The impact of rising renewable supply on spot prices
On Monday, the price of baseload electricity is expected to fall in Germany due to an increase in wind and solar energy generation. LSEG data shows that the German and French Monday basis power contracts were not traded by 1021 GMT Friday. LSEG data show that the day-ahead contracts were closed at 94.80 euro/MWh on Thursday and 32.25 euro/MWh on Friday.
Prices for EUROPE-GAS are little changed due to weak demand and Norwegian outages
The wholesale gas prices in the Netherlands and Britain were not much different on Friday morning, as maintenance hit supply in Norway was countered by a sluggish market. LSEG data shows that the benchmark Dutch front-month contract was lower by 0.25 euros, or 10.75 cents per mmBtu at 31.45 Euros per megawatt hour at TTF hub, as of 0822 GMT.
Mitsubishi abandons offshore wind farms in Japan
A senior official in the industry ministry said that Japan wants to re-auction as many offshore wind sites as possible as soon as they can, subject to local community consent. The trading house Mitsubishi Corp announced on Wednesday that it would no longer build wind farms in the prefectures of Akita and Chiba due to rising costs.
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…
Prices for Europe Gas are little changed due to low demand and Norwegian gas outages
The Dutch and British wholesale prices of gas were not much different early Wednesday, as wind power production limited demand and offset lower supplies from Norway. LSEG data shows that the benchmark Dutch front-month contract was 33.17 euros per Megawatt Hour, or $11.27/mmBtu at 0820 GMT. This is a decrease of 0.08 Euro.
Mitsubishi is considering abandoning offshore wind energy projects in Japan
Mitsubishi Corp announced on Wednesday that it is considering withdrawing from 3 Japanese offshore wind projects. Three wind farms are owned by Mitsubishi-led consortiums in Japan's Chiba Prefecture and Akita Prefecture. The trading house announced in February it was reevaluating how to proceed given the "significantly altered" business climate.
Nikkei reports that Mitsubishi Corp. and others will withdraw from three offshore-wind projects in Japan.
The Nikkei daily reported that a consortium led by Mitsubishi Corp is planning to pull out of three offshore wind projects in Japan's Chiba Prefecture and Akita Prefecture due to concerns about profitability. Japan, which is heavily dependent on imported energy, has turned towards renewable…
Solar spot prices rise due to a drop in supply
The European spot electricity prices rose on Tuesday due to an anticipated drop in solar power generation across the region. LSEG data show that the German contract for day-ahead electricity rose 8%, to 105 Euros ($122.92), per megawatt hour. The equivalent French contract grew 8.7% to 84.25 Euros/MWh.
Prices for gas in Europe are mixed, with Norway maintenance and revised wind power output being the main differences.
The Dutch and British wholesale prices of gas were mixed on Tuesday. Lower demand forecasts weighed on the market, while the beginning of a longer period for maintenance at Norwegian gas fields was expected to support the market. LSEG data shows that the benchmark Dutch front-month contract…
New England officials claim that the US's decision to halt a wind project is a mystery.
Business and government leaders in New England claimed that the Trump administration's decision to stop work on a nearly finished wind farm near the coast of Rhode Island is a threat to grid reliability and jobs, and it defies any explanation. Connecticut and Rhode Island state leaders demanded…
Officials say that the US decision to halt a wind project in New England has a negative impact on grid reliability and jobs.
Energy and labor officials warned on Monday that the Trump administration's decision to stop work on a large wind farm being built off the coasts of Rhode Island could threaten grid reliability and create jobs. ISO New England which operates the grid across six states and North America’s…
Orsted Shares Drop as US Halts Offshore Rhode Island Wind Farm
Shares in Orsted plunged 17% on Monday after the U.S. halted the Danish company's Revolution Wind project off Rhode Island amid President Donald Trump's pushback on renewable energy investments.Orsted, the world's biggest offshore wind farm developer, has already faced mounting challenges…
Spot contracts increase on declining German wind supply
The European baseload day-ahead power prices increased compared to the previous Monday, as Germany's renewable energy supply is expected fall while demand is predicted to rise throughout the region. LSEG data shows that the French baseload electricity contract for Tuesday is 76.50 Euros ($89.55) a megawatt hour.
Orsted cash plan is at risk after Trump blocks US Wind Project
Analysts said that Orsted's plans to raise capital are at risk after a U.S. court order to stop construction on a nearly completed project. The Danish group's stock price may also be under pressure Monday due to the U.S. ruling. Orsted announced on Monday that it would continue with its planned rights issue, despite an order from the United States.
BP's Whiting refinery, Indiana, continues to flare up days after a severe thunderstorm
BP's Whiting refinery, which produces 440,000 barrels per day, has continued to flare up after flooding disrupted operations earlier this week. In a post on social media, the company stated that the facility continues to burn materials to maintain safe operation. They also added that floating…
US Opens National Security Investigation into the Import of Wind Turbines
The U.S. Commerce Department said on Thursday it has opened a national security investigation into the import of wind turbines and components.Earlier this week, the department said it was adding wind turbines to a list of products that will face 50% tariffs on the aluminum and steel content.
Polish President vetoes Bill to ease rules on building wind farms
Karol Nawrocki, the Polish president, vetoed on Thursday a bill that would have eased rules for onshore wind farm construction. He said that the government's decision to combine it with a price freeze on energy was "blackmail". The accusation is a new salvo in the battle against the centre-right government of Donald Tusk.
The local spot price rises with tighter French nuclear supply
Early wholesale trading on Thursday showed that tighter French nuclear supply was boosting domestic prompt prices. However, higher renewable supplies and an easing of demand in the region were giving bearish signals. German day-ahead deliveries were not traded. The price of French baseload…
EIA: Solar could account for 50% of the new US electricity generated this year
The Energy Information Administration reported on Wednesday that developers are on course to add 33 gigawatts (GW) of solar power this year in the U.S., which is about half the new electricity generation capacity planned for 2025. The EIA said that if the plans were realized, the additions of large-scale solar energy in the U.S. could reach a new record.
Maguire: US gas-heavy pipeline to fuel tensions with LNG exporters
U.S. energy firms are building the largest gas-fired generation capacity in the world, cementing the position of the United States as the world's biggest natural gas consumer and the gas-fired producer. The growing dependence on natural gas in the domestic power sector will also exacerbate…
