Sources say that EU countries are seeking extra flexibility in their gas storage targets
EU diplomats have revealed that the EU is considering rules which would allow countries to deviate from the requirement of 90% gas filling before winter by ten percentage points. In 2022, the EU introduced its gas storage regulations to provide EU countries with a buffer during the winter months after Russia stopped supplying fuel following its invasion in Ukraine. Some EU countries worry that the binding…
EEX gains new members with the addition of more OTC trading
The European Energy Exchange EEX is expecting a strong volume increase in 2025, as more market players join the exchange to hedge renewables or use the clearing functions. This was stated by its CEO at the E-World trade show. Peter Reitz, CEO of the exchange, said that in a recent interview, it had seen a 37% increase in its European power futures volumes in January. These have grown by 63% over 2024. Reitz stated that there are two main drivers for the growth of the exchange: new members…
Marubeni targets a net profit of over $4 billion in FY 2027/28
Marubeni, a Japanese trading company, said it aims to achieve a net profit in excess of 620 billion yen (about $4 billion) during fiscal 2027/2028. It also aims for a return on total shareholders of 40%. The company reported a 14.5% increase in its April-December net income to 425.2 billion Japanese yen. It also revised its forecast for the full year to March, from an earlier guidance of 480 million yen. Masumi Kakainoki…
New York City dismisses climate change lawsuit against Exxon BP Shell
A judge dismissed New York City’s lawsuit against Exxon Mobil and BP for misrepresenting their products and commitment to renewable energy, as well as their fight against climate change. Anar Patel, a state Supreme Court justice, ruled on Tuesday that the city cannot claim to have climate-conscious citizens, but then let them down by oil companies who fail to disclose the contribution of their fossil fuels to climate change.
Equinor extends Norway LNG Outage by 10 Days
Equinor announced in a Wednesday regulatory filing that it has extended the outage of its Hammerfest LNG facility in Arctic Northern Norway by 10 more days, to January 19, as they continue to repair a faulty compressor. The Hammerfest plant (also known as Melkoeya LNG) has the ability to deliver approximately 6.5 billion cubic meters of gas each year. This is enough to provide about 6.5 millions European homes and accounts for about 5% of Norwegian gas exports. On Jan.
Sechin, Rosneft CEO, says that OPEC+ cuts in output made the US the top energy exporter.
Igor Sechin, head of Russia's biggest oil producer Rosneft, said that the OPEC+'s decision to reduce oil production in 2016 and 2020 has helped the U.S. shale sector and made it a major global energy exporter. Sechin said, at a forum held in the United Arab Emirates that Russia and its partners had made the most significant contributions to stabilising the global energy markets in the last 10 years. Sechin…
COP29: Climate agenda clashes with trade demands
At the COP29 Climate Summit, trade tensions are escalating. According to U.N. documents, and negotiators, China, Brazil, and a number of other developing countries have complained that perceived barriers, like the European Union’s carbon border levy will undermine climate efforts. Nearly 200 nations are fighting over the climate talks about a deal that would provide hundreds of millions of dollars per year to help poorer states cope with climate changes.
RTE: French power exports to reach 22-year-high in 2024 due to abundant supply
French grid operator RTE stated on Wednesday that France's power output could be at its highest level in two decades, due to the abundance of gas for the winter months and the high availability of both nuclear and gas-powered power plants. The return of the nuclear fleet to the market at the start of this year and the heavy rains that boosted hydropower production helped lower the market prices, which had spiked during the energy crisis of 2022.
New Fortress Energy anticipates lower LNG volume in the fourth quarter
Wesley Edens, CEO of New Fortress Energy's energy infrastructure division, said that the company expects a slight drop in liquefied gas (LNG), in the fourth quarter of 2024 due to repairs performed in October on a valve. Edens stated on a quarterly earnings call that its floating LNG facility off the coast of Altamira in Mexico had completed its commissioning and was now operating at 105% its 1.4 million metric ton per annum nameplate capacity.
Germany's chemical lobby calls for regulatory reform and growth agenda
VCI, the industry lobby group in Germany, said that to achieve climate neutrality while remaining competitive and improving its performance it is necessary for regulation changes. VCI, which published two of its own studies, said that the crises in the last few years had left a mark on the balance sheet of chemical and pharmaceutical firms. Boston Consulting Group, in a study on the mood of the industry, found…
Statkraft reports net loss due to currency weakness and lower power prices
Statkraft, a Norwegian state-owned energy company and one of Europe's largest renewable energy producers, reported Thursday a net loss in the third quarter, primarily due to a lower Norwegian currency against euro, as well as lower electricity prices and output. The group reported a net loss for the quarter of July-September of 225 millions Norwegian crowns ($20.41million), down from 4,47 billion Norwegian crowns a year ago.
