Abb Share Discussion Threads

[ariane] 11/9/2009 08:41

ABB: Sales To Be Driven By Emerging Mkts, Efficiency Demand





ZURICH -(Dow Jones)- Swiss electrical engineering company ABB Ltd. (ABB) said Friday it expects its sales to be driven by demand from emerging markets and customers' focus on efficiency.

MAIN FACTS:

- Around 75% of the growth the company has seen in the past five years has come from the emerging economies, and that this trend is likely to continue.

- Customers' focus on energy and process efficiency and the battle against climate change will shape ABB's research and development.

- Efforts to lower greenhouse-gas emissions and especially to promote renewable energy have gained new momentum under the stimulus plans of many governments.

- ABB continues to invest "aggressively" in new technology.

- Around $180 billion could be saved annually from improving energy efficiency and productivity.


Company Web Site:
-Zurich Bureau, Dow Jones Newswires; [phone]; [e-mail]

[ariane] 11/9/2009 08:40

ABB: Emerging Mkts, Energy Efficiency Focus To Drive Sales





By Anita Greil and Martin Gelnar

Of DOW JONES NEWSWIRES

ZURICH -(Dow Jones)- Swiss electrical engineering company ABB Ltd. (ABB) said Friday it expects to continue to benefit from high demand in emerging markets and an increased focus on efficient and renewable energy.

In comments published ahead of an investor's meeting in Zurich later Friday, ABB said three-quarters of its revenue growth over the past five years stemmed from demand in emerging markets, a trend that was set to continue.

"Despite the current economic crisis, the long-term growth factors for ABB remain unchanged: Steadily rising electricity demand, the rapid rebound of the emerging-market economies and the need to feed renewable power into existing grids require solutions for more and better power infrastructure, energy efficiency and industrial productivity," Chief Executive Joe Hogan said.

Customers' focus on energy and process efficiency and the battle against climate change will shape ABB's research and development.

ABB is one of the world's largest providers of power and automation technologies.

The decline in industrial output worldwide so far hasn't dented ABB's revenue much, and only moderately hurt the group's earnings. However, orders fell markedly in the second quarter and analysts are expecting pricing pressures to intensify after rivals Areva SA (CEI.FR) and Siemens AG (SIE.XE) noted pressure on large power transmission projects.

In July, the company said it was confident of reaching its medium-term targets - an annual sales increase by up to 11% between 2007 to 2011, and an operating profit margin of 11% to 16%.

The company has a strong balance sheet and has said it was looking for growth opportunities.

ABB shares closed at CHF21.50 on Thursday. The stock has gained 38% in value this year, outperforming the Dow Jones Stoxx Europe 600 industrial goods and services index, which is up 34% year-to-date.

Company Web site: www.abb.com

-By Anita Greil, Dow Jones Newswires; [phone]; [e-mail]

[ariane] 10/9/2009 06:22

enjoy your day She

[sheeneqa] 09/9/2009 12:04

ABB names Brice Koch to Group Executive Committee
Zurich, Switzerland, Sept. 9, 2009 – ABB, the leading power and automation technology group, has appointed Brice Koch to the Group Executive Committee as Head of Marketing and Customer Solutions, a new role created to drive additional growth across the company's markets and regions.

[waldron] 04/9/2009 12:06

cheers she

[sheeneqa] 04/9/2009 10:12

ABB wins $41 million order for upgrade of São Paulo urban rail network
Zurich, Switzerland, Sept. 4, 2009 – ABB, the leading power and automation technology group, has won an order worth $41 million for power systems to upgrade the urban rail network in São Paulo and help reduce the city's acute traffic congestion.

