Energy

Oil see-saws as demand cools, politics heat up

10 Dec 2002

OPEC is caught in a tough balancing act. The market is oversupplied but only if the situations in Venezuela and Iraq don t blowup. Investors in oil companies are pessimistic. Brent oil is at $25, yet oil stocks are discounting a $16 per barrel price.

Oil see-saws as demand cools, politics heat up

10 Dec 2002

EdF draws short straw in Edison recapitalisation

2 Dec 2002

The French electricity giant is, in one way or another, on the hook for a full E1.2bn. But Fiat and its banks don't get off scotfree.

EdF draws short straw in Edison recapitalisation

2 Dec 2002

Eni bids E2.5bn to take control of Italgas

26 Nov 2002

But Eni may not have changed its mind. Buyingin Italgas may be a prelude to selling off the bits of the firm it doesn t want. Huh? Until now, the Italian energy company s gas strategy had been to exit regulated businesses, such as Italgas.

Eni bids E2.5bn to take control of Italgas

26 Nov 2002

Fiat’s banks step up the pressure

25 Nov 2002

News that the carmaker may have to flog family jewels, such as insurance unit Toro, suggest things are getting worse. Indeed, Fiat may have to pour millions of euros more into the auto unit if it is going to have a business left to put to GM.

Fiat’s banks step up the pressure

25 Nov 2002

Eni pays $1.1bn for Fortum assets

20 Nov 2002

Strategically, the deal makes sense for Eni as Fortum's assets give Eni critical mass in the North Sea. But even after stripping out the net present value of tax loss carryforwards, Eni is paying a very rich price.

Eni pays $1.1bn for Fortum assets

20 Nov 2002

Edison in E2.1bn capital increase

18 Nov 2002

Finding fresh money will be a struggle. The market may not be keen to contribute. This leaves Fiat, EdF and the banks playing a game of pass the liability. Who will blink first?

Edison in E2.1bn capital increase

18 Nov 2002

Deutsche may stop Vivendi selling VE shares

15 Nov 2002

The German bank is considering holding Vivendi to a lockup agreement stopping it selling shares in its Vivendi Environnement affiliate. If Vivendi cannot raise E1.8bn from selling the stake, it will find it harder to finance its battle with Vodafone for control of Cegetel.

Deutsche may stop Vivendi selling VE shares

15 Nov 2002

Red Electrica whips out the cheque book

6 Nov 2002

The Spanish utility is spending on electric grids as though there is no tomorrow. But is it being too ambitious? The E1.5bn price tag is a punchy oneandahalf times Red Electrica s market capitalisation.

Red Electrica whips out the cheque book

6 Nov 2002

ScottishPower plays it coy over possible SSE merger

5 Nov 2002

A tieup with Scottish & Southern is such an obvious deal it should have happened by now. So why hasn t it? Regulatory issues are not the real problem. ScottishPower s low share price is. That, plus the two firms traditional hostility.

ScottishPower plays it coy over possible SSE merger

5 Nov 2002

A price on their heads

21 Oct 2002

Short circuit

14 Oct 2002