortesemente un chiarimento visto che non conosco bene queste società
GIE SUEZ
GDF SUEZ
SUEZ BELGELEC
sono 3 entità autonome ? se no la piu sicura è GDF Suez (quella che Enel voleva acquistare)
grazie mille!

Ciao, sono parte di un unico gruppo societario, derivante dalla fusione di Gaz de France (GDF) e Suez, che vede come capogruppo la GDF Suez.

Belgelec era la società nella quale Suez aveva allocato il debito emesso per le attività del gruppo legate al settore energia (Suez faceva anche altro: trattamento acque e rifiuti, ad esempio. Oggi questo business è stato scorporato in Suez Environnment, il cui pacchetto azionario di maggioranza relativa resta controllato dal nuovo gruppo, il resto distribuito agli azionisti della vecchia Suez)

Il GIE è una istituzione del diritto francese volta al rafforzamento della garanzia offerta ai creditori

 

[Alobar]

21.10.2008: i98mark

Originalmente inviato da scoglio24
l'Obb. di rigo 47, Suez Belgelec, FR0000475733, è trattata anche sul ETLX però è denominata GIE SUEZ ALLIANCE. Sul prospetto dell'Obb. rilevato da trading lab. tale sociètà (Suez Belgelec) non risulta nel gruppo.

Perchè questa differenza di denominazione per la stessa obb?

L'avevamo rilevata su OnVista, che la dà in carico a Belgelec Finance, come vedi nel link sotto riportato... tieni conto che in tempi passati una quota del debito emesso originariamente da Gie Suez Alliance e afferente alle attività del gruppo Suez nel settore energetico è stato riallocato presso il veicolo finanziario di Belgelec... potrebbe essere questa la ragione di una diversa indicazione dell'emittente...

http://anleihen.onvista.de/snapshot....E=FR0000475733
(...)
E difatti è andata così....

http://www.archives-suez.com/documen...Resolution.pdf

Ps: tieni conto che, per quanto detto, la garanzia del GIE si estende cmq al debito obbligazionario allocato in capo a Belgelec ed ai suoi veicoli....

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Originalmente inviato da businessman
cosa pensate di E.ON?
quelle che scadon tra pochi mesi
XS0148578262 E.ON 5,75 29.05.2009 EUR 100,110 100,240 NETTO 4,49

Originalmente inviato da kingpin
le ho anche io in ptf, alla scadenza penso che riutilizzerò la somma per rimanere sempre nelle utilities, al 90% sempre con un bond E.ON (io tifo per Thüga!)

Solidissima... i fondamentali restano eccellenti, la società non eccessivamente compromessa sul versante dell'indebitamento (per sua fortuna più che per sua volontà, in quanto soccombente nella "gara" di cui si dà atto in parte nel 3D indicato sotto) nella politica delle maxiacquisizioni...

http://www.finanzaonline.com/forum/s...ht=e.on&page=3


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04.11.2008: i98mark

Centrica è una primaria utility in UK, assente dal monitor in quanto gli eurobond emessi sono ad oggi principalmente denominati in GBP. Propongo questa rating action di S&P (di riaffermazione dei ratings correnti) sia in quanto interessante per i commenti riguardanti la maniera in cui business risk e financial risk di un emittente sono convolti nella attuazione delle sue strategie operative.

Centrica ha raggiunto un accordo con EDF a seguito dell'annuncio da parte di EDF della finalizzazione dell'acquisto di British Energy (gestore delle centrali nucleari inglesi) di cui si è dato conto nel 3D, accordo per effetto del quale Centrica acquisirà il 25% di BE.

Centrica PLC 'A/A-1' Ratings Affirmed On Rights Issue Announcement; Outlook Remains Negative

LONDON (Standard & Poor's) Oct. 31, 2008--Standard & Poor's Ratings Services said today that it affirmed its 'A' long-term and 'A-1' short-term ratings on U.K. energy supplier Centrica PLC following the company's announcement today of a fully underwritten rights issue that will raise approximately £2.2 billion. The outlook remains negative.

"The rights issue is intended to support funding for the potential acquisition of 25% of British Energy Group PLC (BE; BB/Watch Pos/--) or other strategic investment opportunities," said Standard & Poor's credit analyst Mark Davidson.

Today's announcement forms part of Centrica's strategy, announced in February 2007, of reducing wholesale gas price exposure by diversifying the
company's generation mix and increasing the proportion of supply needs that
are covered by owned generation. Centrica is structurally short of both gas
and electricity assets relative to its competitors in the energy supply market, which creates volatility in its consolidated cash flows.

The company has made a number of smaller upstream acquisitions during 2008, including gas assets in the U.S. and Norway, and an additional 25.5% investment in Belgian utility SPE N.V.

On Sept. 25, 2008, Centrica announced that it had signed a memorandum of
understanding with French utility Electricite de France S.A. (EDF; AA-/Watch
Neg/A-1+) to acquire 25% of BE, after the sale of BE to EDF has been completed. BE would improve Centrica's vertical hedge in electricity directly
and in gas indirectly, since non-gas-fired power generation earnings are
closely correlated with gas prices.

