US Defense Department buys cobalt up to $500 Million
As part of its efforts to increase the supply of critical minerals, the U.S. wants to buy cobalt for up to $500,000,000 to be used in defense stockpiles. After China implemented restrictions on rare earth magnets, companies have scrambled to find them. This led to a drop of 75% in exports in June. Some automakers even suspended production. In March, U.S.
Freeport LNG export facility in Texas returns to service on Monday according to LSEG data
Freeport LNG, a U.S. liquefied gas company, had its Texas export plant take on more natural gases on Monday. This was a sign the plant had recovered from an outage that occurred over the weekend. Freeport LNG is one of the most closely monitored LNG export facilities in the world, as the start and end of its operations can cause price fluctuations on global gas markets. Gas prices in the U.S.
GE Vernova Raises Annual Revenue Forecast After Beating Q2 Estimates
Power equipment maker GE Vernova raised its current-year revenue and free cash flow forecast after beating Wall Street estimates for second-quarter profit on Wednesday, sending its shares rising more than 4% in premarket trading.GE Vernova, which became independent last year after a three-way split of General Electric, raised its free cash flow target to between $3 billion and $3.5 billion…
NAACP threatens El Musk's xAI with a lawsuit over Memphis air pollution
The National Association for the Advancement of Colored People sent a letter to Elon Musk’s xAI on Tuesday, indicating its intention to file a lawsuit against the company for air pollution coming from the data center of the AI startup in Memphis. Southern Environmental Law Center sent the letter on behalf of NAACP. It alleges that xAI violated…
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…
Sources say that Kretinsky EPH and Itochu are expected to bid for Energia.
According to two sources familiar with the situation, Daniel Kretinsky's Czech energy group EPH as well as Japanese trading house Itochu will likely make a preliminary bid for Irish utility Energia Group. The people also said that investors Ardian and Asterion, as well as CPP Investments are expected to bid. One of the sources said that Itochu will form a consortium…
GE Vernova will supply turbines for a planned natgas plant in Pennsylvania by 2026
GE Vernova is helping to transform Homer City Generating Station, a coal-powered power plant in Pennsylvania, into a campus of natural gas powered data centers by providing seven turbines that will produce almost 4.5 gigawatts. The project should begin generating power in 2027. It will be the largest natural-gas power plant in the U.S. once it is completed.
Gas turbines from GE Vernova will be used in a new Missouri power station
GE Vernova announced on Friday that it has received an order for its aeroderivative GE Vernova gas turbines to be used in Springfield City Utilities (CU)'s new power generating plant in Missouri. The McCartney Generating Station, a 100 Megawatt (MW), is expected to begin operations in 2027. GE Vernova has not disclosed the value of the deal or the anticipated delivery date for the turbines.
Two former Siemens executives to be tried for violating Russia sanctions in Germany
The court announced on Friday that a German court had decided to initiate a criminal case against two former Siemens executives who were accused of violating the sanctions by exporting Siemens gas turbines into Russian-occupied Crimea. Last year, prosecutors in Hamburg, Germany charged four Germans as well as a Swiss-French national with alleged sanctions violation.
Two former Siemens executives to be tried for violating Russia sanctions in Germany
The court announced on Friday that a German court had decided to initiate a criminal case against two former Siemens executives who were accused of violating the sanctions by helping to export Siemens gas turbines into Russian-occupied Crimea. Last year, prosecutors in Hamburg, Germany charged four Germans as well as a Swiss-French national with alleged sanctions violation.
Baker Hughes and Frontier Infrastructure form a carbon capture partnership
Baker Hughes announced on Monday a partnership between Frontier Infrastructure and the United States' largest carbon capture and storage solutions (CCS). Oilfield Services provider adds that it will provide technology solutions for carbon capture projects, power generation and datacenters. Baker Hughes announced that it will leverage key technologies in well design…
Siemens Energy orders $135 billion in record order volume
Siemens Energy announced a record order book of 131 billion euros ($135.5 billion), boosted by a strong demand for energy equipment. This includes everything from wind and gas turbines, to power converters and electrolysers. According to the company, it also reported a net profit of 252 millions euros for the first three months of its financial year.
Chevron will build gas plants for data centers in the AI boom
The oil and gas company Chevron announced on Tuesday that it will build natural gas power plants near data centers in the U.S. as the energy demand for artificial intelligence growth is expected to grow. The second largest U.S. oil and gas producer has partnered with Engine No. The project is a partnership between Engine No. 1 and electric service company GE Vernova.
Engine No. 1: Chevron and Engine No. GE Vernova will power US datacenters
Chevron, the world's largest energy company, announced on Tuesday that it had signed an agreement to invest with Engine No. 1 and GE Vernova will build natural gas-based energy plants in the U.S. to power co-located data centres. The announcement came just one week after U.S. president Donald Trump announced a private investment of up $500 billion in infrastructure for artificial intelligence.
Hapoalim provides $1.5 billion to Dalia Energy for a new power plant
Dalia Energy, an Israeli company, announced on Thursday that it had signed a loan agreement with Bank Hapoalim for 5.3 billion Shekels ($1.5billion) to fund the construction of a brand new power plant. The deal, which is non-binding, is intended to fund the construction of a new power plant with a capacity of up to 850 megawatts at the site of Ashdod's current Eshol Power Station.
Egypt rushes solar energy to catch up as gas prices soar
Egypt, with its few clouds, vast deserts, and well-developed electrical grid, has everything it needs to expand solar energy generation. It is only now that Egypt has begun to take advantage of these resources, as the price of imported natural gas has risen. Last year, a sharp drop in gas production and a growing demand caught the authorities by surprise. This led to rolling blackouts during the hot summer.
GE Vernova predicts lower revenue for the wind segment in 2019.
GE Vernova announced on Tuesday that it has lowered its revenue forecast for its wind segment in the coming year due to delays at two major project caused by incidents involving their turbines. In a press release, the company said that it expects revenue to fall by single digits between 2025 and this year. It also stated that they expected revenue to remain flat in 2019.
Russia replaces foreign gas turbine technology with its own high-capacity, Russian-developed gas turbine
The Russian government has developed its own alternative technologies to Western technology that it cannot import. Vladimir Putin inaugurated the new unit of the Udarnaya Power Station in southern Russia via video link, during a ceremony broadcast on state television on Wednesday night. Putin stated that it was important that "we have new production plants and that we become independent…
Cheniere Asks Biden Admin to Drop Pollution Rule
Cheniere Energy Inc has asked the Biden administration to exempt it from limits on emissions of cancer-causing pollutants, arguing they would force the top U.S. exporter of liquefied natural gas to shut for an extended period and endanger the country's efforts to ramp up supplies to Europe, according to documents reviewed by Reuters.The request…
Eneos, a Japanese company, will buy a 20% stake in the floating offshore wind project of Norway
Eneos Holdings, Japan's largest oil refiner, said Wednesday that its renewable energy unit had agreed to purchase a 20% stake of the GoliatVind project in Norway to gain expertise and knowledge for Japan. Japan is only at the beginning stages of developing floating offshore wind, but it sees this as essential for its goal to develop up to 45 gigawatts of offshore wind by 2040.