Finland's Fortum Bets on Fledgling Russian Wind Power Market
Finnish utility Fortum is hoping to attract financial partners for its new wind and solar projects in Russia, where it aims to capitalise on its decade-long presence in the country to expand in renewables.This approach is similar to moves by Denmark's Orsted , the world's largest owner of offshore wind power sites, which also has sold off large stakes in wind farms to invest the capital in new projects.Earlier this month, Fortum sold 54 percent of its Indian solar portfolio to UK Climate Investments and Elite Alfred Berg."We are considering similar possibilities in other markets to bring financial investors alongside us to invest in renewables…
Neptune Energy Buys VNG's O&G Assets off Norway, Denmark
Private equity-backed Neptune Energy has agreed to buy the Norwegian and Danish offshore oil and gas assets of German gas utility VNG, the companies said on Thursday.Headed by former Centrica boss Sam Laidlaw and backed by the Carlyle Group and CVC Capital partners, Neptune seeks to become a leading independent exploration and production (E&P) firm, it added.The transaction follows a deal by Neptune last year to buy the oil and gas unit of France's Engie for $3.9 billion.The deal is also a continuation of a trend among European utilities selling out of upstream oil and gas business as their core onshore activity is being challenged by renewable energy.
Norway Wants to Build Floating Wind Farms
Norway's energy minister will meet with companies on Wednesday to discuss the potential construction of offshore floating wind farms, he told Reuters on Friday.The meeting is the first concrete step to spur development of offshore floating power generation, after the government said last December it would seek to accommodate such plans."Wednesday next week I will have a meeting with different stakeholders in offshore wind and discuss both the opening process and the regulatory framework," Terje Soeviknes said.Unlike offshore wind turbines that are fixed to the seabed…
Alpha Completes Record Number of Blade Inspections
Alpha Offshore Service reports it has completing more than 4,000 offshore wind turbine blade inspections to date in 2018, a company record. This is an increase of 56 percent compared to 2017, which was previously its most productive period.The Denmark-based business which was acquired by Sparrows Group in 2017, specializes in the delivery of technical personnel, integrated engineering, maintenance, repair and inspection services to onshore and offshore wind developments. The company currently employs more than 250 technicians…
Denmark Swings to Net Oil Importer as North Sea Production Dips
A 25-year period for Denmark as a net oil exporter is set to end this year following output declines in the North Sea, the country's energy agency said on Thursday after slashing its long-term oil production forecast.The Danish Energy Agency expects this year's oil production to reach 128,000 barrels per day (bpd), down from 138,000 bpd last year and 10 percent lower than an estimate given a year ago.The lower production forecast was due to downward adjustments of North Sea resources, as well as delays and greater uncertainty regarding the development of several fields and discoveries.Denmark has been a net oil exporter since 1993…
Trump Effort to Lift U.S. Offshore Wind Sector Sparks Interest
The Trump administration wants to fire up development of the U.S. offshore wind industry by streamlining permitting and carving out vast areas off the coast for leasing - part of its 'America First' policy to boost domestic energy production and jobs.The Europeans have taken note.The drive to open America's offshore wind industry has attracted Europe's biggest renewable energy companies, who see the U.S. East Coast as a new frontier after years of success across the Atlantic.Less experienced U.S. wind power companies, meanwhile, have struggled to compete in their own backyard, according to lease data and interviews with industry executives.
Equinor Acquires Energy Trader Danske Commodities
Norwegian oil and gas major Equinor, formerly Statoil, is acquiring the Danish energy trading company, Danske Commodities for EUR 400 million (USD 470 mln). "Equinor has reached agreement to buy 100% of the shares in Danish energy trading company Danske Commodities (DC) for EUR 400 million, with smaller contingent payments depending on DC’s performance over the next couple of years," said a press release from the company. This acquisition – of one of Europe’s largest short-term electricity traders – supports Equinor’s development towards becoming a broad energy company. DC is also active in short-term gas trading and provides energy market services.
Equinor Acquires Danske Commodities
Equinor has reached agreement to buy 100% of the shares in Danish energy trading company Danske Commodities (DC) for EUR 400 million, with smaller contingent payments depending on DC’s performance over the next couple of years. This acquisition – of one of Europe’s largest short-term electricity traders – supports Equinor’s development towards becoming a broad energy company. DC is also active in short-term gas trading and provides energy market services. DC was founded in 2004 and is based in Aarhus, Denmark, with 284 employees.