As yet, the agreement with EDF is not legally binding and is subject to conditions including approvals by the regulator and Centrica's shareholders.

Today's announced rights issue will materially improve Centrica's financial profile in the short term. However, this will reverse over time as Centrica completes its investments.

The acquisition of a 25% ownership interest in BE, which is valued at £3.1 billion based on EDF's current offer, would need to be partly funded with debt or asset sales. In addition, we expect that any acquisition of the BE stake could be complemented by additional investments, since BE would only partly satisfy Centrica's goal of achieving a vertical gas hedge of 50% from about 30% currently (the BE stake would raise this to about 40%).

The ratings on Centrica continue to reflect the company's leading position in both gas and electricity supply in the U.K.; the strong cash flow generation of its upstream division; and its strong financial profile.

These strengths are offset by intense competitive pressures in the U.K. retail
market; the group's exposure to commodity prices, especially gas prices, which heightens cash flow volatility; and its appetite for external growth.

The announced rights issue, although improving Centrica's financial profile in the short term, is intended to partly fund upstream investments in support of the company's vertical integration strategy.

A successful completion of the 25% acquisition of BE, although likely to improve business risk, would be expected to result in a downgrade due to the increase in financial risk and Centrica's stated objective of further improving its vertical gas hedge to 50%, which would require additional investment.

Based on current information, a downgrade is likely to be limited to one notch.

In addition, financial pressures arising from commodity price volatility and continued inability to reduce structural commodity risk exposure could lead to lower ratings.

To sustain the ratings, Centrica needs to maintain funds from operations
coverage of adjusted net debt of 50% with a broadly unchanged business risk profile.

Rating upside is very limited, given Centrica's asset procurement strategy and the inherent volatility of its cash flows due to its short commodity position.

 

[Alobar]

10.11.2008: i98mark

Originalmente inviato da Il monco
Salve a tutti. Vedo che stai continuando con le tue preziose analisi e questo credimi mi fa veramente piacere

visto che, su suggerimento di altri utenti del forum che mi invitavano a consultare questa discussione, ho acquistato un mese fa la mia prima obbligazione utilities (FR0000472326 GAZ DE FRANCE 4.75% Sc.19/02/2013). Ora vedendo l'ultima tabella aggiornata ho notato una società che non conosco minimamente e cioè FORTUM OYJ se magari con comodo mi illuminassi un pochino...

.
Il monco

.

E' una utility finlandese, la seguo molto alla lontana ... lo stato finlandese ne controlla la maggioranza assoluta delle azioni e vedo che la mancata inclusione nella holding di controllo delle partecipazioni statali fa si che una eventuale cessione delle quote azionarie resti vincolata addirittura al voto favorevole da parte del Parlamento nazionale.

Lo stato finlandese tuttavia, pur ben gestito, è molto piccolo in termini di popolazione. Ciò impone un supplemento di cautela nel valutare la situazione espressa dai conti aziendali, e soprattutto eventuali livelli di indebitamento, suggerendo prudenza nel caso in cui il debito dovesse risultare elevato...

State Holding Company For Listed Shares
Published 21.10.2008, 18.49

The Finnish government announced plans on Tuesday to concentrate state-owned shares in eight listed companies in a new holding company. One key aim is to keep nationally important companies in Finnish hands.

The new holding company, Solidium, is to take over state shares in Kemira, Metso, Outokumpu, Sampo, Sponda, Stora Enso and TeliaSonera. Unlike at present, the purchase and sale of these state holdings will no longer require prior approval by Parliament.

The minister in charge of state ownership affairs, Jyri Häkämies, told the press Tuesday that the international financial crisis gave a boost to the government's plan.

Solidum's operations will be financed by dividends and share trading, not by budget appropriations. The present market value of the shares that will be shifted to the holding company is estimated at 5.5 billion euros.

The strategically important energy groups Fortum and Neste Oil, as well as the airline Finnair, will not be included in the scheme. The state owns over half of the shares in all three companies.

The new arrangement will give the government more flexibility in intervening directly to protect Finnish ownership of key companies. As recently as last week the government cooperated with the Varma Mutual Pension Insurance Company to keep ownership of the telecom operator Elisa from slipping into foreign hands.

Häkämies has often stated that a less complicated means is needed for the government to operate in the market. An example that he has noted is how the the government had to watch while the Finnish shipbuilding industry shifted to foreign ownership.