[waldron] 30/8/2009 20:08

September 11 Capital Markets Day Zurich, Switzerland
October 29 Third-quarter 2009 results


2010
February 18 Fourth-quarter and full-year 2009 results
April 22 First-quarter 2010 results
April 26 Annual General Meeting Zurich, Switzerland
April 27 Annual Information Meeting Västerås, Sweden
July 22 Second-quarter 2010 results
October 28 Third-quarter 2010 results

[sheeneqa] 17/8/2009 14:07

ABB to provide electrical upgrade solution for nuclear power plant in Finland
2009-08-14 - Solution will enhance reliability of Olkiluoto power plant

Zurich, Switzerland, Aug.14, 2009 - ABB, the leading power and automation technology group, has won an order from the Finnish power producer TVO for power solutions to enhance reliability and ensure trouble-free and safe operations at the Olkiluoto 1 and 2 nuclear power plant units.
"ABB has best-in-class technologies, significant domain expertise and extensive experience in the power generation domain," said Franz-Josef Mengede, head of the global Power Generation business, a part of ABB's Power Systems division. "We are delighted that TVO has entrusted us with the electrical upgrade of this nuclear power plant."

As part of the order, ABB will replace the low-voltage switchgear and supply a range of power products including the MNS switchgear, high efficiency RESIBLOC distribution transformers and busbar systems. ABB is also responsible for dismantling the old equipment, as well as installing and commissioning the replacement solutions during scheduled annual maintenance outages.

"The renewal of low-voltage switchgear and distribution transformers is part of the plant's continuous long-term development," said Janne Mokka, TVO's Senior Vice President for Technology. "Our objective is to keep the plant units safe, up to date, reliable and competitive in terms of the production costs. We are very satisfied to work with a competitive expert in delivering this significant nuclear power application."

[waldron] 10/8/2009 15:09

ABB Gets Orders Worth $60 Million In Saudi Arabia





ZURICH -(Dow Jones)- Swiss engineering company ABB Ltd. (ABBN.VX) said Monday it won orders worth $60 million from Saudi Electricity Company, Saudi Arabia's national power transmission and distribution utility, to improve the power efficiency of 28 distribution substations.

MAIN FACTS:

-ABB is responsible for the design, engineering, supply, installation and commissioning of the projects, which are expected to be completed by 2010.

-ABB technologies will improve the power factor, which is a measure of how efficiently power is being used.

-ABB will provide power factor correction for 19 substations rated 33/13.8 kilovolts in central, southern and northwestern provinces, and for nine, 132/33 kV substations in and around the capital, Riyadh.

-Products to be supplied include capacitor banks, reactors, medium-voltage switchgear, protection and control equipment, and a Supervisory Control and Data Acquisition system to help the utility manage the flow of power in the network.


Company Web Site:

-Zurich Bureau, Dow Jones Newswires; [phone]; [e-mail]

[grupo guitarlumber] 07/8/2009 13:10

cheers She

enjoy your weekend

[sheeneqa] 07/8/2009 12:59

ABB to provide innovative substation solution in the UK
2009-08-04 - Compact solution to replace outdoor substation and improve power reliability

Zurich, August 4, 2009 – ABB, the leading power and automation technology group, has received an order from CE Electric, UK for a substation that will improve the security and reliability of power supplies in the county of Yorkshire in the north of England.

The new substation will use technology that allows it to be placed indoors, and the building will be on stilts to protect the installation from flooding. It will occupy just one sixth of the area of the existing outdoor substation, which is nearing the end of its service life.

"The new substation will help reinforce grid reliability, enhance energy efficiency and improve the security of power supply in the area," said Claudio Facchin, global head of ABB's substation business, a part of the company's Power Systems division. "This compact solution is ideally suited to address space constraints and reduce environmental impact."

ABB will design, supply, construct and install the new substation at Creyke Beck comprising 22 bays of GIS (gas insulated switchgear). ABB is currently executing a substation project at Wakefield in West Yorkshire, based on a similar order awarded by CE Electric UK earlier this year.

[ariane] 31/7/2009 11:11

ABB Gets Orders Worth $75 Million From Stadler Rail





ZURICH -(Dow Jones)- Swiss electrical engineering company ABB Ltd. (ABBN.VX) said Friday it won orders worth $75 million from Swiss train maker Stadler Rail.

MAIN FACTS:

-Orders are to supply traction and onboard power equipment.

-The equipment will be installed in 50 light electric trains for Norwegian State Railways to be used in the Greater Oslo area and as intercity trains in southern Norway.

-The orders also include compact integrated traction converters for about 30 diesel-electric trains Stadler Rail is building for transport companies in the United States, Austria and other countries.

