Vulcan Energy, a company listed in Australia, receives $106 million funding from the German Ministry
Vulcan Energy Resources, an Australian company, announced on Tuesday that it received funding of 100 million euros (106.42 millions dollars) from the German Economy Ministry for its renewable energy facility in Landau in Germany. The Vulcan HEAT4LANDAU Project is a project to generate renewable geothermal heating to support Landau’s transition to sustainable district heating starting in 2026. The project is a part of Vulcan’s Phase One Lionheart Project. This project aims to increase Europe's supply chain for green lithium by strengthening the capacity of 24,000 metric tonnes of lithium hydroxide per year.
Germany strengthens domestic wind energy industry
Germany plans to provide state guarantees for the production of wind energy, it announced on Thursday. This is part of a package that aims to boost Germany's wind industry, amid concerns among European governments and businesses about Chinese firms taking a lead in this sector. Berlin will include guarantees in the KfW program for sustainable transformation, according to the Economy Ministry. Around 16 billion euros (17.34 billion dollars) of guarantees are required for a production ramp up by 2030. These measures will expand the number of companies who must comply with energy cybersecurity regulations.
Germany announces measures to boost domestic wind industry
The German economy ministry announced on Thursday that it would introduce measures to boost its domestic wind industry. This comes amid concern from European governments and businesses about Chinese companies gaining momentum in Europe. The ministry stated that the measures would focus on improving cybersecurity and reducing dependence for critical components such as permanent magnets. It also aims to ensure fair competition on global markets. This was after a meeting in Berlin with European wind turbine manufacturers, suppliers, and other unnamed parties.
Germany allocates $3 billion to decarbonisation subsidies
According to the German economy ministry, the German government has allocated up to 2.8 billion euro ($3.1 billion) for 15 industrial companies to help them decarbonise their operations under its first "climate protection contract" round. Berlin, as part of Germany’s goal to achieve climate neutrality by 2045 will provide 15-year subsides to companies such as those in the glass, paper, and chemical sectors in exchange for them reducing their carbon emissions during production. Over the 15-year contract period, it is expected that these 15 projects will contribute to a 17 million metric ton reduction in emissions.
Discounts are maintained in France despite prices falling in Germany
German spot electricity prices for Thursday dropped on Wednesday due to expectations of a higher wind energy supply and lower demand. Meanwhile, those in France rose from a lower baseline, but still maintained a discount compared to the neighboring market. LSEG data revealed that the German baseload power contract for day-ahead was down by 29.5% to 57.5 euros ($63.01 per megawatt hour) at 0800 GMT. The French equivalent contract increased by 37.1%, to 49.0 Euros/MWh. Marcus Eriksson, LSEG analyst…
Minister: German natgas supplies secure without Ukraine transit
The German Economy Ministry said on Tuesday that Germany's and neighbouring countries' natural gas supplies are safe even if the transit through Ukraine was cut off. The ministry stated that Germany's terminals for liquefied gas (LNG), even those without access to the coast, are an insurance against a natural gas shortage, including in countries outside of Europe. Ukraine informed Slovakia Monday that they will not be extending their gas transit agreement between Russia and Ukraine after its expiration at the end 2024.
Data shows that the battery capacity of Germany's power grid will increase by almost a third between 2024 and 2028.
Official data released on Thursday showed that the capacity of Germany's grid batteries used to stabilize electricity networks had increased by almost a third this year. This is a result of efforts to accommodate more renewable energy. Berlin's government is aiming for wind and solar energy to make up 80% of all electricity by 2030. In the first half 2024, renewables accounted for 60% of power production. Storage is needed to balance the supply and demand of the system and to reduce the volatility in wholesale power prices.
Denmark's North Sea Energy Island is again delayed by high costs
A government minister announced on Wednesday that Denmark would delay construction by at least three years of the planned North Sea Energy Island to provide renewable energy to three million European homes. The delay is due to rising costs and interest rates. Energy Minister Lars Aagaard said that the projected investment exceeded 200 billion Danish crowns (29.81 billion dollars) and required about 50 billion crowns of state support. Energy Minister Lars Aagaard declined to reveal how much the costs had risen from initial projections.
German Cabinet OKs Emergency Measures to Fast-track Renewables Expansion
Germany's cabinet on Monday approved measures to accelerate the expansion of wind and solar power by simplifying licensing and setting deadlines for permitting procedures, the economy ministry said.Berlin aims to generate 80% of electricity from renewables by 2030, but red tape has been hampering Germany's efforts to meet that goal.The cabinet adopted a package of European Union emergency regulations, agreed last year, to speed up wind and solar permits and clarify the environmental and grid permit deadlines that approving authorities must meet for such projects.The package of measures, which is yet be voted on i
Germany Nationalises Gas Group Uniper in Scramble to Secure Supply
Germany confirmed the nationalization of struggling gas importer Uniper at a cost of 8 billion euros ($7.9 billion) on Wednesday as it scrambles to secure power for Europe's largest economy after Russia cut back supplies.Nationalizing Germany's largest importer of Russian gas is the second move in a week by the government in Berlin to take control of an energy business as it confronts a winter crisis.Uniper, whose shares were around 18.97% lower at 3.38 euros at 0710 GMT, burned through its cash buying alternative supplies after Moscow cut gas flows to Germany…
Germany Lifts Offshore Wind Capacity Target to 20 GW by 2030
The German government, coastal states, and maritime authority BSH have agreed an offshore wind industry deal raising the new expansion target to 20 gigawatts (GW) by 2030 from currently 15 GW, the economy ministry said in a statement on Tuesday. The long-awaited move, which also involved the onshore transmission grid firms 50Hertz, Amprion, and TenneT, came after energy ministers of the states met last week and since then put the finishing touches to negotiations, it said.
