Gas stocks in Europe could be more stressed this summer due to less hydro and wind.
The wind speed and lower hydropower stock in Northwest Europe could increase demand for gas-fired and coal-fired electricity generation this summer, at a moment when Europe needs to replenish storage that has been depleted following the winter. LSEG data revealed that hydro levels and snowpack are now well below the average levels in continental Europe.
Spot prices plunge ahead of May Day
European electricity prices dropped on Wednesday, as demand is expected to fall ahead of the Labour Day Holiday in Europe. Prices are expected to remain low into the weekend. By 0811 GMT, the French baseload day-ahead traded at $5.69 per megawatt hour (88.2% less). The German baseload position for the day ahead fell by 36.4%, to 46.4 Euros.
Hexa Climate to invest $500 Million in Fortum India Renewables Assets
Hexa Climate Solutions - backed by I Squared Capital - has purchased Fortum's Indian Renewables Portfolio. The company plans to invest $500M to expand their clean energy projects. Hexa announced on Tuesday that the deal included a 100% stake of Fortum India, a portfolio of 206 MW renewables for commercial and industrial use…
Research shows that China continues to support overseas coal plants, despite its 2021 commitment
According to a Tuesday analysis of energy investment in BRICS nations, Chinese companies are still building coal-fired electricity plants in Indonesia. This is despite their pledge to stop funding coal projects abroad by 2021. Global Energy Monitor, a U.S. think-tank, said that China was…
French prompts are affected by higher wind output
French spot prices were impacted on Monday by an increase in expected wind power production across the majority of the region despite forecasts for higher demand. LSEG data shows that the French baseload electricity for Tuesday at 1052 GMT was 26.5 euros (30.07 dollars) per megawatt-hour, a 50.9% decrease from Friday's price on Monday.
Enagas' chief executive says that Spain's national hydro network plan is ahead of schedule
The chief of Spanish gas grid operator Enagas announced on Friday that plans to build a 2,600 km (1.615 mile) network of hydrogen in Spain were progressing ahead of schedule. Infrastructure is also on track for a start-up in 2030. The H2Med Corridor is a planned trans-European corridor that will connect the Iberian Peninsula with Northwest Europe.
Spot prices remain unchanged as sunny and still weather is expected on Monday
German and French spot price were not traded on Friday morning. A surge in solar energy supply on Monday, and a lower demand because of higher temperatures was expected to offset an expected fall in wind supply. This would put pressure on prices. LSEG data shows that the German and French baseload power prices for Monday were not traded by 0946 GMT.
RWE has ceased offshore wind activity in the United States
RWE's CEO stated in a speech draft published in advance of the annual general meeting that the company has temporarily halted its offshore wind activities in the United States due to the regulatory uncertainty caused by the Trump administration. Markus Krebber's comments highlight the challenges facing European energy companies on the U.S.
Britain Emphasizes Collaboration on Energy Security at Global Summit
Britain urged closer international cooperation to improve energy security on Thursday, telling dozens of other governments and business leaders that they would otherwise be vulnerable to those who were willing to weaponise supplies.Security of energy supply shot up the agenda of countries…
US utility Xcel claims tariff exposure is 2% to 3% of capex plan
Executives with the company stated on Thursday that a global trade war is likely to affect renewable energy supply chains and storage systems, exposing 2%-3% of Xcel Energy’s $45 billion plan for capital expenditures. The expansion of AI data centres and the electrification in industries such as transportation are driving U.S.
Spot prices are affected by lower demand and more solar.
The drop in demand for power and the increase in solar power in Germany pushed spot prices down on Thursday. These changes also overshadowed a predicted drop in wind energy supply on Friday. German baseload electricity for Friday fell 7.5% to 92 euros (104.65 dollars) per megawatt-hour (MWh) at 0826 GMT.
Fugro, a geo-data firm, has reduced its workforce and shifted business models as the US weighs in.
Dutch geological data specialist Fugro announced it would reduce more jobs and focus on different business segments, after confirming Thursday a decline in revenue for the first quarter. The drop was caused by a slowdown in U.S. off-shore wind projects. The company also pointed to a volatile global market.
Trump's emergency move is aimed at cutting approval time for energy projects from 28 days to 28
The Trump administration announced on Wednesday that it would implement a process of emergency permitting for energy and mining on federal land, cutting approval times from months or even years down to just 28 days. The U.S. Department of the Interior's move comes in response to the President Donald Trump declaration of a national energy emergency…
UK launches energy security summit by investing in offshore wind supply chain
The UK will host a summit on energy security in London, starting the event by promising to invest 399 million pounds (399 million dollars) into the domestic supply chain of offshore wind projects. After the Russian invasion of Ukraine, 2022, which led to price spikes around the globe and saw the EU try to reduce its dependence on Russian fuels.
NextEra exceeds profit expectations as the power company avoids trade risks
NextEra Energy's CEO stated that the company beat Wall Street expectations on Wednesday regarding rising electricity demand, as it works to navigate around increasing global trade risks. The rising costs brought on by President Donald Trump’s tariff war threaten to slow down a recent surge of electricity demand…
Global Wind Capacity in 2024 Falls Short Despite Reaching a Record
A record 117 gigawatts of wind power capacity was installed worldwide last year, slightly more than in 2023, but far less than needed to achieve goals to decarbonise energy, a report by the Global Wind Energy Council said on Wednesday.WHY IT'S IMPORTANTThe world needs to shift to renewable sources…
Elliott presses BP to boost free cash flow by 40% via spending reductions, FT reports
The Financial Times reported that Elliott Management, an activist investor, has urged BP a 40% increase in its free cash flow through spending cuts. Elliott wants BP to focus on achieving a $20 billion annual free cash flow target by 2027 instead of growing its oil business, according to a report citing sources familiar with the issue.
Trump's order to stop NY wind project shocks offshore industry and threatens other projects
The Trump administration’s decision late Wednesday to halt the construction of Equinor’s Empire Wind 1 off the coasts of New York sent shockwaves throughout the offshore wind industry. It raised concerns that fully permitted developments worth billions of dollars are not secure. Donald Trump, the U.S.
Trump's order to stop NY wind project shocks offshore industry and threatens other projects
The Trump administration's late Wednesday decision to stop construction of Equinor’s Empire Wind 1 off the coasts of New York sent shockwaves throughout the offshore wind industry. It raised concerns that developments with full permits, representing billions of dollars in investment, aren't secure. Donald Trump, the U.S.
Prices to fall as demand falls ahead of the holiday
The German wholesale electricity price on Thursday was expected to fall over the four-day holidays due to low consumption. The indication for the next day's working day, which is April 22, was nearly half of the price paid for delivery on Friday. The week-ahead contract in France was priced below Wednesday's closing price.
