Maguire: US clean energy capacity grows slower, but wider by 2025
This year, the pace of adding new solar, wind, and battery capacity in the U.S. has slowed down nationally and in some key states, which is hurting sentiment for clean energy. Climate trackers should take heart in the fact that growth has continued outside of Texas and California. According to data collected by the energy data platform Cleanview by mid-2025, combined installations of solar and wind power systems, as well as battery storage, are expected to increase by 7% by 2025 compared to the previous year. This would be the smallest percentage increase in these energy technologies over the past decade. It comes in the wake of aggressive cuts in support for clean power, since U.S.
Baker Hughes makes a $13.6 billion Chart Industries bet on LNG and datacenter demand
Baker Hughes announced on Tuesday that it will buy Chart Industries for $13.6 billion in an all-cash, debt-free deal. This is a bid to expand its LNG, data center and decarbonization businesses. The acquisition is part of Baker Hughes’ efforts to leverage their industrial and energy technologies portfolio which helped boost the second-quarter earnings and adds to ongoing consolidation within the oilfield service and industrial supply sectors. Chart Industries has offered $210 for each share, which is a 22% premium over the previous close. Chart Industries shares rose 16.2% to $199.50 during premarket trading.
FT reports that Baker Hughes is close to a $13.6 billion agreement with Chart, despite a rival bidder.
The Financial Times reported that Baker Hughes, a supplier of oil and gas equipment, is close to a deal worth $13.6 billion in cash, which would allow it to purchase Chart Industries ahead of rival bidder Flowserve. Chart had agreed in June to merge with Flowserve, a maker of flow control systems, in a $19-billion all-stock deal. Baker Hughes, Chart Industries, and Flowserve have not responded to our requests for comment. According to LSEG, Chart manufactures industrial products such as valves for liquid and gas molecule handling. The company's market capitalization was $7.71 billion at Monday's closing.
Russia is ready to provide LNG to Mexico
The Russian Embassy in Mexico announced on Saturday that it was ready to share its energy technologies and supply Mexico with liquefied gas. "We already work with Mexico." "We have excellent LNG technology, and we're ready to share this technology and supply LNG too," Russian Energy minister Sergei Tsivilev stated. The embassy said that Russia was ready to provide oil extraction technologies suitable for difficult geological conditions as well as solutions designed to improve the efficiency of oil treatment. It was working to reopen wells that were closed to boost production as it struggles to reach the government's target of 1.8 millions barrels per day.
The IEA predicts that global energy investment will reach a record $3,3 trillion by 2025.
The International Energy Agency (IEA), said Thursday, that despite geopolitical tensions and economic uncertainty, a surge in clean energy expenditure is expected to lead to a record $2.89 trillion in global energy investments in 2025. The IEA's annual World Energy Investment Report stated that clean energy technologies such as renewables, nuclear and energy storage are expected to attract $2.2 trillion, which is twice what was predicted for fossil fuels. The IEA's Executive Director Fatih Birol stated that "the fast-changing economic and trade situation means that some investors adopt a wait-and see approach for new energy project approvals.
The policies of Australia's major political parties in a single glance
Australians will cast their votes on Saturday, in a tight-run national vote marked by concerns about the cost of housing and living as well as the trade tensions caused by U.S. president Donald Trump's tariffs. Compare the key policies of the Liberal-National Coalition led by Peter Dutton and Anthony Albanese’s Labor Party, a centre-left party. The government has promised to spend A$10 Billion ($6.40 Billion) on building up to 100,000 homes. First-time homebuyers would be able to use up to $50,000 of their mandatory retirement savings to make down payments. Tax deductions for mortgage interest payments will be available.
Baker Hughes' first-quarter profits beat expectations on the back of strong demand for natural Gas Technology
Baker Hughes, a U.S. oilfield technologies firm, beat Wall Street expectations for the first-quarter profits on Tuesday thanks to a robust demand for natural Gas technology. The positive results are coming as oilfield service firms prepare for the impact of the tariffs introduced by the President Trump. These are expected to increase costs and disrupt sourcing of materials that are used in equipment such as drill pipes and artificial lifting systems. As Big Tech invests billions in AI, demand for electricity has increased to power data centres. This demand for LNG is also increasing.
Trafigura cancels plans to build a $471 million hydrogen facility in South Australia
Trafigura, the global trading company for commodities, has canceled plans to build a green hydrogen plant worth A$750m ($471.2m) at its Port Pirie Lead Smelter in South Australia. A spokesperson said this on Tuesday. Trafigura, a Swiss company, had commissioned a design study, funded jointly by the South Australian government and Trafigura, in order to reduce the carbon emissions of the plant. Trafigura has completed a feasibility study worth A$5million for a green hydrogen project in Port Pirie. After the completion of the study it was decided not to continue," said the spokesperson in an email without disclosing any details.
Chinese copper smelters are struggling with margin collapse
Industry insiders say that major copper smelters in China, the world's largest consumer, have started equipment maintenance during March, traditionally peak demand season, to try and stem the losses caused by a worsening shortage of feedstock, which is hurting margins. The fact that plants are being shut down during one of the busiest periods of the year shows how much refiners suffer from the lack of copper concentrate. This problem is compounded by the overcapacity in smelting, which has led to fierce competition and pushed treatment fees well below zero.
