Shares in broker CarbonDesk suspended amid cash crisis
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Shares in broker CarbonDesk suspended amid cash crisis http://www.pointcarbon.com/news/1.1600885 Oct 7th 2011, 14:55
utility
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Spain coal aid causes 20 pct jump in CO2: utility http://www.pointcarbon.com/news/1.1600876 Oct 7th 2011, 14:13
EnBW Acquisition by Baden-Württemberg Violated State Constitution
German Energy Blog
Energy in Germany – Legal Issues, Facts and Opinions
EnBW Acquisition by Baden-Württemberg Violated State Constitution http://www.germanenergyblog.de/?p=7457 Oct 7th 2011, 14:09
The acquisition of a 45.01% stake in EnBW AG by a subsidiary of the state of Baden-Württemberg, NECKARPRI GmbH, in December 2010 violated state parliament’s constitutional budget rights, the State Constitutional Court of Baden-Württemberg ruled. The ruling is considered not to affect the deal as such.
The EnBW deal was struck in December 2010 under the then ruling Conservative/Liberal (CDU/FDP) government. A state guarantee that covers the expenses of the EnBW acquisition was approved by the Finance Minister, while state Premier at the time Stefan Mappus (CDU) only retroactively submitted his request for consent to the state parliament. The government relied on Section 81 of the state constitution, according to which parliament’s consent may be sought retroactively in the event of an unforeseen and inevitable need for action (im Falle eines unvorhersehenen und unabweisbaren Bedürfnisses). With the votes of the ruling coalition the state guarantee was approved by parliament. The opposition left the vote in protest. In February 2011, the opposition Social Democrats (SPD) and the Greens filed a lawsuit with the State Constitutional Court of Baden-Württemberg. They claimed the government’s way of proceeding with the EnBW deal violated parliament’s budget right as there had been no inevitable need for action in the sense of Section 81 of the constitution. The State Constitutional Court of Baden-Württemberg followed plaintiffs’ reasoning that the exemption of parliament’s budget right in Section 81 of the state constitution had to be interpreted in a narrow fashion. It did not cover the EnBW acquisition as there had been no inevitable need for action, the court held. Neither fluctations of the prices at the stock exchange, nor reasons of confidentiality and conditions imposed by the contractual partner (allegedly EdF had objected to a prior consent to the deal by parliament) justified bypassing parliament. The decision whether and to what extent the state should be enabled to act swiftly if this was in the interest of the state in future cases required a change of the relevant laws by parliament, the court pointed out. Since the ruling only relates to the actions of the former government, the EnBW acquisition by the state of Baden-Württemberg itself will not be affected. Besides the now ruling Green and Socialist government, which came to power in the March elections, said it wanted to keep the stake in EnBW and wanted to work with the company, as a number of papers report. EnBW, which among the four major German utilities is hardest hit by Germany’s recent decision to phase-out nuclear energy earlier than initially planned, is reportedly planning to restructure at a cost of roughly EUR 800 million so as to become more diversified in the area of renewable energies. With shares prices having lost almost 20% since the 2010 acquisition by the state of Baden-Württemberg and falling revenue due to the immediate shut down of eight German nuclear power plants, including EnBW plants, after the Fukushima nuclear accident, EnBW is in a difficult position to raise the necessary capital. SPD Finance and Economics Minister Nils Schmid (SPD) recently dismissed a capital increase, media reports said. Sources: Staatsgerichtshof Baden-Württemberg, ruling of 6 October 2011, ref. no. GR 2/11; Reuters Related posts:
Lawsuit Filed Against State’s Acquisition of EdF Stake in EnBW Legal Action Against Baden-Württemberg’s Acquisition of EdF Stake in EnBW? State of Baden-Württemberg to Acquire EdF Stake in EnBW
Registry starts accepting California CO2 offsets
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Registry starts accepting California CO2 offsets http://www.pointcarbon.com/news/1.1901142 May 18th 2012, 21:02
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Logan Energy to power All-Energy stand with fuel cell
Renewable Energy Focus – Latest News
Logan Energy to power All-Energy stand with fuel cell http://www.renewableenergyfocus.com/view/25881/logan-energy-to-power-all-energy-stand-with-fuel-cell/ May 18th 2012, 18:11
Logan Energy Ltd, the Edinburgh-based fuel cell and hydrogen solutions provider, will be providing the electricity to power the Scottish Hydrogen and Fuel Cell Association stand (B41) at this year’s All Energy Show.
U.N.
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CER issuance to hit 6.5 mln next week: U.N. http://www.pointcarbon.com/news/1.1901080 May 18th 2012, 15:55
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EU unlikely to agree on climate funding before 2013
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EU unlikely to agree on climate funding before 2013 http://www.pointcarbon.com/news/1.1901062 May 18th 2012, 15:05
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“Difficult” CO2 markets deliver just 1 pct of EBRD’s clean energy inve stment
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“Difficult” CO2 markets deliver just 1 pct of EBRD’s clean energy investment http://www.pointcarbon.com/news/1.1901058 May 18th 2012, 14:47
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UK coffee producer installs 10kW system
Case Studies – Solar Power Portal
Full of beans: UK coffee producer installs 10kW system http://www.solarpowerportal.co.uk/case_studies/full_of_beans_uk_coffee_producer_installs_10kw_system_5478?utm_source=rss-feeds&utm_medium=rss&utm_campaign=case-studies-rss-feed May 18th 2012, 14:51
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A Glasgow-based coffee company is running on more than caffeine after Absolute Solar and Wind installed a 10kW solar system.
Lack of cash threatens UN climate talks schedule
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Lack of cash threatens UN climate talks schedule http://www.pointcarbon.com/news/1.1901044 May 18th 2012, 14:09
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