GE Vernova is expecting 80 gigawatts in gas turbine contracts before the end of the year
GE Vernova, a manufacturer of power generation equipment, said that it expects to sign 80 gigawatts in combined-cycle gas?contracts before the end of this year - as electricity demand from Big Tech data 'centers - ramps up. The demand for natural gas-powered?turbines has risen as U.S. electricity demand is at record levels due to the proliferation energy-intensive data centres supporting artificial intelligence initiatives.
Teck Resources shareholders approve merger With Anglo American
Shareholders in the Canadian miner Teck Resources voted on Tuesday for the merger with Anglo American. This allows both companies to proceed to the next step of seeking approvals from regulators around the world. Teck and Anglo American announced their merger in September in a $53 billion all-stock deal, creating the fifth largest copper miner on the planet. Anglo-Teck would have its headquarters in Vancouver, Canada and be listed on the London Stock Exchange.
EIA: US power consumption will reach new highs by 2025 and 26.
Energy Information Administration's short-term energy forecast on Tuesday said that U.S. electricity consumption would reach record levels in 2025 and in 2026. EIA predicted that power demand would rise from 4,110 billion kWh to 4,199 billion in 2025 and 4,267 billion in 2026. Demand is increasing due to the use of electricity by homes and businesses and data centers dedicated for artificial intelligence and cryptocurrency.
The decision on the French energy planning bill is expected to be made by Christmas
The French energy ministry announced on Tuesday that the country will take a final decision on the "delayed multiannual planning law" (PPE). The 'PPE' is a 10-year plan that outlines the country’s goals on everything from renewable and nuclear energy to climate change. However, political fights over renewable energy frameworks have caused long delays in its publication. The ministry…
Sources say Saudi Aramco will export the first condensate in February from Jafurah Gas Plant
Two sources familiar with the matter confirmed on Tuesday that Saudi Aramco, the state energy company, plans to export the first condensate from the Jafurah Gas Plant in 'February. Aramco is aiming to be a global leader in natural gas by increasing its production capacity. The $100 billion Jafurah Project, which contains 229 trillion standard cubic feet of raw gas, and 75 billion barrels condensate according to estimates, is at the heart of this ambition.
French spot up on lower renewables and Germany's down
On Tuesday, European power prices varied. The French prices rose despite lower wind and solar production. Germany's prices fell but still retained a premium compared to those of the neighbouring country. According to LSEG, the price for French day-ahead basisload at 0930 GMT was 146.6% higher, or 64.8 euros ($75.47), than it had been before. This is more than double what it had been previously, which was 26.3 euros.
EUROPE GAS-European Prices Rise on Slightly Stronger Demand Outlook
Dutch and British gas rates firmed up on Tuesday. Forecasts suggest a slightly higher demand, although both pipeline?and liquefied (LNG?) supply remain robust. LSEG data revealed that the benchmark Dutch front-month MWh contract at TTF hub had increased by 0.16?euros to 27.33 euros (MWh) or $9.33/mmBtu as of 0913 GMT. It fell to its lowest level in April 2024, 26.75 Euros/MWh on Monday. The Dutch day-ahead contracts eased by 0.03 euros, to 26.77 Euros/MWh.
Ananym Capital launches activist campaign after acquiring stake in Siemens Energy
The Financial Times reported that Ananym Capital owns a stake in Siemens Energy, a German company. It is pushing Siemens to separate its wind business. Ananym has 'launched a campaign of activism against the company,' FT reported, citing sources familiar with the issue. The stake was not disclosed. Charlie Penner and Alex Silver, a former P2 partner, founded the activist hedge fund last year. Penner was the architect of a three-seat win at Exxon Mobil by 2021.
Report: US solar installations up 49% in the third quarter
A study released by Wood Mackenzie and the Solar Energy Industries Association on Tuesday showed that the U.S. industry installed new solar capacity of 11.7 gigawatts in the third quarter. This represents a 49% increase. The report said solar accounted ?for ?58% of all new electricity-generating capacity added to the U.S. grid through the third quarter, with more than 30 GW installed.