-These orders, booked in the second quarter of 2009, continue a highly productive business cooperation between ABB and Stadler Rail that began in 2002.


Company Web Site:

-Zurich Bureau, Dow Jones Newswires; [phone]; [e-mail]

[ariane] 29/7/2009 07:52

ABB Wins More Than $540 Million Brazilian Power Orders From Abengoa





ZURICH -(Dow Jones)- Swiss power and automation technologies company ABB Ltd. (ABB) said Wednesday it won orders worth more than $540 million from Brazilian technology company Abengoa SA (ABG.MC) for a power transmission link in Brazil.

The power highway will link two new hydropower plants in the northwest of the country with Sao Paulo over a distance of 2,500 kilometers. Power will be transmitted at 600 kilovolts to minimize transmission losses.

Company Web site: www.abb.com

-By Katharina Bart, Dow Jones Newswires; [phone]; [e-mail]

[grupo guitarlumber] 23/7/2009 08:11

UPDATE:ABB 2Q Profit, Orders Drop As Emerging Market Demand Slows





(Re-writes, adds detail.)

By Goran Mijuk
Of DOW JONES NEWSWIRES

ZURICH -(Dow Jones)- ABB Ltd. (ABB) Thursday reported a sharp drop in second-quarter net profit and orders amid slowing demand in emerging markets and a strong U.S. dollar, and warned that business will remain tough over the next few months.

The Zurich-based electrical engineer remained confident, however, of reaching its medium-term targets as demand for power infrastructure remained robust and as it saw growth opportunities in areas such as renewable energy.

ABB said net profit for the three-month period to the end of June fell to $675 million from $975 million a year earlier, beating forecasts of $602 million despite the strong U.S. dollar, the company's reporting currency.

Orders, which indicate future revenue streams and best reflect the business outlook, were poor, falling 35% to $7.01 billion from $11.27 billion a year earlier as orders from emerging markets declined.

Markets in India, China and the Middle East have provided ABB with solid growth during the past few quarters, balancing the demand drop in Europe and the U.S., where the recession has been felt most.

Sales also fell faster than expected and dropped 12% to $7.92 billion from $9.03 billion a year earlier as demand in recently still strong markets such as Asia and the Middle East slowed.

"Order development is weak and that means that sales will drop fast in the third and fourth quarter and that business will remain difficult in 2010," said Bank Vontobel analyst Panagiotis Spiliopoulos.

"Still, thanks to its strong balance sheet, ABB is in a very good position to weather the current crisis," Spiliopoulos said. He rates the stock with hold.

ABB, which last year launched a program to save up to $2 billion in costs by 2010, said the outlook remained dim as the ongoing recession has made project funding more difficult and as government stimulus packages still need time to take hold.

The company, however, was confident of reaching its medium-term targets amid which it wants to increase sales by up to 11% annually during the period from 2007 to 2011. The operating profit margin should stand between 11% and 16%. In the second quarter, the operating margin reached 13.2%, down from 16.1% a year earlier.

"The economic environment remains challenging", Chief Executive Joe Hogan said. "While we'll continue to focus on adjusting costs quickly, we also aim to take advantage of (growth) opportunities to extend our market leadership."

Among areas of growth Hogan mentioned was the renewable energy market.


Company Web Site:

-By Goran Mijuk, Dow Jones Newswires, [phone]; [e-mail]

[grupo guitarlumber] 23/7/2009 06:16

ABB Profit Beats Goals, Hogan Captures $500 Million in Savings
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By Antonio Ligi

July 23 (Bloomberg) -- ABB Ltd., the world's largest builder of electricity grids, reported profit that beat analyst estimates after stripping away $500 million in costs in the first six months of the year.

Net income in the second quarter fell 31 percent to $675 million, or $0.3 a share, the Zurich-based company said today in an e-mailed statement. Analysts predicted $564 million, according to a 12-strong survey by Bloomberg.

Chief Executive Officer Joe Hogan in April doubled a savings target to $2 billion, embarking on the Swiss company's biggest cost-cutting drive for at least a decade to combat a slowdown in demand for transformers and industrial robots. Hogan, who joined ABB in September from General Electric Co., faces a slowdown in so-called base orders, contracts below $15 million that form the backbone of profits.