Brazil, Petrobras Paving Way for Giant Tender
Brazil's government will announce "within days" a deal with state-run oil company Petrobras to settle a multi-billion-dollar contract dispute and clear the way to auction billions of barrels of oil off of the Brazilian coast, a minister said on Monday.Economy Minister Paulo Guedes told journalists that his team sat down recently with officials at the Mines and Energy Ministry, and that "the deal is done."Reuters reported earlier on Monday that Petroleo Brasileiro SA, as it is formally known, and the government had "practically agreed" on the size of a multi-billion-dollar payment to Petrobras to settle the fight…
Brazil Likely to Pay Petrobras $10 Bln
The Brazilian government is likely to pay around $10 billion to state-run oil firm Petroleo Brasileiro SA to settle the so-called 'transfer-of-rights' dispute, newspaper Valor Economico reported on Tuesday, though the parties have not agreed on final terms.The financial daily, citing a source with knowledge of the matter, said the payment was a reduction from a previous proposal of $14 billion. Valor in January had reported that the government had agreed on the higher figure, but the government subsequently denied the report.The two sides are close to an agreement…
New Petrobras Chief Wants to Oust Board Members
The new chief executive of Brazil's Petroleo Brasileiro SA is pushing for the ouster of two of the state-controlled oil company's board members, three people with knowledge of the matter said on Friday.Roberto Castello Branco is seeking the resignation of two Petrobras board members, Segen Estefen and Durval Soledade, whose mandates were only supposed to end in 2020. Brazilian newspaper Valor Economico was first to report that Castello Branco was pushing for their exit.The people, who asked for anonymity due to the sensitivity of the matter…
Dutch Government to Slow Gas Production at Small Fields
The Netherlands will slow down production at smaller natural gas fields in coming years and halt the search for new fields on land as extraction from the vast Groningen field is phased out, the Dutch government said on Wednesday.The government decided in March to wind down output at the Groningen field, once Europe's largest gas field, by 2030 as part of efforts to reduce the danger caused by small but damaging earthquakes.The Economy Ministry said on Wednesday that production from the country's…
Tax Change Could Boost Russian Oil Output
The Russian energy ministry has proposed changes to a draft oil production law that it says could boost production by around 900,000 tonnes per year, First Deputy Energy Minister Alexei Texler said on Wednesday.Debate about the law has dragged on for years, as the Finance Ministry expressed concerns the changes could reduce state revenues.Oilfields, especially in West Siberia, have become increasingly depleted and the new tax regime is seen as an incentive to produce more oil in a country which…
Netherlands to Halt Gas Production at Groningen by 2030
The Dutch government said on Thursday it will phase out gas production at the Groningen field, once Europe's largest, by 2030 as part of efforts to reduce the danger caused by small but damaging earthquakes. Production is set for 21.6 billion cubic metres (bcm) this year, already down from a peak of 53.8 bcm in 2013, following a series of cuts as decades of extraction have led to dozens of earthquakes each year, damaging thousands of homes and buildings. "Our intention is (to cut production) to get towards 12 bcm in the coming four or five years…
Russian Economy Ministry Submits Rosneft Privatization Proposals
Russia's Economy Ministry has submitted to the government its proposals on the privatization of a stake in the nation's largest oil producer Rosneft , Interfax news agency cited a ministry official as saying on Tuesday. He didn't provide any details. (Reporting by Vladimir Soldatkin)
French Unions Walk Out of Nuclear Sector Meeting with Minister
Several French trade unions walked out of a meeting with the economy minister on the nuclear sector on Monday, saying they did not want their participation used as a cover to sanction decisions such as on EDF's Hinkley Point project in Britain. Economy Minister Emmanuel Macron was expected to meet the energy branch of the trade unions to discuss the overhaul of the French nuclear sector which has been in turmoil since the Fukushima disaster in 2011. The unions, worried that heavily indebted state-controlled utility EDF is taking on too much…
Technip, FMC Target Oil Services 'Big League' with Merger Deal
France's Technip on Thursday announced an all-stock merger with U.S. rival FMC Technologies, as it seeks to offset weaker spending on exploration and production by cash-strapped oil companies. The new group, to be domiciled in London, would have combined revenue of $20 billion and the merger is expected to deliver annual pretax savings of at least $400 million by 2019, as well as boost earnings per share significantly, the companies said in a statement. Lower energy prices are driving consolidation in the oil services sector, hit by an oil supply glut that has been weighing on exploration and production.