 

[Alobar]

12.11.2008: i98mark

EDF: +7% ricavi primi 9 mesi 2008, conferma target intero esercizio

Finanzaonline.com - 12.11.08/08:40

Risultati positivi per EDF. Il colosso elettrico controllato dallo stato francese ha registrato nei primi 9 mesi del 2008 una crescita del fatturato pari al 7% grazie all'aumento dei prezzi e delle tariffe elettriche confermando peraltro le stime di Ebitda per l'intero esercizio fiscale. I ricavi dei 9 mesi sono saliti a 45,59 miliardi di euro rispetti ai 42,64 miliardi dell'anno passato, con una crescita pari al 9,7% su base organica. Il risultato è leggermente migliore delle stime degli analisti che si attendevano un valore prossimo ai 45,34 miliardi di euro.

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Ancora, più in dettaglio, su EDF, per la quale la crescita del fatturato è da ricondursi esclusivamente alla risalita dei prezzi energetici. Alcune info toneranno utili per valutare l'impatto sugli utili di talune decisioni sui prezzi energetici che potrebbero essere assunte in Francia.

La società conferma gli obiettivi per il 2008 (utile netto flat su base annua, EBITDA + 3%) e annuncia di essersi già assicurata i finanziamenti occorrenti a coprire l'acquisizione di British Energy.

EDF Sales Rise 8.3% on Higher Electricity Prices (Update1)

By Tara Patel

Nov. 12 (Bloomberg) -- Electricite de France SA, the world's biggest operator of nuclear reactors, said third-quarter sales rose 8.3 percent on higher prices for power.

Sales increased to 13.4 billion euros ($16.8 billion) from 12.3 billion euros a year earlier, the Paris-based operator of France's 58 nuclear reactors said today in a statement. Revenue for the first nine months of the year was 45.6 billion euros, compared with the median estimate of 45.3 billion euros of analysts surveyed by Bloomberg News.

EDF gained as much as 5.2 percent in Paris trading and was up 1.89 euros at 49.39 euros as of 9:31 a.m. local time. The stock is down about 39 percent since the start of the year.

The state-controlled utility said full-year net profit excluding non-recurring items ``will not increase'' because of a large spending plan. EDP maintained its target for growth in 2008 earnings before interest, tax, depreciation and amortization of around 3 percent.

``EDF has not been significantly impacted by the current financial crisis,'' the utility said, adding that funding for a planned takeover of British Energy Plc is ``secured.''

EDF, which holds stakes in utilities in Italy, Germany and the U.K., has been able to sell power at higher prices in those markets than in France, where rates are capped by the government. This year's earnings will be crimped by higher fuel and equipment costs and repairs at some power plants, the company has said.

The utility's earnings are capped on the domestic market by government-set rates, which were raised Aug. 15 for households by 2 percent and as much as 8 percent for large industrial users. The previous increase was a year earlier.

Company Rates

Profit may also be reduced by the government's plan to prolong until July 2010 its system of regulated power rates for businesses. The program is aimed at shielding companies from rising energy costs by allowing businesses that opted for free- market power rates to come back to lower, government-set rates.

EDF set aside 470 million euros for the system in 2006 and 248 million euros in 2007, according to its annual report. The French state holds an 84.8 percent stake in the company.

The utility began construction last year on a new- generation nuclear reactor at Flamanville, France. The company has also said it would apply to build a new atomic unit in New York with Constellation Energy Group Inc. and is planning to build reactors in the U.K. after making a 12.5 billion-pound ($19.3 billion) offer to buy British Energy Group Plc. That offer closes Dec. 5.

Boost Investment

EDF has said it plans to raise investment spending to 10 billion euros this year, compared with 7.5 billion euros in 2007, in part to meet ``increased costs of commodities, energy and equipment.''

The utilization rate of the utility's reactors was 80.2 percent last year compared with 83.6 percent in 2006. The utility is aiming to raise the rate to 85 percent during the next three or four years.

Repairs to stream generators at 16 reactors will shave 2 percent off overall availability this year and next, Chief Operating Officer Jean-Louis Mathias has said.

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Originalmente inviato da lorenzov1963

Mark...perdona l' ignoranza...ma develerage ...significa??
Buona Serata.

Originalmente inviato da lorenzov1963
Perchè capisco che è un mess importante per potere in chiave un po' "speculativa" fare gain ma mi piacerebbe capire qualcosa in piu'
Buona serata again.

Sono sicuro di averlo spiegato meglio da qualche altra parte (penso tu sia il terzo o il quarto a chiedermelo nell'ultimo paio di mesi) ma non mi ricordo dove...

Detto grossolanamente è il rapporto fra la mole degli investimenti detenuti ed i capitali propri. Attraverso una serie di tipologie di strumenti finanziari si può gestire una mole di investimenti decisamente superiore in valore al denaro effettivamente adoperato. Investo 10 euro in uno strumento derivato che mi consente di operare a leva 10, vuol dire che con i miei 10 euro gestisco 100 euro di investimento.

Se il valore dell'investimento si riduce del 10%, io avrò perso tutto il capitale investito (perdita del 100%) proprio in conseguenza dell'effetto leva 10.

Se viceversa il mio investimento si rivaluta del 10%, io avrò raddoppiato il capitale investito (guadagno del 100%) sempre per effetto delle leva 10.

