UAE renewables firm Masdar weighs possible IPO, sources say
Three people familiar with the situation have confirmed that Masdar, Abu Dhabi's state owned renewables company, is considering a public offering. Two sources said that the company was considering a dual listing, one in New York and another in Abu Dhabi, to raise funds for renewable projects. A third person confirmed that Masdar had held informal discussions with banks. Two people have said that an IPO will not happen before 2026.
UK's Energean terminates Carlyle deal
Energean, a UK-based gas company, announced on Friday that it had terminated its agreement with Carlyle to sell some of its assets because regulatory approvals were still pending in Italy and Egypt. In June 2024, the two companies struck a $945 million deal that would allow Carlyle to establish a new Mediterranean-focused oil and gas company, led by former BP CEO Tony Hayward, by utilizing Energean's assets in Egypt, Italy, and Croatia.
Energean reports a rise in its annual profit and flags exploration costs
Energean, a UK-based gas company, reported a 2% increase in its annual profit after taxes on Thursday. However, it also flagged $241 million in impairments relating to assets located in Egypt, Morrocco, and Greece. The company reported a profit of $188 millions for the year ending December 31, 2024. This is up from $185 in 2023. The company stated that the increasing demand for electricity and…
Ukraine purchases US LNG from Poland's Orlen
Naftogaz, the state-owned energy company in Ukraine, announced on Tuesday that it had purchased 100 million cubic meters (mcm), of U.S. LNG. This month, a senior Ukrainian energy official said that Ukraine could import large volumes U.S. Gas this year via terminals located in Germany, Greece and Lithuania. The fuel will be a shipment from the United States. "After regasification, gas will be transported from Poland to Ukraine…
Ukraine invests in US LNG to meet its rising gas import requirements
The state gas company of Ukraine said that it may import large quantities of U.S. natural gas via terminals located in Germany, Greece and Poland this year, as Kyiv continues to struggle with the effects of Russian attacks against its infrastructure. The White House is leading the talks to end more than three long years of war following Russia's invasion in Ukraine. Kyiv announced on Tuesday that it would accept a ceasefire offer, but Moscow is yet to agree. The importation of U.S.
Aurora increases its European battery capacity 2050 forecasts by 30%
Aurora Energy Research increased its forecast of 2050 battery storage in Europe by nearly 30%, to 128 gigawatts. It highlighted Italy as the most appealing market for investors. The demand for battery storage is driven by the desire to counter the intermittent nature that wind and solar have taken on, which now makes up about a third or more of Europe's total energy mix. As countries strive to reduce emissions and achieve climate targets…
Lightsource bp has secured 10 power purchases totaling 1.3 GW in the last 12 months
The firm reported on Wednesday that Lightsource bp - a renewable energy developer and a subsidiary of British oil giant BP - secured 10 power purchase agreement (PPA) in the last year, totaling 1.3 gigawatts of renewable energy capacity worldwide. Lightsource bp stated that the PPAs have been contracted in Europe, Americas and Asia Pacific for solar power. Microsoft, Google and LyondellBasell, a chemicals company, are among the customers of Lightsource bp.
Minister: Greece will launch gas exploration bid on Friday
The Greek energy minister announced that Greece will hold a tender on Friday for new rights to explore gas in its southwest waters after a U.S. oil company, Chevron, expressed interest. Chevron has submitted its non-binding expression of interest in exploring for energy on a deep sea block located south of the Peloponnese Peninsula in the Mediterranean Sea. Theodore Skylakakis, Energy Minister of Greece, told Greek Radio that the tender process would begin today.
NW Europe Fuel oil Imports at 3-year High
A rush to replenish scarce supply of high-sulphur fuel oil (HSFO) pushed Northwest European imports of residual fuel oil to their highest in three years in November, analysts told Reuters.The Amsterdam-Rotterdam-Antwerp (ARA) area, Europe's main trading and refining hub, received around 450,000 barrels per day (bpd) of all types of fuel oil in November, the highest monthly volume since November 2021.That compared with an average of 332…
Greece announces new round of subsidies on household electricity bills
Greece announced on Friday a new round in subsidizing electricity bills to assist households struggling with the rising costs of electricity in December. Greece spent almost 10 billion euros ($10.58billion) on power bill subsidies to households and businesses between 2021 and 23. This is the largest amount of subsidies that an EU country had ever paid as a percentage of its GDP. In November, wholesale power prices in Europe reached their highest level in more than a year.