"The economic environment remains challenging, although there are growth opportunities driven by the need for more intelligence and automation in the power network, and the generation and integration of renewable energies," Hogan said.

Sales fell 12 percent to $7.92 billion while orders dropped 35 percent to $7.31 billion.

Cash Pool

ABB's cash pool swelled to $5.7 billion in the second quarter, compared with $4.8 billion in the prior period. The funding reserves have prompted speculation ABB will seek an acquisition target as the global recession eats into the valuations of competitors.

"While we'll continue to focus on adjusting costs quickly, we also aim to take advantage of these opportunities to extend our market leadership," Hogan said.

The Swiss company's results set the scene for other equipment suppliers still to report quarterly earnings as customers struggle to find credit for projects and recession spreads around the globe.

Siemens, which reports fiscal third-quarter results July 30, said this week it plans to cut an additional 1,400 jobs as the German maker of trains, turbines and light bulbs strives to meet profit targets for the year.

In the U.S., Eaton Corp., the Cleveland-based maker of circuit breakers and fuel pumps, rose the most in three months on July 20 after it reported second-quarter profit that topped analysts' estimates and reduced its 2009 profit forecast by less than analysts had estimated.

To contact the reporter on this story: Antonio Ligi in Zurich at [e-mail]

Last Updated: July 23, 2009 00:39 EDT

[sheeneqa] 16/7/2009 11:18

ABB wins $17 million power order in South Africa
2009-07-16 - Substations and compact switchgear to increase power reliability in Cape Town grid

Zurich, Switzerland, July 16, 2009 – ABB, the leading power and automation technology group, will supply electrical solutions in two projects for the City of Cape Town Electricity Services Department, to help improve reliability of power supplies in the region. The orders were booked in the second quarter.
For one of the projects, ABB will replace and maintain interlocking equipment that ensures the safe operation of switchgear at three substations and a power station in Cape Town. ABB will also provide REF 545 feeder terminals for the protection, control and supervision of a high-voltage transmission network.

For another project, ABB will deliver a range of medium-voltage equipment including compact gas-insulated switchgear (GIS), rated at 12 kV, 24 kV and 36 kV, and ancillary equipment for nine substations in the Cape Town area.

More than 200 GIS ZX1.2 panels will be supplied for this second project. The ZX series of GIS panels feature a hermetically sealed system with a stainless steel enclosure that contains all live parts and the panels' switching functions. The constant atmospheric conditions in the sealed unit make it virtually maintenance free, highly reliable and safe for users.

"Upgrading these installations will help strengthen grid reliability and improve the quality of power supplies in the area," said Claudio Facchin, global head of ABB's substation business. "Our state-of-the-art GIS will ensure maximum availability and extend the service life of the installations."

The projects are scheduled for completion at the end of 2010 and are part of Cape Town's growth and infrastructure upgrade plans

[ariane] 15/7/2009 20:23

ABB signs Desertec agreement for solar energy
15 July 2009

The process of generating clean electricity in the world's deserts is making progress, claims ABB, which signed a memorandum of understanding on the Desertec industry initiative in Munich this month.

The Desertec Foundation developed Destertec – a proposed large scale solar power project in North Africa. A number of European companies in the power, gas, energy and automation industries that have banded together to attempt to make the plan a reality.

"ABB has been a collaborator on the Desertec project for many years," said ABB regional manager in central Europe, Peter Smits.

"We believe our technologies and expertise will contribute to the continued success of this pioneering project."

By 2050, solar power from the northern Sahara could meet about 15 percent of European electricity needs and a significant proportion of local electricity demand in the countries of North Africa, claims ABB.

The aim of the newly founded initiative is to analyse the technical, economic, political, social and environmental framework for the project.

Viable investment plans will be developed over the next three years and there are considerable business opportunities, ABB says. ABB will make a contribution, particularly in terms of the technical expertise required to incorporate renewable power into the grid and transmit power efficiently over long distances.

