Gas prices in Europe are rising on a weak wind ahead of the US election
The Dutch and British wholesale prices of gas rose slightly Tuesday morning due to a weak wind and in anticipation of what should be a close U.S. Presidential election. LSEG data shows that the benchmark front-month contract for the Dutch TTF hub at 0942 GMT was 0.37 euros higher, at 40.85 Euro per megawatt hour or around $13/mmBtu. The British day-ahead contracts rose 1.15 pence, to 102.50 pence/therm. Meanwhile, the weekend contract increased by 1.40 pence at 101.25 pence/therm.
EUROPE GAS - Prices edge up on weaker winds, correction after falling
Dutch and British wholesale prices for gas rose on Friday morning due to a weaker wind production. Meanwhile, the Slovak government-owned gas purchaser SPP denied a report that an agreement was nearing to replace Russian gas by Azerbaijan gas. LSEG data show that the benchmark front-month contract at the Dutch TTF hub, which now rolls over to December, was 1,02 euros higher, at 39,67 euros per Megawatt Hour (MWh), by 1002 GMT. The Q1 contract for 2025 was 0.81 euros higher, at 39.81 Euro/MWh.
The Colombian Ministry of Energy says nine companies are interested in the offshore wind project
The Colombian energy ministry announced on Tuesday that seven foreign companies and two local ones had expressed interest in a project to build offshore wind farms and expected to receive formal bids by the first half of 2025. According to the ministry, these companies include Colombian state oil company Ecopetrol, power firm Celsia and Spain's BlueFloat Energy. They also include Denmark's Copenhagen Infrastructure Partners and DEME from Belgium, China's PowerChina, China Three Gorges, and Britain's Dyna Energy.
In a legal dispute with Ukraine's Naftogaz, Russia contests the seizure of Finnish assets.
The Kremlin announced on Tuesday that Russia would file a lawsuit against the confiscation of Russian state assets by the Ukrainian oil and natural gas company Naftogaz. Naftogaz's lawyers announced on Sunday that they had frozen Russian state-owned assets and real estate in Finland, worth tens or hundreds of millions of dollars. Naftogaz has pursued legal action against Russia to seek compensation for Moscow expropriating Naftogaz's property during the 2014 annexation of Crimea.
EUROPE GAS-Prices stable amid mildly warmer temperatures and high inventories
The Dutch and British wholesale price were not much different on Tuesday morning despite temperatures above normal for this time of the year and high levels of storage. LSEG data shows that the benchmark front-month contract for the Dutch TTF Hub was down 0.13 euros at 42.50 Euro per megawatt hour, or $13.48/mmbtu by 1007 GMT. The front-month contract on the British market fell 0.53 pence, to 106.88 cents per therm. The British day-ahead contracts rose 0.45 pence to 107.15p/therm.
Australia and UK join forces to support clean energy technologies
The leaders of Australia and Britain announced on Friday that they plan to collaborate to increase the deployment and use of renewable energy technologies such as green hydrogen, offshore wind and other forms of renewable energy to help decarbonise the world. In a joint press release, Australian Premier Anthony Albanese said that the transition to net zero will create new jobs for both countries and strengthen their industrial base. In their statement, they did not specify how much money they would be committing to clean energy.
Prices for gas in Europe are rising amid geopolitical concerns and a weaker wind output
Dutch and British wholesale gas prices increased on Thursday morning, as the market awaited any possible escalation in the Middle East conflict and amid an increase in demand for gas due to weaker winds speeds. By 0846 GMT the benchmark front-month contract for the Dutch TTF hub had risen 0.90 euros to 42.20 euros (MWh) or $13.12/mmBtu. It was nearing its highest since December 1 when it reached 42.50 euros/MWh. The day-ahead contract in the British market was up 2.50 p/therm at 104.00 p/therm.
McKinsey says that Europe's power consumption for data centres is expected to triple between now and 2030.
A McKinsey study showed that Europe's data center power consumption will almost triple by 2030. This will require an increase in electricity, mostly from low carbon sources, as well as grid infrastructure upgrades. In the last couple of years, data centre investment has increased as digitalisation (AI) and digitalisation have gained momentum. The question is how the countries will be able to meet the anticipated rise in electricity demands that the increasing number of data centres create.
Iberdrola profits jump 50% after focusing on the U.S. and Britain
Iberdrola, Europe's biggest utility, announced on Wednesday that it had increased its net profit by 50% for the first nine-month period of the year. This is a good sign as this shows the company's focus on Britain and America has paid off. This is part a larger shift towards building and upgrading electricity grids. A more selective approach to renewables will be taken, with a preference given to offshore wind projects. The spanish company reported a net profit of 5.47 billion euro ($5.91 billion) for the period.
Sources say RPT-BP is considering selling a minority stake in the offshore wind business.
Four sources familiar with the matter have confirmed that BP may sell a minority stake of its offshore wind division. This is the latest move by CEO Murray Auchincloss in his efforts to reduce the company's focus towards renewables. Shareholders have been putting pressure on the company to abandon its 2020 energy transition strategy as profits from renewables are decreasing and margins for oil and gas are increasing. Sources, who spoke on condition of anonymity as the process was private…
Sources say that BP is considering selling a minority stake in the offshore wind business.