US Judge rejects Trump Administration's decision to stop wind energy permits
Federal judge ruled on Monday that U.S. president Donald Trump's administration failed to justify their decision to suspend the issuing of leases and permits to new "wind" projects in accordance with Republican President's wishes. U.S. District judge Patti Saris, in Boston, sided with 17 Democratic-led States and the District of Columbia when she found that agencies failed to adequately…
Eskom reports that South Africa is looking for ways to assist ferrochrome companies.
Eskom, the state-owned power utility, announced on Monday that it is looking for ways to support South Africa's ferrochrome sector. Eskom stated in a press release that the memorandum with the two companies was the result of constructive discussions on Friday between the minister of electricity and the energy of the country and the trade unions. Samancor Chrome, the joint venture…
French spot price drops on more wind supplies
The French spot price for power for Tuesday dropped as it was expected that wind generation would increase. However, the German bid-ask price range was higher on Monday due to a dramatic drop in wind production. LSEG data shows that the French baseload day-ahead power price at 0946 GMT was $27.38 per megawatt hour, down 32.5% compared to Friday's closing price for Monday delivery.
Industry group: China's coal demand will fall for the first time in 8 years.
An industry group said that China's coal usage is expected to decline for the first time since 2017, as the power sector reduces its use. However, consumption could grow modestly next year. The China Coal Transportation and Distribution Association's (CCTD) website cited the comments made by a representative during a meeting held on Wednesday but did not provide a precise figure of consumption.
Romanian Brazi Power Plant resumes operation after being shut down by the state
Romanian energy company OMV Petrom is majority owned by Austrian OMV. Its 860 MW, gas-fired Brazi Power Plant has resumed operation after being forced to close due to water restrictions in the Paltinu Dam, which it relies on. According to the company, Brazi's power plant will soon be operating at full capacity. The plant supplies about 10% of the electricity in the country. The Energy Ministry said that 300 MW had been reconnected with the national grid.
Prices to be affected by Monday's warm and windy weather
The European electricity prices will likely fall dramatically on Monday due to the expected surge in wind power production in Germany. Meanwhile, warmer weather is sending demand down in France. LSEG data shows that the German and French baseload power contracts for Monday were not traded by 1008 GMT on Friday. LSEG data shows that German wind power production is expected to increase by 23.2 gigawatts on Monday to 28.8 GW.
Indonesia reverses its decision to retire Cirebon coal-powered plant early
Indonesia's chief economic minister stated on Friday that it was unlikely to proceed with its plan to retire Cirebon-1 early. However, the country is evaluating other coal-fired power plants to be shut down early. Cirebon was seen as a case study for early retirements of coal-fired plants in developing nations under the Just Energy Transition Partnership, a G7 funded initiative.
Industry head: Colombia will see a jump in renewable energy by 2025, thanks to new players.
Alexandra Hernandez (President of the Colombian Renewable Energy Association, SER Colombia) said that Colombia will end 2025 with 2,685 Megawatts (MW), up 49% compared to 1,800 MW by the end of 2024. This is due to new project commissions as well as some regulatory changes. In the past year, 27 large and medium-sized projects, mainly solar, were completed, as well as three wind projects, and one biomass facility, totaling $2.9 billion in investment.
UK consumers face higher energy bills after regulator approves $37 billion grid upgrade
The British Energy Regulator has approved an investment of 28 billion pounds ($37.33 billion), over the next five-years, to ensure that the energy system is reliable and safe in the future. This is part of a plan to upgrade the energy system which will increase consumer bills by 108 pounds per year. The investment exceeds the provisional estimate of 24 billion pounds made by regulator Ofgem back in July, despite the British Government's promise to lower energy prices.
Reduced wind output increases power prices
The European day-ahead electricity prices rose on Thursday, compared to the previous session. This is because wind generation in the region is expected decrease. Riccardo Paraviero, LSEG analyst, said that the fundamental outlook for Germany has changed again to a tighter one. This is primarily due to the decreasing supply of wind energy. He added that conditions are similar across the rest the region. The French and Dutch residual loads will rise dramatically.
Turkey extends Russia Gas Contracts by an additional year with a view to US Investment
Turkey has finalised an extension of one year to its two gas import contracts that expire with Russia, totalling 22 bcm. It is also considering investing in U.S. production, as part of its efforts to diversify sources of energy. Turkey, Russia's final major gas market in Europe has steadily reduced the proportion of Russian gas in its gas supply mix. It has now fallen below 40%. Both contracts with Gazprom expire this year.