Nordic countries debate energy policy after spikes in power prices
On Thursday, the hourly electricity prices in certain parts of Scandinavia reached record levels. They were tenfold higher in some cases than average, due to cold weather and lower wind power production. This prompted politicians to suggest a change in energy policy. In Denmark, the price per megawatt-hour (MWh) for an hour starting at 1600 GMT has risen to 936 Euros. South-western Norway and Southern Sweden have seen prices above 700 Euros/MWh. The German price has also risen due to the unusually low amount of wind and solar energy generation.
ArcelorMittal delays planned green investments for EU
ArcelorMittal is the second largest steelmaker in the world. It announced on Friday that it was delaying green investments due to uncertainty over European Union regulations. ArcelorMittal received 850 million Euros ($885 million) from the French Government in January to support its 1.7 billion Euro decarbonisation programme in France through 2030 at its Dunkirk site and Fos-sur-Mer site. ArcelorMittal said on Friday that it had not yet made final investment decisions for these projects. This includes the replacement of 2 out of 3 blast furnaces at Dunkirk with green hydrogen-powered installations.
Viaro CEO accused of forging documents in UK lawsuit to steal millions
Former employer of the CEO of an independent British Oil Producer who is purchasing North Sea assets from Shell and Exxon Mobil, is suing him for allegedly falsifying documents in order to steal substantial amounts. Court documents show that Viaro Energy's CEO Francesco Mazzagatti has been accused of involvement in the misappropriation at least of 143.8 million euro ($151.5 millions) by Singapore-based Alliance Petrochemical Investment. The suit, first reported in the Financial Times, was filed by London's High Court at the end of August. Mazzagatti denies all allegations.
Philippines urges residents in the affected areas to evacuate as the super typhoon Man Yi intensifies on its approach
The Philippine authorities made an urgent call on Saturday to residents of coastal towns and low-lying areas to evacuate as the super typhoon Man Yi gained strength in its approach to the main island of Luzon. Man-Yi intensified, with sustained maximum winds of 195 kph and gusts reaching up to 240kph. It was prompted to increase its alert level to the highest for the provinces Catanduanes Sur and Camarines Sur, located in central Bicol. Ariel Nepomuceno of the Office of Civil Defense urged residents to evacuate if they were in the projected path of the typhoon. Man-Yi was expected to bring heavy rains, powerful winds, and possibly storm surges.
Trump's Victory Lifts Small-Caps, Banks
Donald Trump's second term as U.S. President on Wednesday lifted equity markets, on the back of bets on lower corporate taxes, favorable tariffs, and deregulation. This lifted shares of local small-cap companies, banks, and Trump Media.Elon Musk, the CEO of Tesla Motors, was appointed to head a government efficiency panel after Trump endorsed the billionaire during his election campaign. This led to an increase of 12.6% in Tesla's shares.Futures linked to the Russell 2000 small-cap index surged by 6%. The Dow and S&P 500 were both set to open on record highs.The market believes that a Trump presidency would unleash animal spirits…
Orsted Addresses Swedish Baltic Sea Wind Concerns
Orsted CEO assures Sweden that the offshore wind industry has solutions that would address defense concerns. At issue: Sweden's rejection of a proposed 13 offshore wind farms in the Baltic Sea.Swedish Defense Minister Pal Jonson said on Monday that building wind farms in the Baltic Sea would pose defense risks, by making it harder to detect and shoot down missiles. As Europe turns to renewable sources to diversify energy supplies away from Russian oil and gas, concerns have also risen about how to secure critical maritime infrastructure.Sweden joined NATO this year in response to Russia's 2022 invasion of Ukraine.
Sweden rejects 13 Baltic Sea Wind Farms, citing defense concerns
The Swedish government announced on Monday that it has rejected 13 applications for offshore wind farms to be built in the Baltic Sea because of defence concerns. However, it has approved one project on the west coast. Pal Jonson, the Swedish Defence Minister, said at a recent press conference that wind farms built in the Baltic Sea could harm defence interests. This is because they would make it more difficult to detect and shoot missiles with Patriot batteries in a conflict. Poseidon, a single wind farm on the west coast that has been given the green light, will produce 5.5 Twh per year of electricity, according to the government.
Shares of US energy companies rise as Middle East crisis fuels supply concerns
The shares of U.S. Energy companies rose in premarket trading on Wednesday. This was due to the rise in oil prices, which was a result of concerns about a possible escalation in tensions in Middle East. The markets went into a risk off mode after the announcement. The demand for safe-haven currencies such as the Japanese yen, Swiss franc and oil stocks was strong. Benchmark Brent crude rose by 2.8% to $75.59 per barrel while U.S. crude climbed 3% to $71.92. Matthew Ryan, director of Ebury's market strategy, said that the involvement of Iran was a worrying development for the markets.
As tensions in the Middle East escalate, futures prices fall; employment data is on tap
U.S. Stock Index Futures fell on Wednesday, as geopolitical tensions and a port strike in the United States kept investors on edge before data that was expected to shed some light on the state of the economy and its monetary policy trajectory. Wall Street's major indexes started the fourth quarter of the year with a gloomy outlook. The S&P 500, and Nasdaq touched lows that were about two weeks old in the previous session as investors dumped riskier assets in response to Iran firing missiles at Israel in retaliation to its attacks on Lebanon. The markets held steady as Israel and the U.S.
What are the main issues in Mozambique's elections?
Next week, Mozambicans are voting in legislative and presidential elections. It is almost certain that the Frelimo Party will extend its half-century in power. The party has been fighting a longstanding Islamist insurgency within one of Africa's biggest gas fields. Daniel Chapo is the candidate of the ruling party and a former law professor. He will replace Filipe Nyusi, who was previously a radio announcer. Here are the key issues that face one of the poorest countries in the world and its 34 million citizens as they head to elections.