Questo banale meccanismo diventa più complesso se riportato alla dimensione delle istituzioni finanziarie, in cui ci sono svariati meccanismi per moltiplicare la leva.

Senza entrare nel dettaglio, e guardando agli effetti pratici, deleverage vuol dire che le istituzioni finanziarie riducono la leva a sé stesse e alle strutture societarie attraverso le quali operano sui mercati speculativi.

Per ridurre la leva, si deve vendere gli asset detenuti e se un ciclo di deleverage è forte e riguarda l'intera industria finanziaria, questo vuol dire vendite diffuse e forzose su praticamente tutti gli asset finanziari (azioni, obbligazioni, derivati sulle materie prime ecc. ecc.)

 

[Alobar]

15.11.2008: i98mark

Moody's si attende ancora stabilità per il comparto nei mesi a venire, in virtù dei forti flussi di cassa che è in grado di generare... vedremo se questo ottimismo si rivelerà giustificato...

Moody's reports: Stable Outlook for EMEA Electric & Gas Utilities

London, 12 November 2008 -- The outlook for the EMEA electric and gas utilities sector is stable, reflecting the companies' strong fundamentals and ability to generate cash flow, Moody's Investors Service says in a new report. The stable outlook also reflects the companies' flexible approach to planned investment programmes to help maintain their ratings. The report, entitled "EMEA Electric and Gas Utilities Industry Outlook", expresses Moody's expectations for fundamental credit conditions in the industry for the next 12-18 months.

"Moody's believes most European utilities' earnings and cash flows should remain relatively resilient over this period, even as the economic downturn takes hold in many of their markets," says Monica Merli, Managing Director in Moody's Infrastructure Finance Group. Indeed, utilities' earnings, cash flows and financial profiles are expected to be underpinned by resilient demand, locked-in prices and the ability to trim capex budgets.

Moody's believes large capex programmes remain a key ratings driver for the utilities companies, as many need to maintain and upgrade their ageing networks and diversify generation capacity. "However, Moody's does expect that some companies will examine their required returns more critically, given the ongoing tight credit markets and weakening economies," acknowledges Ms Merli.

In Moody's view, the impact from rising political risk is likely to be moderated by security of supply considerations and the importance of supporting infrastructure investments during an economic downturn. "In any event, Moody's already factors in a higher degree of regulatory and political risk into its ratings for companies in more sensitive areas, like Central and Eastern Europe," explains Ms Merli. "But Moody's will continue to monitor for rating impact in case these risks translate into a more onerous burden for companies."

Overall, Moody's views the liquidity profile of rated EMEA utilities as sound. "While it may gradually erode over the coming year under pressure from tougher economic conditions and financial markets, Moody's still expects it to remain adequate," says Ms Merli.

Moody's currently rates 71 utilities corporate families in the EMEA electric and gas utilities sector, some of which are groups where there are multiple subsidiary ratings within.

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Moody's assegna ad A2A SpA un issuer rating di A3; con prospettiva stabile

Prima assegnazione di un Issuer Rating
London, 12 November 2008 -- Moody's Investors Service ha assegnato ad A2A SpA, una società di servizi pubblici italiana sorta dalla fusione di AEM con ASM Brescia e AMSA, un Issuer Rating di A3. Il rating ha un outlook stabile. Si tratta della prima assegnazione di rating ad A2A da parte di Moody's.

Il rating di A3 assegnato ad A2A si basa sull'utilizzo della metodologia di valutazione per emittenti controllati da un Ente Pubblico (GRIs). In tal senso, la valutazione dell'affidabilità creditizia di A2A si basa sui seguenti elementi:

- una valutazione di affidabilità creditizia di base ("BCA") pari ad 8 (scala da 1 a 21, la dove 1 rappresenta il rischio di credito più basso), che equivale a Baa1;

- un rating del Comune di Milano pari ad Aa2, e la nostra stima di affidabilità creditizia del Comune di Brescia. Entrambi possiedono il 27.5% di A2A;

- livello di interdipendenza medio e;

- livello di sostegno basso.

Marco Vetulli, Vice-President / Senior Analyst di Moody's ha detto che "La valutazione di affidabilità creditizia di base di A2A pari a Baa1 riflette i seguenti fattori positivi: (i) i benefici provenienti da un portafoglio di servizi pubblici che comprende segmenti di attività commerciali diversi ed indipendenti; (ii) il beneficio proveniente dalla posizione monopolista nel settore della distribuzione di elettricità e gas in una delle regioni più ricche d'Europa; (iii) i fondamentali del settore Italiano dell'elettricità e gas sono ancora interessanti con delle buone prospettive di crescita a lungo termine e di prezzi relativamente alti; (iv) l'efficienza della struttura di produzione, e forte posizionamento nel mercato della produzione di elettricità e gas; (v) la reputazione del management in termini di qualità del servizio, su cui si basa la forza del marchio A2A; ed (vi) una buona liquidità".