"The technologies for a project like Desertec are tried and tested. HVDC (high-voltage direct current) – a key technology for the long-distance transmission of electricity - was invented by ABB 50 years ago and has been evolving ever since. It is used to connect grids, incorporate renewable energy and increase energy efficiency. So ABB makes not only Desertec, but also climate change, possible," said Smits.

"Desertec is a visionary project that brings the prospect of carbon-neutral power supplies in Europe a step closer, but it will probably still take some time before the first desert electricity starts to flow into Europe. In the meantime, today's energy needs must be met by a broad mix of generation, including, for example, coal-fired plants."

Alongside ABB, other members of the initiative include, for example, the German insurer Munich Re, the energy groups E.ON and RWE, Deutsche Bank, Schott Solar, and Siemens. Foreign companies such as Abengoa Solar from Spain and the Cevital industrial group from Algeria will also participate in the initiative.

[ariane] 13/7/2009 16:59

3rd UPDATE: 12 International Cos Sign MoU On Sahara Solar Energy Project





(Adds comment.)

MUNICH -(Dow Jones)- Germany's Munich Re AG (MUV2.XE) and 11 other large companies Monday signed a memorandum of understanding to launch a pioneering industrial initiative to generate electric power from solar energy in the Sahara Desert.

Munich Re management board member Torsten Jeworrek, who is coordinating the initiative for the 12 companies, said the first thermal solar power plant could be built in the desert in 2015, if the initiative concludes that the project is feasible.

The MoU will launch the Desertec Industrial Initiative, which is aimed at developing a road map - and a detailed business plan - that will clarify over the next three years if and how such a project can be realized, considering the regulatory, political, technical and financial framework and support.

"If realized, this will be the biggest single initiative against climate change," Jeworrek said, adding that all participants would benefit, as the costs caused by climate change will substantially exceed the costs of the Desertec initiative.

Desertec aims to cover the growing energy needs in North Africa and the Middle East, which will grow over the medium term, and also contribute to supply Europe with energy, Munich Re Chief Executive Nikolaus von Bomhard said.

Jeworrek said the start-up will require about EUR1.8 million in the first year, which will be shared by the initiative's members. Subsequently, the financing base will grow, along with membership, Jeworrek said.

The DII, which will become a limited liability company, or GmbH, under German law by Oct. 31, aims to include shareholders from a variety of countries.

After three years, a detailed business plan and investment prospectuses should state what could be the next partial projects over time once certain preconditions can be met, and to invite bidders, Jeworrek said.

The initiative is based on a project by the Desertec Foundation, which aims to make clean, renewable energy sources usable for Europe, the Middle East and North Africa. Desertec operates under the auspices of the Club of Rome and the Trans-Mediterranean Renewable Energy Cooperation.

The Club of Rome, a global think tank, in a recent study estimated that roughly EUR400 billion would be needed to build enough thermal solar power plants to cover 15% of Europe's electricity demand. Of this, the power plants covering an area of 16,900 square kilometers would cost EUR350 billion; EUR50 billion would be required for the high-voltage direct current transmission lines to transport the electricity to Europe from North Africa.

Gerhard Knies, supervisory board chairman of the Desertec Foundation, said the project could create around two million jobs by 2050.

Twelve companies participated in the meeting, including German and foreign companies in the financial, solar, energy and technology sectors such as Siemens AG (SI), RWE AG (RWE.XE), E.ON AG (EOAN.XE), ABB Ltd. (ABB), Deutsche Bank AG (DB), HSH Nordbank Spain's Abengoa Solar, Algeria's Cevital, Schott Solar (S9S.XE), MAN Solar Millenium and M+W Zander.

Joachim Schneider, management board member of ABB's German unit ABB AG, said the Desertec is an important milestone toward reaching a carbone-neutral energy supply in Europe.

Caio Koch-Weser, vice chairman Deutsche Bank, said the bank is pleased to participate in exploring the "feasibility of this trailblazing project" and will expand its activities in this area.

Representatives from the German foreign and economics ministries, the Club of Rome, the League of Arab States and the Egyptian energy ministry also participated in the meeting.

His Royal Highness Prince Hassan bin Talal of Jordan, in a transmitted video address, said the project would open a new chapter in the region's partnerships and that security issues, in addition to the clean energy issue, played also an important role.

