Octopus Energy, a British company, has bought a stake in the East Anglia One windfarm
Octopus Energy, a British company, announced on Thursday that its Octopus Energy Generation division had purchased a 10% share in the East Anglia One Wind Farm, which is one of the largest operating wind farms in the world, supplying electricity to around 700,000 households a year. The unit's fourth investment in an offshore wind farm in Britain and seventh in Europe…
The price of gas in Europe is rising due to forecasts for cooler temperatures and Norwegian maintenance
Dutch and British gas rates rose on Tuesday, as forecasts called for cooler temperatures over the weekend. They also cited maintenance scheduled at certain Norwegian infrastructure this week. LSEG data shows that the Dutch front-month contract increased by 0.34 euros to 40.69 Euro per megawatt hour or 12.88/mmBtu at 0818 GMT.
Brazil's sugar crushing fell by 18% during the first half of March.
Unica, a Brazilian industry group, said that the amount of sugar cane crushed in the center-south region in Brazil during the first six months of March was down almost 18% compared to the same period last year. Unica reported that the sugar production in the area during the same time period fell by 19%, to 52…
Draft shows EU members are seeking flexibility in the 90% rule for gas storage.
A document reviewed by revealed that the European Union is discussing a proposal which would allow it to diverge from its target of filling natural gas storage up to 90% before winter if market conditions made this prohibitively costly. This month, the European Commission proposed to extend EU deadlines for filling gas storage by two years. The new dates are 2026 and 2027.
German contracts for the front year are affected by lower gas prices
German power contracts for the year ahead fell on Monday as gas contracts and carbon permit prices dropped. By 0957 GMT, the German baseload power for the year ahead fell by 1.1% to $85.24 per megawatt-per-hour (MWh), while its French counterpart rose 0.2% to $63.85/MWh. Dutch and British wholesale prices of gas fell on Monday morning…
Finland's Fortum explores options for long-term nuclear power
Fortum, a Finnish utility, said Monday that it would focus on renewable energy sources and nuclear life extension to meet the growing demand for electricity. It will also continue to explore long-term options such as new nuclear generation or pumped hydro. He added that the Nordics will meet this new demand…
Equinor, Norway's largest oil company, scales back its climate ambitions due to wind change
Equinor, the Norwegian energy company, has weakened its plan for energy transition as it struggles with delivering on promises to invest in renewable energy technologies and low-carbon technology. It cited practical difficulties and shifts in political priorities. In 2022, the oil and gas producer laid out short and medium term steps to achieve net zero emission…
Thyssenkrupp CEO: We can't guarantee that the $3.3 billion green steel plant will be cost-effective.
The CEO of Thyssenkrupp said that a planned 3 billion-euro ($3.3billion) Thyssenkrupp site in Duisburg, which is to produce carbon-neutral metals, could be left stranded without Germany ensuring there's enough green hydrogen to provide it. This project is not just about pushing the limits of technological feasibility. We are also operating at the limit of economic viability.
Mexican tycoon Slim targets two of Pemex’s key fields to gain clout within the energy sector
Sources familiar with the matter say that the Mexican state energy company Pemex has been in contact with Carlos Slim, and the billionaire could be asked to help fund two of the most promising crude oil fields and natural gas deposits in the country. These negotiations, which were not previously reported, show Slim's increasing influence in Mexico's energy sector.
Sources say that most EU countries support softer storage targets for gas
In a meeting held behind closed doors on Wednesday, a majority of European Union member countries supported plans to relax some of the bloc’s binding gas storage targets when they were extended until 2026-2027. EU diplomats confirmed this. Germany, France, and the Netherlands warned that the EU's deadlines for filling gas storage were pushing prices up.
Italy approves Italgas' 2i Rete gas deal with conditions
The Italian antitrust authority has approved conditionally the acquisition of 2i Rete Gas, Europe's largest gas distributor, by Italgas, a domestic competitor, on Tuesday. Italgas has agreed to purchase 2i Rete gas for 5.3 billion euro ($5.8 billion), a major step in consolidating the gas distribution sector in Italy.
Andy Home: Export ban on cobalt from Congo is not enough to eliminate the glut
The Democratic Republic of Congo has suspended cobalt exports for four months, a sign of how even the largest producer in the world is feeling the effects of historically low prices. This news has given cobalt a boost and its impact is already spreading through the supply chain. One Congolese operator Eurasian Resources Group…
India's thermal coke imports fell for the sixth consecutive month in February
Ship tracking data shows that India's thermal coal imports, which are mainly used for power generation, fell in February for the sixth consecutive month. This is because coal-fired electricity generation increased at a slower pace due to a slowdown of manufacturing. It is the longest streak of decline since February 2022 when imports fell for eight consecutive monthly.
Strategie Grains: EU on track for larger oilseed crop in this year
Strategie Grains, which kept its monthly harvest predictions almost the same on Friday, said that the European Union remains on track to see a recovery in oilseed production for this year due to the favorable conditions of rapeseed crops. The consultancy forecasted rapeseed production in 2025/26 at 19,0 million metric tonnes, an increase of 13% over 2024/25.
FGV Holdings Malaysia expects to see higher profit margins by 2025
FGV Holdings, the Malaysian palm oil producer, said Friday that it expects higher profit margins by 2025. This is due to improved productivity on its estates as well as increased palm prices during the first half year. Mohd. Hairul Abdul hamid, chief financial officer of the group, said that palm prices will average between 4…
Expand Energy is on track to increase US natgas production to meet the growing demand
Expand Energy, previously known as Chesapeake Energy, and the largest natural gas producer in America, announced on Thursday that it is on track to increase output by over 5% from the levels expected in 2020, as long as the market conditions allow for such an action. The CEO of Expand, Nick Dell'Osso, told…
Mexico advances energy reform to reinforce dominant roles of state-owned companies
Mexico's Senate passed on Wednesday laws for an energy reform which strengthens the dominance of state-owned companies Pemex CFE, while opening up new opportunities for private investment in order to achieve the country's goals of self-sufficiency. The new laws, which received 85 votes for them, 39 against…
Iraq and BP agree on four Kirkuk oil fields
Iraq and oil giant BP signed a contract to redevelop Kirkuk's four oil and gas fields. BP announced the deal on Tuesday. This is a major breakthrough for Iraq where production has been hampered by war, corruption, and sectarian tensions. The signing takes place a day before BP updates investors on its strategic plan.
Berlin must act quickly to fix the economy
German business leaders called for Berlin to form a new cabinet quickly on Monday, warning that Europe's largest economy cannot afford to waste time while companies are suffering from high costs, bureaucracy and increasing competition from abroad. The CDU/CSU won the Sunday national elections, clearing the way for a new coalition government with the Social Democrats.
Berlin is urged to act quickly by corporate bosses on the weak economy
German business leaders called for Berlin to quickly form a new Government on Monday, warning that Europe's largest economy cannot afford to waste time while companies are suffering from high costs and red tape, as well as increased competition from abroad. The CDU/CSU won the Sunday national elections, clearing the way for a new coalition government with the Social Democrats.
