Gas Processing & LNG is Produced by Gulf Publishing Holdings LLC

More generation helps utility EnBW's Q1 as it cuts imports from Russia

 (Reuters) - EnBW, Germany's third-largest energy firm, said on Friday it nearly doubled its quarterly profit after a weak first quarter of 2021 thanks to strong performance at its generation unit as it worked to reduce its dependence on Russian energy.

Angola Lng Plant

EnBW, whose VNG unit is one of Germany's largest importers of Russian gas, said its net profit attributable to shareholders jumped around 90% to 606.3 MM euros ($628.37 MM) as earnings at its generation unit more than doubled.

The group said it had to ramp up trading and make greater use of conventional power plants to safeguard security of supply amid Russia's war in Ukraine, which boosted its earnings and allowed it to confirm 2022 targets.

"We are working flat out to substitute purchases of Russian gas and coal," finance chief Thomas Kusterer said in a statement, referring to the EU's plans to ban Russian coal from mid-August as part of sanctions after Russia's invasion of Ukraine.

"Regarding gas, too, we are working hard towards a significant diversification of supply sources, above all by expanding our LNG activities," the CFO said.

Most recently, EnBW said it would buy 3 Bcm3of gas a year from a LNG terminal planned at the northern German port of Stade on the Elbe river.

EnBW also said its renewable energy business made a larger-than-expected contribution to earnings thanks to windy weather in Germany over the first three months of 2022, and the addition of more renewable generation capacity.

(Reporting by Zuzanna Szymanska, editing by Kirsti Knolle)

Copyright © 2019. All market data is provided by Barchart Solutions. Futures: at least a 10 minute delay. Information is provided 'as is' and solely for informational purposes, not for trading purposes or advice. To see all exchange delays and terms of use, please see disclaimer.

                                  CMEGroup                                     Icelogo


Editorial Comment
-Lee Nichols
The gas processing/LNG sector is investing in new technologies to mitigate carbon emissions from both operations and its supply chain.
Industry Focus: Maximizing the performance of your ETRM system
-Teresa Kroh, Brad York
Energy trading and risk management (ETRM) systems are vital for the support of business processes associated with trading energy commodities such as crude oil, refined products, natural gas, natural gas liquids (NGLs) and electric power, as well as facilitating the movement and delivery of those energy commodities and associated risk management activities.
-Oz Rodriguez, Catriona Penman
More than 100 participating countries at the 26th UN Climate Change Conference of the Parties (COP26) signed the Global Methane Pledge, in which they agreed to take action to reduce methane emissions at least 30% by 2030 vs. 2020 levels.

Optimizing Gas Distribution: Accounting for Changeovers, Regulators, and More

Register Now

Gas distribution systems are critical to the effective operation of many industrial facilities around the world. Despite the importance of these systems, however, opportunities to improve their performance and cost-effectiveness are often missed or misunderstood. Increasing changeover pressure may seem like a good way to improve system flow, for example, but it often does so at the expense of bottled gas. Adding regulators may help you control supply pressure, but it also adds cost to your system. So, how do you know what the ideal gas distribution setup is for you?

Attend this webinar to:

  • Gain a basic understanding of the fluid dynamics that affect pressure control in gas distribution systems, learning to interpret flow curves and recognize phenomena like lockup, droop, and supply pressure effect (SPE)
  • Learn how inlet pressure affects regulator performance and when to specify certain regulator types and configurations to effectively control gas system pressures

Understand the inherent trade-offs between gas utilization and flow capacity and how to select both the right changeover pressure and automatic changeover panel design for your operations.

May 4, 2021 10:00 AM CDT

Register Now


Please read our Term and Conditions, Cookies Policy, and Privacy Policy before using the site. All material subject to strictly enforced copyright laws.
© 2022 Gulf Publishing Holdings LLC.