India's NTPC Green reports higher quarterly profit thanks to increased power sales and interest income
India's NTPC Green Energy (the renewable energy arm) of power producer NTPC reported a nearly tripled increase in its fourth quarter profit on Wednesday. This was driven by increased power sales and interest revenue, which sent its shares up 3%. The company's profit grew to $27.2 million in the March 31 quarter from 809.5 millions rupees in the same period last year. Indian companies are increasing their investments in renewable energy and expanding their green portfolios, as the country strives to build 500 gigawatts of clean energy by 2030.
Equinor Might Cancel New York Offshore Wind Project Over Trump Stop-Work Order
The developer of a major U.S. offshore wind project warned that it will cancel the Empire Wind facility off the coast of New York if it cannot reach a resolution over a stop-work order issued by the Trump administration in the coming days.Molly Morris, president of the U.S. renewable energy arm of Norway's Equinor, said the company was spending $50 million a week to keep the project afloat."The situation is now unsustainable," Morris said in an interview.(Reuters)
Fortescue Energy CEO: Green hydrogen costs are key to reducing demand
Fortescue Energy CEO Mark Hutchinson said in Davos that buyers will not pay "green premiums" if the price is competitive. By splitting water into oxygen and hydrogen, using renewable electricity, green hydrogen can be created. The hydrogen can be used to generate electricity or as an ingredient in agricultural fertilisers. Hutchinson, speaking at the Global Markets Forum, said that electrolyzers which split hydrogen were expensive and that government subsidies intended to lower these costs have not been forthcoming as expected. The CEO of the World Economic Forum said that the green hydrogen and ammonia sector is not what they expected.
NTPC Green's IPO attracted bids of $1.8 bln, making it the third largest listing in India this year.
NTPC Green Energy (the renewable energy arm of the state-owned NTPC) received bids totaling 154.06 Billion Rupees ($1.83 Billion) for its $1.2 Billion initial public offering on Friday, as investors placed bets on the growing need for clean energy in the country. India is rushing to meet its clean-energy targets. It has increased investments in renewables and expanded capacity. Moody's ratings says it will need to spend $385bn by 2030 to reach its goals after failing to do so in 2022. Arun Kejriwal of Kejriwal Research, a brokerage, stated that the IPO was a success. The fact that they achieved 2,41 times the total share subscription is commendable.
Sources say that India's Adani Group is planning 10 GW of overseas hydroelectric projects
Four sources familiar with Adani Group's plans said that the group plans to build ten gigawatts worth of hydroelectric projects overseas in the next few years. This will help the conglomerate achieve its goal of achieving net zero carbon emission by 2050. The billionaire Gautam Adani announced that his group, which includes businesses ranging from rice to concrete, would invest $100 Billion over the next decade in developing green energy capabilities, including the establishment of the largest solar energy park on the planet in western India.
Macquarie will take a minority stake in D.E. Shaw's green power arm could be worth up to $1.73 billion
Macquarie Group’s asset management division has acquired a minority stake of the green energy arm of U.S.-based investor D.E. The Australian company announced on Tuesday that it would invest up to $1.73 billion in equity into D.E. Macquarie Asset Management, a fund managed by Macquarie Asset Management, and D.E. Shaw Renewable Investments, or DESRI (Development Energy Services and Renewable Investments), has a pipeline of more than 25 gigawatts according to Macquarie. Macquarie’s investment comes as global firms face the brunt geopolitical turmoil, high borrowing rates and sticky inflation.
The green energy arm of NTPC, a state-run company, files for a $1.2 billion India IPO
India's NTPC Green Energy filed a draft paper for a $100 billion rupee ($1,19 billion) initial IPO on Wednesday. The company is looking to capitalize on India's plans to expand its renewable energy sector and the booming equities markets. Draft papers show that the company, a subsidiary of NTPC, a state-owned energy producer, will only sell new shares and will not allow existing shareholders to sell their stakes. India's IPO market is booming. This year, 235 companies went public, raising more than $8.6 Billion, surpassing the amount raised in 2013. This year, India's Nifty 50 benchmark index has reached record highs over 50 times.
Petronas Clean Energy Arm Sees India, Australia as Key in Rapid Growth Plans
Gentari, the clean energy arm of Malaysia's state oil firm Petronas, sees India and Australia as its key markets for growth and expects to tap more financing to meet its ambitious targets, its chief executive told Reuters.Petronas launched Gentari as a separate entity in June, aiming to build renewable energy capacity of 30-40 gigawatts and produce up to 1.2 million tonnes per year of hydrogen by 2030 in Asia Pacific.It also plans to establish 25,000 public charging points for electric vehicles.In an interview on Wednesday, Chief Executive…
Nexans Wins Seagreen OWF Gig
French global player in the cable and optical fiber industry, Nexans said that it has received a contract from SSE Renewables, a renewable energy arm of Airtricity, for 1075 MW Seagreen offshore wind farm (OWF) project.Nexans will be the preferred supplier to design, manufacture and install the onshore and offshore export cables for the Phase 1 development of the Seagreen offshore wind farm project.Currently under construction off the Angus coast, Phase 1 comprises the Seagreen Alpha and Bravo wind farms, which will form the largest windfarm…
GERE Goes Carbon Neutral
GE Renewable Energy, the renewable energy arm of US industrial technology giant General Electric, announced its plan to make 100 percent of its operations carbon neutral by the end of 2020.GE Renewable Energy will reach carbon neutrality by reducing emissions through operational efficiencies, securing renewable electricity supply to all GE Renewable Energy sites throughout its operations for wind, offshore wind, hydropower, energy storage and grid businesses – and balancing remaining emissions with the purchase of carbon offsets to achieve a net-zero footprint.Jérôme Pécresse, CEO, GE Renewable Energy said, “This is a decision that makes business sense.
