NextEra CEO: Renewables are needed to bridge the gap between expanding gas power and increasing renewables
NextEra CEO John Ketchum said on Tuesday that renewable energy sources such as wind and solar power will be needed to meet the rapidly increasing energy demand in America, despite near-term challenges to increasing natural gas capacities. At the Politico Energy Summit, the head of Florida's power producer stated that the high cost to acquire gas turbines and a shortage in construction workers, along with the tariff costs, will make it take seven years or more to bring new gas-fired plants online. Ketchum stated that "we need a bridge in order to get to 2032, when the gas will be available...
Sunnova Energy files for Chapter 11 bankruptcy protection
Sunnova Energy announced on Sunday that it filed for Chapter 11 bankruptcy in the United States. The residential solar panel installer is struggling with a huge debt pile and slow demand. Sunnova, a company that is restructuring its debts, warned in March it might not be able continue to operate as a business. According to a filing in court, the company's estimated assets and liabilities ranged from $10 billion to $50 million. Sunnova announced last week that it would cut about 55%, or 718, of its workforce in an effort to reduce spending.
Spain pays first arbitral award in long-running dispute over renewable subsidies
A spokesperson for the Energy Ministry said that on Thursday, the Spanish government had agreed to pay 37 million dollars to an American fund in order to settle a dispute over renewable energy subsidies which were reduced more than a decade earlier. After the conservative government of Spain cut renewable subsidies in 2013, to reduce an artificially low power tariff deficit that had been built up over years, foreign investors, mainly investment funds, filed a lawsuit against Spain. Blasket renewable investments, a U.S.-based fund, had acquired rights to the award.
NYT reports that US EPA wants the greenhouse gas limitations on power plants to be removed.
New York Times, citing agency documents, reported that the U.S. Environmental Protection Agency had drafted a proposal to eliminate all restrictions on greenhouse gas emissions from coal- and gasfired power stations in the United States. According to a NYT report, the EPA argued that greenhouse gases and carbon dioxide from power plants burning fossil fuels do not "contribute significantly" to dangerous pollution or climate change. This is because these emissions are a small part of global emissions and they are declining.
Reports of Trump's executive orders to boost the nuclear industry have led to a surge in stocks
The shares of nuclear power companies soared in premarket trade after a report that U.S. president Donald Trump will sign executive orders to jumpstart this industry as soon as Friday. Trump will streamline the regulatory processes for new reactor approvals, and improve fuel supply chains. This was reported by four sources who are familiar with the issue. After nearly two decades of stagnation, the U.S. electricity consumption will reach record levels in 2025 or 2026 as data centers devoted to AI and crypto mining plug into the grid.
Wall Street stocks finish flat after choppy trading, as Treasury yields decrease
U.S. stock prices finished Thursday little changed, erasing an initial decline, as Treasury yields eased from recent highs following the House of Representatives' passage of President Donald Trump’s tax and spending plan. Stocks were under pressure on Thursday as longer-dated Treasury yields dropped, which allowed stocks to breathe. After reaching its highest level since February, the benchmark U.S. 10 year note yield dropped 5.4 basis points to 4,543%. The Republican-controlled House voted by a slim margin to pass the bill…
NextEra exceeds profit expectations as the power company avoids trade risks
NextEra Energy's CEO stated that the company beat Wall Street expectations on Wednesday regarding rising electricity demand, as it works to navigate around increasing global trade risks. The rising costs brought on by President Donald Trump’s tariff war threaten to slow down a recent surge of electricity demand, and dent plans for expansion by the country’s power companies. NextEra, one of the largest renewable energy firms in the world, has said that it reduced its trade risk by $150 million, on $75 billion of capital expenditures. This is less than 0.2%.
The EU Commission has told Spain that it will not pay in a long-running case of renewable subsidies
The European Commission gave Spain a win on Monday when it told the country that they would not be paying any compensation for claims in the billions of Euros for renewable energy subsidies cut over a decade earlier. After the conservative government of Spain cut renewables subsidies to reduce an artificially low power tariff deficit that had been built up over years, foreign investors, mainly investment funds, filed a lawsuit against Spain. In 2018, French infrastructure-focused private…
China will roll back clean energy subsidies after boom
China's top economic planner said on Sunday that it is taking steps to reduce subsidies for renewable energy after an explosion in solar and wind installations. China has surpassed its own record for solar installations by 45% in 2024. China has installed more than 6 times as much solar power in China today, according to the International Renewable Energy Agency. China's rapid installation of clean energy has allowed it to reach its 2030 goal six years earlier than expected. This is a…
Harris' energy strategy is ambiguous from a strategic perspective, say her aides
Since Vice President Kamala Harris joined the White House race 25 days ago, she has been keeping energy executives on their toes. Was she the anti-pollution and climate change warrior Attorney General of California? Or was she the pragmatic number two in the Democratic Biden Administration that oversaw record U.S. production and exports of oil? Seven times in her speeches, she mentioned climate, but never energy, fracking, or oil. Polls indicate that climate change is a topic of great interest, particularly among younger voters. Her campaign is aimed at avoiding alienating any side.