Greece Aims to Wean Tourist Islands from Fuel Imports
Greece signed a deal with the European Commission and the European Investment Bank (EIB) on Thursday to set up a fund that will help its tourism-reliant islands wean off fossil fuel and reduce power costs, the Greek government said.Greek Prime Minister Kyriakos Mitsotakis met EIB's Chair Nadia Calviño on Thursday. Mitsotakis then attended a ceremony for the signing of the agreement on the island…
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.
The new Climate Plan of Greece sets higher renewable energy targets
A revised energy and climate policy presented on Friday sets more ambitious goals for the expansion of solar and wind power in order to reduce greenhouse gas emissions by 2030. Athens will target an 82% share for renewables in the electricity generation in 2030, compared to a 66% goal in its previous plan for 2019. The plan is to be submitted for approval to the European Commission. The national…
Italgas expects double-digit growth in income by 2030 and increases minimum dividend
Italgas, Italy's largest gas distributor, expects double-digit increases in its net income and core profits under a new strategy to 2030. This comes after the signing of a 5.3 billion euros deal on Saturday to buy smaller rival 2iReteGas. The group announced on Monday that it will ensure that its dividends grow 5% per year until 2026. This is compared to the previous minimum of only 4%. It also confirmed it will pay out 65% adjusted net income for each share.
Cyprus and Greece sign an agreement on the 'world's largest' subsea cable
The energy ministers of Greece and Cyprus announced on Saturday that they had signed a Memorandum of Understanding (MoU), which will allow them to proceed with the construction of a submarine electric cable connecting continental Europe to East Mediterranean. The Great Sea Interconnector cable (GSI) will connect transmission networks in Europe with Cyprus, a project that costs 1.9 billion euro ($2.12 billion), later extending to Israel.
Hungary: EU is not doing enough to reduce Russian gas dependency
Hungary's chief energy security official on Wednesday criticised the European Union for failing to provide enough support in order to help smaller countries, which are landlocked, move away from Russian gas. Csaba Maresvari, Hungary’s deputy state secretary of energy security, said at the Gastech Conference in Houston that landlocked, smaller states like Hungary need more funding to reduce their reliance on Russian Gas.
Russian insurance boosts oil exports to India's top buyer
Data from sources in the shipping and trade industries shows that Russian insurers play a greater role in facilitating oil shipments by Russia to India, which is its largest buyer. This helps to protect Moscow's revenue through exports despite Western sanctions. According to calculations based upon the documents of the vessels, Russian firms insured 60% of Moscow’s oil cargoes bound for India in July. This is up from 40% last December.
Russian insurance boosts oil exports to India's top buyer
Data from sources in the shipping and trade industries shows that Russian insurers play a greater role in facilitating oil shipments by Russia to India, which is its largest buyer. This helps to protect Moscow's revenue from exports despite Western sanctions. According to calculations based upon the documents of the vessels, Russian firms insured 60% of Moscow’s oil cargoes bound for India in July. This is up from 40% last December.
EU Probes Chinese Subsidies and Imports
The European Commission proposed on Tuesday final duties up to 36.3% for imported electric vehicles manufactured in China. This is part of the most high-profile EU investigation into alleged Chinese subsidies, which has provoked threats from Beijing. The EU has also begun investigations to determine whether Chinese clean-tech producers are dumping subventioned goods onto EU markets, and whether Chinese owned companies receive unfair subsidies when operating within the European Union.
The Top 10 Offshore Wind Energy Trends to Watch in 2023
The drivers for global offshore wind growth look good for 2023. Global offshore wind is forecast to grow from over 60 GW at the end of 2022 to 240 GW by 2030 and over 410 GW by 2035. But the sunny outlook must be balanced with some building dark clouds. As we prepare for the new year, let us look at ten factors that will shape the offshore wind sector in 2023.1. Solid foundations: Optimism for…
