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Austrian Energy Industry Headlines

Verbund - EUR 90 Million in Impairments by June 2016

In its half-year financial statements Verbund reports of value impairments to the tune of EUR 90.4 million, mostly on account of a value decrease of Romanian windpark assets (EUR 57 million) and of hydropower plants in Gössendorf und Kalsdorf ( EUR 16.5 million).

July 28, 2016

OMV Oil and Gas Raises Q2 Production Y/Y, Margins Down

Listed oil and gas group OMV expects to raise Q2 2016 production to 316k boe per day from 312k in Q1, but refining margins likely dropped due to the rising crude prices, the company said in a trading statement.

July 21, 2016

EUR 250 Million Order Brings Smart Meters to Styria

From the autumn of 2017 a major portion of Styrian households will have the so-called smart meters, intelligent electricity meters. Energie Steiermark together with 30 smaller energy companies organized a tender for a contract worth over EUR 250 million. Two producers from France France and Switzerland competed in the tender. The internal parts will come from ams in Unterpremstätten.

July 19, 2016

Verbund Power Hikes 2016 Profit Guidance to EUR 290 Mln

Listed power group Verbund raised its 2016 adjusted profit guidance to EUR 290 million (USD 320.4 million) from EUR 230 million, the company said. At the same time, Verbund cut the dividend payout to some 30 percent from about 50 percent previously.

July 18, 2016

OSCE: "Reliable, Affordable and Sustainable Energy Supplies are Prerequisite for Stability and Security"

Energy experts from the OSCE Mediterranean Partners for Co-operation, representing both government institutions and private sector companies, will begin a week-long field study of sustainable energy in Austria and Germany.

July 12, 2016

Ex OMV CEO Ruttenstorfer Interim Boss of RHI

Former OMV CEO Wolfgang Ruttenstorfer has assumed the post of interim chairman of the management board in lieu of sick CEO Franz Struzl. Next to Rutterstorfer, who is also deputy chairman of the supervisory board of RHI, the supervisory board also appointed Barbara Potisk-Eibensteiner for a second five-year term as CFO, with the new term of office commencing in April 2017.

June 27, 2016

Palfinger Eyeing Norwegian Offshore Technology Provider TTS

Listed crane manufacturer Palfinger has submitted a bid for Norwegian ship chandler TTS Group ASA, the company announced. Palfinger would like to acquire all shares of TTS, for a total price of EUR 60 million (USD 67.54 million) in cash, though Palfinger would also have to cover debt of the Norwegian firm.

June 21, 2016

Azeri Socar Interested in OMV's Petrol Ofisi

Azeri State-owned oil company Socar is considered interested in the Turkish subsidiary of OMV, the company Petrol Ofisi. The Azeri company will tackle the possible acquisition in September.

June 20, 2016

Municipal Utilities in Vienna to Downsize

The municipal utilities company in Vienna (Wiener Stadtwerke) is cutting costs. The company intends to downsize, and by 2018 it plans to reduce its staff number (of currently 5500) by 900 in the energy sector. 800 of the affected employees will go into retirement.

June 13, 2016

US ContourGlobal, German Steag eye Verbund power's Mellach plant - daily

Listed power group Verbund reportedly enjoys interest from US energy group ContourGlobal and German electricity firm Steag in its Mellach plant, put up for sale, the daily WirtschaftsBlatt writes.

June 8, 2016