Vineyard Wind and GE Vernova settle legal dispute over New England wind farms
Vineyard Wind, a wind?farm developer in New England, announced on Wednesday that it had'resolved' a legal dispute arising out of turbine supplier GE Vernova’s attempt to walk away from its $4.5 Billion project based on claims it owed it more than $300 M. As part of a settlement GE Vernova announced that it had withdrawn its termination notice sent in February to end the project. It also dropped an appeal against a court order requiring that it continue working on the project. The companies stated that both sides had agreed to dismiss any pending legal claims. The confidential settlement's other terms were not revealed.
Data shows that Europe experienced 10,000 deaths in excess during the late June heatwave.
Official data revealed that European countries had reported over 10,000 deaths in excess during the record-breaking heatwave?that engulfed western Europe late June. According to EuroMOMO data, the vast majority of cases -- over 9,000 -- occurred among those aged 65 and older. Heat stroke or a worsening of cardiovascular and respiratory disease can be fatal. Older people are most at risk. This kind of excess is not normal for this time of the year. Lasse Vestergaard is the Chief Physician of?Denmark’s Statens Serum Institut which hosts EuroMOMO. Vestergaard said that it is hard to explain the high mortality rate by anything other than extreme heat.
EUROPE GAS-European gas prices rise on warmer weather
Dutch and British gas contract prices firmed up on Monday, as warmer weather is expected in Central Europe. This will increase demand for gas. Ship tracking also showed that gas tankers are trying to cross the 'Strait of Hormuz' during the peace talks between the U.S. ICE data revealed that the benchmark Dutch front-month contract for the TTF hub had increased EUR0.65 to EUR42.80 a megawatt hour. The British spot contract increased by 1.64 pence to 102.7 pence per thermo. LSEG analyst Yuriy Onieshkiv said that prices are likely to rise further today after news of the explosion at a factory in Qatar's Ras Laffan industrial City…
Document shows EU countries have scaled back their plan to finance power grids
A document from an internal negotiation revealed that governments 'have reduced the European Union’s proposal to spend national money on 'the bloc's' energy infrastructure' after Sweden threatened to limit power exports due to the plan. This dispute is over a proposed EU legislation to raise money for large energy infrastructure projects like interconnectors. These are necessary to integrate renewable energy sources into the network, and to meet increasing power demand due to data centres and other sources. In December, the…
Denmark awards cement producers $2.6 billion to carbon capture and storage
Aalborg-Portland, the largest emitter of carbon dioxide (CO2) in Denmark, signed on Tuesday a contract for 16.5 billion crowns (2.55 billion dollars) worth of subsidies to be paid by 2030. Denmark has set one of the most ambitious goals in the world for greenhouse gas reduction. It aims to reduce emissions by 70% compared to 1990 levels. The CCS project will be key to cutting CO2 from difficult-to-abate sectors such as cement. The traditional cement industry is responsible for 8% of the global CO2 emissions. This includes the amount of CO2 generated by the coal that heats kilns and the limestone being converted into clinker.
GE Vernova's bid to stop work at New England wind farm is rejected again
A Massachusetts judge refused to lift an injunction that 'forced' turbine supplier GE Vernova?to?continue working on the largest offshore wind farm -in New England, or to send their dispute with $4.5 billion project developer Vineyard Wind to arbitration. Suffolk County Superior Court judge Peter Krupp ruled in Boston that Vineyard Wind had the right to take its dispute to court to seek urgent relief. The 'judge' issued a preliminary order requiring GE Vernova, at Vineyard Wind's request, to continue working. Vineyard Wind sued GE Vernova because a Cambridge…
The price of gas in Europe is rising as the uncertainty surrounding the Hormuz Strait fuels volatility
Dutch and British Gas Contracts on Monday Morning rebounded from heavy losses experienced late on Friday amid mixed messages over the?U.S. - Iran?peace?negotiations and whether or not the Strait of Hormuz is open. Data from the Intercontinental Exchange showed that the benchmark Dutch front-month contract was up 2,21 euros to 40,98 euros per megawatt (MWh) at 0655 GMT. Volatility is very high. The contract reached an intraday peak of 43.00 euro/MWh after plummeting to as low as 38.77 euro/MWh last Friday, its lowest level since March 2. This was due to news of Iran reopening the Strait of Hormuz. After the hopes of an Iran-U.S.
