Primorsk Port Partially Resumes Oil Loadings after Drone Strikes
The Baltic Sea port of Primorsk, a major outlet for Russian oil exports, partially resumed operations on Saturday following disruptions and damage caused by Ukrainian drone strikes, two sources familiar with the matter said.Primorsk, which is capable of loading some 1 million barrels of oil per day, is expected to operate at a lower capacity due to the damage, the sources said.
China renewable auction signals challenges for solar developers
Analysts said that the solar power prices at China's first province-level auction under its new renewable price mechanism are so low, they may discourage investors from launching new projects. The auction held in Shandong last week, which is seen as an indicator for future auctions nationwide, indicates that prices will be lower in the future than they were under the old system, although perhaps not as low as those in Shandong where solar investment drove prices down.
Andy Home, recycling pioneer, races to close rare earths scrap gaps
This question is more urgent now than ever after China restricted its exports in the first half of this year. The move sent shockwaves throughout Western manufacturing chains. The race to create domestic mine-to magnet supply chains is accelerating, especially in the United States. Here, the Department of Defense has taken a direct stake, MP Materials, the operator of the only rare earths mining facility in the country, and guaranteed a minimum price for the products. Old laptops, powertools and smartphones are all part of the solution.
Oil Prices Rise by Nearly 2% After Drone Strike on Russian Terminal
Oil prices rose by nearly 2% on Friday after a Ukrainian drone attack on a Russian port suspended loadings, outweighing pressure from oversupply concerns and weaker U.S. demand risks.The drone attack on Russia's northwestern port of Primorsk - one of the country's largest oil and fuel export terminals - led to a suspension of oil loading operations overnight, an official from Ukraine's SBU security service told Reuters."Those attacks on Russian energy infrastructure have room to drag down Russian crude and refined product exports…
Italy to Help Sardinia Phase Out Coal with New LNG Plants
Italy plans to send two new units for the regasification of liquefied natural gas (LNG) to Sardinia to help the island phase out coal, a government decree seen by Reuters showed.Sardinia currently relies on two coal-fired power plants for its electricity needs and is slowly developing renewable energy capacity.The government has mandated Italy's gas grid operator Snam to set up a new floating storage and regasification unit (FSRU) in the port of Oristano, on the centre-west coast of Sardinia, the decree seen by Reuters said.The document approved by the government
Andy Home, recycling pioneers racing to close rare earths scrap gaps
This question is more urgent now than ever after China restricted its exports in the first half of this year. The move sent shockwaves throughout Western manufacturing chains. The race to create domestic mine-to magnet supply chains is accelerating, especially in the United States. Here, the Department of Defense has taken a direct stake, MP Materials, the operator of the only rare earths mining facility in the country, and guaranteed a minimum price for the products. Old laptops, powertools and smartphones are all part of the solution.
Spot prices plunge on surge in wind supply
As wind power generation in Germany is expected to increase, the spot electricity price for Friday fell dramatically on Wednesday. German baseload for the day ahead fell by 43.7%, to 75.50 Euros ($88.37), per megawatt-hour (MWh), at 0927 GMT. The French baseload for the day ahead was down by 48.8%, at 10.25 Euros/MWh. Analysts at Engie’s energy scan predict temperatures to remain below average until the end of this week. The strong ramp-up in wind power in Germany will continue to be high at least through the start of next week.
Spanish power utilities warn of a saturated electricity grid
Aelec, the Spanish energy utilities lobby, warned on Tuesday that most of Spain's electricity grid was saturated and needed massive investment to allow for new connections. Aelec analysed the global map of Spanish grid operators. It concluded that over 80% of nodes in the grid could not handle an increase in electricity generated, leading to increased instability and decreased efficiency. Redeia is the main operator and coordinator of the country's grid.
SIX delists shares in Meyer Burger, a solar panel manufacturer.
The SER regulatory firm of the Swiss stock exchange operator SIX announced on Tuesday that it will delist Meyer Burger's registered shares after the solar panel manufacturer appears to be missing the deadline for submitting its annual report by 2024. SER said that the reasons for the delay in the annual report were not addressed and will likely not be resolved by the deadline requested, leading to a request to delist the shares. SER stated that the decision was not yet legally binding, and could be appealed in 20 days.
RWE, Apollo Set Up Joint Venture to Channel $3.7B Investment in German TSO
RWE has struck a long-term partnership with Apollo Global Management to secure funding for its 25.1% stake in Amprion, one of Germany’s four transmission system operators, as the country gears up for a decade of record grid investments.Under the agreement, Apollo will provide $3.74 billion (€3.2 billion) in equity to a newly formed joint venture with RWE. The vehicle will hold RWE’s 25.1% stake in Amprion and finance its share of the grid operator’s expansion program.Amprion runs the transmission network across seven federal states…
Robinhood joins S&P 500, a watershed moment in the US fintech industry
Robinhood Markets has replaced casino operator Caesars Entertainment on the S&P 500 benchmark. This is a significant moment for the Financial Technology sector, as the retail trading platforms joins the ranks with the most influential U.S. firms. S&P Dow Jones Indices announced the inclusion on Friday. This is expected to increase demand for Robinhood stock, as index-tracking fund managers adjust their holdings. This also highlights Robinhood's transformation from a trading startup during the pandemic era to a company that has a sustained influence on U.S.
