Hi Bob! VW making a killing selling gas and sticking to coal.
Volkswagen is prolonging its use of coal due to Russian energy ‘threat’
PUBLISHED WED, MAY 4 2022 8:49 AM EDTUPDATED WED, MAY 4 20228:57 AM EDT
Anmar Frangoul
- “We can [adapt] ... to the situation,” Herbert Diess tells CNBC. “We can, [for] a little bit, prolong our coal fired plants — hopefully it’s not for too long.
- Company had been planning to replace coal-fired boilers with gas and steam turbine units, but global events appear to have prompted a rethink for the time being.
- VW reported results for the first quarter of 2022 on Wednesday, with operating profit before special items hitting 513 million euros.
Then on September 16, 2022
Europe's biggest automaker may make more profit from selling gas than selling cars.
Volkswagen could receive around 400 million euros from the sale of 2.6 terawatt-hours in gas contracts back to the German market.
That's enough gas to power about 200,000 gas-normalized homes for a year. According to the Bloomberg report, the company planned to use the next one at its two power plants in Wolfsburg as part of a switch from fuel gas to coal. However, rising prices, combined with capacity, and policies to keep VW selling while sticking to coal.
Smart, is not it?
|
