Tennet Kicks Off Stake Sale Valuing German Grid at €27 billion
Potential investors are asked to notify sellside banks by March 25 should they want to contribute 'capital against issuance of shares,' according to an advertisement published in the Financial Times on Tuesday. Tennet is simultaneously exploring 'raising equity in the public capital markets' as an alternative.
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Yahoo
34 minutes ago
- Yahoo
Germany to ease burden on electricity consumers from 2026
German electricity consumer prices are set to ease next year due to a €6.5 billion ($7.55 billion) government subsidy to finance transmission costs, sources in the Economics Ministry said on Thursday. The aim is to soften the impact of network charges on electricity consumers, the sources said, adding that the ministry has introduced a draft bill for internal government consultation. Structurally high electricity prices are a significant challenge for Germany's embattled economy and a burden on consumers. The subsidy is to be financed from a special government fund for climate and energy transformation. The subsidy for transmission network costs will now be implemented for the year 2026, with further relief in future years to be funded to the tune of €6.5 billion from the government pot, according to the ministerial sources. Details of how the relief will be passed on to consumers are still to be discussed by the conservative-led government coalition under Chancellor Friedrich Merz. The coalition agreement states that the goal is to permanently cap network charges. The reduction of network charges is part of a package of government measures. The Cabinet has already set plans in motion to relieve gas customers. Specifically, companies and consumers are to be exempted from the cost of building up gas reservoirs, the so-called gas storage levy. There are also proposals to make an electricity tax reduction for the manufacturing industry, agreed earlier this year, permanent from 2026. However, a reduction in electricity taxes for all, as pledged in the new government's coalition agreement, is not to come for now. The decision to limit the tax reduction to industry, due to budgetary constraints, sparked widespread criticism. Network charges, which help finance the costly expansion of electricity networks, have risen significantly as a component of the electricity price. The charges are incurred for the use of the electricity transmission network. They are then passed on to consumers by energy suppliers. The subsidy for transmission network costs is intended to dampen the increase in network charges related to the transition to green energy sources, according to the draft bill. "The relief must be passed on to customers through the network operators," Economic Affairs Minister Katherina Reiche told dpa last month of the planned measure. "My clear expectation of the industry is: The relief must reach the customer." Solve the daily Crossword
The Hill
4 hours ago
- The Hill
Navarro expects no extension for 50 percents tariffs on India for buying Russian oil
White House trade adviser Peter Navarro said on Thursday that he doesn't expect President Trump to extend the timeline on doubling tariffs on India as a penalty for buying Russian oil beyond next week. Trump is set to hit India on Aug. 27 with a 50 percent tariff, which includes a 25 percent penalty for the oil purchases that Trump has argued are helping fuel Moscow war efforts in Ukraine. 'I see that taking place. India doesn't appear to want to recognize its role in the bloodshed. It simply doesn't,' Navarro told reporters at the White House. 'They don't need oil— it's a refining profiteering scheme,' he added. 'I love India. Look, [President] Modi is a great leader. But please, please India, like, look at what is, what your role here is in the global economy and good here. It's like, what you're doing right now is not creating peace, it's perpetuating the war.' Navarro outlined that India will be hit with 25 percent 'because they cheat us on trade' and 25 percent because of the oil purchases. The top trade adviser wrote in an op-ed in the Financial Times earlier this month that 'India's dependence on Russian crude is opportunistic and deeply corrosive of the world's efforts to isolate Putin's war economy.' Trump is in the midst of setting up a bilateral meeting between Russian President Vladimir Putin and Ukrainian President Volodymyr Zelensky to talk face-to-face about ending the war. But, Russia is sending signals that it intends to slow-walk a deal on Ukraine and tamping down any progress made at a summit at the White House earlier this week where Trump met with seven European leaders and Zelensky.
Yahoo
5 hours ago
- Yahoo
German economy treading water, Bundesbank reports
Germany's central bank (Bundesbank) announced on Thursday that the German economy will not make any significant gains in the current quarter. "Economic output could stagnate in the third quarter," the bank wrote in its August monthly report. However, its assessment is somewhat more optimistic than it was at the beginning of June. For the year as a whole, the Bundesbank now believes that a slight increase in gross domestic product (GDP) is possible instead of stagnation. This would mean that Europe's largest economy would narrowly avoid a third year without growth. Revised figures from the Federal Statistical Office show the German economy grew slightly in the final quarter of 2024 instead of shrinking. This means that the current year has an "improved starting position," according to economists at the Bundesbank. The unexpectedly favourable development of sentiment indicators also points to a slightly better assessment for the third quarter, they say. Nevertheless, even after the agreement in principle in the trade dispute between the US and the European Union, uncertainty remains high in view of unresolved issues and the volatile US economic policy. Overall, the Bundesbank does not expect any growth impetus from domestic industry in the third quarter. No strong boost is expected from the construction industry either, although there are signs of a recovery in new orders. The subdued outlook on the labour market is also dampening private consumption. In the second quarter, economic growth in Germany contracted by 0.1% compared with the previous quarter, according to preliminary calculations by the Federal Statistical Office. The authority will provide more detailed information on economic developments in the spring on Friday. Sign in to access your portfolio
