• Germany's news in English

RWE said to be in investment talks with Russia's Gazprom

The Local · 9 Jul 2011, 13:40

Published: 09 Jul 2011 13:40 GMT+02:00

Facebook Twitter Google+ reddit

Der Spiegel magazine reported that Großmann met Alexey Miller, the head of Gazprom, in Paris on Friday to discuss potential investment opportunities that could see the Russian gas producer take a stake in RWE, Germany's second-largest power supplier.

Großmann hopes to be able to present the results of those negotiations to RWE's supervisory board by early August.

The RWE chief executive is seeking a new way forward in light of the German parliament's decision to abandon nuclear power by 2022 – which has Großmann mulling a strategic partnership between Gazprom and RWE or its subsidiaries.

That involvement could see Gazprom assume the role of major stakeholder in the German company. Gazprom's own majority stakeholder is the Russian government, which holds 51 percent of the company's shares.

Alexey Miller, Gazprom CEO, announced in recent weeks the company's intentions to expand on the German market, but RWE isn't the only company that has caught the Russian firm's attention.

Der Spiegel said Miller had also discussed potential partnerships with Johannes Teyssen, the head of German energy firm EON, on Thursday.

Germany gets more than 30 percent of its gas supply from Russia, and high prices have strained business ties between energy executives in the two countries. In 2008, natural gas supplied 13 percent of Germany's power consumption, according to figures from the German Association of Energy and Water Industries, BDEW.

The following year, natural gas met an estimated 19 percent of German homes' heating needs. With plans to scrap nuclear power in Germany in the works, gas stands to become an even more important power source in the years to come.

Story continues below…

The Local/arp

The Local (news@thelocal.de)

Facebook Twitter Google+ reddit

Your comments about this article

15:00 July 9, 2011 by Englishted
Read this and remember what you are risking by giving up N.P.,short term knee-jerk reaction to a tsunami in Japan
15:50 July 9, 2011 by harcourt
I wonder how much Gerhardt Schröder will make out of the deal
15:50 July 10, 2011 by hOU
Enough to buy a hearty muffin w/ cheese (and Togo).
Today's headlines
Munich taxi driver in hospital after attack by British tourists
Photo: DPA

A taxi driver had to be hospitalized in Munich on Monday evening after three British tourists refused to pay their fare and then attacked him.

German police carry out nationwide anti-terror raids
Police outside a building in Jena during raids on Tuesday. Photo: DPA

Police forces in five German states carried out raids on Tuesday morning with the aim of tackling the financing of terror groups, police in Thuringia have reported.

The Local List
10 ways German completely messes up your English
Photo: DPA

So you've mastered German, but now it's time to learn English all over again.

Iconic German church being eroded away by human urine
Ulm Minster towering over the rest Ulm surrounding the Danube. Photo: Pixabay

It will now cost you €100 to spend a penny. That’s if you get caught choosing to pee against the world-famous Ulm Minster.

German small arms ammo exports grow ten-fold
Photo: DPA

The government has come in for criticism after new figures revealed that Germany exported ten times the quantity of small arms ammunition in the first half of 2016 as in the same period last year.

14-year-old stabs 'creepy clown' in prank gone wrong
File photo: DPA.

A 16-year-old in Berlin decided he wanted to scare some friends, but his plot backfired in a violent way.

Four Ku Klux Klan groups active in Germany, says govt
An American member of the KKK at a gathering in Georgia. Photo: EPA.

The German government estimates that there are four Ku Klux Klan (KKK) groups currently active in the country, according to a report by the Süddeutsche Zeitung (SZ) on Tuesday.

Ex-chancellor Schröder to mediate in supermarket row
Gerhard Schröder. Photo: DPA

Can Gerhard Schröder bring an end to the Kaiser's Tengelmann saga?

Outrage over ruling on 'brutal' gang rape of teen girl
The now convicted suspects, sitting in court in Hamburg. Photo: DPA.

A 14-year-old girl was gang-raped and left partially clothed and unconscious in freezing temperatures. Now prosecutors are appealing the sentences for the young men found guilty, most of whom will not set foot in jail.

Dozens of Turkish diplomats apply for asylum in Germany
Demonstrators holding a giant Turkish flag protest against the attempted coup in Istanbul in July. Photo: DPA.

Since the failed putsch attempt in Turkey in July, Germany has received 35 asylum applications from people with Turkish diplomatic passports, the Interior Ministry confirmed on Wednesday.

Germany's 10 most weird and wonderful landmarks
Sponsored Article
Last chance to vote absentee in the US elections
10 things you never knew about socialist East Germany
How Germans fell in love with America's favourite squash
How I ditched London for Berlin and became a published author
12 clever German idioms that'll make you sound like a pro
23 fascinating facts you never knew about Berlin
9 unmissable events to check out in Germany this October
10 things you never knew about German reunification
10 things you're sure to notice after an Oktoberfest visit
Germany's 10 most Instagram-able places
15 pics that prove Germany is absolutely enchanting in autumn
10 German films you have to watch before you die
6 things about Munich that’ll stay with you forever
10 pieces of German slang you'll never learn in class
Ouch! Naked swimmer hospitalized after angler hooks his penis
Six reasons why Berlin is now known as 'the failed city'
15 tell-tale signs you’ll never quite master German
7 American habits that make Germans very, very uncomfortable
Story of a fugitive cow who outwitted police for weeks before capture
Eleven famous Germans with surnames that'll make your sides split
The best ways to get a visa as an American in Germany
jobs available
Toytown Germany
Germany's English-speaking crowd