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OIL AND GAS
Germany's E.ON next to turn face to low-carbon future
by Daniel J. Graeber
Berlin (UPI) Mar 15, 2017


German energy company E.ON said Wednesday it's been able to free itself from past burdens and was positioned for growth in a "new energy world."

The company said it recorded a loss for full-year 2016 of $17 billion, reflecting a growth phase characterized by a shift away from fossil fuels for electricity generation and $2.1 billion paid to a domestic effort to phase out nuclear energy.

"Being freed from past burdens leads to net loss of roughly $17 billion but also lays foundation for future growth," CEO Johannes Teyssen said in a statement.

German Chancellor Angela Merkel ordered eight of the country's 17 nuclear reactors closed by the end of 2011 following the Japanese nuclear disaster and a total shutdown by 2022. E.ON said part of the loss could be attributed to retooling in the changing domestic landscape as Germany emerges as a regional leader in renewable energy development.

The company said last year was one of transition marked by an emerging focus on renewable energy.

"The impact on our balance sheet marks a turning point and clears E.ON's way into the new energy world," Teyssen said.

E.ON's emphasis on transition follows a similar report from German energy company RWE, which this year marked its shift in the low-carbon direction by working with port officials to create infrastructure to fuel vessels with cleaner-burning liquefied natural gas. RWE said its green energy division, Innogy, put the parent company "on a solid financial basis."

E.ON said its put together a package of measures aimed are reducing its debt load, including a transfer of its stake in the Nord Stream pipeline from Russia to the German market into a pension fund and selling off some of its non-core assets.

The company reduced its investment budget for the next three years by 20 percent to $8.5 billion and expects net income for 2017 at $1.4 billion.

OIL AND GAS
Russia reacts to steep drop in oil prices
Washington (UPI) Mar 14, 2017
The dramatic drop in crude oil prices is in large part because of "aggressive" output in the United States, but OPEC still factors in, a Russian minister said. Crude oil prices declined 5 percent Wednesday after a federal U.S. report revealed dramatic gains in crude oil storage and production levels. The U.S. shale oil boom that evolved over the last decade put negative pressure on crud ... read more

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