Endesa on track to meet targets after 1H profit rises 30%
The company, owned by Italian energy giant Enel (ENEI.MI), opens new tab, booked a net profit of 1.04 billion euros ($1.20 billion)in the period, compared with 800 million euros a year earlier.
($1 = 0.8632 euros)
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Sky News
10 minutes ago
- Sky News
Heathrow submits plans for third runway - and says it can be built within a decade
Heathrow Airport has said it can build a third runway for £21bn within the next decade. Europe's busiest travel hub has submitted its plans to the government - with opponents raising concerns about carbon emissions, noise pollution and environmental impacts. The west London airport wants permission to create a 3,500m (11,400ft) runway, but insists it is open to considering a shorter one instead. 5:31 In January, Chancellor Rachel Reeves announced that the government supports a "badly needed" expansion to connect the UK to the world and open up new growth opportunities. But London mayor Sir Sadiq Khan is still against a new runway because of "the severe impact" it will have on the capital's residents. Under Heathrow's proposal, the runway would be constructed to the northwest of its existing location - allowing for an additional 276,000 flights per year. The airport also wants to create new terminal capacity for 150 million annual passengers - up from 84 million - with plans involving a new terminal complex named T5XW and T5XN. Terminal 2 would be extended, while Terminal 3 and the old Terminal 1 would be demolished. The runway would be privately funded, with the total plan costing about £49bn, but some airlines have expressed concern that the airport will hike its passenger charges to pay for the project. EasyJet chief executive Kenton Jarvis said an expansion would "represent a unique opportunity for easyJet to operate from the airport at scale for the first time and bring with it lower fares for consumers". Thomas Woldbye, the airport's chief executive, said in a statement that "it has never been more important or urgent to expand Heathrow". "We are effectively operating at capacity to the detriment of trade and connectivity," he added. "With a green light from government and the correct policy support underpinned by a fit-for-purpose, regulatory model, we are ready to mobilise and start investing this year in our supply chain across the country. "We are uniquely placed to do this for the country. It is time to clear the way for take-off." The M25 motorway would need to be moved into a tunnel under the new runway under the airport's proposal. London mayor still opposed Sir Sadiq says City Hall will "carefully scrutinise" the proposals, adding: "I'll be keeping all options on the table in how we respond." Tony Bosworth, climate campaigner at Friends of the Earth, also said that if Sir Keir Starmer wants to be "seen as a climate leader", then backing Heathrow expansion is "the wrong move". Earlier this year, Longford resident Christian Hughes told Sky News that his village and others nearby would be "decimated" if an expansion were to go ahead. 2:33 It comes after hotel tycoon Surinder Arora published a rival Heathrow expansion plan, which involves a shorter runway to avoid the need to divert the M25 motorway. The billionaire's Arora Group said a 2,800m (9,200ft) runway would result in "reduced risk" and avoid "spiralling cost". Transport Secretary Heidi Alexander will consider all plans over the summer so that a review of the Airports National Policy Statement can begin later this year. It also comes after Sky News reported on a Heathrow Airport-funded group sending leaflets supporting a third runway to thousands of homes across west London. The group, called Back Heathrow, sent leaflets to people living near the airport, claiming expansion could be the route to a "greener" airport and suggesting it would mean only the "cleanest and quietest aircraft" fly there. 3:21 Opponents of the airport's expansion said the information provided by the group is "incredibly misleading".
Reuters
43 minutes ago
- Reuters
Edison International's quarterly profit falls as L.A. wildfire investigations continue
July 31 (Reuters) - Edison International (EIX.N), opens new tab reported a fall in second-quarter profit on Thursday, as the utility grappled with higher operating expenses while facing investigations related to the Los Angeles wildfires earlier this year. Multiple wildfires in January scorched tens of thousands of acres across Los Angeles in what is expected to have been the most costly natural disaster in U.S. history, and the area's electric utilities have come under increasing scrutiny. While wildfires can cause extensive power outages by damaging power lines and infrastructure, they can also originate from these power lines. Southern California Edison (SCE), Edison International's subsidiary, is facing multiple lawsuits, which allege that its electrical equipment started one of the major wildfires in the Los Angeles area – the Eaton fire. While investigations into the cause of the Eaton Fire are going on, lawsuits have honed in on SCE transmission infrastructure in the hills above the community of Altadena as starting the blaze. "SCE is not aware of evidence pointing to another possible source of ignition," Edison CEO Pedro Pizarro said on a company earnings call. "Absent additional evidence, we believe that SCE equipment could have been associated with the ignition." The company attributed the earnings decline primarily to higher operations and maintenance expenses and the net impact of regulatory decisions at Southern California Edison (SCE). Higher interest expenses at the parent company level also contributed to the decrease. SCE said it expected to invest $6.2 billion to prevent wildfires being caused by, or affecting, its system. The company also plans to launch a wildfire recovery compensation program. California has a wildfire fund that protects utilities like SCE from wildfire liability. On Wednesday, Bloomberg News reported that California Governor Gavin Newsom was proposing legislation to bolster the state's fund with an additional $18 billion for utilities. Electricity ratepayers would contribute half the money through a monthly fee while the other half would be funded by utility companies that benefit from the fund, including Edison International, the report said. The company reaffirmed its forecast for adjusted earnings between $5.94 per share and $6.34 per share for 2025. Analysts expect $6.06 per share. The Rosemead, California-based company, posted second-quarter net income of $343 million, or 89 cents per share, compared with $385 million, or $1.14 per share, a year earlier.
Reuters
an hour ago
- Reuters
Bayer adds $1.37 billion to Roundup litigation reserves, raises 2025 sales forecast
July 31 (Reuters) - German pharmaceutical and biotechnology group Bayer ( opens new tab said on Thursday it had set aside an additional 1.2 billion euros ($1.37 billion) in provisions to address ongoing litigation in the United States over weed killer Roundup. The German group said that, on a currency-adjusted basis, it now anticipates annual sales of 46 billion euros to 48 billion euros, an increase of 1 billion euros at both ends from its prior forecast. Bayer, which is grappling with costly U.S. product liability litigation, has already paid about $10 billion to settle disputed claims that Roundup, based on glyphosate, causes cancer. Plaintiffs have said they developed non-Hodgkin's lymphoma and other forms of cancer due to using Roundup, either at home or on the job. The company has since replaced glyphosate in U.S. consumer products with different weed-killing substances. On Thursday, Bayer announced a significant settlement with a plaintiffs' law firm, reducing unresolved glyphosate claims to 61,000. Of the total 192,000 claims, 131,000 have been settled or deemed ineligible, Bayer said. Bayer forecast 2025 earnings before interest, tax, depreciation and amortisation (EBITDA), adjusted for one-off items, to range between 9.7 billion euros and 10.2 billion euros. The group also reported preliminary second-quarter sales of about 10.7 billion euros and group EBITDA before special items of about 2.1 billion euros. Bayer will report its April-June earnings on August 6. ($1 = 0.8759 euros)