The new Climate Plan of Greece sets higher renewable energy targets
A revised energy and climate policy presented on Friday sets more ambitious goals for the expansion of solar and wind power in order to reduce greenhouse gas emissions by 2030. Athens will target an 82% share for renewables in the electricity generation in 2030, compared to a 66% goal in its previous plan for 2019. The plan is to be submitted for approval to the European Commission. The national energy and…
Adani Power wins 25-year power supply contract with Maharashtra after winning joint bid
Adani Power, Adani Green Energy and Adani Energy won a bid for a combined supply of 6,600 MW renewable and thermal energy to Maharashtra State over a 25-year period. Adani Green Energy’s wind-solar power plant in Jaisalmer, Rajasthan, has been supplying green energy to Mumbai, Maharashtra's capital, since March 2023. Adani Green Energy, Adani Power and Adani Power will be able to increase their presence in Maharashtra with the new contract. Adani Green Energy and Adani Power have won the tender.
Sources: Eni is in discussions with funds about another Plenitude stake sales
Two sources familiar with the matter confirmed on Friday that the Italian energy group Eni was in discussions with several funds about the possible sale of a minor stake in its renewables and retail businesses Plenitude. This possible sale would be a further step in Eni’s strategy to tap specialized investors to fund the energy transition of the group. Eni sold 7.6% of Plenitude in March to Energy Infrastructure Partners.
Grangemouth Oil Refinery in Scotland to close by 2025 and lose 400 jobs
Petroineos, the operator of Scotland's sole oil refinery, announced on Thursday that it would close the facility in 2025, resulting in the loss of 400 positions. The closure is part of plans for the site, which has been around 100 years, to be converted into a fuels-import terminal. Petroineos will shut down the refinery in the second quarter next year. This is subject to employee consultations, according to a spokesperson for the company.
Energean gas's first-half profit rises on increased output
Energean, a gas producer, reported higher profits in the first half of this year on Wednesday. This was due to a strong summer demand from Israel, which accounts for more than 70%. The company is expanding in Europe, the Middle East, and Africa. It is particularly interested in areas where gas is supported by long-term policies and coal is being replaced. Carlyle, a private equity fund, had agreed to buy the assets of the company in Egypt and Italy for $945 million.
Indonesia relaxes rules on local content to allow foreign money for renewable energy projects
A government official revealed on Wednesday that Indonesia had relaxed the rules for electricity projects funded by foreign investors, which required them to use locally made parts. This was done to help unlock concessional loan offers from international development bank. Indonesia pledged to increase the percentage of renewables used in its energy mix, and that foreign lenders would provide financing. This…
Siemens Energy Shares Tumble 31% as Wind Turbine Troubles Exposed
Siemens Energy saw $6.3 billion wiped off its market capitalization on Friday after warning that the impact of quality problems at its Siemens Gamesa wind turbine business would be felt for years.The group scrapped its 2023 profit outlook late on Thursday after a review of its wind turbine division exposed deeper-than-expected problems that could cost more than 1 billion euros."This is a disappointing and severe setback…
Oil Rises on Vaccine Hope, Weak Dollar
Oil rose for a fourth straight session on Wednesday as the market shrugged off an industry report showing U.S. crude stockpiles rose more than expected, extending a rally driven by hopes that a COVID-19 vaccine will boost fuel demand.Brent crude was up 30 cents, or 0.6%, at $48.16 a barrel by 1211 GMT, having risen almost 4% in the previous session. West Texas Intermediate crude gained 24 cents, or 0.5%, to $45.15…
Saudi Aramco's Profit Plunges, Sees Signs of Recovery
State oil giant Saudi Aramco's profit plunged 73% in the second quarter of the year, as a slump in energy demand and prices due to the coronavirus crisis hit sales at the world's biggest oil exporter.But the company stuck with plans to pay $75 billion in dividends this year and CEO Amin Nasser said global oil demand was recovering.All major oil companies have taken a hit in the second quarter as lockdowns to contain the coronavirus limited travel…
