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Renewable spending to stay: E.ON
 European energy giant E.ON has pledged to maintain its commitments to investing in renewable and other energy projects despite the economic downturn.
After reporting a record 26% increase in sales last year to €87 Bn and a 7.3% rise in adjusted earnings to €9.9 Bn, E.ON says it will maintain its €30 Bn investment programme.
“E.ON still intends to invest the €6 billion earmarked for renewables for the period 2007-2010,” the company signalled.
“As things currently stand, E.ON intends to invest about €30 billion during 2009-2011, €6 billion less than originally planned for this period. However, the projects this affects will only be delayed,” the company stated.
Chief executive CEO Wulf H. Bernotat, speaking at the group's annual meeting said E.ON will be significantly enlarging renewable energy generating capacity.
“The future clearly belongs to renewables, which will likely equal or surpass the contribution of fossil fuels by the middle of the century. That’s why E.ON - despite the economic crisis - is investing in renewables, mainly in wind, biomass, and biomethane and, going forward, in solar,” the E.ON chief said.
Within the last two years Bernotat said E.ON had raised renewable energy generating capacity to 2,300 Megawatts, and indicated plans to reach 4,000 MW by 2010 increasing to 10,000 MW by 2015.
Currently E.ON is building wind farms onshore and offshore in the US, the UK, Denmark and Germany.
In the UK, E.ON's planned offshore wind capacity includes Robins Rigg, and the 1 GW London Array, billed as the world' s biggest wind farm so far, which is due for completion by 2012, when London is due to host the next Olympic Games.
At the end of last month, E.ON said it was pulling out of Wave Hub, the test bed for new marine renewable energy generating devices located off the north Cornwall coast in the UK southwest.
Announcing the decision on 29 April, E.ON said then it was exiting the Wave Hub project after purchasing a next-generation Pelamis wave power machine for testing at the European Marine Energy Centre in Orkney, Scotland, instead.
In partnership with Ocean Prospect, E.ON had planned to test a new Pelamis machine at Wave Hub but the unit was not due to be built until next year, and a test slot at Orkney was available sooner.
“Our aim is to concentrate on testing our Pelamis device, which means that it was unlikely we'd be in a position to connect to Wave Hub in the short term,” stated Dave Rogers, regional renewables director for E.ON.
“We still believe Wave Hub is an excellent project - and we may well return to it in the future - but our initial goal is to get a machine into the water as quickly as possible, which we'll be able to do in Orkney,” Rogers explained.
Wave Hub is due to see the first device deployed off Cornwall in 2011.
Meanwhile E.ON says it is also committed to new, cleaner coal-fired power generation plus nuclear plants.
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Shell to pay out over Nigeria caseOil giant Royal Dutch Shell PLC is to pay out £9.7m ($15.5m) to settle a lawsuit over its alleged complicity in the 1995 execution of several Nigerian environmental activists, the UK Press Association and British media reported.
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