Former Shell CFO to leave, BP Chairman Manifold trims the board
BP Chairman 'Albert Manifold' announced on Friday plans for a slimmer board, as a s part of the resetting strategy by the british oil major. Former Shell Chief Financial Officer Simon Henry was among those leaving. Manifold has made other changes since he became chairman in October. Murray Auchincloss, who was appointed CEO in October, abruptly left the position in December. Woodside Energy's Meg O'Neill will take on that role from April. O'Neill was BP's?first external hire... for the post in more than a century. According to BP's annual report, she will receive a base salary of 1.6million pounds.
Senate Democrats are ready to restart discussions on allowing reform
Two lawmakers said on Thursday that the Senate Democrats were ready to resume negotiations on legislation designed to speed up?permitting for large infrastructure projects. They stated that they had been encouraged by recent Trump administration moves to review renewable energy project applications which had been stalled. Sheldon Whitehouse, Martin Heinrich and other Republicans made a 'joint statement' in response to some Republicans who have publicly stated that projects already approved should not be delayed or cancelled due to changing political priorities.
Seven countries warn EU against changing the energy market design
Seven EU member states, including the Netherlands, Sweden and Belgium, warned the executive of the bloc 'on Thursday' against interfering in the system that determines Europe's energy price. Officials at Brussels are scrambling to reduce bills. This year, energy prices are a major political issue in Europe. Industries have warned that they can't compete with the lower-cost companies from China and the United States. The European Commission has been under increasing pressure to intervene due to the soaring prices of oil and gas worldwide as a result of the conflict in Iran.
Statkraft CEO: Iran crisis could cause European power prices to rise and industry woes
The prolonged Iran crisis, which has hampered shipments of key energy and halted the production of?Qatari gas in Qatar, is expected to increase European electricity prices and erode industrial competitiveness. This was stated by Statkraft's CEO on Thursday. The United States, Israel and Iran have all launched attacks on Iran. In addition, Iran has also struck at its Arab Gulf neighbours. This has paralysed shipping through the Strait of Hormuz. Qatar's LNG production, which accounts 20% of the global LNG supply, has been forced to shut down due to the crisis.
Spain cannot claim immunity as a state in the UK dispute over renewable energy incentives
The United Kingdom's top court ruled that Spain cannot claim immunity in order to prevent a multimillion euro award being made?over the reduction of renewable energy incentives. This limits states' rights to claim immunity when they are involved in disputes with investors. The Supreme Court stated, however, states can claim immunity with respect to the execution of a arbitration award against state property. Infrastructure Services Luxembourg, Energia Termosolar and other companies that had invested in renewable energies in Spain brought Spain before the Energy Charter Treaty arbitration more than 10 year ago…
Spain cannot claim immunity as a state in the UK dispute over renewable energy incentives
The United Kingdom's highest judicial court ruled that Spain could not claim immunity to prevent a'multimillion-euro' award for cuts in renewable energy incentives from being registered. This limits the ability of states to claim immunity when they are involved in disputes with investors. Infrastructure Services Luxembourg and Energia Termosolar which invested in renewable energy in Spain brought Spain to arbitration more than 10 years ago under the Energy Charter Treaty for withdrawing subsidies. The ICSID, the World Bank's International Centre for Settlement of Investment Disputes…
Allianz GI acquires a 50% stake in German battery projects from TotalEnergies
TotalEnergies, the French oil giant, has sold to Allianz Global Investors a 50% share in?11 batteries projects in Germany that are under construction. The companies announced this on Tuesday as the interest in Germany's rapidly growing renewables market grows. The value of the transaction was not disclosed by the companies. The pair said they would invest 500 million euro ($581million) to finish the construction. 70% of that amount will be funded by debt. The project will have 789 megawatts of power and be operational in 2028. Total's goal to build 100 gigawatts gross installed renewable power by 2030 is a top priority.
Spain's Moeve joins forces with Masdar to launch a $1.2 billion green hydrogen project
The Spanish energy company Moeve approved a major green hydrogen investment project that involved more than one billion euros ($1.2 billion) of investments. Masdar, an Abu Dhabi renewable energy company, was a minority partner. Moeve announced on Monday that it had made the final investment decision for the first part in the Andalusian Green Hydrogen Valley, Spain. This will have a 300 megawatt capacity and the option to add an additional 100 MW based on grid availability and board approval. It said that it will be the biggest project of its kind in southern Europe.
Spain's Moeve joins forces with Masdar to launch a $1.2 billion green hydrogen project
Spanish energy company Moeve approved a major green hydrogen project that involves more than 1 billion euros ($1.2billion) in investment, with Abu Dhabi renewable energy company Masdar as a "minority" partner. Moeve announced on Monday that it had made the final investment decision for the first part in the Andalusian Green Hydrogen Valley, Spain. The project will have a 300-megawatt capacity and the "possibility" to add an additional 100 MW based on grid availability and board approval. This will be the biggest project of its kind in southern Europe. Last week, the company secured a connection with the Spanish grid to support the project.
Minister says Austria will deepen its cooperation with Abu Dhabi
Austrian Economy Minister Wolfgang Hattmannsdorfer announced that the country plans to expand economic cooperation with Abu Dhabi following the creation of Borouge Group International (BGI), a chemicals company. In an interview with?Hattmannsdorfer on Friday night, he said that he expects BGI, the?tie up between units of 'Abu Dhabi National Oil Company' and Austrian energy company OMV which is owned by Austria and Abu Dhabi to open new business opportunities. BGI is expected to close in the third quarter. He said that this could include trade, supply chain, or even collaborations with other companies in the region's "sphere of influence".
