RWE

Public Power Corporation (PPC) is in close cooperation with Germany's RWE, one of the world's biggest companies in the renewable energy sources sector, both for the development of the ambitious plan the Greek utility has drafted for its expansion into RES and for the government's implementation of a decarbonization plan.

The transition from mineral fuels such as lignite to renewable energy sources is bringing new investors to Greece.

On Monday, Germany's RWE is set to sign a memorandum of understanding with Public Power Corporation (PPC) for the joint construction of RES projects in Greece.

The think tank Carbon Tracker Initiative reported on Thursday that four in five coal plants in the European Union were unprofitable and utilities faced losses of nearly 6.6 billion euros this year.
German utility RWE faces the biggest losses this year, of 975 million euros, which is 6 percent of its market capitalization, according to the report.

Turkey has opened a tender for a 1,200-megawatt (MW) offshore wind plant project.

The German government approved a draft law Wednesday that paves the way for energy giants RWE and Vattenfall to receive hundreds of millions of euros in compensation for the country's decision to phase out nuclear power.

Bulgarian Deputy Prime Minister Tomislav Donchev has said the state intends on retaining the ownership of the existing gas infrastructure despite offering a joint venture for the so-called Balkan Gas Hub project.

Some 50% of the new company's shares will be put up for sale. The new entity will be a subsidiary of Bulgartransgaz, the state-owned gas grid operator.

RWE could split up its business like peer E.ON if wholesale power prices continue to fall as cost cuts alone may not be enough to get Germany's largest power producer back on track, its chief executive said.

The future head of Austria's OMV Rainer Seele appears to be planning a new route for Russian gas to Europe bypassing Ukraine jointly with Gazprom, according to Austrian newspaper Die Presse.

Seele will take the helm at one of the most powerful energy companies in central Europe on 1 July to replace OMV's current CEO Gerhard Roiss, who is set to step down at the end of June.

Iran put forward a revival of Nabucco project during recent talks with Bulgaria's Prime Minister and other officials, the country's Ambassador to Sofia has said.

A closed-door meeting was held between Bulgarian Prime Minister Boyko Borisov and Iran's Ambassador Abdollah Norouzi in the Bulgarian capital Sofia, an Iranian news outlet has claimed.