Portugal's EDP CEO: Data centre boom in Iberia to be supplied by EDP
EDP, Portugal's largest utility, is stepping up to meet the demand for data centres in Iberia. The company was attracted by electricity prices that will remain low in comparison to other parts of Europe. He said that over 18 gigawatts in data centres in Portugal and Spain are in development or pipeline, "supporting the strong electricity demand in Iberia", driven by structural factors, not temporary ones. He said that Iberia had a distinct advantage from which we hoped to?benefit - affordable, structurally structured power prices.
After regulator reduces cap, energy bills for most Britons will fall
Energy regulator Ofgem announced a 7% price cap on Wednesday, allowing the government to reduce costs. The move follows the plans in last year's Budget to shift some costs of renewable energy to general taxes and to scrap a program requiring suppliers fund measures like insulation for low income households. Tim Jarvis said that the main reason for the reduction in today's prices is the new policy costs announced by Chancellor George Osborne. The new cap of 1…
The US AI boom is facing an electric shock
The race for artificial intelligence dominance by Big Tech may hit a snag soon as U.S. power grids struggle to keep up with hyperscalers who spend a lot of money. Microsoft, Amazon Alphabet, and Meta are among the technology giants in America that have announced in recent months plans to spend over $600 billion in AI by 2026. Investors are already unsure about the viability of this strategy due to the investment wave. The ambitious U.S. AI plans will be hampered by power-infrastructure bottlenecks such as turbine shortages…
EIA: US power plants could avoid retirement by 2026
The Department of Energy's Research arm stated on Monday that U.S. Power Plants scheduled to retire in?2026 may stay online for longer. This builds on a trend which began last year as electricity prices and usage reached record highs in certain parts of the nation. According to the Energy Information Administration, 11 gigawatts worth of electricity-generating capacity was expected to close in the U.S. this year. The EIA's research shows that nearly 60% of this power is coal-fired and the rest is gas-fired.
Enel to invest $63 billion by 2028, with a focus on Europe and the US
Enel, the Italian energy?utility, plans to increase its capital expenditures over the next three years. It will also shift its focus towards renewables in Europe and America. In a press release, the state-controlled 'group' said it would invest about 63?billion dollars (53?billion euro) between 2026-2028, with half going to grids and 38% to renewables. Enel's previous three-year plan had planned capital expenditures of 43 billion Euros, with 60% of that amount dedicated to grids, and the remaining?28% for green energy projects.
EDF, France's EDF, aims to boost electricity demand while low prices hurt profit
EDF, the French state-owned utility, expects its profit to fall again this year due to low electricity prices. This will put pressure on EDF ahead of major investments in its nuclear reactor fleet. EDF, France's largest power producer, operates in a market that is significantly oversupplied. Benchmark power prices have recently reached their lowest level since the COVID-19 epidemic began in 2020. As more renewable energy is brought online, prices are dropping. However, industrial electricity demand remains low.
Junior minister: Austria looks to renewables and African gas to reduce US LNG dependency
PARIS, February 18 - Austria wants to increase renewable energy and import more?gas from Africa in order to avoid becoming too dependent on U.S. Liquefied Natural?Gas? as Europe changes its energy supply. As a result of Moscow's invasion of Ukraine in 2022, European countries struggle to maintain affordable electricity prices. Donald Trump, the U.S. president, has many governments concerned about replacing one dependence with another. "The U.S. cannot be predicted in these times.
Junior minister: Austria looks to renewables and African gas to reduce US LNG dependency
PARIS, February 18 - Austria is looking to increase renewable energy and gas imports from Africa in order to avoid becoming too dependent on U.S. Liquefied Natural Gas as Europe reshapes its 'energy supply. As a result of Moscow's invasion of Ukraine in 2022, European countries struggle to maintain affordable electricity prices. Donald Trump, the U.S. president, has many governments concerned about replacing one dependence with another. "The U.S. cannot be predicted in these times.
Carbon weighs down on prices for the front year but spot prices are up because of less wind
German and French spot electricity prices rose Thursday morning, amid predictions of a?lower wind power generation. Meanwhile, a steep?drop in the European Carbon Market weighed on long-term prices. The French 'day-ahead' baseload power contract rose by 39.70 euros, to?54.25 euros per megawatt (MWh), at 1007 GMT. Meanwhile, the German contract had risen 3.50 euros, to 107 euros/MWh. He added that wind power production is expected to drop from a peak of 35 gigawatts at the beginning of the day down to 10?GW by the end of the day.