Clean Max, a renewable energy company in India, falls 16% on its first day of trading.
Clean Max - Enviro Energy Solutions shares fell 16% on Monday in their 'trading debut', valuing the company at 103.32 billion rupies ($1.13 billion). Weak retail demand weighed down India’s largest IPO this year. The stock was listed at 960?rupees at the National Stock Exchange (NSE), and last traded at 882 rupees at 10.22 am IST. This is below its original issue price of 1053?rupees. The Brookfield-backed firm's public offering comes at a time when the?primary markets in India are subdued. Only?two? of eight? IPOs this year have been able to list above their initial price.
Sources: EDF continues to sell Edison shares despite Italian energy decree
Three sources familiar with the matter said that France's EDF was moving forward with a possible listing or a sale of a?stake?in Italian company Edison despite the regulatory uncertainty brought on by Italy's new?energy sector decree. Sources, who asked not to be identified because the discussions are private, said that the French nuclear group had dispelled any doubts about the Italian decree intended to reduce energy bills forcing EDF's plans. Edison CEO Nicola Monti had said that the?decree might jeopardize EDF's plans to build the unit. Monti said, "Unfortunately...
Acciona Energia cuts dividends, targets disposals to protect credit ratings
Acciona Energia, the Spanish renewable energy company, announced late Thursday that it would reduce dividends and investments to save its credit rating. It also hoped to generate around 2 billion euro ($2.36 billion), from asset sales, as well as reduce a portion of a debt. Acciona Energia is owned by the Spanish company Acciona SA, with a stake greater than 90%. The strategic goal of Acciona Energia has been to strengthen its balance sheet and maintain investment grade ratings. In recent years it has changed its course after years of significant investment, by reducing capital spending and selling renewables assets.
Fugro reports year-loss due to challenges in renewables
Dutch geological data specialist Fugro reported on Friday a loss of 21 million euros ($25 million), reflecting the challenges faced by the offshore wind industry, and announced that its finance chief will step down in April. The Amsterdam-listed firm's revenue was 1.85 billion euro, which is 427 millions less than it was in 2024. Of this, 380 million euro were attributable the the slowdown on the renewables markets. Fugro, which provides geotechnical and survey services as well as subsea, geosciences, and geosciences, has been hit by a decline in offshore wind customers after President Donald Trump put the brakes on U.S.
Sources claim that India wants to reduce coal imports for the power sector by 30% in this year.
India, which is the second largest thermal coal importer in the world, wants to reduce its imports by at least 30 percent. It has asked the industry to experiment with blending more domestic 'coal' with imported coal. India's power stations will import nearly 50 million tonnes of coal from countries such as Indonesia, South Africa and Russia by 2025. Two government officials and an industry source said that the government wants to reduce this number by at least 15 millions tons this year. Even though it is accelerating its transition to renewable energy at an unprecedented pace…
Portugal's EDP CEO: Data centre boom in Iberia to be supplied by EDP
EDP, Portugal's largest utility, is stepping up to meet the demand for data centres in Iberia. The company was attracted by electricity prices that will remain low in comparison to other parts of Europe. He said that over 18 gigawatts in data centres in Portugal and Spain are in development or pipeline, "supporting the strong electricity demand in Iberia", driven by structural factors, not temporary ones. He said that Iberia had a distinct advantage from which we hoped to?benefit - affordable, structurally structured power prices. EDP and Start Campus, a consortium consisting of Britain's Pioneer Point Partners, U.S.
The impact of renewable energy on spot prices
The European spot electricity contract for Friday was cancelled on the assumption that "demand" would continue to decline while "renewable generation" is expected to increase. By 0923 GMT, the German baseload for the day ahead was down 12.9% to 66.75?euros ($78.47). The French equivalent contract fell?37.3% to 12.85 euros/MWh. LSEG data revealed that German wind generation is expected to increase by 3.5 gigawatts, to 27.3 GW. French wind output will drop by 3.9 GW at 10 GW. The data also showed that the German solar power sector has grown by nearly?1 GW.
The French government has survived two votes of no confidence on the energy law
The French government has survived two no-confidence motions that were filed in 'parliament' on Wednesday. These motions were brought because it had adopted a new Energy Law by decree in February after years of disagreements within the National Assembly. The motion was filed by France's National Rally party (RN), which received 140 votes in parliament. 289 votes were needed to pass the motion. The second motion was filed by France Unbowed, a hard-left party. It received the support of 108 members. After several failed attempts to topple the minority government of Prime Minister Sebastien Lecornu…
Iberdrola's earnings are higher after the network business boosts results for 2025
Iberdrola, Europe's largest utility, expects its business of building and updating?power?networks in Britain and America to boost earnings this year, after it drove a 10% increase in 2025 adjusted Net Profit. The Spanish company will benefit from its strategic shift to the more regulated business of power grids and plans to spend over 100 billion Euros through 2031 in order to build on that. The company stated that results are progressing ahead of schedule. The company now targets an adjusted net profit of more than 6.6 billion euro ($7.8billion) this year, and more than 7 billion euro by 2028.
After regulator reduces cap, energy bills for most Britons will fall
Energy regulator Ofgem announced a 7% price cap on Wednesday, allowing the government to reduce costs. The move follows the plans in last year's Budget to shift some costs of renewable energy to general taxes and to scrap a program requiring suppliers fund measures like insulation for low income households. Tim Jarvis said that the main reason for the reduction in today's prices is the new policy costs announced by Chancellor George Osborne. The new cap of 1,641 pounds ($2,218.96), a year, for average electricity and natural gas consumption is 117 pounds less than the previous level for January to March.