Tuttavia Moody's nota come la valutazione del merito creditizio di base sia limitata da: (i) la maggiore operatività di A2A in un settore competitivo e quindi rischioso come quello della produzione e distribuzione di elettricità e gas; (ii) un atteso leggero peggioramento del profilo finanziario della società nei prossimi due anni (iii) un modello di direzione d'azienda (governance) complicato, che comporta un certo rischio di interferenza nei piani dell'azienda; e (iv) un certo rischio residuo di integrazione.

La valutazione di un livello di interdipendenza medio riflette l'opinione che Moody's ha sull'esistenza di un livello di correlazione moderato tra fattori che potrebbero comportare tensione finanziaria per A2A e tra fattori che potrebbero causare lo stesso per le aziende municipalizzate di Milano e Brescia.

La valutazione data da Moody's di livello di sostegno basso da parte dei Comuni di Milano e Brescia si basa su un livello basso di influenza che queste esercitano sul fatturato dell'azienda (a causa della mancanza di poteri di vigilanza sulle società municipalizzate) e sulla difficoltà che la notevole dimensione di A2A comporterebbe per i due Comuni nell'eventualità in cui un sostegno fosse necessario. Tuttavia, dato un livello di proprietà che tra le due raggiunge il 55% di A2A, ed il ruolo chiave che queste hanno nella determinazione delle strategie di lungo termine dell'azienda, entrambe le società municipalizzate hanno interessi sia finanziari che strategici in A2A, ed in particolare in relazione all'importanza del ruolo socioeconomico che la società ricopre nelle zone di influenza delle due municipalizzate.

MarcoVetulli aggiunge che "la prospettiva stabile assegnata alla valutazione di affidabilità creditizia è determinata da un'attesa da parte di Moody's che A2A continui a beneficiare di un profilo operativo forte e stabile, sostenuto da un portafoglio di attività commerciali diversificato e da una notevole presenza nel medio lungo termine in mercati regolamentati e semi regolamentati.

A2A ha la sua sede a Milano ed è quotata sulla Borsa di Milano, con un flottante del 31.6% ed una capitalizzazione di mercato di circa 5 miliardi di Euro. Gli azionisti di controllo sono le società municipalizzate di Milano e Brescia, che possiedono ciascuna il 27.5%. Altre quote di importanza sono detenute dalla società energetica Svizzera ATEL, dalla holding Carlo Tassara (controllata da Romain Zaleski), e dalla società municipalizzata di Bergamo, che detengono rispettivamente delle quote del 5%, 2.5%, e 2%.

Il portafoglio diversificato di attività commerciali dell'azienda comprende: (i) produzione di energia e distribuzione di elettricità e gas; (ii) riscaldamento locale (vendita di riscaldamento ed elettricità generati da impianti di co-produzione); e (iii) gestione dei rifiuti (raccolta e trattamento rifiuti, gestione delle discariche, produzione di energia da rifiuti), (iv) gestione di reti.

Magari potremmo pensare di aggiungere il bond ex AEM al monitor... chissà se c'è anche sull'EuroTLX

http://anleihen.onvista.de/snapshot....RUMENT=9182515

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L'opinione di Fitch su Enel... Interessante in quanto fa anche il punto sulla liquidità e sulle esigenza di rifinanziamento del debito da qui al 2010...

Fitch Affirms Enel's IDR at 'A-'; Outlook Remains Negative
13 Nov 2008 5:34 AM (EST)

Fitch Ratings-London/Barcelona/Milan-13 November 2008: Fitch Ratings has today affirmed Enel SpA's (Enel) senior unsecured rating at 'A' , Long-term Issuer Default rating (IDR) at 'A-' (A minus) and Short-term IDR at 'F2'. The Outlook on Enel's Long-term IDR remains Negative.

The ratings reflect Enel's high leverage as a result of debt-financed acquisitions completed in 2007, including 67.05% of Endesa's ('A-' (A minus) / A) share capital. The ratings also reflect the execution risk associated with the planned assets disposal that is supposed to contribute to a reduction of Enel's debt and that has so far only partially materialised, with the completion of the sale of assets to E.ON ('A+'/'AA-') in the first half of 2008.

"Despite Enel's strong business fundamentals, the deteriorated credit and economic environment is likely to further negatively impact credit metrics. This environment has reduced the market value of the portfolio of assets put up for sale and lengthened the time horizon for the completion of the disposal process initially envisaged by Q408," says Francesca Fraulo, Director in Fitch's Energy, Utility and Regulation team based in Milan.

Enel's liquidity position covers 2009 maturities comfortably. However, the refinancing of EUR14bn of debt due in 2010 partially relies on cash proceeds from planned disposals. An effective roll-out of the asset disposal plan over the next six months as well as refinancing efforts will be a major driver of Enel's ratings. Fitch has incorporated the company's planned reduction of non-organic capex into its ratings. However, it views the prospect of a dividend cut to boost cash holdings as less likely.

