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…
European stocks gain as Glencore boosts STOXX600
European shares opened higher on Friday, helped by an 8% increase in Glencore. This put the STOXX 600 at its highest weekly winning streak since may. Gains reversed two sessions of losses when earnings were weaker and geopolitical tensions cooled sentiment. Rio Tinto announced on Thursday that it was 'in early discussions to purchase Glencore. This deal would create the world's largest mining corporation.
South Africa relaxes antitrust rules for companies facing high electricity costs
South Africa has loosened its antitrust regulations to allow firms battling high energy costs to build energy infrastructure together and negotiate contracts collectively. In a government announcement seen by on Tuesday, South Africa's Trade Minister Parks Tau stated that the new measure was meant to help?distressed industry. The Minerals Council…
The European stock rally is stalled as traders evaluate the economic impact of Venezuela
After a string of record closings, European stocks were down?on Wednesday as investors took a break to digest the latest U.S. - Venezuela developments and awaited new economic data. The?STOXX?600 index was slightly lower at 0920 GMT a day after it reached a new closing high. Investors were cautious following the announcement by U.S. president…
The European stock rally is stalling as traders evaluate the economic impact of Venezuela
After a string of record-breaking?closes?, European stocks were subdued Wednesday as investors took time to digest recent U.S.?developments? between Venezuela and the United States. They also awaited new economic data. STOXX 600 was slightly lower at 0920 GMT a day after it had reached a new closing record. Investors were cautious when U.S. president…
Trump Administration says that there are ways to increase Venezuelan oil production quickly
Trump's administration dismissed Tuesday analysts' estimates that it will?take years? to increase Venezuela's crude oil production. They said there are ways to boost the country?s oil sector quickly. The Trump administration is aiming to increase crude production from Venezuela, the South American country that has the largest oil reserves in the world. This comes after U.S.
Dallas Fed energy survey shows little change in oil and gas production during Q4
According to a Federal Reserve Bank of Dallas survey, oil and?gas production in Texas, Louisiana, and New Mexico?edged down in the fourth quarter as executives expressed concerns about low oil prices, which are rendering some wells uneconomical, and the ongoing geopolitical uncertainties. The oil and gas industry's production was essentially unchanged over the quarter…
Thyssenkrupp nucera expects to receive orders worth up to $1 billion in the full year.
The German electrolysis equipment manufacturer?ThyssenkruppNucera?expects order intake between?350 million and 900 million euros? ($411million to $1.1billion) in the current financial year. The company's order intake was 348 million euro in the?past fiscal year. This reflects a more positive outlook despite regulatory challenges in the green hydrogen sector.
Canada announces new rules for reducing oil and gas methane emission
Canada has announced rules that have been promised for years to reduce methane emissions in the country's oil & gas sector. The regulations set out a way?for?Canada, the fourth largest oil producer in the world to reduce its greenhouse gas emissions by 75% from 2014 levels by the year 2035. The new rules fulfill the promise made by Mark Carney, Prime Minister of Canada to strengthen Canada's methane regulations.
What changes have been made to the proposed Indian civil nuclear law?
India has proposed legislation that would end the state's monopoly on nuclear power after six decades. This law would allow private companies, and even individuals?to build and run reactors. The bill must be passed by both the lower and upper chambers of parliament before it becomes law. What is the civil nuclear law? Nuclear projects have been restricted since 1962 to companies under the Department of Atomic Energy.
Sonnedix secures contracts in Italy for 805 MW solar power
Sonnedix, a renewable energy company backed by JP Morgan and sponsored by three Italian government schemes, has been awarded contracts to install 805 megawatts in solar capacity under three different government schemes. Solar power, considered easier to develop than wind projects because of Italy's geographic characteristics, is playing a key role in the energy transformation in Italy.
Japan's JX claims its Pan Pacific Copper division sold stake in Peruvian mining to Glencore
JX Advanced Metals, a Japanese company, announced on Tuesday that its Pan Pacific Copper (PPC), unit had sold its entire stake to Swiss miner and trader Glencore in the Quechua copper project in Peru. The price was not disclosed. JX is reorienting its portfolio away from mining and towards its advanced materials operations. PPC has conducted several feasibility studies on the Quechua Project since 2007…
Fridson: Wall Street's 'beats'are more show and less science
Investors are preoccupied by the question of whether or not companies beat their "Street Estimates" each quarter. But perhaps the whole concept of "beats", should be debated. Consider a recent example. The Fly, a financial news publication, reported on November 5 that USA Compression (an oilfield equipment and services company) had met the consensus expectations of earnings per share for the third quarter, which was 26 cents.
Italy awards solar power in the first "Not made in China" auction
In its first auction, Italy allocated more than 1.1 gigawatts to 88 solar projects that were built without any equipment made in China. The average price per megawatt-hour was 66.38 euro. According to the data of Italy's electricity service agency (GSE), this tariff is 17 percent higher than the average price in a renewable auction held earlier this year, which had no restrictions on equipment origin.
GE Vernova is expecting 80 gigawatts in gas turbine contracts before the end of the year
GE Vernova, a manufacturer of power generation equipment, said that it expects to sign 80 gigawatts in combined-cycle gas?contracts before the end of this year - as electricity demand from Big Tech data 'centers - ramps up. The demand for natural gas-powered?turbines has risen as U.S. electricity demand is at record levels due to the proliferation energy-intensive data centres supporting artificial intelligence initiatives.
Russian Syzran Oil Refinery Halted by Ukraine Drone Attack
Russia's Syzran oil refinery on the Volga River halted oil processing on December 5 after being damaged by a Ukrainian drone attack, two industry sources said on Tuesday.Ukraine and Russia have been attacking each other's energy facilities as peace talks have failed to progress.The Ukrainian military said on Friday that it had carried out long-range strikes overnight on an oil refinery in the Russian city of Syzran and the Tem
Sources: Russian Syzran oil refinery was halted on December 5, by a drone attack
Two industry sources reported on Tuesday that the Russian Syzran refinery, located on the Volga River, stopped?oil production on December 5, after it was?damaged by an Ukrainian drone attack. As peace talks failed to progress, Ukraine and Russia began attacking each other's nuclear energy plants. The Ukrainian military said that they had carried…
Ananym Capital launches activist campaign after acquiring stake in Siemens Energy
The Financial Times reported that Ananym Capital owns a stake in Siemens Energy, a German company. It is pushing Siemens to separate its wind business. Ananym has 'launched a campaign of activism against the company,' FT reported, citing sources familiar with the issue. The stake was not disclosed. Charlie Penner and Alex Silver, a former P2 partner, founded the activist hedge fund last year.
Virginia data centers to replace coal where coal once reigned
Entrepreneurs are now looking at the rural area with the ambitious vision to rebuild its economic by converting the old mines into data centers and solar power systems that could help feed the growing power demand of the artificial-intelligence boom. A non-profit group called Energy DELTA Lab (Discovery, Education, Learning & Technology Accelerator)…
Bousso: New oil quotas system to spur spending with ROI-OPEC+
The changes OPEC+ makes to its oil production quotas will likely trigger a wave upstream investment among members, especially in low-cost Gulf producers. This will reduce concerns about long-term shortages of supply. The Organization of the Petroleum Exporting Countries (OPEC+) and other major oil producing nations including Russia and Kazakhstan approved on Sunday a mechanism for assessing members' maximum output capacity.