Offshore Wind Players Bid to Supply NY
Several offshore wind players have submitted separate bids to supply New York with power from planned projects off the coast of Long Island.The proposals from Norway's Equinor and three joint ventures come in response to New York’s 800 MW procurement, its first formal solicitation targeted the developing U.S. offshore wind industry. The state is expected to choose a supplier this spring.Four proposers submitted a total of 18 bids, with projects up to 1200 MW, the New York State Energy Research and Development Authority (NYSERDA) said.The three joint ventures that bid are Vineyard Wind…
Petrobras May Partner with Total on Wind, Solar Power in Brazil
State-controlled oil company Petróleo Brasileiro SA has signed a nonbinding agreement with France's Total SA and its renewable energy arm to assess potential businesses in onshore solar and wind power in Brazil.Petrobras, as the company is known, said in a securities filing on Tuesday that the agreement means to reduce risks in the Brazilian renewable energy and take advantage of potential gains of scale and cost savings.(Reporting by Bruno Federowski)
Sembcorp Industries' Energy Arm Files IPO Papers
Sembcorp Energy India, an independent power producer, filed draft papers with capital markets regulator Sebi to float an initial public offering (IPO). The company, which has thermal and renewable power assets in India, is promoted by the Singapore Exchange-listed Sembcorp Industries. The IPO comprises fresh issue of shares worth up to Rs 4,095 crore and an offer for sale (OFS) of up to 146,774,194 equity scrips by the existing shareholders, draft papers filed with Securities and Exchange Board of India (SEBI) showed. This includes sale of 128,941,129 shares by Sembcorp Utilities and up to 17,833,065 equity scrips Gayatri Energy Ventures.
Buyers Eye Sinopec's Argentina Oil Assets
Sinopec's Argentine assets worth about $750 mln-$1 bln; Sonangol, Rosneft among potential suitors. Advisers to China's Sinopec have offered its oil assets in Argentina to about a dozen potential suitors, three sources familiar with the matter said, as losses and labour headaches prompt Asia's largest refiner to pull out. The Argentine oil and gas assets, mainly in the southern province of Santa Cruz, could be worth $750 million to $1 billion, one of the sources said. That would be less than half the $2.45 billion Sinopec paid in 2010 to buy the Argentine assets from U.S.-based Occidental Petroleum Corp…
Maersk Oil CEO Optimistic on Tyra Field Tax Relief
Maersk Oil, the energy arm of A.P. Moller-Maersk, said on Thursday it remains optimistic it will secure a tax deal by the end of the year allowing it to continue production at the Tyra gas field in the Danish part of the North Sea. Maersk Oil said in April it would cease production permanently at Denmark's largest gas field on Oct. 1, 2018, if an economically viable solution for continued operations was not identified in 2016. "I remain quite optimistic that a solution will be found," Maersk Oil Chief Executive Gretchen Watkins told Reuters in an interview.
Denmark Determined to Continue Production at Ageing North Sea Gas Field
The Danish government is determined to find an economically viable solution that will allow A.P. Moller-Maersk's energy arm to continue production at the Tyra gas field in the North Sea, energy and climate minister Lars Christian Lilleholt said on Wednesday. "I am convinced that we will find a solution as soon as possible," Lilleholt told Reuters. Maersk Oil said in April it would cease production at the ageing field on Oct. 1, 2018, if an economically viable solution for continued operations was not identified during 2016. "Jobs and billions of crowns in income are at stake…
India's Adani Eyes SunEdison's Indian Solar Assets
Indian conglomerate Adani Group is considering a bid for SunEdison's Indian solar assets, the chief executive officer for the group's renewable energy arm said on Friday. Jayant Parimal, Adani Green Energy Ltd's CEO, told reporters in Mumbai that his company was evaluating whether to bid for SunEdison's solar projects. Investment banks appointed by U.S.-based SunEdison had approached Adani to gauge its interest in the assets, Parimal said. (Reporting by Promit Mukherjee; Writing by Tommy Wilkes)
Poland's Top Utilities Vie to Buy Fifth Biggest Power Generator
Poland's top two utilities, PGE and Tauron, on Thursday said they would look at buying Polish railways' energy arm, setting up a four-way race after expressions of interest from two other utilities, Enea and Energa. Last month, state-run railway PKP said it planned before the end of this year to invite potential bidders for its fully-owned subsidiary, PKP Energetyka, as part of its programme to pay off debt by selling non-core assets. PKP Energetyka is Poland's No.5 utility by the amount of energy sold and the only Polish energy company with a country-wide distribution network.
Siemens, Mitsubishi Challenge GE with Alstom Offer
Germany's Siemens and Japan's Mitsubishi Heavy Industries presented a joint offer to France's Alstom on Monday that included 7 billion euros ($9.5 billion) in cash, challenging a bid by General Electric. Under the deal, Siemens offered to buy Alstom's gas turbines business for 3.9 billion euros in cash, and MHI to buy stakes in Alstom power assets including hydroelectric power equipment and grid, to be held in separate joint ventures. MHI would inject 3.1 billion euros in cash into Alstom and offer to take a stake of up to 10 percent in the French firm from shareholder Bouygues.
Weak Middle East Oil Investment Could Drive Pricing
Total of $40 trillion needs to be invested in energy supply by 2035; Investment more than double in 2013 compared to 2000. Upstream spending dominated by LNG. A potential shortfall in investment in production in the Middle East could create a $15 spike in the oil price by 2025, the energy arm of the Organisation for Economic Cooperation and Development (OECD) said. The world will need to invest $40 trillion in energy supply and $8 trillion on energy efficiency by 2035 to meet growing demand and falling output from mature sources of energy, the International Energy Agency (IEA) said in a report.
