Intouch shareholders in Thailand approve merger of energy and telecom with Gulf Energy
Shareholders of Thailand's Intouch Holdings approved a merger with Sarath Ratanavadi, a billionaire who owns the power company Gulf Energy on Tuesday. This merger is expected to be worth nearly $25 billion. Gulf Energy's market capitalisation is $7.72 billion while that of its telecom affiliate Intouch, according to LSEG data. Investors in Gulf approved the merger in October 2024. Intouch filed a filing on Tuesday showing that more than 99 percent of its stockholders voted to approve the registered capital for the newly formed entity.
Vitol signs 10-year LNG contract for delivery to Philippines
Vitol, a global energy trading company, announced that it had signed a long term deal with a Philippine-based entity to supply LNG to the country starting in 2025. It is the first long-term LNG supply agreement signed in the Philippines. The country only started importing super-chilled fuels in 2023. In a 10-year deal with LNGPH, Vitol has agreed to supply LNG up to 0.8 millions tons annually. The trading house announced this in a late-Tuesday statement. LNGPH is a company that combines the South Premiere Power Corporation, