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.
New York Sues Trump Administration Over Halt on Two Offshore Wind Projects
New York's Attorney General sued the Trump Administration on Friday for suspending the construction of two major offshore wind project that the state says it needs to power a million homes and reduce its reliance on fossil fuels.Letitia J. James, New York's Attorney General, has filed two lawsuits asking a Washington federal court to stop President Donald Trump from freezing federal offshore leases owned by Equinor of Norway and Orsted of Denmark on December 22, 2018.A spokesperson for the Interior Department said that they would not comment on any pending lawsuits.
Sunrise Wind, Orsted, challenges US suspension of wind lease
Denmark's Orsted said on Wednesday that its unit Sunrise Wind will challenge the U.S. Government's 'decision' last month to suspend their offshore wind project lease, and seek a court order. On December 22, the U.S. East Coast announced that it had leased five large offshore wind projects currently under construction. Orsted stated that the Sunrise Wind Project was?about 45%complete. At the time of the lease suspension order the project would have been expected to start generating electricity as early as October 2026. The complaint was filed at the U.S. District Court for the District of Columbia. The U.S.
Orsted and ESB won 900 MW of offshore wind tenders in Ireland
Orsted announced on Wednesday that Ireland had awarded the rights to build a 900 Megawatt (MW), offshore wind farm, to a joint-venture between Denmark's Orsted utility and Irish utility ESB. The Tonn Nua project was awarded with a 20-year contract-for-difference (CfD) secured at a strike price of 98.72 euros ($114.32) per megawatt hour. Developers are guaranteed a fixed electricity price. Any savings or costs resulting from wholesale price fluctuations will be passed on to consumers. In a separate announcement, the Irish energy ministry stated that the auction secured a "highly-competitive price in comparison to recent international auctions".
SBB sells community property portfolio worth $3.4 billion in a deal with Sweden
The struggling Swedish real estate group SBB announced on Tuesday that it would sell its portfolio of community properties to Public Property Invest, a publicly listed company in Oslo. This transaction valued the assets at approximately 32 billion Swedish crowns (3.40 billion dollars), and was part of its efforts to reduce its debt. SBB, which is a property firm that owns hospitals and care homes among other properties, has been forced to restructure its debt and reduce it due to high interest rates, and the economic downturn, especially in Sweden.
Orsted Has No Plans to Merge with Equinor's Renewables Unit
Danish offshore wind giant Orsted said on Wednesday that it had no plans to take over the renewables business of Equinor, its second biggest shareholder, which has proposed closer ties between the companies.Norwegian oil, gas and renewables group Equinor, which took a 10% stake in Orsted last year and injected close to $1 billion in an October share issue, said last week the offshore wind industry needed consolidation.Orsted's shares have plummeted 85% from their 2021 peak, hit by soaring costs and supply chain disruptions…
Colombia wins offshore wind bid by CIP of Denmark
The head of Colombia's hydrocarbons agency announced on Thursday that a subsidiary from Denmark's Copenhagen Infrastructure Partners, CIP, had bid to develop a wind project for the first round of the South American nation's offshore energy auction. Orlando Velandia of Colombia's National Hydrocarbons Agency, ANH, said that CIP subsidiary CI GMF Cooperatief U.A. ANH did not immediately provide details of the offer. ANH did not immediately disclose details of the offer. Velandia, who spoke at a Cartagena forum, said that the…
NATO will begin its annual nuclear drill Steadfast Noon on Monday.
Steadfast Noon will begin next week in the Netherlands, and 71 aircraft representing 14 countries will take part. Officials from the Western Military Alliance announced this on Friday. Rutte's remarks were recorded in a video at the Volkel airbase, Netherlands. This was the main host for this year’s drill. NATO has also announced that bases at Lakenheath, Britain, and Skrydstrup, Denmark, will be included. NATO officials confirmed that the exercise did not involve nuclear weapons, but rather simulated scenarios where they might be used.
Orsted will reduce its workforce by one-quarter by 2027
Orsted Denmark, the largest offshore wind farm developer in the world, announced on Thursday that it would cut 2,000 jobs, or a quarter, by the year 2027. Orsted explained that this was due to the fact that Orsted would be focusing on offshore wind in Europe and a number offshore wind farms are expected to be completed within the next few years. The company also needs to increase its competitiveness. The company has experienced rapid growth over the last decade, but recently it has faced a number of setbacks including disruptions to the global supply chain, rising interest rates and delays in projects that have impacted its share price. After its U.S.
South Africa coal heartland is home to a small solar city
Even though the locals are coughing up grey smog, coal keeps them at work, heats their homes during winter, and cooks dinner. Now, however, things are slowly beginning to change. South Africa, one of the largest coal exporters in the world, has launched a plan that will wean itself off coal pollution and embrace green industries to create jobs. Solar bricks - stackable lithium-ion batteries charged by sunlight - are used to power lights and mobile phones in almost every Nomzamo home. Nomzamo, despite only having 412 households in its program, sees it as the beginning of a major green shift for the country.
Bezos' renewables alliance targets $7.5 billion for developing countries
Executives from an alliance installing renewable energy in developing nations want to invest $7.5 billion over its next five-year plans. They are also looking for more philanthropic partnerships as richer countries cut their government aid. The Global Energy Alliance for People and Planet was launched in 2021 at the global climate talks. It has assisted more than 30 countries in improving electricity grids, setting up battery storage and creating jobs in green economy. The program secures money at a low or no cost from governmental…
Denmark buys $9 billion worth of air defence systems amid growing tensions with Russia
Denmark will buy air defence systems made in Europe for 58 billion Danish crowns (9.11 billion dollars), making it its largest ever arms purchase. The country's Defence Minister said this on Friday. He cited a difficult security situation. In February, the Danish Prime Minister Mette Fredericksen ordered that military equipment be purchased in anticipation of a possible future Russian invasion in Europe. Denmark is planning to purchase eight systems. These include the Eurosam SAMP/T long-range platform, which was developed by MBDA France and MBDA Italy, along with Thales. They also plan to buy medium-range systems from Norway, Germany, or France.
Draft shows that EU countries are trying to limit the ways in which Russian gas can be circumvented by EU countries.
A draft of the latest negotiation proposal for the rules seen by revealed that the European Union is trying to block any way Russian gas can still enter Europe after the phase-out. The European Commission proposed legislation in June to phase out EU oil and gas imports from Russia by January 1, 2028. This is because Brussels wants to end its decades-old relationship with Russia after its invasion of Ukraine in 2022. The EU is negotiating these plans and considering proposals that would make it more difficult for companies to "transit" Russian gas through Russia, after having been produced in another country.
Document shows EU wants proof of Russian gas origin in order to enforce Russian ban
A document obtained by revealed that European Union countries may impose stricter requirements for companies to prove the source of gas imported as part the bloc's plan phase out Russian imports. Last month, the European Commission proposed legislation that would phase out EU imports from Russia by January 1, 2028. This is part of a plan to end decades of energy relations between Russia and Brussels following Russia's 2022 invasion in Ukraine. It is notoriously hard to prove where the gas that may be mixed in transit originates.