Alcoa and Ignis are close to signing a joint funding agreement for Spain's aluminium plant
Alcoa announced on Wednesday that it is "progressing", towards a strategic agreement of cooperation with the Spanish renewable energy company Ignis, to fund the operations of the U.S. Metal Producer's aluminum plant in northwest Spain. Alcoa announced that the proposed agreement would see Alcoa contribute 75 million Euros ($81 million), and Ignis make an initial 25 million Euro investment, giving Ignis 25% ownership of San Ciprian in Galicia. Alcoa…
EU Energy Ministers Discuss Ukraine Energy Crisis and Russian LNG
Officials said that EU energy ministers met on Tuesday in Luxembourg to discuss the rising Russian LNG imports into the EU, Ukraine's energy shortages before winter and how to equalize energy prices among member states. In June, the EU approved a 14th set of sanctions including a ban of transhipments of Russian Gas as of March of next year. However, it did not impose a complete ban. Belgium and the Netherlands saw a dramatic increase in imports since then.
German spot power rates drop due to stronger wind forecast
German wholesale spot electricity prices fell on Friday morning after rising the day before, as it was anticipated that a higher forecast wind output would dampen demand for power plants. LSEG data revealed that the day-ahead German contract dropped by 23,15 euros to 65,25 euros per Megawatt Hour (MWh) at 0830 GMT. The Sunday price dropped from 13.50 euros/MWh to 51.10 euros, the lowest since April. The German wind power will be much stronger this weekend than it was previously.
Discounts are maintained in France despite prices falling in Germany
German spot electricity prices for Thursday dropped on Wednesday due to expectations of a higher wind energy supply and lower demand. Meanwhile, those in France rose from a lower baseline, but still maintained a discount compared to the neighboring market. LSEG data revealed that the German baseload power contract for day-ahead was down by 29.5% to 57.5 euros ($63.01 per megawatt hour) at 0800 GMT. The French equivalent contract increased by 37.1%, to 49.0 Euros/MWh.
New Industry Minister: Japan will keep nuclear but boost renewables as part of its energy mix
Japan will continue to restart nuclear power plants safely and use as much renewable electricity as possible, said Industry Minister Yojimuto on Wednesday. This indicates that the policy of newly appointed Prime Minister ShigeruIshiba is not likely to change significantly. Ishiba had promised to eliminate nuclear power before he was elected leader of the Liberal Democratic Party. He was sworn into office on Tuesday. He was the sole candidate who opposed nuclear power in Japan. The country imports fossil fuels to produce two-thirds of its electricity.
Prices plummet as wind power surges in
The European wholesale electricity prices fell sharply on the Wednesday following predictions of a large increase in wind power volume in the days ahead. Naser Hashemi of LSEG, an analyst, stated that the anticipated increase in supply sent bearish signs. He listed no factors bullish and added that gas-to power availability in Germany is also increasing. The German baseload electricity for Thursday closed at 60.0 Euros ($67.15 per megawatt-hour (MWh) in the morning GMT, a decrease of 26.6% compared to its previous close.
Wind power production increases impact on spot prices
The European wholesale electricity prices dropped on Tuesday, as forecasts showed a doubled wind power generation capacity in Germany. Demand in the region was not affected by this change. The daily report by LSEG analyst Francisco Gaspar Machado predicted more renewables, but less gas, lignite and nuclear capacity. The hard coal capacity was on the rise. German baseload electricity for Tuesday, at 0755 GMT was 81.0 euros per megawatt-hour (MWh), down 17.1%. The French equivalent contract was 48.0 euros/MWh down 5.9%.
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…
German Monday spot prices up on lower renewable supplies
German spot electricity prices for Monday increased as wind and solar power supply was expected to decline. LSEG data shows that the German Monday baseload electricity price at 1028 GMT was 104.75 Euros per megawatt-hour. This is 16% higher than the Friday price. The French equivalent contract was not traded. Riccardo Paraviero, LSEG analyst, says that residual load will increase on Monday due to the fall in solar power supply. French nuclear capacity is also expected to increase 5.1 GW compared with last Monday.
The rising German wind power generation is a factor in spot prices
European prompt electricity prices fell on Friday, as a result of expectations that German wind energy supply will double on Saturday. Riccardo Paraviero, LSEG analyst, said: "The fundamental outlook (for Friday) is decisively negative. He added that wind power production could reach 25 gigawatts during certain periods. LSEG data revealed that the German baseload electricity contract for Friday had fallen 21.4% to 91 euros per Megawatt Hour (MWh) at 0925 GMT. The French equivalent contract fell 7.8% to 66 Euros/MWh.