Vineyard Wind sues GE Vernova for preventing it from abandoning its wind farm
Vineyard Wind filed a suit to stop a GE Vernova unit that supplies wind turbines from cancelling agreements and abandoning the work on a $4.5billion offshore wind farm near Massachusetts. Vineyard Wind, a 'joint venture' between Spain's Iberdrola, and Denmark's Copenhagen Infrastructure Partners, has filed a suit in a Boston state court accusing GE Vernova of trying to end their contract in the "most vulnerable" stage of the wind project. The project is one of five large offshore wind farms on the East Coast that were halted by President Donald Trump’s administration near 2025 due to national security.
Document shows that eight countries have warned the EU against a weakening of carbon markets
Spain, the Netherlands, and six other countries have urged the European Union to not dismantle the emissions trading system of the bloc, which is its primary climate change policy. This comes as Brussels searches for ways to reduce energy prices. Energy?prices are surging due to disruptions in Middle Eastern oil and natural gas supplies. Brussels faces calls from governments, including Italy, to suspend the ETS. The ETS requires power plants to purchase permits to cover CO2 emissions. In a paper published by a group of EU countries…
Seven countries warn EU against changing the energy market design
Seven EU member states, including the Netherlands, Sweden and Belgium, warned the executive of the bloc 'on Thursday' against interfering in the system that determines Europe's energy price. Officials at Brussels are scrambling to reduce bills. This year, energy prices are a major political issue in Europe. Industries have warned that they can't compete with the lower-cost companies from China and the United States. The European Commission has been under increasing pressure to intervene due to the soaring prices of oil and gas worldwide as a result of the conflict in Iran.
Sweden and other countries oppose the calls to delay the new EU carbon market
A joint?paper of the countries revealed that Sweden, Denmark and Finland have resisted calls from other European governments to postpone the EU's forthcoming?carbon markets, as political pressure increases for the bloc reduce?energy prices. The paper focuses on the second carbon market in the European Union, also known as ETS2, which will be implemented from 2028 and impose a CO2 price for fuels used to heat homes and transport vehicles. The EU has already delayed by one year the launch of the market and has accelerated the distribution of the revenues from the scheme to the governments.
RWE looks to buy LNG from ADNOC in Germany as it moves to diversify its supply
RWE signed a preliminary agreement with Abu Dhabi National Oil Company on Friday. The German utility stated that it could purchase LNG for European markets as Berlin strives to diversify their energy partners. The German Chancellor Friedrich Merz has been visiting the Gulf region to look for new energy sources, and to reduce the country's dependency on the United States, its dominant supplier. RWE is not only a power producer but also a trader of gas and LNG and an energy 'importer. RWE is exploring the possibility of buying…
Germany's PNE has lost bid for Vietnam wind projects, in a new blow to foreign investors
The Vietnamese authorities have selected a newly-created subsidiary of the real estate conglomerate Vingroup for the development of the first phase of the country's biggest wind power project, leaving out Morgan Stanley's German renewable company PNE. PNE said that the decision was a "surprise". Hanoi cut retroactively subsidies last year for several renewable energy companies. Diverging opinions on electricity prices and deadlines also weighs heavily on foreign investment into the country's emerging liquefied gas and nuclear sectors.