Equinor, Norway's largest oil company, scales back its climate ambitions due to wind change
Equinor, the Norwegian energy company, has weakened its plan for energy transition as it struggles with delivering on promises to invest in renewable energy technologies and low-carbon technology. It cited practical difficulties and shifts in political priorities. In 2022, the oil and gas producer laid out short and medium term steps to achieve net zero emission, including those from using its products, by 2050. In February, however, the company reneged on its pledge to dedicate more than half of its capital expenditures to low-carbon and renewable solutions by 2030.
The head of Trump's Energy Loan Office departs this week
The U.S. Department of Energy announced on Tuesday that the head of the U.S. Government's Energy Loans Office, which has provided funding to projects ranging from nuclear power and a sustainable aviation fuel facility supported by one of Donald Trump's Republican colleagues, will leave the agency in the coming week. John Sneed was reappointed to the position of LPO (Loan Programs Office) on January 20, to oversee the transition from the first Trump administration to the second. He will serve for a period of 30 days. His appointment was extended for another month, until March 21.
Baker Hughes exceeds its quarterly profit expectations on natgas demand
Baker Hughes, a U.S. oilfield equipment company, beat Wall Street's fourth-quarter profit estimates on Thursday as strong demand for natural gas products and services offset the weak sales of its drill gear in North America. Oilfield services companies are struggling with lower demand, as extraction technology becomes more efficient and increased supplies discourage more drilling from energy companies. Baker Hughes reported that revenue for its oilfield service segment in North America fell by 5%, while international markets saw a 1% drop. SLB and Halliburton…
Norway's wealth funds continues to invest in renewables, despite the market downturn
A senior fund official stated on Thursday that Norway's $1.8 billion wealth fund, which is the largest in the world, will continue to invest in renewable assets, despite recent market downturns. The fund will also seek out opportunities both in the public and private markets. In 2024, renewable energy assets will have underperformed the market significantly. This includes some of the previous favourites among investors such as Danish offshore developer Orsted. The fund's investments in renewable energy infrastructure that is not listed, including stakes in Orsted's offshore wind farms and the renewables portfolio of Spanish utility Iberdrola, showed a negative return for 2024.
European clean energy stocks fall as Trump wins the presidency
After Donald Trump's election as president of the United States on Wednesday, shares in European clean-energy groups plunged. Investors were worried about a possible dismantling by the United States of its support for renewables. Trump pledged to cancel offshore wind projects via an executive order his first day of office, and roll back climate regulations that were implemented by President Joe Biden. This includes withdrawing from the Paris Agreement where countries commit to limit global heating and possibly undoing Biden’s Inflation Reduction Act which provides massive incentives and subsidies to clean energy technologies.
TotalEnergies executive: Trump unlikely to undo Biden’s IRA climate law
TotalEnergies, a French oil company, does not believe Donald Trump will pull the U.S. from the Paris Agreement to combat climate change and undo the Inflation Reduction Act legislation if he becomes president of the United States again. This was stated by the strategy director on Monday. Aurelien Hamelle said this while presenting Total’s energy outlook, which forecasts global demand scenarios up to 2050. The current trends scenario of the company does not also project a lifting by the U.S. government of its current ban on new LNG export facilities. Before Tuesday's elections…
What are the differences between Trump and Harris' energy policies?
Both Donald Trump, a Republican, and Kamala Harrias are Democrats. They both want to increase production while keeping prices low for consumers. The main difference is that Harris wants to favor clean energy technologies that are crucial in fighting climate change. Trump, on the other hand, would roll back green regulations which hinder oil and coal drilling. Next Tuesday, voters in the United States will have to face the same contrast as they head to the polls to elect their next president. Scientists say that global climate efforts are failing to address the speed and magnitude of global warming.
Sustech, a Japanese startup, has seen its valuation soar to over $800 million in the latest funding round
Sustech, a Japanese energy technology startup, is expected to raise $50m from investors. This will value the company at over $800m, according to people familiar with the matter. The Tokyo-based company wants to tap into the fast-growing global demand for cleaner energy. Sources said that the valuation of Sustech, which is 124 billion Japanese yen (816 million dollars), in its fourth fund-raising round, represents a 3.5 times increase from 35 billion yen last year. This brings it closer to the group of Japanese unicorns valued at over $1 billion. Sources declined to identify themselves as it is a private matter.
Australia and UK join forces to support clean energy technologies
The leaders of Australia and Britain announced on Friday that they plan to collaborate to increase the deployment and use of renewable energy technologies such as green hydrogen, offshore wind and other forms of renewable energy to help decarbonise the world. In a joint press release, Australian Premier Anthony Albanese said that the transition to net zero will create new jobs for both countries and strengthen their industrial base. In their statement, they did not specify how much money they would be committing to clean energy. Albanese, after meeting Starmer at the Commonwealth Heads of Government Meeting in Apia (Samoa), said: "This partnership will...
Baker Hughes exceeds profit forecasts on international drilling demand
Baker Hughes, a drilling equipment and oilfield technologies company, beat Wall Street's third-quarter profit estimates on Tuesday. Oilfield Services Companies have been able to offset some of their declines in North America due to the robust activity on several international markets. Lorenzo Simonelli, CEO of Lorenzo Simonelli Group, said in a press release that he was confident about achieving the midpoint for EBITDA. Baker Hughes, a Houston-based company, has benefitted from several LNG projects as energy companies rush to build new LNG production facilities in anticipation of long-term demand.
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. The closure of coal power plants, supported by wealthy Western nations, in emerging markets is being delayed after the July deadline for a pilot project in Indonesia was not met.