Brazil's hydropower is at risk due to the drying of river basins
Data collected by London Stock Exchange Group show that soil moisture in Brazil's major river basins for hydropower production has dropped to a level not seen since the early 1990s. This means that a severe drought could continue even when rains come back. The tropical rains that feed Brazil's vast river network allow hydropower plants generate two-thirds of Brazil’s electricity. But years of low rainfall have hurt this sector, driving up energy prices and fueling inflation. This has led economists forecasting a new round of interest rate increases.
German wind power generation on the rise: Spot prices drop
German wind power is expected to double in supply on Tuesday, causing the European spot electricity prices to fall on Monday. German baseload electricity for Tuesday, at 0904 GMT was 58.45 Euros ($64.58 per megawatt-hour (MWh), down 50% from Friday's price for Monday's delivery. LSEG data revealed that the equivalent French contract was 37.65 Euros/MWh. On Friday, the Monday price was not traded. Marcus Eriksson, LSEG analyst, forecasts that residual load will fall in Germany Tuesday. Imports are forecast for the morning, and exports in the afternoon.
Hitec, a unit of Eni, wins support for a large floating wind farm
Flotation Energy, a joint-venture between Eni Plenitude, and HitecVision private equity, announced on Tuesday that their floating offshore project Green Volt had won a contract in Britain's most recent renewable energy auction. They said that the 2.5 billion pound initiative ($3.28 billion), which will have a maximum capacity of 560 megawatts and be supported by incentives from government, is on track to become the largest floating offshore wind farm in support. The ship will be 80 km (50 miles), off the coasts of Scotland's northeast.
Orsted and Iberdrola among the winners in record British renewable energy auction
Orsted and Iberdrola are among the winners in a British renewable energy auction that supported a record-breaking number of projects. The government announced this on Tuesday. The Labour government that came to power in July plans to decarbonise electricity by 2030. This will require an increase in renewable energy capacity, such as solar and wind. Ed Miliband, Energy Secretary, said in a press release that "today we achieved a record round of enough renewable energy for 11 million households.
Spot prices are at a multi-month high on a drop in supply and rising demand
European spot electricity prices reached multi-month highs Monday, driven by a decline in regional wind power and an expected increase in demand. By 8:10 AM GMT, the price of German baseload electricity for Tuesday had risen by 24.8% compared to Friday's price for Monday's delivery. The contract reached its highest level since June 25, at 133.75 euro. LSEG data revealed that the equivalent French contract had reached 109 euros/MWh. This was a new contract high, not seen since January 9. On Friday, the Monday price had not been traded.
Low wind supply and rising demand boost spot prices
European spot electricity prices increased on Monday due to a decline in regional wind power and an increase in demand forecasts. By 0944 GMT on Tuesday, the German baseload electricity price was 100.50 Euros per megawatt-hour (MWh), up 5.8% compared to Friday's price for Monday delivery. LSEG data shows that the equivalent French contract has nearly tripled to 71.25 Euro/MWh. This is a 196.9% increase from the price paid on Friday for delivery Monday.
German wind power supply plummets on Monday
The European electricity price for Monday was untraded Friday. German wind production is expected to drop by 70%, while solar production will also be down. LSEG data show that there were no transactions for German or French Monday baseload electricity prices at 1042 GMT. The German contract had a bid of 95 euros ($105.61 per megawatt-hour) in the German contract. Naser Hashemi, LSEG analyst, stated that although demand was down in Germany Monday, residual loads were increased due to a lower wind supply.
California rooftop solar subsidy will cost $8.5 billion per year, according to a ratepayer's advocate
The California Residential Solar Subsidy will cost California ratepayers without rooftop panels $8.5 billion per year by the end this year. This will contribute to higher electricity prices for consumers. In 2022, the California Public Utilities Commission reformed its residential solar policy called net energy metering. This allowed customers who had rooftop panels to receive credit for any excess electricity generated by their systems at or close to retail electricity rates. The new policy reduced the rate.
Brazil's fossil drive undermines Lula’s green ambitions
Brazil's government has invested heavily in fossil-fuels and plans to make the country the fourth largest oil producer by 2030. This month, President Luis Inacio Lula da Silva signed a law regulating the green hydrogen industry in the country. He will be hosting the United Nations COP30 Climate Summit next year. Which country can compete against us in energy transition? He asked this question at the signing ceremony. Lula said that he wants to make Brazil a global supplier of low-carbon fuels and the "Saudi Arabia" of renewable energy within 10 years.
Prices spike on tighter supplies
The European spot electricity prices increased strongly on Tuesday in response to the forecasts for a lower supply of wind and solar energy in Germany, and a reduced availability of nuclear capacity in France. Riccardo Paraviero, LSEG analyst, said: "The bullish signals continue. LSEG data shows that the German baseload electricity for Wednesday at 0850 GMT was 11.3% higher at 111.3 Euros ($121.57 per megawatt-hour). The French equivalent day-ahead contract increased 16.1% to 81 euros/MWh.