Four sources familiar with the matter have confirmed that BP may sell a minority stake of its offshore wind division. This is the latest move by CEO Murray Auchincloss in his efforts to reduce the company's focus towards renewables. Shareholders have been putting pressure on the company to abandon its 2020 energy transition strategy as profits from renewables are decreasing and margins for oil and gas are increasing. Sources, who spoke on condition of anonymity as the process was private…
Sources say that BP is considering selling a minority stake in the offshore wind business.
Four sources familiar with the matter have confirmed that BP may sell a minority stake of its offshore wind division. This is the latest move by CEO Murray Auchincloss in his efforts to reduce the company's focus towards renewables. Shareholders have been putting pressure on the company to abandon its 2020 energy transition strategy as profits from renewables are decreasing and margins for oil and gas are increasing. Sources, who spoke on condition of anonymity as the process was private…
Prices for gas in Europe are mixed due to lower Norwegian supplies and high inventories
The wholesale prices of the Netherlands and Britain were mixed Thursday morning, as maintenance in Norway curtailed supply but high levels of storage weighed on market. LSEG data shows that the benchmark front-month contract for the Dutch TTF hub was down 0.07 euros at 39.43 Euro per megawatt hour (12.54/mmbtu) at 0818 GMT. The front-month contract in the British market gained 0.84 pence to 98.64 pence a therm. The British day-ahead contracts fell 0.63 pence to 94.50 per therm. The TTF price range was very narrow yesterday and is still so this morning.
PPA Platform reports that European renewable energy prices dropped in Q3, PPA platform.
The price of European power purchase agreements for green electricity dropped by 12.4% during the third quarter, compared to the same period in 2023. This was revealed on Thursday by the price tracking platform LevelTen. The report cited several factors, including the decline in inflation as well as the volatility of markets following COVID-19 and a 2022 energy shortage. The variety of PPA offtake opportunities is perhaps greater than ever before. PPAs are long term agreements between solar and wind developers and corporate power users.
The price of gas in Europe is rising due to the Norwegian power outages and a weaker wind output
On Wednesday morning, Dutch and British wholesale prices of gas rose slightly due to the outage in Norway and the forecasts for a weaker wind output. LSEG data shows that the benchmark front-month contract for the Dutch TTF hub increased by 0.30 euros to 40.20 Euro per megawatt hour at 0753 GMT. The day-ahead contract in the British market was 1.50 pence more expensive at 97.50 cents per therm. "NBP (UK Gas) is up more than TTF (Dutch Gas). This seems to be more related to the planned Oseberg outage tomorrow.
Iberdrola, a Spanish company, doubles its British investment plan from $11 billion to $21 billion
Iberdrola, the largest Spanish power company, has increased its investment plan in its British subsidiary Scottish Power from 24 billion pounds ($31.37billion) to 2024-2028. This was announced ahead of an international investment summit held in London. The investment comes at a time when Britain's Labour government is trying to attract billions of pounds worth of foreign investment as it celebrates its 100th day in office, and hosts global business leaders in the Oct. 14 Summit.
Iberdrola, a Spanish company, invests $15.7 billion into Scottish Power's division
Iberdrola - Spain's largest energy company - will invest up 12 billion pounds ($15.7billion) in Scottish Power, its British division, over the next four year, doubling their commitment to the UK in advance of a global summit on investment in London. The investment comes at a time when Britain's Labour government is trying to attract billions of pounds worth of foreign investment as it celebrates its 100th day in office, and hosts global business leaders in the Oct. 14 Summit.
Prices for EUROPE GAS remain stable despite cooler temperatures and Middle East anxieties
The Dutch and British wholesale prices of gas rose slightly on Thursday morning, as demand increased due to the colder weather and reduced wind. However, the range remained tight as the market continued to monitor the developments in the Middle East. LSEG data show that the benchmark front-month contract for the Dutch TTF Hub was up 0.21 euro at 38.76 Euros per Megawatt Hour (MWh), which is $12.42 per mmBtu at 0839 GMT. The contract for the day-ahead was up by 0.82 euros at 38.72 euro/MWh.
Britain sets up funding model for renewable Energy Storage Projects
The UK will guarantee a minimum income for developers of renewable energy projects such as pumped-hydro to encourage investment in technologies which help Britain meet its climate goals. Britain aims to decarbonise the power sector by 2030. This will require an increase in renewable energies, like wind and solar energy, as well projects that can store energy in the event of a lack of wind or sunlight. Michael Shanks, Energy Minister, said that by using…
The UK will try Glencore's former head of oil in 2027 on charges of bribery
In 2027, Glencore's former oil head Alex Beard will be tried in London on charges of bribery along with five other former employees of the Swiss commodity trading company. Beard was not asked to enter his plea during a short hearing on Wednesday at London's Southwark Crown Court. He had indicated in his first court appearance that he would plead not-guilty. The 57-year old is accused of two counts of conspiracy for corrupt payments made to officials of government-owned oil companies and to officials of the Nigerian government between 2010 and 2014.
