Tauron, a Polish utility, has seen its third-quarter profit increase by 65% due to lower costs
The Polish energy utility Tauron reported on Thursday that its net profit for the third quarter of 2014 increased by 65% compared to last year, due mainly to lower coal and material costs. The group's net profit was also boosted by the increase in distribution costs. Tauron is looking for funding to support its renewable energy investments. The company also owns some coal-fired units that receive capacity payments from the European Union. This system expires in 2025.
Altair deal could be funded by other companies, including Siemens.
Ralf Thomas, chief financial officer of Siemens, said that the company could sell a portion of its shares in Siemens Healthineers and Siemens Energy, as well as Fluence, to fund the $10.6 billion Altair purchase. Siemens owns 75% of medical equipment manufacturer Siemens Healthineers, 17% of Siemens Energy and 31% in energy storage company Fluence. Thomas, an analyst, told investors that the sale of listed companies could generate substantial revenue.
Southeast Asia must increase investments by five times to achieve climate goals by 2035, according to the IEA
International Energy Agency stated on Tuesday that Southeast Asia must increase its clean energy investment to $190 billion by 2035, or five times current levels, to achieve climate goals. The IEA stated in a recent report that increasing energy investments must be accompanied with strategies to reduce emissions at the relatively new fleet of coal-fired power plants. The report also stated that the rapid expansion of the economy would pose a challenge to energy security and climate change goals.
Turkey plans to quadruple its wind and solar power capacity by 2035
Alparslan Bayraktar, the Energy Minister of Turkey, said that $108 billion in public and private investments will be needed to quadruple Turkey's wind and solar power generation capacity to 120,000MW by 2035.Bayraktar, speaking at a conference to announce Turkey's roadmap on renewable energy resources, said that the first tender conditions for this year's renewable energy resource area will be announced next Monday.Bayraktar…
Infinity Natural, a company that produces oil and natgas, files for an IPO in the US
Infinity Natural Resources, an oil and natural gas developer, is planning to launch its initial public offering (IPO) in the United States. This comes after the company nearly doubled its revenue during the first half year. Infinity, backed by investment firms Pearl Energy Investments (PEI) and NGP Capital (NGP Capital), will seek to list at the NYSE. The filing was made just days after the shares of BKV, a natural gas producer, began trading.
Argentina's energy investments are expected to reach $15 billion next year due to deregulation
The Energy Secretary Eduardo Rodriguez Chirillo stated on Tuesday that Argentina expects to see investments in its energy sector reach $15 billion by 2025, and $16.5 billion by 2026 as a result of the market deregulation efforts. According to Rodriguez, the estimated expenditure includes additional funds flowing from the country's investment promotion regime RIGI, which Rodriguez estimates ranges from $2 billion to $25 billion per year.
Serica Energy's UK first-half profits and production fall
Serica Energy, an oil and gas company, reported a lower profit for 2024's first half on Tuesday. A tax charge of $106 million was to blame. A planned shutdown of the Triton Hub, located in UK Central North Sea, also affected production. Serica reported that it produced 43.700 barrels equivalent to oil per day (boepd), down from 49.350 boepd last year. Serica said that due to unplanned downtime, its full-year production average is expected to fall below the previously stated range of 41-46…
Ten Things to Consider When Choosing Your Digital Twin Provider
Kongsberg Digital’s Brian Sidle identifies the top ten things to consider when choosing a provider for cloud-based digital twins in the energy sector.The energy sector’s heavy asset operators stand to benefit greatly from a cloud-based digital twin, but successful digital transformation initiatives can be elusive – especially when it comes to sustaining long-term performance improvements. Whether the digital twin journey is driven by the CTO…
UAE Interested in Turkish Energy Investments
The United Arab Emirates is eyeing investments in Turkey's energy sector, ports and railways, Foreign Minister Abdullah bin Zayed Al Nahyan said on Friday.Speaking at a joint press conference with Turkish counterpart Mevlut Cavusoglu in Istanbul, Al Nahyan said the UAE was especially interested in renewable energy investments in Turkey.(Reuters - Reporting by Ece Toksabay; Editing by Andrew Heavens)
Energy Charter Treaty Talks: EU to Seek Fossil Fuel Phase-out
The European Union's executive will push for a 10-year phase-out of the protection for fossil fuels under an international energy treaty, following calls from some countries to quit the accord unless it can be aligned with Europe's climate goals.The more than 50 signatories to the Energy Charter Treaty will next month resume talks to update the agreement, which was created in the 1990s to protect international…
Rolling the Dice in Chaos: The Prospects of Investment in the Gas Industry
As stated in the Declaration of Malabo at the 5th Summit of Heads of State and Government of the GECF Member Countries, in order to sustain the security of demand and supply of natural gas, it is necessary to ensure sufficient investments through the entire gas value chain among all gas market stakeholders [1].Since the start of 2020, every aspect of the global economy, including investment projects in natural gas industry, have been strongly hit by the outbreak of the Covid-19 pandemic.
