Latest news with #Naturgy
Bloomberg
29-05-2025
- Business
- Bloomberg
Spain's Iberdrola, Endesa Aim to Extend Nuclear Plant Lifespan
Spain's three largest utilities are working on a proposal to extend the lifespan of the country's biggest nuclear power plant, whose reactors are slated to be shut down in 2027 and 2028. Iberdrola SA, Endesa SA and Naturgy Energy Group SA are seeking to postpone the planned closing of the Almaraz facility until 2030, Endesa Chief Executive Officer Jose Bogas said Thursday.
Yahoo
28-05-2025
- Business
- Yahoo
Abu Dhabi's state-owned utility TAQA targets US energy sector expansion
The Abu Dhabi National Energy Company (TAQA) is exploring acquisition opportunities in the US and other regions to expand its international presence and meet its growth targets, as reported by Reuters. ADPower, a subsidiary of Abu Dhabi sovereign wealth fund ADQ, holds a little over 90% of TAQA, which has been diversifying its investments in various markets, including the US. CEO Jasim Husain Thabet stated: "If the right opportunity presents itself for TAQA, we would be pursuing that." In 2024, TAQA's Masdar unit acquired a 50% stake in US renewable energy company Terra-Gen. The UAE has recently announced plans to increase its energy investments in the US to $440bn by 2034, aligning with US President Donald Trump's objectives to secure significant business agreements during his May 2025 Gulf tour. TAQA has outlined a strategy to invest $20bn between 2023 and 2030 in both organic and inorganic growth, to expand its capacity to 150GW from the current 56GW. Thabet expressed a preference for acquiring fully integrated companies that include generation, networks and a growth pipeline. While TAQA is monitoring potential investment opportunities in Syria following the lifting of US sanctions, Thabet considers it too early to commit but remains watchful of the evolving situation. Following a successful bond sale in October 2024 which raised $1.75bn, TAQA is not in immediate need of additional debt but may consider market options if a significant merger and acquisition (M&A) deal arises. Contrary to a news report from March 2025, Thabet confirmed that TAQA has not engaged in discussions with shareholders of Spanish utility Naturgy about acquiring a stake, following abandoned talks in summer 2024. Thabet did not give details of the reasons for the breakdown of negotiations with investor Criteria over its 26.7% stake in Naturgy. In April 2024, TAQA acquired Transmission Investment, a UK-based electricity transmission development and services company, to expand its presence in the offshore electricity transmission sector. "Abu Dhabi's state-owned utility TAQA targets US energy sector expansion" was originally created and published by Power Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Reuters
06-05-2025
- Business
- Reuters
EU's plan to phase out Russian gas by end-2027
BRUSSELS, May 6 (Reuters) - The European Commission will next month propose legal measures to phase out the EU's imports of all Russian gas and liquefied natural gas by the end of 2027, it said on Tuesday. Here are the key details: Make sense of the latest ESG trends affecting companies and governments with the Reuters Sustainable Switch newsletter. Sign up here. GAS AND LNG Russia was Europe's top gas supplier before its 2022 full-scale invasion of Ukraine, providing around 45% of the European Union's gas. That share plunged to 19% last year, and the EU has vowed to eliminate it altogether in response to the war. The European Commission will in June present legal proposals to ban new Russian gas and liquefied natural gas (LNG) deals, and ban EU imports under existing spot contracts by the end of 2025, it said in plans published on Tuesday. The Commission will also propose next month to ban imports under existing long-term contracts by the end of 2027. Companies including TotalEnergies ( opens new tab and Spain's Naturgy ( opens new tab have Russian LNG contracts that extend into the 2030s. The EU plans would affect countries including Hungary and Slovakia, which still receive Russian gas via pipelines, and countries including Belgium, France, the Netherlands and Spain, which buy Russian LNG. Others, including Poland and the Baltic states, already stopped buying Russian gas. To attempt to better track imports from Russia, the Commission will also propose rules obliging companies to disclose the volumes and duration of their Russian gas contracts. OIL Unlike with gas, the EU has imposed sanctions on most Russian oil imports, with exceptions for Slovakia and Hungary. Those countries, which have sought to maintain close political ties to Russia, have threatened to block gas sanctions, which they say would drive up energy prices. The EU will propose requirements for Slovakia and Hungary to produce national plans for how they will quit Russian oil by end-2027. The two countries still import more than 80% of their oil from Russia. Just 3% of total EU oil imports now come from Russia, compared with around 27% before the Ukraine war. Member countries will also be required to present national plans for phasing out Russian gas by end-2027, the Commission said. NUCLEAR FUEL The European Commission will in June propose trade measures targeting Russian enriched uranium. EU energy commissioner Dan Jorgensen said this would amount to a tax or levy on imports. The Commission did not specify any phase-out date for Russian uranium imports. Five EU countries - Bulgaria, the Czech Republic, Finland, Hungary and Slovakia - have Russian-designed reactors set up to run on Russian fuel. While all except for Hungary have signed contracts for alternative supplies since 2022, years-long wait times mean they are not able to immediately switch. WHAT HAPPENS NEXT? The European Commission's legal proposals, due in June, will require approval from the European Parliament and a qualified majority of member states - meaning one or two countries cannot block the plans. EU countries and lawmakers will need to fast-track these negotiations, if the ban on new Russian gas deals is to apply by the end of the year. The effectiveness of the EU measures will depend on the legal options used, which the Commission did not specify on Tuesday. Jorgensen said the proposals would amount to "force majeure" - an unforeseeable event that companies could use as grounds to exit gas contracts. Lawyers have warned, however, that in the absence of sanctions, it will be difficult for buyers to exit gas contracts using force majeure, without facing financial penalties or arbitration. The EU imported 32 billion cubic metres (bcm) of Russian gas via pipeline and 20 bcm of Russian LNG last year. Two-thirds was under long-term contracts, and the rest uncontracted "spot" purchases.