Despite the challenging market conditions, Enel's ability to access the credit market has been strong so far and this is reflected by its competitive cost of funds on short-term debt sources accessed in recent months. However, Fitch expects the cost of long-term debt to increase significantly.

Credit metrics could come under further pressure in 2010 due to a potential cash outflow related to the put option granted to Acciona on its Endesa shares. The possible exercise of the put option is treated as an event risk by Fitch. Greater transparency on Endesa's strategic direction, from both Enel and Acciona, would benefit the ratings of Enel and Endesa. Fitch notes that protracted delays and lack of guidance on the creation of a renewable energy company from the integration of Endesa's and Acciona's portfolios have contributed to the belief that Endesa's joint management control has been sub-optimal.

Enel's business profile after the acquisition of Endesa and OGK-5 in Russia, in addition to Slovenske Elektrarne, a.s. ('BBB-'/Positive) in Slovakia, has evolved from a domestic incumbent to an integrated global utility company with a strong domestic market position. Over 40% of Enel's EBITDA comes from its non-domestic business. According to the latest business plan, the EBITDA contribution from non-domestic operations should reach 57 % by 2012.

Fitch will closely monitor the implementation of the asset disposal plan and progress with debt refinancing and will take further rating action as the situation unfolds.

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Fitch Affirms Endesa's IDR at 'A-' Outlook Remains Negative
13 Nov 2008 5:27 AM (EST)

Fitch Ratings-London/Barcelona/Milan-13 November 2008:

Fitch Ratings has today affirmed Endesa SA's (Endesa) senior unsecured rating at 'A', Long-term Issuer Default rating (IDR) at 'A-' (A minus) and Short-term IDR at 'F2'. The Outlook for Endesa's Long-term IDR remains Negative. Fitch has also affirmed the EUR1.5bn perpetual preferred capital securities issued by Endesa Capital Finance, LLC and guaranteed by Endesa at 'A-' (A minus).

Endesa's ratings have been linked to, and capped by, the ratings of its majority shareholder, Enel Spa ('A-'(A minus)/'A'), since Enel - in partnership with Spain's Acciona SA - took over Endesa in October 2007. Enel and Acciona have joint management control of Endesa. On a standalone basis Endesa's credit profile is stronger on the back of its incumbent position in the Spanish market, good generation mix, integrated business model, geographical diversification across Latin American markets, and relatively moderate financial profile.

While Enel's ratings currently provide a rating cap on Endesa, Acciona's creditworthiness only has a potential indirect influence on Endesa in Fitch's view. This scenario would apply in case Acciona exercises its put option on Endesa's shares to Enel in 2010, which may cause a downgrade of Enel.

"Once a clearer picture of Endesa's strategy, reference ownership and financial direction emerges, it may be possible that its rating can be de-linked from Enel's," says Francesca Fraulo, Director in Fitch's Energy, Utilities and Regulation team based in Milan.

Endesa's Negative Outlook reflects the lack of transparency on the decision-making process at the holding level between Enel and Acciona, the absence of a formally approved and agreed long-term strategy, as well as negative implications stemming from the potential exercise of early termination provisions contained in the Enel-Acciona shareholder agreement that could culminate in a break-up of the company.

Endesa's liquidity position is strong. As of September 2008, cash (including cash earmarked for a potential special dividend) and available committed credit lines amounted to EUR11.3bn. Net debt was reduced by EUR7.4bn on December 2007 as a result of an asset disposal to E.ON (rated 'A+' Negative) which was completed in the first half of 2008. Furthermore, the net debt figure of EUR13.4bn at end-9M08 is unadjusted for EUR4.3bn of compensation rights in relation to regulatory issues (including EUR2.1bn of revenue shortfall from tariff deficits and EUR2.2bn of stranded costs in non-mainland generation).

Its results for the first nine months of 2008 reflected solid operating performances in Spain and Latin America. In 2008, positive developments regarding the ex-ante recognition of the tariff deficit were partially offset by the approval of a 'CO2 clawback' provision. The introduction of a new tariff-setting mechanism for distribution remuneration to be implemented from 2009 and the reform of capacity payments are two other developments which underline that regulation risk is still a key rating driver for the Iberian business.

Endesa's Latin American operations are managed through Enersis SA (rated 'BBB'/Stable) which is 60.6%-owned by Endesa. Enersis operates in Colombia, Brazil, Peru and Argentina and owns 60% of Endesa Chile SA (rated 'BBB'). Endesa's exposure to the higher volatility that characterises some of these markets is largely offset by its non-recourse funding policy for these businesses.

 

[Alobar]

17.11.08: luke75

E.On: prezza bond da 1 mld euro

LONDRA (MF-DJ)--E.On ha prezzato il suo bond da 1 miliardo di euro con scadenza a due anni.

