Equinor, BP and TotalEnergies invest in Britain's carbon-capture projects
They announced on Tuesday that Equinor, BP, and TotalEnergies have made the final investment decisions for two of Britain's first projects to capture and store carbon in the north. The Northern Endurance Partnership Project, which is a joint venture between the three companies, will store carbon dioxide permanently for an initial amount of 4 million tonnes per year. Equinor holds 45% of NEP. BP has 45%, and TotalEnergies 10%. Equinor, BP and BP are also partners on the Net Zero Teeside Power Project. This project is a 742 megawatts (MW), gas-fired plant with carbon capture. BP owns 75% of this project and Equinor 25%.
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…
German rates drop, while French prices increase amid weather changes
On Wednesday, the European power prices showed divergent trends. Germany's fell on account of higher wind generation, while France's went up due to colder weather forecasts, which will increase electric heating demand. LSEG's analysis cited the wind power supply in Germany as the guiding force that will lead to net exports from the country for the next day. LSEG noted a decrease in lignite and natural gas availability among other factors. LSEG data shows that German baseload power for the day ahead was down 21.8% at 97 Euros ($102.00 per megawatt-hour (MWh) as of 0940 GMT. The price of the MWh was up 28.4% from its previous close.
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.
Germany's chemical lobby calls for regulatory reform and growth agenda
VCI, the industry lobby group in Germany, said that to achieve climate neutrality while remaining competitive and improving its performance it is necessary for regulation changes. VCI, which published two of its own studies, said that the crises in the last few years had left a mark on the balance sheet of chemical and pharmaceutical firms. Boston Consulting Group, in a study on the mood of the industry, found that nearly three-quarters of respondents are not likely to invest in new sites and plants in Germany. They cited bureaucracy and high energy costs, as well as long approval processes.
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).
Alcoa and Ignis are close to signing a joint funding agreement for Spain's aluminium plant
Alcoa announced on Wednesday that it is "progressing", towards a strategic agreement of cooperation with the Spanish renewable energy company Ignis, to fund the operations of the U.S. Metal Producer's aluminum plant in northwest Spain. Alcoa announced that the proposed agreement would see Alcoa contribute 75 million Euros ($81 million), and Ignis make an initial 25 million Euro investment, giving Ignis 25% ownership of San Ciprian in Galicia. Alcoa, based in Pittsburgh, Pennsylvania, said it would provide up to 100 million more euros if needed, prioritizing future cash flows.
Shares of US energy companies rise as Middle East crisis fuels supply concerns
The shares of U.S. Energy companies rose in premarket trading on Wednesday. This was due to the rise in oil prices, which was a result of concerns about a possible escalation in tensions in Middle East. The markets went into a risk off mode after the announcement. The demand for safe-haven currencies such as the Japanese yen, Swiss franc and oil stocks was strong. Benchmark Brent crude rose by 2.8% to $75.59 per barrel while U.S. crude climbed 3% to $71.92. Matthew Ryan, director of Ebury's market strategy, said that the involvement of Iran was a worrying development for the markets.
Survival of the fittest: petrochemical manufacturers battle global glut
The survival mode of petrochemical producers is on in Europe and Asia. Years of capacity building in China, the top market for petrochemicals, and high energy prices in Europe have pushed margins down two years in a row. The weakness of the sector is concerning for an oil industry that looks to petrochemicals as a way to maintain profits in future years when transportation fuel demand will fall with the energy shift. Industry executives and analysts report that major producers in Asia, Europe, and North America are cutting costs by selling assets…
Exxon Secures Lead in top US Oilfield with $60B Buy of Shale Rival Pioneer
Exxon Mobil agreed to buy U.S. rival Pioneer Natural Resources in an all-stock deal valued at $59.5 billion that would make it the biggest producer in the largest U.S. oilfield and secure a decade of low-cost production.The deal, valued at $253 a share, combines the largest U.S. oil company with one of the most successful names to emerge from the shale revolution that turned the U.S. into the world's largest oil producer in little more than a decade.Exxon Chief Executive Darren Woods said in a media briefing the combination provides a big opportunity for synergies between the companies."We basically closed this deal fairly quickly…
Renewable Energy: AWS Waveswing Put to the Test
Inverness-based AWS Ocean Energy announced encouraging results from the current phase of sea trials of its wave energy device at the European Marine Energy Center (EMEC) in Orkney. In a key highlight of the scientific testing programme to date at EMEC’s Scapa Flow test site, the Waveswing wave energy converter captured average power over 10kW and peaks of 80kW, during a period of moderate wave conditions. These figures exceeded the developer’s own predictions by 20%.Other key findings underline the survivability potential of the subsea Waveswing which continued to deliver power in poor weather conditions.