Prices are down due to milder weather
On Wednesday morning, the benchmark European baseload electricity prices were mostly lower amid milder weather conditions. LSEG data show that the German baseload price for the year ahead was down 1.6 euros to 81.70 euros/MWh. The French equivalent fell by 0.88 euros to 48.32 euro/MWh at 0939 GMT. The German baseload electricity for the next day fell by 10.05 euros to 102.95 Euros/MWh. The EU carbon price and gas have also fallen amid milder forecasts. Next week is expected to be milder, with temperatures lower than average.
French spot power falls on the back of gains in regional wind supplies
The French baseload electricity contract dropped sharply on Tuesday, as the region was expecting warmer temperatures and more wind. LSEG data showed that the French baseload day-ahead power contract fell 80% at 0858 GMT to 11?euros (13.10) per Megawatt Hour. The German contract was not traded. The LSEG compilation shows gaps in German day-ahead prices data for recent sessions. Marcus Eriksson, LSEG analyst, stated that residual load in Germany is decreasing on Wednesday.
Maguire: Australia's renewable energy boom will deliver a coveted price for power
Australia's wholesale power prices dropped to their lowest level in four years by 2025. This bucking of rising prices elsewhere, and proving that renewables-intensive power systems can lower power costs for consumers. The increased battery storage capacity, and the solar farms could allow utilities to reduce operating costs. These savings may be passed on to businesses and households as early as this year. According to Ember, an energy think tank, Australia's electrical system has been undergoing 'one of the most aggressive' overhauls in the last decade.
New Zealand to build LNG import facility for energy security
Simon Watts, New Zealand's Energy Minister, announced on Monday that the country has selected contractors to build a LNG import facility. This will boost energy security and provide a reliable backup source of power, as well as support economic growth. By the middle of the year, the government hopes to sign a deal for an LNG import facility to be built in Taranaki on New Zealand's North Island. The facility will be ready in 2027, or even earlier in 2028.
New Zealand to build LNG import facility for energy security
Simon Watts, New Zealand's Energy Minister, announced on Monday that the country has selected contractors to build an LNG import facility. The facility will bolster energy security and provide a reliable source of backup power, while also supporting economic growth. By the middle of the year, the government hopes to sign a deal for an LNG import facility to be built in Taranaki on New Zealand's North Island. The facility would be ready in 2027 to receive LNG.
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.
US natgas prices soar by 140% in the Arctic storm, increasing consumer costs
U.S. Natural Gas?Futures have jumped 140% in the last seven trading days. Cash gas and power prices also hit record highs this week, as an Arctic blast sent heating demands soaring, and frozen?oil?and?gas wells cut gas production to a 2-year low. Power prices are expected to rise sharply, putting pressure on consumers already paying higher bills due to the demand for power, particularly from data centers. Retail electricity prices are on the rise, rising faster than inflation since 2022. The U.S.
S.Africa energy regulator approves power cost relief for ferrochrome makers
South Africa's Energy Regulator approved Eskom's application on Thursday to reduce electricity rates?by 35 percent for two distressed ferrochrome plants that are battling high power costs. In recent years, more than a dozen smelters in South Africa have closed, resulting in thousands of job losses. This is largely because electricity prices have increased by over 900% since 2008. In December, Eskom sought approval from the National Energy Regulator…
US Northeast spot natgas, power and electricity prices reach record highs due to Arctic blast that boosts heating demand and freezes gaswells
U.S. spot gas and power prices soared in the northeastern region of the country as homes and businesses turned up their heaters. The cold Arctic air had frozen oil and gas wells, and pipes this week. This resulted in gas production dropping to a 2-year low. Pennsylvania's?has jumped by 47%, to a record of $59. In Pennsylvania and Maryland, the price of a megawatt-hour (MWh) soared by 146%. This compares to average cash gas prices in New England…
The US Electric Grid is stressed by the cold weather
Electric grid operators in the U.S. took extra precautions on Saturday to avoid rotating blackouts, as frigid temperatures hit half of America's population. The PJM Interconnection – the largest?U.S. The PJM Interconnection, which serves 67,000,000 people in the East and Mid-Atlantic region, reported temporary spikes of wholesale spot?electricity? prices that rose above $3,000 per megawatt-hour on Saturday morning. Earlier levels were less than $200. Gridraven CEO Georg Rute is an expert in how weather impacts power line capacity.
Storm Goretti increases spot electricity prices in Western Europe
The intraday price of power across Western European markets increased on Friday, as Storm Goretti caused power outages and problems with power generation equipment. EPEX spot data revealed that the average "baseload" price for Germany was 90.44 euro ($105.31), while France's price was 87.35 euro/MWh at 1207 GMT. LSEG data showed that this is higher than the closing spot price on Thursday of 74.75 euro/MWh or 67.75 euro respectively. Sabrina Kernbichler…