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.
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…