Russell: ADNOC must offer more than just money to make the Santos deal work.
Abu Dhabi National Oil Company's (ADNOC) $18.7billion bid for Australian liquefied gas producer Santos faces a much higher hurdle than the money offered. The politics surrounding the deal, which would represent Australia's biggest-ever cash takeover in history, are becoming increasingly difficult to overcome. ADNOC, Australia's second largest oil and gas company launched its bid in June, and a preliminary due diligence was to be completed no later than August.
The price of gas in Europe is stuck in a sideways trend due to the lack of a new impetus.
The Dutch and British gas price were not much different on Friday morning. They continued to trade within a narrow range, despite the lack of any news that could affect the market. There was also no change in the overall supply and demand balance. LSEG data shows that the benchmark Dutch front-month contract for the TTF hub fell 0.08 euros, or $11.11/mmBtu to 32.45 Euros per megawatt hour at 0855 GMT. The Dutch day-ahead contracts was up by 0.30 euros to 31.78 Euros/MWh. The British day-ahead contracts fell 1.50 pence, to 78.60 cents per therm.
Russell: ADNOC must offer more than just money to make the Santos deal work.
Abu Dhabi National Oil Company's (ADNOC) $18,7 billion bid for Australian liquefied gas producer Santos faces a much higher hurdle than the money offered. The politics surrounding the deal, which would represent Australia's biggest-ever cash takeover in history, are becoming increasingly difficult to overcome. ADNOC began its bid in June for Santos, Australia’s second largest oil and gas company. A due diligence initial was to be completed before August. The deal was postponed from August to September 19, despite the fact that no major problems were found.
Afentra signss terms for its first offshore operatorship
The London-listed oil and gas company Afentra announced on Thursday that it had signed a framework contract for its first operating license offshore Angola, in a block which has proven resources. Block 3/24 is a shallow-water oil and gas discovery with several identified exploration prospects. It is located near Afentra’s producing oil fields in Blocks 3/5 and 305A, as well as undeveloped discoveries. In a press release, CEO Paul McDade stated that he was…
Workers Strike at Fluxys Dunkirk LNG terminal
Workers began a three-day strike over pay at Belgian gas terminal operator Fluxys' Dunkirk liquefied natural gas terminal late on Monday evening, part of a broader action in the power and gas sector focused on pensions and wages.The Dunkirk LNG terminal is the second largest in continental Europe and the only terminal directly connected to two separate markets - Belgium and France - accounting for about 20% of both countries' annual gas consumption.The flow rate of the terminal has been affected…
Workers strike at Fluxys Dunkirk LNG terminal in Belgium
The Dunkirk terminal of Belgian gas terminal operator Fluxys began a 3-day strike on Monday night over wages. This was part of an action in the energy and gas sector that focused on wages and pensions. Dunkirk LNG is Europe's second-largest terminal and the only one directly connected to Belgium and France, which accounts for around 20% of their annual gas consumption. A representative of the CGT, who declined to be identified, stated on Tuesday that the flow rate at the terminal had been affected. He didn't have exact figures.
India's power production rises at the fastest rate in five months due to industrial boost
The data of the federal grid operator revealed that India's electricity generation in August increased at its fastest rate since March. Manufacturing activity was accelerating due to strong demand. Grid India's daily analysis showed that the 4% increase in output of electricity last month led to a first-time annualised boost in coal-fired generation in five months. This year, India's dependence upon coal has been reduced by the sustained growth of renewable energy capacity. About three-quarters of the annual electricity is generated by coal.
French spot on wind power growing
In Germany, prices will rise as the wind and solar supplies are expected to fall. French baseload for the day ahead fell by 24.9%, to 62.75 Euros per megawatt-hour (MWh), at 0841 GMT. The German baseload day-ahead was not traded. The contract was closed at 105 euros on Tuesday. LSEG analyst Xiulan Xie He said that a bullish outlook for Germany is still maintained on Thursday. A decline in wind and solar power generation will lead to a higher residual load during peak hours. Net imports are expected at all times.
Sanctioned Arctic Mulan LNG Tanker Berths in China
A tanker carrying liquefied natural gas from Russia's sanctioned Arctic LNG 2 plant has moored at an import terminal in southern China on Thursday, after loading at a Russian storage facility in June, Kpler and LSEG ship-tracking data showed.If the tanker discharges the LNG at the terminal, this would be the first cargo from the Arctic LNG 2 project to be received. The project is targeted by Western sanctions over Russia's war with Ukraine.The Arctic Mulan LNG tanker was idling off the coast of Egypt from February to April before travelling through the Suez Canal…