Spain increases the cap on grid investments through 2030
Sara Aagesen, Energy Minister of Spain, said that the Spanish government intends to raise a limit on how much investment companies can make in electricity grids until 2030. She expects trunk network investments to be worth 15,94 billion euros (13.59 billion euro). The massive blackout in Spain and Portugal that occurred on April 28, has reignited the debate over investment requirements for power networks. According to Spanish law, energy companies are only allowed to invest a limited amount in networks each year, as the costs will ultimately be borne by the consumers.
CenterPoint Energy's profits miss profit estimates due to higher costs
CenterPoint Energy, the U.S. electric utility and gas company, reported a second-quarter loss on Thursday that was only slightly below analysts' estimates. This was due to higher expenses. Electricity grids in the country have faced a barrage of challenges, including extreme weather conditions and a surge in demand due to electrification and data center constructions by the technology sector. CenterPoint's operating and maintenance costs increased by 5.5%, to $715 millions during the quarter ending June 30.
Iberdrola raises $5.9 billion to fund grid investment
Iberdrola, Europe's biggest utility, announced a capital increase of 5 billion euros ($5.87 billion), to fund power grid investments in Britain and the United States. The company intends to increase its annual investment to 15 billion euros. This is an increase from the current level of 12 billion euros. It will build on its shift to upgrading and expanding electricity grids in countries with steady and healthy returns, such as America and Britain. The company's new strategy will be funded by the cash raised along with debt…
In Germany, solar power can offset the falling wind speed
In France, the baseload electricity prices were flat in comparison to the previous week. The lower wind supply that was expected across the region on Tuesday should be offset by a higher solar supply in Germany. LSEG data shows that the French baseload electricity price for Tuesday at 0855 GMT was 47 euros ($53.97 per megawatt-hour (MWh), the same as it was on Monday. Data showed that the equivalent German contract had not been traded. On Friday, both Monday contracts were not traded.
Hydro signs billion-euro contract to supply NKT low-carbon aluminum for EU grid
Hydro, a Norwegian company, announced on Tuesday that it had signed a contract to supply NKT in Denmark with low-carbon aluminum wire rod for the production and upgrade of Europe's grid infrastructure. The European Union published in 2023 a plan to improve the efficiency of their electricity grids, and to roll out upgrades rapidly to help facilitate the energy shift. Hydro announced last month that it would invest 1.65 billion crowns ($159.3 millions) in a new facility to increase its aluminum capacity at its Karmoy smelter, located in Norway.
Terna, Italy's grid operator, will invest 23 billion Euros over 10 years
Terna, the state-owned power grid operator in Italy, announced on Friday that it will invest over 25 billion euros (23 billion euros) in network upgrades within the next 10 year to support the energy transition of the country. The group announced that it would increase by 10% its funds for the development of the country's power network between 2025-2034. Last year, the group had pledged to invest 16.5 billion euro through 2028. She said that the goal of the group was to "ensure the country has an efficient, reliable and sustainable system".
Berlin is urged to act quickly by corporate bosses on the weak economy
German business leaders called for Berlin to quickly form a new Government on Monday, warning that Europe's largest economy cannot afford to waste time while companies are suffering from high costs and red tape, as well as increased competition from abroad. The CDU/CSU won the Sunday national elections, clearing the way for a new coalition government with the Social Democrats. This eased concerns about a potentially more fractured three-way system and prompted the corporate call to the parties to act quickly.
Berlin must act quickly to fix the economy
German business leaders called for Berlin to form a new cabinet quickly on Monday, warning that Europe's largest economy cannot afford to waste time while companies are suffering from high costs, bureaucracy and increasing competition from abroad. The CDU/CSU won the Sunday national elections, clearing the way for a new coalition government with the Social Democrats. This eased concerns about a potentially more fractured three-way system and prompted the corporate call to the parties to act quickly.
German business leaders react to the election results
The conservative CDU/CSU group won the most votes at Sunday's election. They could form a coalition with the Social Democrats, easing market concerns that Europe's largest economy would be run by a three-way alliance. "We do not need to discuss the issues anymore, they are already well-known. We need action now." We must act now because the rest of world isn't waiting. And the pressure on Germany to be competitive is immense. "Germany needs to quickly regain its competiveness." Energy policy is crucial.
German business leaders react to the election results
The conservative CDU/CSU group won the most votes at Sunday's election. They could form a coalition with the Social Democrats, easing market concerns that Europe's largest economy would be run by a three-way alliance. "Germany needs to quickly regain its competiveness." Energy policy is crucial. It is essential to expand gas-fired plants, strengthen wind energy and modernize electricity grids, as well as ensure a reliable supply of raw materials. "Germany needs a government who is willing and able to act quickly.