TotalEnergies denies knowing about alleged torture and killings at Mozambique Liquefied Natural Gas site
PARIS, September 26 - French oil giant TotalEnergies responded to a report in the media by saying that it was unaware of the torture and killings allegedly committed on site of the future Mozambique Liquefied Natural Gas plant. Politico reported earlier Thursday that Mozambican soldiers working out of this site, which has not been completed, had rounded up 180 to 250 local men and locked them inside shipping containers. They then tortured them and killed the majority of them from July through September 2021. The Mozambican defense ministry didn't immediately respond to an inquiry for comment about the allegations made in the Politico article…
EU's von der Leyen announces 35 bln euro loan in Kyiv visit
Ursula von der Leyen, President of the European Commission during her visit to Kyiv last Friday, announced a loan for Ukraine up to 39 billion dollars ($35 billion), saying that it was necessary to protect the country from Russian attacks and to help it survive the winter. Zelenskiy, standing next to her, said that the loan will be used for energy procurement, air defences, and arms procurement. He urged his allies, at the press conference, to approve a "victory strategy" he had drafted by the end the year. Von der Leyen, who was visiting Kyiv to begin her second term as the head of the executive branch of the European Union…
Two Republicans ask Pentagon to add Chinese Battery Maker CATL to restricted List
Two Republican senators on Wednesday requested that the U.S. Defense Department add Chinese battery manufacturer CATL to a list of restricted companies suspected to be working with Beijing's army. Experts say that companies added to this list are not eligible for U.S. government contracts, and they also face significant reputational risk. Senator Marco Rubio and Representative John Moolenaar of the House Select Committee on China asked Defense Secretary Lloyd Austin, to place CATL, formally known China's Contemporary Amperex Technology Co, on the list. They said "it would send a strong signal to U.S. CATL and Pentagon did not respond immediately to comments.
Starmer, the UK's ambassador to Berlin, is there for talks on resetting ties with Europe
On Wednesday, British Prime Minister Keir starmer will discuss an economic and defense accord with German leaders. He hopes to use his two-day trip to Europe's leading powers Germany and France as a chance to reset the relationship with the rest. Starmer stated that he wanted Britain move past the previous Conservative Government's fractious relationships with European allies, and place improved ties as the core of his efforts in order to boost Britain's economy. Starmer was in Berlin on Tuesday and visited the Brandenburg Gate before meeting with President Frank-Walter Steinmeier on early Wednesday morning.
Starmer wants to help Europe reset its ties by pursuing a defence deal with Germany
British Prime Minister Keir Starmer will discuss a landmark economic and defence accord with German leaders on Wednesday, hoping to use a visit to pursue a "once-in-a-generation opportunity" to reset relations with the rest of Europe. Starmer, who is on a two-day trip to Germany and France to promote Britain's economy, said that he wanted to see Britain move past the fractious relationship with European allies of the previous Conservative government and place improved relations at the center of his efforts. Starmer, who will be visiting Berlin to begin his trip…
Protecting Offshore Energy Sources via USV
When most people discuss energy sources such as fossil fuel and green energy, it is from an “either-or” perspective. Some favor the former while others advocate for the latter. However, what is often lost in the arguments on both sides is that regardless of the type of energy being extracted or generated, those platforms that are offshore, especially oil rigs, oil and gas pipelines, and wind farms, are incredibly vulnerable to anyone who wants to attack these sources in wartime, or just to make a political statement.One need look no…
Thinking Holistically about Hydrogen’s Place in the Energy Transition
As energy operators across the world come to terms with the continuously changing nature of the energy transition, the need for a wide-lens view of the situation is clear. This includes knowing the capabilities and pitfalls of renewable energy sources at our fingertips, hydrogen being one that is especially prevalent.Kees van Wingerden, an expert with more than 45 years’ experience in industrial safety and infrastructure development, makes the case for holistic thinking and planning for the ‘new’ energy landscape. Everyone has an opinion on the energy transition and believes theirs is the ‘right’ one.
Has Green Hydrogen Sprung a Leak?
The green hydrogen express is gathering pace, but it may have a worrying problem with leaks.As governments and energy companies line up big bets on the much-touted fuel of the future, some scientists say the lack of data on leaks and the potential harm they could cause is a blind spot for the nascent industry.At least four studies published this year say hydrogen loses its environmental edge when it seeps into the atmosphere. Two scientists told Reuters that if 10% leaks during its production, transportation, storage, or use, the benefits…
Legal Beat: Jones Act Moon Shot
What does the Jones Act have to do with the moon, you ask? Well, we must go to ground on the Jones Act to answer the question.The “Jones Act” we are talking about is the section in the Merchant Marine Act, 1920 which revised the pre-existing reservation of U.S. domestic maritime commerce to qualified U.S.-flag vessels. “Pre-existing” is the right term because the U.S. Government advantaged U.S.-owned vessels in the domestic trade first with a differential duty in 1789 and then with an outright reservation in 1817. Changes were made over time to close loopholes particularly in 1866, 1893, and 1898. The 1898 change for the first-time reserved U.S.
MTR100: For USVs and AUVs, is it a Hydrogen Future?
Hydrogen has been making big headlines in the energy world. It’s one of the potential routes to deliver high density energy to transport and heavy industry – but also to marine applications, as well as a way to move and store renewable energy. Various uncrewed surface vessel (USV) developers, autonomous underwater vehicle (AUV) builders and even subsea power delivery system providers are taking a serious look – and even trialing – hydrogen as an option.SEA-KITThe Maxlimer hydrogen configuration. Image courtesy SEA-KIT InternationalTwo UK firms, SEA-KIT and ACUA Ocean are working on hydrogen power systems for their USVs.
