As yttrium shortages grow, a new rare earth crisis is on the horizon
Due to Chinese export restrictions on yttrium, global supplies are in short supply. This has led to fears of shortages, and a rise in costs, which could affect aerospace, energy, and semiconductor production. In April, China, which is the primary source of this element, used in coatings that protect against high temperatures and in alloys for engines, limited exports, along with six others rare earths, in response to U.S. duties. The dispute is not fully resolved despite the high-stakes summit between U.S.
Siemens Energy finds limited synergies in onshore and off-shore wind
Siemens Energy's CEO stated on Friday that there are few synergies to be found between its onshore wind unit and its better performing offshore units. This reflects the uncertainty surrounding the future of this loss-making division. Siemens Gamesa is Siemens Energy's wind turbine division, which produces both on- and offshore turbines. The division, still recovering from the quality crisis of two years ago has posted an operating loss for the fiscal year ending in September, totaling 1.36 billion euro ($1.59 billion).
Siemens Energy will pay dividends for 2025 and raises the mid-term outlook
Siemens Energy announced on Thursday it will pay its first dividend for four years, and has also raised its outlook mid-term due to strong demand in gas turbines and transmission technology. Christian Bruch, CEO of the company's wind-turbine division, said that the success "was hard-earned" and not a result of chance. He was referring to the years of cost cutting and restructuring in response to a quality crisis. Siemens Energy has…
Siemens misses its profit forecasts as it prepares a spin-off of Healthineers
Siemens announced Thursday that its industrial profit was slightly lower than analyst expectations for its fourth quarter after it announced plans to reduce its share in Siemens Healthineers. Siemens, which produces everything from industrial software to trains to trains themselves, reported that its industrial profit grew 2%, to 3,19 billion euros, in the three-month period ending September. This was below the consensus forecast of 3.32 billion euro, according to a survey of the company. Sales increased by 3%, to 21,43 billion euros.
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AGL Australia to reduce jobs as part of Clean Energy Push
AGL, Australia's largest energy producer, announced on Friday that it would cut jobs in order to transition towards cleaner energy. It also plans to close its coal-fired plants by the mid-2030s. A spokesperson for AGL said: "We need to make sure that our current business is productive and competitive on this market, while continuing to invest in the business of tomorrow. The Australian newspaper reported that the total number of roles cut could reach 300.
Amapa Governor: Brazil's Petrobras is studying a logistics base for Amapa
Clecio Liu, the governor of the Amazonian State of Amapa told reporters that Brazil's Petrobras had authorized studies to build a logistics centre in the state. Last week, the state-run oil company began exploring a promising offshore area. Luis explained that the company's Transpetro logistics subsidiary would do the studies. He added that the center will support Petrobras in the event of an important discovery. Petrobras did not give any further details.
France's offshore Wind sector is battered by government crises
Offshore wind developers, and suppliers of equipment are bracing themselves for a slowdown. A political crisis in France has caused changes to France's energy framework as well as government tenders to be stalled. Data released on Friday showed that business activity in France declined faster than anticipated in October. Emmanuel Macron's six successive prime ministers have been replaced by a divided legislature that has struggled to reach a budget-cutting agreement in the past two years.
Octopus Energy, a British company, partners with a Chinese wind turbine manufacturer
Octopus Energy, Britain's biggest electricity supplier, has signed a contract with Chinese wind turbine maker Ming Yang Smart Energy. This could lead to the installation of the first Chinese-made turbines in Britain. The UK is trying to increase its renewable energy to meet climate targets, but it is also struggling with rising project costs as well as high electricity prices. The companies will explore the use of Ming Yang Smart Energy technology in Octopus Energy’s plans to develop 6 gigawatts through its Winder initiative.
Gold Reserve's unit bids for Citgo parent at court-led auction
Miner Gold Reserve announced on Thursday that Dalinar Energy, its subsidiary, had submitted a better bid in an auction organized by a court for the parent company Citgo Petroleum. A final decision is expected to be made next month. A court officer who was overseeing the auction for PDV Holding - the parent company of Venezuelan owned U.S. refiner Citgo - said that a bid of $5,9 billion from an affiliate of Elliott Investment Management, the hedge fund, was the strongest to date. He gave Dalinar more time to prepare a response.