German business leaders react to the election results
The conservative CDU/CSU group won the most votes at Sunday's election. They could form a coalition with the Social Democrats, easing market concerns that Europe's largest economy would be run by a three-way alliance. "Germany needs to quickly regain its competiveness." Energy policy is crucial. It is essential to expand gas-fired plants, strengthen wind energy and modernize electricity grids, as well as ensure a reliable supply of raw materials. "Germany needs a government who is willing and able to act quickly.
EnBW chief urges for speed in new German power plant plans
The head of the major utility EnBW told an industry event in Berlin on Monday that the next German government should quickly pick up the stalled law draft on the development and expansion of gas-powered power generation. EnBW, Uniper, and STEAG are among the companies that want to build new power plants. The now-dissolved coalition government dropped a bill last year for the construction and upgrade of 12,5 gigawatts of gas power plants, as it couldn't reach agreement with industry and within the coalition on the details.
COP29: Climate agenda clashes with trade demands
At the COP29 Climate Summit, trade tensions are escalating. According to U.N. documents, and negotiators, China, Brazil, and a number of other developing countries have complained that perceived barriers, like the European Union’s carbon border levy will undermine climate efforts. Nearly 200 nations are fighting over the climate talks about a deal that would provide hundreds of millions of dollars per year to help poorer states cope with climate changes. The…
US Gulf of Maine Offshore Wind Auction draws only $22 Million in Bids
The U.S. Bureau of Ocean Energy Management announced on Tuesday that the offshore wind development rights offered in the Gulf of Maine attracted bids of $21.9 million for the first half of eight areas. Avangrid, a developer of offshore wind power, and Invenergy both walked away from the auction with two leases each. The 14 companies qualified to bid were Avangrid and Invenergy. BOEM estimates that once developed, these lease areas could power over 2.3 million homes.
Iberdrola profits jump 50% after focusing on the U.S. and Britain
Iberdrola, Europe's biggest utility, announced on Wednesday that it had increased its net profit by 50% for the first nine-month period of the year. This is a good sign as this shows the company's focus on Britain and America has paid off. This is part a larger shift towards building and upgrading electricity grids. A more selective approach to renewables will be taken, with a preference given to offshore wind projects. The spanish company reported a net profit of 5.47 billion euro ($5.91 billion) for the period.
Southeast Asia must increase investments by five times to achieve climate goals by 2035, according to the IEA
International Energy Agency stated on Tuesday that Southeast Asia must increase its clean energy investment to $190 billion by 2035, or five times current levels, to achieve climate goals. The IEA stated in a recent report that increasing energy investments must be accompanied with strategies to reduce emissions at the relatively new fleet of coal-fired power plants. The report also stated that the rapid expansion of the economy would pose a challenge to energy security and climate change goals.
EMBARGOED - IEA: IEA's climate goal of triple renewable energy worldwide by 2030 is within reach
The International Energy Agency stated in a Tuesday report that a goal of triple the global renewable energy capacity and reducing fossil fuel consumption by 2030 is achievable. However, it will take a massive push to remove bottlenecks, such as grid connections and permitting. New York Climate Week, where leaders in government and business are gathered to discuss climate change, coincides with the release of this report. At the COP 28 Climate Summit in Dubai, almost 200 countries agreed to achieve net zero emissions by the energy sector before 2050.
The rising renewable generation has an impact on spot prices
The European spot electricity prices dropped on Monday, as German wind and Solar power supplies are expected to increase on Tuesday. By 0938 GMT on Tuesday, the German baseload electricity price was 86.75 Euros per megawatt-hour (MWh), down 16.2% compared to Friday's price for Monday delivery. LSEG data revealed that the equivalent French contract was 24.50 Euros/MWh. On Friday, the Monday price was not traded. LSEG data indicated that the German wind output is expected to increase by 2.2 gigawatts to 17.6 GW on Tuesday…
Opinion: Renewable Energy Wins Over Oil and Gas in Post-Coronavirus World
Imagine waking up one morning with a deadly tiger snake in your bed. To make matters worse out of the window you notice an approaching bushfire.Both are a threat to your life, but you are going to deal with the imminent danger of the snake first, and then tackle the more distant but still serious fire. It's the same with the new coronavirus and climate change.Since the rapid spread of the coronavirus beyond its origin in China and the social and economic havoc it's wreaking across the globe…
North Sea Countries to Boost Offshore Wind
Energy Ministers from North Seas countries met yesterday (December 04) in Brussels and agreed their 2020 Work Program on offshore wind deployment as a means of reaching climate neutrality by 2050.The 10 North Seas Energy Cooperation countries – Belgium, Denmark, France, Germany, Ireland, Luxembourg, the Netherlands, Norway, Sweden and the UK – agreed at their Ministerial meeting in Esbjerg in June 2019 to broaden the scope of their cooperation. Their 2020 Work Program now elaborates what they intend to do together on maritime spatial planning…