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MAINOVA AG

(MNV6)
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Delayed Deutsche Boerse AG  -  04:05 2022-08-17 am EDT
560.00 EUR   +4.67%
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Factbox: German local utilities' plans as natural gas gets scarce

08/03/2022 | 09:04am EDT
FILE PHOTO: Power-generating windmill turbines are pictured at the 'Amrumbank West' offshore windpark in the northern sea near the island of Amrum

BERLIN (Reuters) - Local utilities in Germany are taking various measures to replace scarce gas with other energy sources in the coming winter amid concerns that already reduced Russian gas imports may run dry.

There are around 900 such companies, called Stadtwerke, which distribute two-thirds of all gas among many other activities in power, water, heat, waste and broadband.

The companies have been purchasing gas at very high prices which they expect to pass on to consumers through planned gas levies from October.

They shared the following status reports in response to an enquiry by Reuters.

Stadtwerke Munich (SWM)

Germany's biggest local utility has postponed switching from coal to gas at one of its combined heat and power plants and reactivated previously-shut oil burners at two heating plants. It is also investing in district heating in the city.

"Together with the expansion of renewable heat generation, the dependence on fossil energies and difficult supply situations should also be reduced in the heating sector," it said.

Mainova

The Frankfurt city utility said it was currently depending on just a small amount of gas to generate heat and electricity, for which it uses a waste plant and two hard coal-fired blocks, whose capacity can not be raised significantly.

Major customers have been contacted about possible power reductions and switch-off scenarios.

Stadtwerke Leipzig has extended a heat supply contract to a lignite coal-fired power station.

"If the worst comes to the worst, we can also operate our gas and steam turbine system, which produces district heating and electricity using combined heat and power generation, with heating oil", said a spokesperson.

Rheinenergie, the energy supplier to the city of Cologne, said its gas and steam turbine systems can only be operated with oil to a limited extent and for a short time.

"We have safety reserves of oil in order to guarantee the district heating supply in the event of technical faults," said a spokesperson.

GASAG, the gas supplier to the capital city of Berlin with a total of 700,000 customers in gas and power, says it cannot switch to other fuels.

Stadtwerke Flensburg in northern Germany has been replacing natural gas with hard coal for a number of months. "From today's perspective, this will not change in the next few months," a spokesperson said.

The company said it had extended the life of two coal-fired plants that had been due to be shut down by the end of the year and had procured and stored more coal feed-stock.

It can also generate heat with electricity and light fuel oil but is not planning to switch its plants to heating oil, it added.

Stadtwerke Tuebingen in southwest Germany is examining the possibility of a partial switch to heating oil to save on natural gas, having increased its oil storage to the maximum capacity.

A switch to oil is not technically possible in all plants. Biomass or light heating oil would be used as a first step in case of a supply emergency.

"In a further stage, industrial customers would have to be separated from gas supply in instalments," said a spokesperson, adding the company has informed major customers about the procedure.

($1 = 0.9825 euros)

(Reporting by Riham Alkousaa,; additional reporting by Vera Eckert; Editing by Emelia Sithole-Matarise)

By Riham Alkousaa


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Stocks mentioned in the article
ChangeLast1st jan.
E.ON SE -2.90% 9.232 Delayed Quote.-24.28%
ENGIE -0.20% 12.95 Real-time Quote.-0.49%
LONDON BRENT OIL 0.41% 93.63 Delayed Quote.20.13%
MAINOVA AG 4.67% 560 Delayed Quote.-3.45%
S&P GSCI HEATING OIL INDEX -0.05% 433.1431 Real-time Quote.48.14%
S&P GSCI NATURAL GAS INDEX -0.27% 430.8925 Real-time Quote.149.62%
WTI 0.43% 88.046 Delayed Quote.15.49%
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Financials ()
Sales 2021 3 764 M - -
Net income 2021 377 M - -
Net Debt 2021 535 M - -
P/E ratio 2021 6,67x
Yield 2021 1,87%
Capitalization 3 114 M 3 166 M -
EV / Sales 2020 1,42x
EV / Sales 2021 1,00x
Nbr of Employees 2 957
Free-Float 0,31%
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Constantin H. Alsheimer Chairman-Management Board
Peter Feldmann Chairman-Supervisory Board
Peter Hans Arnold First Vice Chairman-Supervisory Board
René Gehringer Member-Supervisory Board
Holger Klingbeil Member-Supervisory Board
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