Meanwhile, Hermann Scheer, a member of Germany's lower house of parliament and president of Eurosolar, a non-government organization for renewable energies, criticized the project's costs estimates as too low and said he was in favor of a decentralized production of Europe's supply with renewable energies within Europe.

Company Web site: www.munichre.com; www.desertec.org

-By Ulrike Dauer, Dow Jones Newswires; [phone]; [e-mail]

[ariane] 13/7/2009 16:58

3rd UPDATE: 12 International Cos Sign MoU On Sahara Solar Energy Project





(Adds comment.)

MUNICH -(Dow Jones)- Germany's Munich Re AG (MUV2.XE) and 11 other large companies Monday signed a memorandum of understanding to launch a pioneering industrial initiative to generate electric power from solar energy in the Sahara Desert.

Munich Re management board member Torsten Jeworrek, who is coordinating the initiative for the 12 companies, said the first thermal solar power plant could be built in the desert in 2015, if the initiative concludes that the project is feasible.

The MoU will launch the Desertec Industrial Initiative, which is aimed at developing a road map - and a detailed business plan - that will clarify over the next three years if and how such a project can be realized, considering the regulatory, political, technical and financial framework and support.

"If realized, this will be the biggest single initiative against climate change," Jeworrek said, adding that all participants would benefit, as the costs caused by climate change will substantially exceed the costs of the Desertec initiative.

Desertec aims to cover the growing energy needs in North Africa and the Middle East, which will grow over the medium term, and also contribute to supply Europe with energy, Munich Re Chief Executive Nikolaus von Bomhard said.

Jeworrek said the start-up will require about EUR1.8 million in the first year, which will be shared by the initiative's members. Subsequently, the financing base will grow, along with membership, Jeworrek said.

The DII, which will become a limited liability company, or GmbH, under German law by Oct. 31, aims to include shareholders from a variety of countries.

After three years, a detailed business plan and investment prospectuses should state what could be the next partial projects over time once certain preconditions can be met, and to invite bidders, Jeworrek said.

The initiative is based on a project by the Desertec Foundation, which aims to make clean, renewable energy sources usable for Europe, the Middle East and North Africa. Desertec operates under the auspices of the Club of Rome and the Trans-Mediterranean Renewable Energy Cooperation.

The Club of Rome, a global think tank, in a recent study estimated that roughly EUR400 billion would be needed to build enough thermal solar power plants to cover 15% of Europe's electricity demand. Of this, the power plants covering an area of 16,900 square kilometers would cost EUR350 billion; EUR50 billion would be required for the high-voltage direct current transmission lines to transport the electricity to Europe from North Africa.

Gerhard Knies, supervisory board chairman of the Desertec Foundation, said the project could create around two million jobs by 2050.

Twelve companies participated in the meeting, including German and foreign companies in the financial, solar, energy and technology sectors such as Siemens AG (SI), RWE AG (RWE.XE), E.ON AG (EOAN.XE), ABB Ltd. (ABB), Deutsche Bank AG (DB), HSH Nordbank Spain's Abengoa Solar, Algeria's Cevital, Schott Solar (S9S.XE), MAN Solar Millenium and M+W Zander.

Joachim Schneider, management board member of ABB's German unit ABB AG, said the Desertec is an important milestone toward reaching a carbone-neutral energy supply in Europe.

Caio Koch-Weser, vice chairman Deutsche Bank, said the bank is pleased to participate in exploring the "feasibility of this trailblazing project" and will expand its activities in this area.

Representatives from the German foreign and economics ministries, the Club of Rome, the League of Arab States and the Egyptian energy ministry also participated in the meeting.

His Royal Highness Prince Hassan bin Talal of Jordan, in a transmitted video address, said the project would open a new chapter in the region's partnerships and that security issues, in addition to the clean energy issue, played also an important role.

Meanwhile, Hermann Scheer, a member of Germany's lower house of parliament and president of Eurosolar, a non-government organization for renewable energies, criticized the project's costs estimates as too low and said he was in favor of a decentralized production of Europe's supply with renewable energies within Europe.