Battery-Electric Surge: ESS Scales Up in Maritime
Ask the right government department in any G7 state and you’ll find funding to put battery power for your vessel. Beyond funds, new battery makers and system integrators are ironing out safety issues, and a growing number of giga-sized cell factories offer hope that costs will fall for marine energy storage, as ESS choice grows. Efforts are also underway to recycle rare earth elements and to augment or greenify staggeringly high plant electricity inputs. Apart from funding, the drivers of change include constraints on shipping in Emissions Free Areas like the fjords of Norway…
U.S. LNG Exports to Europe on Track to Surpass Biden Promise
When U.S. President Joe Biden promised European leaders in March that he would help secure new supplies of liquefied natural gas to offset shortages from Russia’s invasion of Ukraine, his pledge was greeted with skepticism.After all, the U.S. LNG industry was already hitting its export limits and the global market is dominated by long-term contracts that can dictate where exported gas would go for 20years at a time.It turns out, however, that Biden's promise may have been far too modest.The United States is on track to blow past Biden’s March commitment of an additional 15 billion cubic meters of LNG for Europe this year…
From the Science Lab: Clean Energy Projects that Could Impact Maritime
As part of a $175M grant for 68 novel clean energy technology projects from the U.S. Department of Energy, these four offer promise in helping the maritime industry meet its decarbonization goals.Makai Ocean Engineering – Waimanalo, HIRemotely Installed Anchorages for Floating Offshore Wind and Other Offshore Renewables Cost Reduction -$849,951The Makai Ocean Engineering (Makai) team will develop novel mooring and anchoring methods to reduce the costs of offshore renewable energy. Makai will focus on enabling grid…
Ship Emissions: MIT Takes the Lead Toward Net Zero
The MIT Energy Initiative (MITEI) launched a new research consortium—the Future Energy Systems Center—to address the climate crisis and the role energy systems can play in solving it. Randall Field, Executive Director, discusses current research and the challenges ahead for the maritime sector.The reputation of the Massachusetts Institute of Technology (MIT) is such that it can take mammoth issues — such as driving the world to net zero — head-on, and suddenly make the impossible seem possible.Last month the MIT…
Shell Accelerating Renewables Push in Germany
Royal Dutch Shell in Germany aims to produce aviation fuel and naphtha made from crops and renewable power and to increase to commercial scale an electrolysis plant that makes fossil-free hydrogen, as it seeks to move away from crude oil.The energy major told an online conference on Friday it had applied for subsidies to carry out the work from the European Union and from German funds earmarked for decarbonization.Fabian Ziegler, head of Shell Deutschland, said several hundred million euros should be spent per year…
Wilhelmsen, NorSea Join Forces for Hydrogen
The Norwegean global maritime industry group Wilh. Wilhelmsen Holding ASA and Denmark-based supply chain manager NorSea join forces to develop liquid hydrogen supply chain for maritime applications in Norway.The environmentally friendly liquid hydrogen can be offered to commercial shipping in large scale supply within first quarter 2024, claimed the companies.Together with major industry players such as Equinor, Viking Cruises, Air Liquide, and more, this is a huge and important step towards a sustainable future…
Offshore Wind: Regulatory “Takes” – Take a Close Look
On April 30 the National Oceanic and Atmospheric Administration (NOAA) published a notice, requesting public comments, on a proposed “incidental harassment authorization” (IHA). An IHA is a legal and enforceable document presenting the terms and conditions with which a company must adhere in order to protect wildlife. In this case, the draft IHA was for Vineyard Wind, the wind energy company ready to start construction on an 800 MW offshore wind farm in the Atlantic, covering about 675 square kilometers, starting 14 miles from the coastline of Martha’s Vineyard.
Offshore Wind – A Brief History
Happy 80th birthday Maritime Reporter & Engineering News! Eighty years is a significant publishing and business accomplishment!Birthdays always cause a look back. An 80-year review starts in 1939, the close of one very challenging decade, the start of events still reverberating today. History’s most important history is contained in the last 80 years.Energy dominated every one of those decades. Consider energy use, say, starting after World War II, from 1950 to 1975. There was power for everything, from seemingly endless sources of oil, gas and coal, and nuclear power was standing by.Next, recall energy from 1975 to 2000. Not so happy.
