Vestas Taps Car Battery Know-how for Wind Power Storage
The world's largest wind turbine maker Vestas is tapping into experience from the car battery industry to try to address the challenge of using erratic wind and solar energy to meet a growing share of power demand. Energy storage is becoming increasingly important as production of renewable energy rises, because the wind might not blow or the sun shine during the peak hours when most consumers turns on their lights and appliances. In order to bring down cost of renewable energy and help grid operators balance intermittent output…
Russia Ramps up Fuel Exports in Fight for European Market
Russia plans to sharply increase fuel exports and carve out a larger share of the European market following an extensive $55 billion modernisation of its refineries, companies' plans and analysts' reports show. Russia embarked on a modernisation of its biggest refineries in 2011 following a fuel shortage crisis. It also changed its tax system to favour production of cleaner and higher-quality fuel. The modernisation, which has not been completed yet, led to a surge in output of light products and exports, which has hurt European refineries' margins.
Trump Won't Seek to Roll Back CA Vehicle Rules
President Donald Trump will announce the U.S. Environmental Protection Agency will revive a review of the feasibility of strict fuel efficiency standards through 2025, but will not seek to withdraw California's authority to set its own vehicle rules, a White House official said late on Tuesday. Reuters reported on Monday the administration planned to announce the review on Wednesday as Trump heads to Michigan, home of the U.S. auto industry. A White House…
China Three Gorges to buy German Wind Park
China Three Gorges, which operates the world's largest hydropower plant on China's Yangtze river, will buy German offshore wind park Meerwind from U.S. buyout firm Blackstone, the companies said on Monday. The terms of the sale were not disclosed but people familiar with the process have told Reuters that they expected it to be valued at around 1.6 billion euros ($1.8 bln). The deal, signed during a visit by German Chancellor Angela Merkel to China, has German government approval despite growing controversy over Chinese takeovers of German businesses.
Yen Drops on Rate Cut Talk; Oil Climbs
The U.S. dollar rose to a three week high against the yen on Friday, on a report of likely further monetary policy easing from the Bank of Japan, while a rise in crude oil prices was offset by poor technology sector earnings, leaving Wall Street stocks steady. The dollar rose more than 2.0 percent against the yen to 111.80 yen, its highest level since April 1 after a media report said the BOJ is considering expanding its negative rate policy to bank loans and could cut rates further.
Daimler Says Batteries have Edge Over Fuel Cells
Electric batteries have won a slight edge over hydrogen fuel cells in their quest for future dominance in the car industry, Daimler Chief Executive Dieter Zetsche told a German weekly. Daimler is cooperating with partners in both areas and Zetsche said it was still unclear which of the two competing technologies would be more successful in playing a leading role in the sector. "But one has to recognise: batteries have become more attractive in recent years.
VW Set for Easier Ride in Europe on Emissions Scandal
Volkswagen is unlikely to face U.S.-style fines in Europe over its emissions scandal because of a softer regulatory regime and its home country Germany's determination to protect its car industry, EU sources and legal experts say. The carmaker has been embroiled in crisis since last September, when it admitted it had cheated U.S. emissions tests using software known as "defeat devices". The U.S. Justice Department is suing the German company for up to $46…
RWE Supervisory Board to See More Departures
More representatives on the supervisory board of German utility RWE are to step down at next year's annual shareholder meeting, potentially bringing the number of places on the 20 strong board to be filled at the elections next April, to at least six. RWE faces the worst crisis in its 117-year history, suffering from low wholesale power prices, a surge in renewable capacity, uncertainty over the size of provisions for the shutdown of its nuclear plants and embarrassing billing issues at British subsidiary npower.
Oil Prices Weigh on Alternative Fuel Sector
With gas pump prices lingering near their lowest levels in five years, greener, cleaner alternative fuels are taking a hit. Makers of biodiesel, a fuel made from vegetable oil or animal fats, are slashing prices and margins in a bid to stay competitive with the price of diesel fuel, which is down more than 20 percent from a year ago. Shippers are delaying purchases of trucks that run on natural gas, and sales of electric vehicles are down, while demand for less fuel-efficient SUVs is up. Wall Street is also punishing the sector.
Cheaper Euro and Oil Set to End Europe's Years of Earnings Downgrades
The recent sharp slide in the euro and commodity prices is set to provide tailwind for European companies struggling against economic weakness, and soon break a streak of earnings downgrades that has already lasted 3-1/2 years. After two years of declining profits, European firms have struggled to turn the corner as the euro zone economy flat-lined; data on Tuesday even showed a sharp drop in Germany industrial production. Every month since early 2011, equity analysts have revised more profit forecasts downward than upward for European firms…
Plug Power Revenue, Fuel Cell Demand Soar
Plug Power Inc's quarterly revenue more than doubled, beating the average analyst estimate, helped by a rise in demand from customers including Wal-Mart Stores Inc, which uses its hydrogen fuel cells to power forklifts. Shares of Plug Power, which also turned a net profit for the first time due to a gain on stock warrants, rose about 7 percent to $6.23 in premarket trading. The company said it deployed its first hydrogen fuel cell unit at a Wal-Mart site in the second quarter. Wal-Mart has placed orders for such units at seven sites.
Rolls-Royce Power Yields Stable Revenue in 1H 2014
Revenues generated by Rolls-Royce Power Systems AG remained stable in the first half of 2014. The 2014 half-year report published today by the Rolls-Royce Group shows revenues for the “Power Systems” segment of £1.214 billion (€1.473 billion). This represents 17% of the total revenues generated by Rolls-Royce. The business activities of today’s Rolls-Royce Power Systems AG are now included in the “Power Systems” segment, which is made up of the former Tognum Group, including the Norwegian subsidiary, Bergen Engines AS.
Rolls-Royce Hopes to Conclude Siemens Deal
Britain's Rolls-Royce is hopeful of concluding an estimated 1 billion euro ($1.4 billion) disposal, talks on which it announced earlier this week as it looks to exit an energy-related business it sees as too small to effectively compete globally. Rolls, the world's second-largest maker of aircraft engines behind General Electric, had on Tuesday announced talks on the possible sale to Germany's Siemens of its unit which makes equipment for the oil and gas industry, as well as power-generation gear for utilities.
Fuel Cell Stocks Power Ahead
Shares of U.S.-listed fuel cell makers surged in heavy trading on Wednesday, led by FuelCell Energy Inc , as investors bet that demand will grow for the cleaner alternative to lead-acid batteries as a way to power vehicles such as buses and fork lifts. FuelCell Energy's shares surged 25 percent to a four-year high of $3.40 in early trading, with 58 million shares changing hands by 1055 ET, making them among biggest movers both in percentage and volume terms on the Nasdaq.
UPS to Buy 1,000 Propane-Fueled Delivery Trucks
Reuters - United Parcel Service Inc, the world's largest courier company, said it would buy 1,000 propane-fueled delivery trucks and install 50 fueling stations in the United States as it expands its already-large fleet of alternative-fuel vehicles. The propane fleet, which UPS is buying from Daimler AG's Freightliner Custom Chassis Corp, will replace gasoline- and diesel-fueled vehicles used largely in rural areas in Louisiana and Oklahoma. The new fleet is expected to displace about 3.5 million gallons of conventional gasoline and diesel per year, UPS said.