Company Web site: www.munichre.com; www.desertec.org

-By Ulrike Dauer, Dow Jones Newswires; [phone]; [e-mail]

[ariane] 13/7/2009 12:26

UPDATE: 12 International Cos Sign MoU On Sahara Solar Energy Project





(Adds background.)

MUNICH -(Dow Jones)- Germany's Munich Re AG (MUV2.XE) and 11 other large companies Monday signed a memorandum of understanding to launch an industrial initiative to generate electric power from solar energy in the Sahara Desert.

The MoU will kick off the Desertec Industrial Initiative, which will become a limited liability company, or GmbH, under German law by Oct. 31 to develop a road map that will clarify over the next three years if and how the project can be realized. The DII aims to include shareholders from a variety of countries.

The initiative is based on a project by the Desertec Foundation, which aims to make clean, renewable energy sources usable for Europe, the Middle East and North Africa. Desertec operates under the auspices of the Club of Rome and the Trans-Mediterranean Renewable Energy Cooperation.

The Club of Rome, a global think tank, in a recent study estimated that roughly EUR400 billion would be needed to build enough thermal solar power plants to cover 15% of Europe's electricity demand. Of this, the power plants covering an area of 16,900 square kilometers would cost EUR350 billion; EUR50 billion would be required for the high-voltage direct current transmission lines to transport the electricity to Europe from North Africa.

Twelve companies participated in the meeting, including German and foreign companies in the financial, solar, energy and technology sectors such as Siemens AG (SI), RWE AG (RWE.XE), E.ON AG (EOAN.XE), ABB Ltd. (ABB), Deutsche Bank AG (DB), HSH Nordbank Abengoa Solar, Cevital, Schott Solar (S9S.XE), MAN Solar Millenium and M+W Zander.

Representatives from the German foreign ministry, the Club of Rome, the League of Arab States and the Egyptian energy ministry also participated in the meeting.

Company Web site: www.munichre.com; www.desertec.org

-By Ulrike Dauer, Dow Jones Newswires; [phone]; [e-mail]

[ariane] 13/7/2009 12:06

Siemens, Others Sign MoU On Desertec Solar Energy Initiative





FRANKFURT -(Dow Jones)- Siemens AG's (SI) unit Siemens Energy said Monday that along with other industrial companies, it signed a Memorandum of Understanding for the Desertec initiative to provide sustainable power to Europe, the Middle East and North Africa.

MAIN FACTS:

-Environmentally friendly power generated at solar thermal power plants in the Sahara and wind farms in North Africa is to be transported to the load centers where the power is needed

-A technical and financial concept will be developed

-The Desertec initiative aims to meet 15% to 20% of the European power demand using solar- and wind-based electricity by 2050

-The earth's desert regions receive more energy in a mere six hours than mankind consumes within an entire year

-In the Sahara, the sun shines 4,800 hours per year, providing the potential to generate clean solar power

-Solar power plants covering an area of 300 km by 300 km could meet the worldwide energy needs


-Frankfurt Bureau, Dow Jones Newswires; 49-69-29725-500

[waldron] 09/7/2009 09:19

ABB shareholders approve all Board proposals
Zurich, Switzerland, May 5, 2009 – Shareholders of ABB, the leading power and automation technology group, have approved all proposals submitted by the Board of Directors to the company's annual general meeting in Zurich today.
All eight members of the Board were re-elected for another annual term. The Board of Directors re-elected Hubertus von Grünberg to the position of Chairman of the Board.

Shareholders voted for a payout of 0.48 Swiss francs per share for 2008, to be paid in the form of a reduction in the nominal value of the shares. They agreed to reclassify legal reserves to increase ABB's share capital flexibility, and to renew the authorized share capital, a measure that allows the company to issue as many as 200 million shares during the next two years.

A total of 1,369 shareholders attended the annual general meeting and 52.5 percent of the total share capital was represented. They approved the annual report, the consolidated financial statements and the annual financial statements for 2008.

ABB (www.abb.com) is a leader in power and automation technologies that enable utility and industry customers to improve performance while lowering environmental impact. The ABB Group of companies operates in around 100 countries and employs about 120,000 people.