German spot is up due to low wind, while French spot falls because of easing demand.
On Wednesday, European wholesale power prices were mixed. France saw lower spot trades while Germany's bid/ask indicators rose on the back of predictions that wind production would be halved. At 0815 GMT, the French baseload was down 19% at 46 euros ($53.85 per megawatt-hour). After closing at 93.8 Euros/MWh, the equivalent German contract did not trade in the indicated range of 94-97 euros. LSEG's research shows that on the supply side of things, Germany's wind power output is expected to drop from 12.7 GW to 6.2 GW per day.
In June, Russia's budget revenues from oil and gas fell by a third on an annual basis
The Finance Ministry reported on Thursday that Russia's oil-and-gas revenue in June fell 33.7% compared to the same period last year, falling to 494.8 billion Russian roubles (6.29 billion dollars), its lowest level since January 2023. This was due to weak oil prices, and a stronger rouble. The Kremlin's main source of income is oil and gas revenues, which account for roughly a quarter the total federal budget revenue. Revenues fell 3.5% in May, despite a drop of a third on an annual basis.
Germany fills up all LNG regasification slots in Wilhelmshaven terminals
The state-owned German Energy Terminal GmbH (DET), said that it has successfully allocated all regasification slots available for its Wilhelmshaven LNG terminals 1 and 2. This is a further step in enhancing energy security for Germany, and Europe. DET is responsible to market and operate floating terminals which turn liquefied gas back into natural gas and feed them into Germany's Gas Network. Germany is relying on global LNG shipping to replace Russian gas pipelines in response to the invasion of Ukraine by Russia in 2022.
NATO funds biotech startup to counter biological threats
The fund co-leads a $35 million fundraising campaign for Portal Biotech. This company uses protein sequences to detect engineered threats, and defend against biowarfare. Ana Bernardo Gancedo is a senior associate with NATO Innovation Fund and said that the UK-based Portal Biotech has a capability essential to biosecurity, defence, and security. The fund was created in 2022, after the Russian invasion in Ukraine. It plans to invest over $1 billion in technology that will enhance NATO's defenses.
What is more influential on crude oil? What is more influential: US bombs, or Iran's quiet allies?
The sharp decline in the Israel-Iran War Premium for Crude Oil shows how a few key words can move the market. However, it also hides the influence of those who remain largely silent. Brent futures, the global benchmark, plunged after U.S. president Donald Trump announced a "complete" and "total" ceasefire will be implemented between Israel and Iran. Brent crude oil ended Monday at $71.48 per barrel, down 7.2% compared to its previous close.
What is more influential on crude oil? What is more influential: US bombs, or Iran's quiet allies?
The sharp decline in the Israel-Iran War Premium for Crude Oil shows how a few key words can move the market. However, it also hides the influence of those who remain largely silent. Brent futures, the global benchmark, plunged after U.S. president Donald Trump announced a "complete" and "total" ceasefire will be implemented between Israel and Iran. Brent crude oil ended Monday at $71.48 per barrel, down 7.2% compared to its previous close.
Thermal Coal May Offer An Affordable Solution As LNG Prices Rise
Thermal coal may end up as a major beneficiary of escalating hostilities in the Middle East, as the fuel used to generate electricity becomes cheaper than one of its main competitors liquefied natural gas (LNG).Much of the focus of the potential fallout from the conflict between Israel, and now the United States, and Iran is the threat to crude oil and refined fuels shipped through the Strait of Hormuz.But all of Qatar's LNG also goes through the narrow waterway separating the gulfs of Persia and Oman…
Russell: Iran tensions are a factor in making thermal coal more affordable than LNG.
The escalating conflict in the Middle East may result in thermal coal being a major winner, since the fuel used for electricity generation is now cheaper than its main competitor, liquefied gas (LNG). The threat of crude oil and refined fuels being shipped through the Strait of Hormuz is a major concern of those who are concerned about the possible fallout of the conflict between Israel and the United States and Iran. All of Qatar's LNG is also transported through the narrow waterway that separates the Gulfs of Persia & Oman.
Russell: Iran tensions are a factor in making thermal coal more affordable than LNG.
The escalating conflict in the Middle East may result in thermal coal being a major winner, since the fuel used for electricity generation is now cheaper than its main competitor liquefied gas (LNG). The threat of crude oil and refined fuels being shipped through the Strait of Hormuz is a major concern of those who are concerned about the possible fallout of the conflict between Israel and the United States and Iran. All of Qatar's LNG is also transported through the narrow waterway that separates the Gulfs of Persia & Oman.
