MPOC expects palm prices to remain above 4,800 Ringgit
The Malaysian Palm Oil Council (MPOC), an agency of the Malaysian government, said Tuesday that palm oil prices will remain above 4,800 Ringgit ($1,075.03) by December due to the recovery in soybean oil prices. MPOC stated that the price rise would be dependent on the supply conditions in Malaysia, Indonesia and especially if monsoons continue to be severe throughout December. This would disrupt production. The agency also said that the low energy prices would be a factor limiting the price rise. It added that palm oil…
EU solar growth slows, raising concerns for energy transition
Industry data revealed on Tuesday that the growth in solar power installations in Europe has slowed to 4% after years of double digit increases. This is raising concerns over the continent's transition to clean energy. The findings are a blow to the European Union’s plans to expand rapidly its use of renewable energies – a key pillar in the bloc’s efforts to combat climate change and to end its dependence on Russian fossil fuels. SolarPower Europe, an industry association, said that the amount of solar power installed in Europe had increased by over 40% in 2021 and 2022 and by 50% in 2023. This year 65.5 gigawatts of solar were installed.
Nuclear roadblock to EU's new renewable energy target
On Monday, pro-nuclear countries expressed their opposition to the European Union's plans for a renewable energy goal. They said they would not support a goal which excluded atomic energy. Nuclear power is a controversial energy source that has caused political disagreements among the 27 EU member states. These disputes have delayed recent EU initiatives to reduce energy prices and to drive Europe's shift to low-carbon sources of energy. Nuclear power plants do not emit CO2, but they produce toxic waste, which some campaigners claim means that atomic energy shouldn't be classified as green.
US House panel finds BlackRock and other asset managers reluctant to join climate initiative
According to a report published on Friday by the Republican-led U.S. Congress committee, top asset managers in the United States were concerned that signing up for an industry climate initiative would make them look like they worked too closely together and attract regulatory scrutiny. This is the latest report released by the U.S. House Judiciary Committee’s Republican majority in a probe that they claim has revealed fund firms and activists were part of a “climate cartel” which colluded through shareholder organizations to reduce emissions. Democrats on the committee have denied these allegations. Top fund firms deny wrongdoing.
US House panel finds BlackRock and other asset managers hesitant to join climate initiative
According to a report published Friday by a Republican led U.S. Congressional Committee, top asset managers in the United States are concerned that signing up for an industry climate initiative will make them look like they're working together too closely and attract regulatory scrutiny. This is the latest report released by the majority of the Republican panel as part of an investigation they claim has revealed that fund firms and activists were part of a 'climate cartel' who colluded through shareholder groups pressing for emissions reductions. Democrats on the committee have denied these allegations. Top fund firms deny wrongdoing.
Document shows EU is looking to geothermal energy in its drive for energy security
A draft EU document revealed that the European Union plans to promote geothermal power as it searches for ways to replace Russian natural gas and lower energy prices. According to a draft document, the 27 EU member states will endorse geothermal power for the first-time at the meeting of EU energy Ministers in Brussels, next week. They will also ask the European Commission to develop a plan that will be adopted by the entire bloc to kickstart projects. The draft calls for an EU strategy on reducing emissions from heating and cooling, as well as specific EU measures that will accelerate geothermal projects.
German Cabinet approves $1.4 billion subsidy to reduce 2025 electricity network fees
The German cabinet approved a proposal to provide a subsidy of 1.3 billion euros ($1.37 billion) for electricity network fees that consumers will pay next year. This was announced by the Economy Ministry on Tuesday. High energy prices are straining household budgets in Europe's largest economy and affecting industrial production. The ministry stated that the subsidy would be funded by federal funds. It is expected to reduce the network charges, which make up approximately 20% of the electricity bill. The network fees will…
Document shows that the EU Commission has set a 50% storage target by February 2025.
The European Commission announced on Friday that Europe had set a target to have its gas storage 50% full by February 1, 2025. This is to ensure supply security amid cold weather forecasts and fears of Russian gas disruption. It is important to ensure that the gas supplies of the EU do not fall too low during the winter months, and that the supply remains stable in light of the end expected for Russian gas to Europe via Ukraine's transit route. The goal of setting the target for February to an average minimum around 50% is to strengthen the security of the gas supply…
Prices for gas in Europe are not much different despite the cold weather forecast
Analysts said that the Dutch and British wholesale prices of gas were not much different on Thursday, but could rise due to forecasts for colder weather conditions and reduced wind speeds. By 0922 GMT, the benchmark front-month contract for the Dutch TTF hub had fallen by 0.10 euros to 46.41 Euro per megawatt hour or MWh (or $14.60/mmbtu). The Dutch day-ahead contract fell 0.20 euros, to 46.40 Euros/MWh. The day-ahead contract in Britain fell 1.15 pence, to 115.27 pence per therm. Ulrich Weber, LSEG analyst, says that a…
German Minister proposes subsidies for stabilizing electricity network fees
German Economy Minister Robert Habeck proposed Tuesday subsidies to stabilize fluctuations of electricity network fees. Consumers and businesses are bearing the brunt due to high energy costs, which have hindered investment and production. Habeck, speaking at a Berlin industry conference, said that the subsidies would be "a short-term measure" for 2025. They could be technically implemented by a 2024 supplementary budget. In Germany, the cost of using the electricity network accounts for around 20%. High energy prices are also affecting the production and competitiveness of German companies, resulting in a negative impact on the economy.