KBR to Move Away from LNG, Energy Business
Engineering and construction firm KBR Inc will exit most of its liquefied natural gas (LNG) construction and other energy projects, it told investors and employees, as customers pull back on energy investments.The company will refocus on government contracts and technology businesses, Chief Executive Stuart Bradie wrote to employees on Monday. It will "no longer engage in lump sum, blue collar construction services…
IEA to Build 300 MW Nebraska Wind Farm
Indianapolis-based infrastructure construction company Infrastructure and Energy Alternatives, Inc. (IEA) announced a new wind energy project valued at approximately $98 million.The deal is for construction of the Milligan 1 Wind Farm in Saline County in southeast Nebraska.The 300-megawatt project is expected to provide enough energy to power up to 115,000 homes. The power generated by the project’s planned 99 turbines will be delivered into the Southwest Power Pool electrical grid.The wind farm…
GSP Offshore, Trident Black Sea Bid in Ukraine
GSP Holding company GSP Offshore SRL is the preferred drilling and engineering services provider of Trident Black Sea, in its bid for the right to negotiate a production sharing agreement (PSA) with the Ukrainian government for the offshore Dolphin block in the northwestern part of the Black Sea.According to a press release from the Romanian company providing offshore integrated services for oil and gas industry said that Trident Black Sea will be the operator of the project…
Europe Invests in African Renewable Energy
The provider of testing and advisory services to the energy value chain including renewables and energy management, DNV GL has joined European signatories including ABB, EDP Renewables, Enel Green Power, Ge Renewable Energy, Pöyry, Prysmian, PwC, Siemens Gamesa and Vestas."DNV GL has signed a ‘declaration of intent’ to commit its interest and participation to the initiative renewAfrica, aimed at boosting renewable energy investments in Africa…
Global Energy Investment Totals $1.8trln in 2018
Global energy investment totalled more than USD 1.8 trillion in 2018, a level similar to 2017, said the International Energy Agency (IEA).The investment stabilised in 2018, ending three consecutive years of decline, as capital spending on oil, gas and coal supply bounced back while investment stalled for energy efficiency and renewables.IEA's latest annual review said that for the third year in a row, the power…
BP Energy Partners Acquires Cryopeak LNG Solutions
The private equity firm focused on the energy industry BP Energy Partners (BPEP), LLC announced it has purchased a controlling interest in Cryopeak LNG Solutions Corp, a customer-centric liquified natural gas (LNG) solutions company.Cryopeak will become a portfolio company in BPEP's second private equity fund, BP Natural Gas Opportunity Partners II, LP. In addition to the controlling interest acquisition, BPEP…
Renewable Energy Conference to Advance Low-Carbon Development in Egypt
Release of IRENA’s ‘Egypt Renewable Energy Outlook’ will be key focus of co-organized three-day conference in Cairo next monthEgypt’s Ministry of Electricity and Renewable Energy and the New and Renewable Energy Authority (NREA) together with the International Renewable Energy Agency (IRENA) will co-organize the country’s first high-level renewable energy conference in the Egyptian capital, Cairo next week.The three-day Egypt Renewable Energy Conference…
DNV GL Provides Tech Support for 3 Norwegian Wind Farms
DNV GL, the world’s largest resource of independent energy experts and certification body, today announced that the company’s technical expertise was an important part of the due diligence of the Bjerkreim cluster, a 294-megawatt group of wind farms in Norway.The German asset manager for renewable energy investments Luxcara recently entered long-term Power Purchase Agreements (PPAs) for 100% of the output and…
Netherlands to Allow New Offshore Wind Investments
The Dutch government on Tuesday said it will allow five new offshore wind turbine farms capable of producing 7 gigawatts (GW) of electricity in the 2024 to 2030 period. The Netherlands is lagging other European countries in renewable energy investments and has launched a programme to speed up renewable energy projects, including tenders to build 4.5 GW of offshore wind farm capacity in the period up to 2023. "Our…