The US solar energy market will slow down as Washington shifts its priorities
A report released on Monday by the top solar trade association predicts that the number of new solar energy installations in the United States will decline over the next five-year period as the industry struggles with a federal policy shift favoring fossil fuels and tariffs. According to the Solar Energy Industries Association's and Wood Mackenzie's forecast, new solar capacity in 2030 will be over 10% less than it was in 2025. This includes an assessment of the impact of federal tariffs that will be imposed on steel and aluminum…
Ecopetrol alerts on possible leakage and security violations
Ecopetrol, a Colombian company, said that it had found 29 cases where the company could have violated its security protocols or leaked confidential information. Its CEO also said that he received homophobic threats of death. According to the state-run company, the possible leaks were discovered during a digital assessment procedure as part of a cybersecurity protocol that was started in May. In a video posted by Ecopetrol, Chief…
Meyer Burger shuts down US solar panel manufacturing in Arizona
Meyer Burger, a Swiss manufacturer of solar panels, has closed a U.S. plant in Arizona because of financial problems, laying off all 282 workers, the company announced on Thursday. This is a blow to the solar industry's efforts to create a domestic supply network and reduce its dependence on China, which is the top manufacturer of solar panels in the world. Meyer Burger announced that it would build a plant in Goodyear, Arizona by 2021 to take advantage of clean energy incentives offered during the tenure of former U.S.
Wall Street stocks finish flat after choppy trading, as Treasury yields decrease
U.S. stock prices finished Thursday little changed, erasing an initial decline, as Treasury yields eased from recent highs following the House of Representatives' passage of President Donald Trump’s tax and spending plan. Stocks were under pressure on Thursday as longer-dated Treasury yields dropped, which allowed stocks to breathe. After reaching its highest level since February, the benchmark U.S. 10 year note yield dropped 5.4 basis points to 4,543%.
Top trade group says House bill will choke off US solar investment
A top solar trade association warned that legislation advanced by Republicans last week in the U.S. House of Representatives could threaten 300 solar and energy storage plants and destroy nearly 300,000 American jobs. The Solar Energy Industries Association's analysis comes during a lobbying campaign aimed at convincing U.S. legislators to protect clean energy tax credit, which under the Republican plan will be phased out faster and have new restrictions on using Chinese-made components.
Wall Street Journal, May 14,
These are the most popular stories from the Wall Street Journal. These stories have not been verified and we cannot vouch their accuracy. Baidu will test its Apollo Go service for driverless rides in Europe, beginning with Switzerland and Turkey. The company is accelerating global expansion as the competition in China's autonomous-driving sector intensifies. Samsung has agreed to purchase the German manufacturer of heating, ventilation and air conditioning products FlaktGroup for $1.68 billion from European investment company Triton.
Last-ditch lobbying campaign aims to save Biden’s clean-energy tax credit
Trade groups in the U.S. Energy Industry have launched a last minute lobbying campaign to urge Congress to spare former President Joe Biden’s clean energy tax credit from being cut out of the Republican budget plan. The House Ways and Means Committee proposed on Monday that several lucrative subsidies in Biden's signature climate legislation, the Inflation Reduction Act, be phased out or cancelled. Several subsidies related to solar and wind power, hydrogen and other technologies that reduce greenhouse gas emissions are on the table.
Trump administration sues Hawaii and Michigan to block planned lawsuits on climate change
The Trump administration sued Hawaii and Michigan in an attempt to prevent them from suing major oil companies for their role in climate changes. They accused the Democratic-led state of overreach, and threatening domestic energy production. A lawsuit has not been filed by either state. Hawaii Governor Josh Green said to a local television station that Hawaii plans to sue fossil-fuel companies by Thursday. Last year, Michigan Attorney General Dana Nessel retained law firms in order to represent the state in climate-change litigation.
The Trump administration sueded Michigan to stop a planned climate change lawsuit
The Trump administration sued Michigan to stop it from suing oil companies for their role in climate change. They claimed that the Democratic-led Michigan was blocking domestic energy production. In a late-night lawsuit filed in Michigan, the U.S. Department of Justice said that the state's intention to sue would have an "extraordinary extraterritorial scope" and undermine federal regulations on greenhouse gas emissions as well as the administration's goals for foreign policy. The state hasn't filed the lawsuit yet.
As the election approaches, Australia's richest woman says she wants Trump like reforms
Gina Rinehart, a mining magnate in Australia, is calling on the country to adopt a Donald Trump-style of leadership and cut government spending while increasing defence expenditures and energy security. The country will be voting this weekend. Rinehart, a vocal Trump supporter, attended the inauguration party of President Trump in Mar-a-Lago, Florida, in January. She said that Australia would benefit more from adopting a similar strategy to "whine and complain" about Trump's policies.
RWE's largest shareholder group is against more share buybacks
RWE's largest shareholder group, RWE municipal shareholders, opposes calls for further share buybacks. This includes activist investor Elliott. They say that they will drain cash for renewable investments. The Association of Municipal RWE Shareholders (VkA), who together own around 14% of the utility, has made a few rare comments in support of RWE Management amid increasing investor criticism of capital allocation. RWE, like its peers, cut investments in renewable energy projects in March due to the falling returns.