EUROPE GAS prices hit an all-time high amid cold weather and supply concerns
Dutch and British wholesale prices for gas hit an intraday record on Thursday, amid concerns about the Russian storage and supply inventories falling below last year's levels and a forecast of cold weather. LSEG data show that the benchmark front-month contract for the Dutch TTF hub had risen 0.86 euros to 47.67 euros a megawatt hour at 1012 GMT. This was a new intraday high. The British day-ahead contract increased 2.15 pence, to 119.25 pence per thermo, the highest intraday levels since November 2023. Analysts at Engie’s EnergyScan stated in a morning report that "concerns about EU gas stock...
Fuels and carbon gain from a curve that shows a fall in spot prices
The European spot electricity prices fell on Friday on the back of forecasts that higher wind generation will be occurring and lower demand on Germany's main market. Forward contracts, however, rose in line with gains on fuel and carbon markets. The French baseload for the day ahead fell by 3.4%, to 114 Euros ($120.01 per megawatt-hour (MWh). At 0840 GMT the equivalent German contract had settled at 121 Euros/MWh. On Friday, the German wind power production is expected to increase by 5.1 gigawatts to 30.2 GW. The French nuclear capacity remained at 85 percent of the total.
Thyssenkrupp: Nucera's operating performance in 2023/24 was better than expected
Thyssenkrupp Nucera, a hydrogen company, said on Monday that its operating performance for the full year was better than expected. It said lower margins due to investor caution in a sector affected by low energy prices had been offset partly by cost reductions. In its trading statement, which was released ahead of the full-year results to be announced, Thyssenkrupp, a German company, reported that earnings before interest and taxes (EBIT) were slightly higher than expected. Thyssenkrupp, along with other manufacturers of electrolysers, has been affected by investor hesitation over the uncertain regulation surrounding hydrogen.
Orban: EU sanctions against Russia must be rethought to reduce energy costs
Hungarian Prime Minster Viktor Orban stated on Friday that the European Union should reconsider its sanctions against Russia, as they keep energy prices high and hinder the bloc's competitiveness. At their informal summit held last week, the leaders of the European Union signed a statement on competitiveness. "Energy costs must be reduced by any means necessary." In order to lower energy prices, the sanctions must be re-evaluated. Orban stated that U.S. firms pay only a quarter the amount of their European counterparts for gas and electricity. This is a disadvantage which could not be overcome through other means.
A2A, Italy's largest company, raises its profit forecast for 2024 and dividend growth through 2035
A2A, an Italian company, raised its core and net profit forecasts for 2024 on Tuesday. The company reported a net profit increase of around 70% in the nine-month period to 713 millions euros ($757.9million). The largest regional utility in the country also increased its planned annual dividend growth rate to at least 4%, from 3%. A2A expects a core profit of 2,28-2,32 billion euros this year compared to its previous guidance of 2,18-2,22 billion euros. Net profit is expected to be between 800 million and 820 million euro, which is higher than the previous guidance of 700-720 million euro.
The future EU energy chief says he will speed up the end of Russian gas imports
Dan Jorgensen wants to end the EU's dependency on Russian fossil fuels as soon as possible, he said at a Tuesday parliamentary hearing. Ursula von der Leyen, President of the European Commission, has given Jorgensen the task to lower energy prices in order to restore Europe's competitiveness as an industrial powerhouse. She also wants to decarbonise Europe's economy and stop the remaining Russian energy imports. In the next few weeks, he is expected to receive confirmation of his new position. "We have a problem, our industry suffers." "They are paying twice or three times more for energy than in the U.S.A.
SABIC, a petrochemicals company, makes a profit in the third quarter but fails to meet market expectations
Saudi Basic Industries Corp. (SABIC), a major petrochemicals company in the world, reported a net profit of $1.5 million for the third-quarter, compared to a loss the previous year. This was due to higher revenues and core profits. In a press release, the company reported that its net profit for three months ended September 30 was 1 billion riyals (266.27 millions dollars), compared to a loss last year of 2.87 billions riyals. LSEG data shows that the third-quarter profits missed analysts' expectations by 1.6 billion riyals. The net income for the quarter reported fell from 2.18 billion riyals to just 1 billion riyals ($266.27 millions).
Australia should be leading the energy transition. But is it missing out? Russell
Australia's abundance of minerals and renewable energy, stability of government, and proximity to Asia's growing markets makes it a country that is well-positioned to benefit from the energy transition. The mood was a bit downbeat this week at the International Mining and Resources Conference in Sydney, which brought together the entire mining and resource sector. Speaker after speaker highlighted the opportunities available, but there was always a warning that Australia risks missing the boat by losing out to competitors…
Australia should be leading the energy transition. But is it missing out? Russell
Australia's abundance of minerals and renewable energy, stability of government, and proximity to Asia's growing markets makes it a country that is well-positioned to benefit from the energy transition. The mood was a bit downbeat this week at the International Mining and Resources Conference in Sydney, which brought together the entire mining and resource sector. Speaker after speaker highlighted the opportunities available, but there was always a warning that Australia risks missing the boat by losing out to competitors…
PPA Platform reports that European renewable energy prices dropped in Q3, PPA platform.
The price of European power purchase agreements for green electricity dropped by 12.4% during the third quarter, compared to the same period in 2023. This was revealed on Thursday by the price tracking platform LevelTen. The report cited several factors, including the decline in inflation as well as the volatility of markets following COVID-19 and a 2022 energy shortage. The variety of PPA offtake opportunities is perhaps greater than ever before. PPAs are long term agreements between solar and wind developers and corporate power users. PPAs are long-term agreements between corporate power users and solar and wind project developers.