Nord Stream 2 Seeks Alternative Route to Avoid Danish Waters
The Russia-led Nord Stream 2 consortium said on Friday it has applied to Denmark for an alternative gas pipeline route through the Baltic Sea that would avoid the Nordic state's territorial waters.Denmark is facing a dilemma on whether the project can be built near its Baltic coast and its parliament may pass legislation allowing it to veto the Nord Stream 2 pipeline going through Danish territorial waters on security grounds.Russia is keen to press ahead with the Nord Stream 2 pipeline since it has the potential to double its gas exports under the Baltic Sea to Germany…
After Denmark, Noreco Eyes UK Acquisitions
Norwegian Energy Company (Noreco) plans to acquire offshore assets on Britain's continental shelf in 2019, following its purchase of Shell's upstream oil and gas licenses in Denmark, its chairman told Reuters on Thursday.The Oslo-listed company on Wednesday announced a $1.9 billion deal to acquire Shell's 36.8 percent stake in the Danish Underground Consortium (DUC), which accounts for 90 percent of Denmark's petroleum output."I think we should be capable of doing something in the U.K., hopefully in the first half of 2019, but definitely in 2019…
Tax Sops for Shore-Side Electricity Supply for Ships in EU
The Transport committee of the European Parliament supported yesterday the removal of tax barriers for the uptake of shore-side electricity supply (OPS) in ports for ships at berth.The Ertug report on the deployment of infrastructure for alternative fuels in the EU which was voted by the Transport committee, pointed out that taxation has a major impact on the price competitiveness of alternative fuels and underlined that disparities in energy taxation for shore-side supply for ships should be addressed.European ports welcome…
Total Buys out Chevron Denmark
French oil and gas major Total has agreed to take all of Chevron’s share capital in the Danish Underground Consortium (DUC), which will increase its stake in the project and expand its North Sea presence."Total has agreed to purchase from Chevron all the share capital of Chevron Denmark Inc. which holds a 12% interest in the Danish Underground Consortium (DUC), a 12% interest in Licence 8/06, and a 7.5% interest in the Tyra West pipeline. The transaction remains subject to approval of partners and the relevant authorities," said a press release from the company.The acquisition will increase Total’s operated share of DUC from 31.2% to 43.2%…
German Onshore Wind Installations Dropped 29 pct in H1
Germany installed 1,626 megawatts (MW) of new onshore wind power capacity in the first six months of 2018, industry groups said on Thursday, adding that total installations this year could run to between 3,300 and 3,500 MW.Wind energy is one of the most important drivers of Germany's transition to renewable energy, with onshore wind power already accounting for 14.7 percent of total power generation volumes in Jan-Jun, according to industry statistics.The additions in the six months measured in MW were down by 29 percent however from the same period a year earlier, engineering group VDMA and wind energy association BWE said in a statement.The installed
Boskalis Wins Subsea Contract at Tyra Gas Field
Royal Boskalis Westminster N.V. has been awarded the Tyra Redevelopment Subsea Installation Phase II contract by Total E&P Denmark.The sizable contract includes subsea engineering, procurement, fabrication and installation for the Tyra Redevelopment project in order to extend the operational lifetime of the Tyra offshore gas field by at least 25 years.Boskalis will provide a broad range of specialist subsea contracting activities for relocating and connecting subsea pipelines as well as the installation of manifolds, vertical platform production risers and umbilicals.
Belgium's Northwester 2 Wind Project Gets $242 mln EIB Loan
Belgium's 219 megawatt (MW) Northwester 2 offshore wind farm project secured a 210 million euro ($242 million) loan from the European Investment Bank (EIB), the bank said on Friday.EIB said the project, estimated to cost around 642 million euros, was among four Belgian offshore wind projects it would support with the European Fund for Strategic Investments.It said another 100 million euros for the project would be guaranteed by Denmark's Export Credit Agency EKF.Construction is expected to start in May 2019 and the farm will become operational in 2020.The 23 MHI Vestas wind turbines with a capacity of 9.5 MW each, will generate an estimated 219 MW of p
Shell Sells its Danish Upstream Assets for $1.9 Bln
Royal Dutch Shell has agreed to sell its Danish upstream business to Norwegian Energy (Noreco) in a deal valuing the assets at $1.9 billion, as part of its wider divestment strategy, the company said on Wednesday.The sale brings Shell's three-year $30 billion divestment plan close to its conclusion, having begun the process in 2015 after the acquisition of BG Group. Deals so far have included large portfolios in the British North Sea, Gabon, Thailand and Canada."Today's announcement is consistent with Shell's strategy to simplify…
Europe Gas Trade Volume on Track for Record in 2018
European gas trading volumes in 2018 may beat the record 51,000 terawatt hours (TWh) recorded in 2016 unless unseasonally warm weather prevails for the rest of this year, Prospex said in a report on Friday.The British research company said slower trading in 2017 was followed by an upturn in the first half 2018 as consumption grew and business on the Dutch gas exchange Title Transfer Facility (TTF) picked up.Natural gas trading rose by 4 percent year-on-year to 26,000 TWh in January to June across a region of 11 countries monitored by Prospex…
Environmentalists File Second Complaint to Block Nord Stream 2
Environmental campaign group ClientEarth has filed a complaint with a court in Sweden to block the construction through Swedish waters of the Nord Stream 2 gas pipeline intended to transport Russian gas to Germany, it said on Wednesday.Sweden approved the pipeline in June, but ClientEarth's complaint argues that the Swedish Ministry of Enterprise and Innovation failed to consider the impact the project would have on wildlife in the Baltic Sea.The work involves detonating World War Two bombs on the sea floor along the project's 510 km route in Sweden and ClientEarth said that could cause serious harm to marine mammals…
New Hires Boost RCG US Team
The Renewables Consulting Group (RCG), has announced the appointment of several new hires in its New York office to support the accelerating offshore wind market in the United States and renewable energy projects worldwide. The experienced personnel include AJ Negrelli, Emily Kuhn, and Craig Hutchinson.Negrelli is a respected project manager and engineer with practical experience delivering offshore wind construction projects, working for the major wind turbine supplier Siemens Gamesa Renewable Energy. Negrelli was deputy construction project manager of the recently completed 574 MW Race Bank project in the United Kingdom.
ABB to Equip High-spec Vessel for Largest Offshore Wind Farm
ABB technology allowing integration of batteries receives major vote of confidence as Louis Dreyfus Armateurs orders second wind farm service vessel featuring a wide scope of ABB’s solutions.Maritime transportation group Louis Dreyfus Armateurs (LDA) will add a second 83 meter windfarm service operation vessel (SOV) to its fleet, featuring an extensive range of ABB’s technology, with the award-winning power distribution system Onboard DC Grid at its core. The vessel will support operations at Hornsea Project Two off the UK coast…