The French spot price drops due to a slight increase in wind
The French spot electricity price for Thursday dropped as the wind energy supply is expected?to rise from Wednesday's low level. By 0936 GMT, the French baseload for day-ahead fell by 5.7% to 119.75 Euros ($143.45). On Wednesday, the German baseload?day-ahead was untraded at 137.75 Euros/MWh. This is up from 134.20 euros on Tuesday. LSEG analyst Naser Haseemi said that the German spot price will be closely correlated with Denmark, the Netherlands and southern Sweden, as well as lower wind and solar output, on Friday. LSEG data indicated that German wind generation would fall?to?2 GW to?22 GW on Friday…
Draft shows that Europe is committed to expanding wind energy despite Trump's criticism
A draft declaration that is due to be signed by the leaders of European governments, including Germany, Britain, and Denmark, showed they will continue to expand their wind power projects despite Donald Trump's escalating criticism. Trump has openly criticized the European countries' efforts at switching to low-carbon energies. He said that wind turbines are "losers". Without providing any evidence, he claimed that the more wind turbines that a country owns, the more it loses. A draft summit declaration seen by ', shows that…
Chairman of Siemens Energy says that the CEO will attend Trump's meeting with business leaders.
Joe Kaeser, Chairman of the Supervisory Board at Siemens Energy, said that Christian Bruch, CEO, will be attending a meeting with U.S. president Donald?Trump? scheduled for later in Davos on Wednesday. Kaeser said that he was sure to go. He is also the chairman of Daimler Truck's supervisory board. Kaeser said that the United States is an important market for us from many perspectives, including volume, innovation, speed, and the whole AI data center technology. Later on Wednesday, he will likely continue to push for Denmark to relinquish control of Greenland despite protests by European leaders.
Lithuanian president: Joint security agreement could end Greenland dispute
Gitanas Nuseda, the Lithuanian president, said that an agreement on the sharing of responsibility for security in the 'Arctic and North Atlantic' could be a solution to the standoff between Europe and the United States over Greenland. Nauseda said in an interview at the World Economic Forum annual meeting, that the Greenland dispute was overshadowing and playing into Russia’s hands the war in Ukraine. She urged Washington de-escalate the tensions. The best outcome for the Arctic and North Atlantic regions would be to just agree on a common responsibility. Is it achievable? U.S.
US Judge weighs Dominion's request to restart Virginia offshore Wind Project Stopped by Trump
In a lawsuit filed against the Trump administration, a federal judge will decide on Friday whether to allow Dominion Energy?to resume construction on its $11.2 billion Virginia offshore wind project. This hearing will be the third in a row this week that a federal judge will consider a challenge to an Interior Department order from December 22, filed by a developer of offshore wind. Dominion’s?Coastal Virginia Offshore Wind? is one of the five projects Trump’s Interior Department paused last month. The reason given was classified information about risks to national safety from radar interference. The judges of the U.S.
Nordzucker, a German sugar company, expects to lose money as the market for sugar remains weak
Nordzucker, Germany's second largest sugar refiner, warned that it could suffer an operating loss due to the low EU sugar prices, which are affecting producers across the market. The unlisted company stated that it expects a loss of operating income in the high double-digit millions for the current year. This is much worse than anticipated. In its previous financial year, it reported an operating profit of 100 million euros ($116 million). EU sugar prices have fallen to a four-year-low and world sugar prices are at a?five-year-low. On Wednesday, it was reported that European producers were asking farmers to?cut sugar beet plants.
RWE and KKR announce long-term partnership for British offshore wind projects
RWE announced on Wednesday that it had agreed to sell a?stake in its Norfolk Vanguard West & East offshore wind project to investor KKR. The German utility was one of the winning bidders in a landmark British renewables auction. The deal is expected to close this summer. No financial details have been disclosed. However, RWE has stated that the two parties will assess the possibility of extending their collaboration on additional projects. RWE and KKR are collaborating to 'develop, build, and operate the wind farm.' This is a farming down model that allows both financiers and project developers to share the cost of large offshore projects.