Lead manager dell'operazione sono Bnp Paribas, Dz Bank e UniCredit. Il bond cedola al 4,75% ed e' stato prezzato a 99.853. Lo spread e' di 150 punti base sopra il mid-swap. fra

 

[Alobar]

24.11.2008: i98mark

Originalmente inviato da peterose
Scusate se mi intrometto, solo per segnalarvi questa emissione ENEL che non ho trovato nei vostri elenchi (complimenti per il lavoro !

)
L'emissione e' la seguente (vado a memoria domani al lavoro controllo):
ENEL 20/06/2017 5.25%
Oggi le ho comprate tra 92.70 e 93.80 x alcuni clienti.
Controvalore minimo negoziabile 50.000 euro.

Grazie per la segnalazione ed i complimenti Peterose. Alobar, appena possibile, la aggiungerà alle altre.

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25.11.2008: i98mark

Originalmente inviato da samantaaa
cosa si dice di RWE? solido e con "buone" prospettive o si potrebbe nascondere qualche inghippo?... vale la pena di approfondire?

la finance è "sicura" come la AG?

grazie per le vostre opinioni
sam

Ciao Carlo, è notoriamente una utility molto solida, seconda solo a E.On nel contesto tedesco... continua a macinare utili, in calo rispetto all'anno precedente, ma comunque in quantità considerevole. Ha una rete proprietaria per la trasmissione elettrica piuttosto sviluppata sulla quale percepisce royalties dagli altri utilizzatori...

Andrebbero verificati i livelli di indebitamento ed il programma di investimenti per i prossimi anni, ma resterà comunque un protagonista del comparto europeo negli anni a venire.

RWE 9 month net profit falls to 2.2 billion euros
By GEORGE FREY – Nov 11, 2008

FRANKFURT, Germany (AP) — German utility RWE AG said its net profit for the first nine months of the year decreased 22 percent as high costs offset rising sales. The company confirmed its outlook for the full year despite the global economic crisis.

Essen-based RWE said net profit in the January-September period fell to 2.2 billion euros ($2.8 billion) from 2.8 billion euros a year ago.

Electricity sales in the first nine months were up 3.4 percent to 236 billion kilowatt hours, while gas sales rose 1.5 percent to 226 billion kilowatt hours.

The company did not release three month figures.

RWE said it is in a "solid financial position," and is only affected to a limited extent by the current financial crisis.

"The RWE group expects to increase external revenue in fiscal 2008 by more than 10 percent above last year's level," RWE said.

"The company still anticipates that the operating result will at least match the level achieved in 2007. RWE also confirms its forecast of a rise in recurrent net income by more than 10 percent."

Operating profit increased 5 percent to 5.8 billion euros ($7.4 billion) but was weighed down by fewer emission allowances for power generation as well as lower fees for other power companies tapping into its grid. The government had forced RWE to decrease these.

Capital expenditure was up 37 percent on the year to 3.4 billion euros ($4.3 billion) in the January through September period. The company said its expenditures on property, plants, and equipment rose 5 percent.

RWE said its cost reduction program is progressing according to plan and expects to see a 100 million euro ($127 million) contribution to earnings from the program in the current year.

Shares of RWE closed down 1.9 percent at 67.20 euros ($84.45) in Frankfurt

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Altre info interessanti anche qui... occorrerà vedere come il comparto reggerà alla contrazione dei prezzi energetici, ma RWE resterà una società solida e profittevole...

RWE Profit Surges on Power Prices, Lack of Tax Burden (Update3)

By Nicholas Comfort

Nov. 11 (Bloomberg) -- RWE AG, Germany's second-biggest utility, said third-quarter profit rose fivefold after electricity prices doubled and last year's earnings were depressed by a tax charge.

Net income climbed to 1.06 billion euros ($1.35 billion), or 1.97 euros a share, from 202 million euros, or 36 cents, a year earlier, the Essen-based company said today in a statement. That beat the 840 million-euro median estimate of six analysts surveyed by Bloomberg.

The restart of an RWE atomic reactor meant the company boosted output of cheaper power while market prices for German electricity averaged twice their year-earlier value. Nuclear stations don't require the utility to purchase the same carbon dioxide emissions rights as when it uses coal-fired generators. A 256 million-euro tax charge depleted earnings a year earlier.

``RWE markedly exceeded our expectations,'' WestLB analysts Peter Wirtz and Sebastian Zank wrote in a note to investors today. ``Power benefited from the markedly better generation mix.''

The Dusseldorf-based analysts raised their recommendation on RWE stock to ``add'' from ``hold'' and increased their target for the share price 17 percent to 76 euros, based on today's statement.

RWE slipped 1.30 euros, or 1.9 percent, to close at 67.20 euros in Frankfurt trading, compared to a 5.3 percent drop for Germany's benchmark DAX index. The stock has fallen 30 percent this year, valuing the company at 36.98 billion euros. That's less than the 39 percent slide for larger rival E.ON AG, which publishes earnings tomorrow.

Clients Added

Third-quarter sales rose 16 percent to 9.47 billion euros, missing the 9.68 billion-euro analyst estimate.