Reuters
27-03-2025
- Business
- Reuters
Spain's Criteria says no current talks on stake in Naturgy
MADRID, March 27 (Reuters) - Spanish holding company Criteria said on Thursday it was not at present in negotiations with any potential investor regarding its stake in the energy utility Naturgy ( opens new tab. The statement comes after Bloomberg News reported on Monday that Abu Dhabi's TAQA ( opens new tab had approached Naturgy's largest shareholder, Criteria, to revive an offer for a stake in the Spanish utility. The Reuters Power Up newsletter provides everything you need to know about the global energy industry. Sign up here. Criteria, which holds a 26.7% stake in Naturgy, said in a filing to the stock market supervisor that it "is not currently in negotiations with any potential investment group regarding its stake in Naturgy Energy Group". Bloomberg said on Monday the UAE's minister of investment and TAQA chairman, Mohamed Hassan Alsuwaidi, had travelled to Spain to meet with a Criteria executive to discuss a potential deal. Last year, TAQA was eyeing Criteria's stake for a possible partnership agreement but failed to reach a deal. Shares in Naturgy were up 0.5% in late afternoon trading while Spain's blue-chip index Ibex-35 (.IBEX), opens new tab was flat.
Yahoo
25-03-2025
- Business
- Yahoo
UAE's Taqa Has Approached Criteria on Naturgy Deal
(Bloomberg) -- The United Arab Emirates' Taqa has reached out to Naturgy Energy Group SA's largest shareholder to revive an offer for a stake in the €24 billion ($26 billion) Spanish utility, people familiar with the matter said. They Built a Secret Apartment in a Mall. Now the Mall Is Dying. Why Did the Government Declare War on My Adorable Tiny Truck? Chicago Transit Faces 'Doomsday Scenario,' Regional Agency Says LA Faces $1 Billion Budget Hole, Warns of Thousands of Layoffs Libraries Warn They Could Be 'Cut off at the Knees' by DOGE Mohamed Hassan Alsuwaidi, chairman of the UAE's top power company, traveled to Spain and met with an executive of CriteriaCaixa SA to discuss a potential deal, according to the people, who asked not to be named because the talks are private. Alsuwaidi is also the UAE's investment minister. Criteria, which holds 26.7% of Naturgy, indicated it's open to talks as long as two demands are met: that Taqa doesn't seek to own a majority stake, and that there aren't any diplomatic conflicts with Algeria, where Naturgy has extensive business, one of the people said. Criteria will not agree to a deal in which it would become a minor shareholder, according to one of the people. Deliberations are ongoing and there's no certainty that Taqa and Criteira will proceed with a transaction, the people said, asking not to be identified discussing confidential information. Taqa, Criteria and Naturgy declined to comment. Last year, Criteria and Taqa sought to join forces to buy out a group of shareholders in Naturgy. The talks fell through largely over disagreements on who would control the utility. Naturgy shareholders are set to hold their annual meeting on Tuesday and vote on a board proposal for a major share buyback, equal to up to 10% of capital. The proposal seeks to increase the liquidity of shares and the company has said that the main holders have already committed to taking part. Naturgy has been struggling for several years with a highly complex shareholder structure, with four different groups owning at least 15% stakes each but with different goals. This has both been a drag on share performance, as the company lost liquidity, and has curtailed management's ability to invest and pursue deals. The situation has also raised concerns from the Spanish government, which views Naturgy as a strategic company and has the ability to block any deal. The government has already signaled its support for Taqa buying a stake, Bloomberg reported in February. Relations with Algeria are also a central factor. Naturgy owns two large gas pipelines that carry fuel from Algeria to Spain, although one hasn't been used for imports for several years. Sonatrach, the Algerian-state owned gas company, owns a 4.1% stake in Naturgy. Spain at one point had a diplomatic fallout with Algeria, but has resumed relations. The United Arab Emirates and Algeria also have a tense diplomatic equilibrium. Criteria, Spain's largest investment group, has ties dating back decades with Naturgy. Buyout firms CVC Capital Partners Plc and BlackRock Inc.'s Global Infrastructure Partners each own close to 21% of the Spanish utility, and have previously signaled their willingness to exit. Australia's IFM Global Infrastructure LP, which holds 16.9% of Naturgy, has aspirations to be a long-term investor but has clashed with Criteria over how to manage the company. Taqa has been looking at overseas deals as the United Arab Emirates seeks to diversify its portfolio. The firm is among suitors evaluating an investment in the German government's stake in power company Uniper SE, Bloomberg reported in January. --With assistance from Macarena Muñoz. (Updates with shareholders meeting in sixth paragraph.) The Richest Americans Kept the Economy Booming. What Happens When They Stop Spending? Google Is Searching for an Answer to ChatGPT A New 'China Shock' Is Destroying Jobs Around the World How TD Became America's Most Convenient Bank for Money Launderers Tesla's Gamble on MAGA Customers Won't Work ©2025 Bloomberg L.P. Sign in to access your portfolio
