Signals of bearishness are triggered when price trends diverge.
On Wednesday, the direction of spot electricity prices in Germany and France diverged. However, the dominant trends of increasing renewable output and declining demand created a bearish wholesale environment. In Germany, the demand for electricity is down by 1.7 Gigawatt Hours per Hour (GWh/h), but wind and solar power generation are both up by 7.3 GWh/h & 0.9 GWh/h respectively.
Equinor Q3 profit drops 13%, lagging forecast
Equinor reported a sharper-than-expected 13% decline in third-quarter profit on Thursday, hit by weaker oil prices and lower production, and cut its full-year outlook for capital expenditure and renewable energy production growth. Equinor's poll of 25 analysts found that the adjusted earnings for the period July-September fell from $7.93 to $6.89. This is below the $7.08 billion estimated by Equinor.
Egypt reduces renewable energy targets to 40% by 2040, but keeps natural gas as the main focus
The Egyptian government has revised the renewable energy goal for 2040 from 58% to 40%, said Petroleum Minister Karim Badayi on Sunday. He also stressed that natural gas would remain an important part of Egypt's energy mix in years to come. Egypt committed to increasing renewable energy production by 42% to its energy mix before hosting the COP27 summit in 2022. Later, this target was advanced to 2030.
German spot prices are affected by the rising wind supply
The German spot electricity price for Wednesday dropped on Tuesday due to the expected increase in wind power supply, while the French price increased as the nuclear availability decreased with an unplanned interruption. LSEG data show that German baseload day-ahead power fell 11.5% to 81.50 Euros ($89.55 per megawatt hour) at 0928 GMT. The equivalent French contract increased by 26.1%, to 35 euros/MWh.
Sweco will design one of Europe’s largest battery-based energy storage systems in Belgium
Sweco, a Swedish engineering consultancy, announced that it will design Green Turtle in Belgium, one of Europe's biggest battery energy storage systems. Sweco designed the battery park for the company GIGA Storage Belgium. Sweco stated that the park will make a significant contribution towards the grid, by storing renewable energy in times of low solar or wind energy production.
German wind power expected to fall in the next week
The spot prices for Monday's trading were not traded until early Friday morning, due to the expected fall in German wind energy supply over the coming week. LSEG data revealed that the German and French Monday Baseload Power contracts were not traded at 1014 GMT. The German contract had an asking price of 68 Euros ($75.87 per MWh) for the German contract.
Drax will invest up to $12 billion in US biofuel power plants
Drax, a British power generator, said that it could invest up $12.5 billion in developing biomass plants with Carbon Capture and Storage (BECCS), in the United States within the next decade.Drax, the company that generates around 6 percent of Britain's electric power, has said it will remain committed to the UK, but also sees potential in the U.S.
Texas sues Biden Administration over lizards' endangered status, citing oil industry threat
Texas Attorney General Ken Paxton filed a lawsuit against the Biden administration Monday, claiming that the decision to declare the dunes sagebrush Lizard as an endangered species could harm property owners or energy production. Paxton, who is a Republican, claimed that the U.S. Fish and Wildlife Service based its final rule, adopted on May 20…
Russell: China's coal consumption and output is increasing, while renewables are on the rise.
China's thermal energy generation grew in August, the first time it has done so in four months. However, it is still behind the overall increase in electricity production as renewables continue to grow. According to data released by the government on September 14, electricity from thermal sources increased 3.7% from August of last year to 614,9 billion kilowatt hours (kWh).
The rising German wind power generation is a factor in spot prices
European prompt electricity prices fell on Friday, as a result of expectations that German wind energy supply will double on Saturday. Riccardo Paraviero, LSEG analyst, said: "The fundamental outlook (for Friday) is decisively negative. He added that wind power production could reach 25 gigawatts during certain periods. LSEG data…
APPEC-Taiwan CPC expects LNG imports to rise with nuclear phase-out
An official from state energy company CPC Corp stated that Taiwan's annual imports will increase as more gas-fired electricity plants are brought online in the face of the planned phase out of nuclear power by 2020. Vice president Jane Liao said that Taiwan's LNG imports this year could increase to 20 million tonnes from 19 million in 2023.
QatarEnergy doubles annual urea production
QatarEnergy, a state-owned company, will increase its urea production to over 12,4 million tons per year from the current 6 million tons, according to its CEO, who spoke at a Sunday press conference without mentioning a specific timeframe. Saad al-Kaabi, who is also Qatar's Minister of State for Energy Affairs, stated that the construction of four urea production lines…
Orsted Energy shuts down last coal-fired power plant
Orsted, a Danish company, announced on Thursday that it will close its last coal-fired units this week. This marks a significant milestone in the transition of Orsted to fossil-free power generation. Since selling its oil business in 2017, the company, which was formerly called DONG Energy has pioneered offshore energy. It now calls itself a "renewable giant" and is a leader in offshore wind.
UK's Drax will pay $33 million after misreporting biomass data
Ofgem, the UK's energy regulator, said that Drax had misreported data regarding biomass imported from Canada. The company will pay Ofgem a voluntary redress fund of 33 million pounds (25 million pounds) for this mistake. Drax is Britain's leading renewable energy generator. It has converted four coal-power plants to biomass, and operates hydropower projects.
Demand rises outweighs gains in renewable energy
European spot power prices dropped on Monday as wind and solar energy production is expected to outweigh the growing demand in the region. By 0952 GMT on Tuesday, the German baseload electricity price was 87.50 Euros per megawatt-hour (MWh), down 21.2% compared to Friday's price for Monday delivery. LSEG data revealed that the equivalent French contract was 62 euros/MWh.
Digitalization is Drawing CCS a New Learning Curve
Digital solutions are accelerating the progress required to ensure CCS earns its place in climate change mitigation history.Carbon capture has been around since the 90s, but the behavior of CO2 in pipelines is still not that well understood. A lack of suitable multiphase flow assurance models has meant that past CCS projects have had to apply large, costly safety margins to transport and injection systems.
Offshore Energy Production & the World Economy
As the price of gas continues to seemingly hold steady at around three dollars a gallon, the pocketbooks of Americans continue to suffer. Regretfully, due to global conflict and the outbreak of wars across Europe and the Middle East, oil prices are continuing to climb upwards, troubled by geopolitical conflict and fears of a potential shutdown of international oil and gas fields.Thankfully…
Pakistan and China Sign $4.8 Billion Nuclear Power Plant Deal
Pakistan and China signed a $4.8 billion deal on Tuesday to build a 1,200-megawatt nuclear power plant, Prime Minister Shehbaz Sharif said, hailing the investment by a country that Pakistan views as its most dependable ally.Work on the Chashma 5 project would begin immediately, Sharif said on state-run news channel PTV following…
New Cloud Platform for Subsea Survey Data
Subsea geo-information specialist TrueOcean GmbH launched a new digital platfom designed tor accelerate the transformation of marine data acquired by underwater sensors, including multibeam echosounders and related systems from any manufacturer, into actionable, easily shared information and insight via the cloud.In development since the Kiel…
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…