The utility added 6,000 clients across all units and countries in August, compared with a loss of 200,000 in the first half, board member Ulrich Jobs told reporters in September. The company supplied electricity to 6.9 million households and small businesses in Germany as of Sept. 30; that's 190,000 fewer than at the end of last year, RWE said today.

German electricity for next-day delivery sold for an average of 77.28 euros a megawatt-hour in the quarter, more than double the year-earlier price, according to GFI Group Inc. Germany accounts for 58 percent of RWE's sales, according to data compiled by Bloomberg.

German Households

The price of power for German households rose an average 5 percent in the nine months through September, compared with a 13 percent increase for industrial clients, RWE said. Tariffs in the U.K., RWE's second-biggest national market, climbed by about 12 percent in both segments, according to today's statement.

Power generation in the first three quarters gained 8 percent to 168.2 terawatt-hours, led by an increase in atomic and natural-gas generation, the company said. Both of the Biblis plant's nuclear reactors operated in the period, having been off line a year earlier.

German power output from hard coal fell 15 percent to 33.1 terawatt-hours, while U.K. use of the fuel gained 19 percent to 11.9 terawatt-hours, RWE said. Generation from lignite, a soft brown coal, slid 2.3 percent to 55.1 terawatt-hours. When burnt, these fossil fuels give off carbon dioxide, a gas blamed for global warming.

The utility reiterated that full-year net income will fall ``marginally'' from 2007, after it booked a charge on the sale of American Water Works Co. Recurrent net income, used to calculate the dividend, should gain by more than 10 percent, it said, adding that the payout should be between 70 and 80 percent.

`Too Cautious'

Operating profit, which is calculated by adding pretax results from holdings in other companies to adjusted earnings before interest and tax, should at least match last year's level, RWE confirmed today.

That was ``too cautious'' according to the WestLB analysts, who wrote that profit could grow by as much as 10 percent.

RWE expects full-year revenue to advance by more than 10 percent. The company had previously forecast that sales would rise from last year, without specifying by how much, spokeswoman Julia Scharlemann said today by telephone.

The utility will follow competitors and cut natural gas prices next year as the decline in crude oil, to which they are pegged, has reduced the cost of buying the fuel, Chief Financial Officer Rolf Pohlig said on a call with reporters today.

He declined to say when or by what measure the company will cut prices of the gas used to heat homes and fire machinery.

The utility won't scale back its investments because of turmoil on financial markets and will be able to fund 1.2 billion euros of debt due by the end of 2011, Pohlig said.

RWE still has to determine financing as well as resolve environmental issues before reaching a decision on whether to build the Belene nuclear power plant in Bulgaria, the CFO said, adding that he couldn't say when the process would be concluded.

 

[Alobar]

25.11.2008: Mais78

DUBAI, Nov 24 (Reuters) - Abu Dhabi National Energy Company is poised to complete the acquisition of a majority stake worth under $1 billion in a U.S. based power plant within the coming 30 days, its chief executive said on Monday.

"This is a joint venture between three companies around a specific asset, a power plant," Peter Barker-Homek told Reuters.

"We are the 85 percent shareholder in the joint venture."

The company, which owns power plants in Abu Dhabi, the capital of the United Arab Emirates, and has oil and gas operations overseas, said its majority stake was part of its strategy to pick up distressed energy companies.

He said the minority stakeholders in the plant would include a company from the United States and Britain, but declined to name them. The new subsidiary will be called TAQA Gen-X.

Barker-Homek said the acquisition would be financed with cash.

"Institutions need cash and we are able to put that on the table," he said. "We are sitting on $5 billion worth of cash or credit lines."

Early this month the company reported a fivefold jump in third-quarter net profits on the back of surging oil and gas revenues. Its earnings for the third-quarter jumped to 723 million dirhams ($196.8 million) from 131.9 million a year ago, mainly due to revenues from oil and gas, it said last week.

Barker-Homek said that TAQA would make an announcement on another two acquisitions in the U.S. power sector worth a total of about $1 billion in the next 90 days.

One of the investments will be done together with an Asian company, he said, but declined to reveal more details.

EYE ON IRAQ

The Abu Dhabi energy firm would be setting up a new subsidiary in Iraq which would focus on helping to rebuild the power grid in that country.

Barker-Homek said the investment in the new subsidiary TAQA Babylon, would be about $100 million.

"We are looking at three cities, Fallujah, Basra and Baghdad," Barker-Homek said, adding that the high growth and healthy reserve base of the country made investing in Iraq attractive.

Electricity has become a central, stubbornly negative, bellwether in assessing how far Iraq has come since the U.S.-led invasion to topple Saddam Hussein.

Iraq's electricity system is improving, but supply still meets only about half of demand.

Iraqi and foreign officials say rebuilding a power grid crippled by years of sanctions, mismanagement and damage from air strikes could take years, especially as electricity demand soars in step with a more open economy. (Writing by Luke Pachymuthu; editing by James Jukwey)