Nippon Steel to Supply Material for Vestas Wind Towers
Nippon Steel signed a cooperation memorandum with Denmark's wind turbine maker Vestas Wind Systems on Wednesday to supply steel for Vestas' wind towers for European, Asian and Japanese markets, Japan's industry ministry said.The agreement was part of a broader push by Japan's Ministry of Economy, Trade and Industry (METI) to strengthen the supply chain for wind generation in the country where renewables are key to reducing import costs and dependency on fossil fuels.Offshore wind is a pillar of Japan's renewable energy strategy…
The global investment in fusion power has increased the most since 2022
An industry group reported that global fusion energy investments grew by $2.64 Billion in the past year, since July last year, in its annual industry survey, released on Monday. However, companies surveyed said they still need more money to make the industry commercial. Investments rose in the United States, Japan, China, and Britain, and reached their highest level since 2022. The total funding for 53 fusion companies that participated in the survey of the Washington-based Fusion Industry Association is now $9.77 billion.
Siemens Gamesa Lines Up 63-Turbine Order for German Offshore Wind Farm
Skyborn Renewables has confirmed the execution of the Turbine Supply Agreement (TSA) and the Offshore Long Term Program Service Agreement (LTPSA) with Siemens Gamesa for the provision of 63 SG 14-23 wind turbines and their long term service for the Gennaker offshore wind farm in Germany.Both agreements are based on the Master Supply Agreement signed by Skyborn and Siemens Gamesa in June 2024. The agreements are conditional and subject to conditions precedent…
Investors flock to Europe due to the stability of the bloc, compared with US concerns
Peter Roessner feels both sides of Donald Trump’s trade war. Investor interest in European projects has increased despite the fact that tariff risks have forced H2Apex, a Luxembourg-based firm specializing in hydrogen, to stop relying on U.S. manufacturers for a project worth more than 200 millions euros ($235 million). He said that investors in the hydrogen industry are now more focused on the European market because of the uncertainty and insecurity surrounding the planning process in the USA. This included both U.S.
Siemens Gamesa and Japan's Industry Ministry agree to wind power cooperation
A ministry official announced that the Japan's Industry Ministry will sign an agreement on Tuesday with Siemens Gamesa Renewable Energy to create a framework of public-private collaboration aimed at creating local supply chains for offshore power. The official in charge of wind power at the Ministry of Economy, Trade and Industry told reporters that the government is promoting collaborations with international players to create a domestic supply network.
Thyssenkrupp's deputy chairman votes against the extension of CEO contract due to 'fundamental distrust'
T hyssenkrupp’s deputy chairman, who sold a stake in the steel unit to billionaire Daniel Kretinsky, will vote against the extension of Miguel Lopez’s contract at a board of directors meeting on Friday. He said that Lopez had failed to deliver the turnaround promised of the steel division. Juergen Kerner's comments, made by one of Germany's leading labour representatives, are a significant escalation of the conflict between workers and management over the restructuring of the German conglomerate…
Thyssenkrupp's deputy chairman votes against new CEO contract due to 'fundamental distrust'
T hyssenkrupp’s deputy chairman, who sold a stake in the steel unit to billionaire Daniel Kretinsky, will vote against extending the contract of Miguel Lopez on Friday. He said he hadn’t delivered the turnaround promised of the steel division. Juergen Kerner's comments, made by one of Germany's leading labour representatives, are a significant escalation of the conflict between workers and management over the restructuring of the German conglomerate…
Siemens: Britain Needs Record Offshore Wind to Meet Targets
Britain’s next renewable energy auction must secure a record amount of new offshore wind capacity if the country is to meet its 2030 clean power targets, Darren Davidson, vice president of turbine maker Siemens Energy UK&I, told Reuters.The country has put offshore wind at the heart of its plans to decarbonise its electricity sector by 2030. It aims to boost capacity to 43-50 gigawatts (GW) by the end of the decade, from around 15 GW at present…
Siemens Energy's profits are expected to be hit by tariffs of less than $113 million.
Siemens Energy, a maker of power equipment, said on Thursday that it expected a loss of profits of less than $100 million euros (113 million dollars) in the rest of its fiscal year. This was the first time Siemens had quantified the impact of the U.S. tariffs. In presentation slides, the group also detailed some of its plans to mitigate the impact of the duties. These included raising the prices of new orders placed in the United States, and finding alternative suppliers of parts that it must import.
Upgrades to the EU's power grid are needed at a cost of trillions of dollars in order to avoid blackouts similar to those that occurred in Spain
To cope with the increasing demand for electricity, and the growing green energy production in Europe, and to prevent blackouts, trillions of dollars will be needed to invest. Spain and Portugal experienced their worst power outages in a week. Analysts and industry representatives believe that infrastructure investment will be essential, regardless of the results. Authorities are currently investigating the cause. The blackout served as a warning. The blackout showed the urgent need to upgrade and strengthen Europe's electrical grid.