Vattenfall Wins Danish Wind Farm Tender, but Project Still in Doubt
Swedish utility Vattenfall won a tender on Monday to build two offshore wind farms for Denmark, but could yet have the project pulled by a government worried about the cost of renewable energy subsidies. The winning bid was to produce power from two wind farms off the west coast of Denmark, called Vesterhav Nord and Vesterhav Syd, for 0.475 Danish crowns ($0.0716) per kilowatt-hour (kWh). But with wholesale power prices currently well below that level - around 0.22 crowns per kWh - that would mean taxpayers making up the difference in subsidies.
Argentina's Macri Defends Energy Rate Hikes
President Mauricio Macri on Saturday defended his move to hike Argentina's energy rates as a "painful" but necessary part of fixing the economy after years of mismanagement under his leftist predecessor. Macri's remarks came two days after an Argentine court halted price increases for gas and electricity, hurting his drive to narrow the fiscal deficit by cutting energy subsidies. The dispute will likely end up in the Supreme Court. "If there had been an alternative I would have taken it…
Algeria to Reduce Imports As Oil Price Drop Bites
Algeria has decided to reduce its imports by 15 percent in 2016 to save foreign currency reserves as the crash of oil prices has put the OPEC state under financial pressure, according to a letter to banks from the prime minister. The North African state, which relies on oil and gas for 60 percent of its budget, has already cut public spending, reduced some energy subsidies and frozen infrastructure projects since its energy revenues fell by almost half last year. But, reliant on its oil industry and with an under-developed non-energy sector, Algeria imports vast quantities of goods.
Oil Near 11-year Lows on Supply, Demand
Saudi budget signals no change to oil policy; Iran on track to raise supply in 2016. Oil prices steadied not far off their 11-year lows on Tuesday, under pressure from slowing global demand and abundant supplies, with Saudi Arabia signalling no change to its oil policies and Iran preparing to ramp up exports. International benchmark Brent and U.S. WTI crude prices edged up after falling 3 percent on Monday to trade below $37 per barrel as of 1000 GMT. Brent stood less than a dollar away from its 11-year low of $35.98 reached last week.
Gulf Keystone Receives Monthly Oil Payment from Iraqi Kurdistan
Gulf Keystone Petroleum said on Wednesday it had received a gross payment of $15 million from the Kurdistan Regional Government (KRG) for oil exports, marking the third consecutive month of regular payments. The company, which was owed $298.4 million in arrears at the end of September, said the payment had improved its cash position to $54.6 million. The payment is equal to amounts the company received in September and October, showing the KRG was delivering on a pledge made in September to start regular oil export payments.
Britain Scraps 'Green' Costs for Energy-intensive Industry
Britain will permanently exclude energy-intensive industries such as steel and chemicals from extra costs to support green energy projects, finance minister George Osborne said on Wednesday. Steelmakers in particular have been hit by heavy energy costs that make it harder for them to compete internationally, contributing to thousands of job cuts in the sector in recent weeks. Tata Steel, the biggest steelmaker in Britain, for instance said last month it may cut about 1,200 jobs as part of plans to restructure its struggling operations.
EDF Energy Buys Dorenell Onshore Wind Farm in Scotland
EDF Energy's renewable arm has bought the Dorenell onshore wind farm project in Scotland which could provide electricity for up to 138,000 homes, the company said on Thursday. The plant could generate up to 200 megawatts of electricity and is expected to begin operation in 2018. EDF Energy, the British subsidiary of French utility EDF, will develop and construct the project alongside renewable energy company Infinergy which was previously developing the project, EDF Energy said in a statement. Financial terms were not disclosed.
INDC Climate Plan to be Published Next Week
Saudi Arabian Oil Minister Ali al-Naimi said on Wednesday that the kingdom's climate action plan, known as Intended Nationally Determined Contributions (INDC), would be published next week. Naimi made the comment at a carbon conference in Riyadh. Naimi also said there was no dire need for Saudi Arabia to remove domestic energy subsidies. (Reporting by Rania El Gamal)
Verbund CFO Sees No Power Price Recovery
Austrian hydropower company Verbund does not at present see power prices recovering as the market is still oversupplied, Chief Financial Officer Peter Kollmann told Reuters on Thursday. "We still see strong oversupply in the price zone comprising Germany and Austria," Kollmann said. "I don't see big growth rates. Growth is possible, but it depends on political decisions," he added, referring to German decisions on power grid extensions, renewable energy subsidies as well as carbon and coal market developments.
UK Subsidy Cuts Eliminate Solar Jobs
Hundreds of jobs will be lost at British solar panel insulation firm Mark Group after administrators were called in late on Wednesday, the company said, blaming recent government subsidy cuts. Managers had tried to save the company by buying it from owner U.S. solar giant SunEdison on Wednesday but after taking legal advice decided shortly after it must close. Administrator Deloitte said 939 staff had already been made redundant while a further 226 skeleton staff had been retained in the hope a buyer could be found for the company.
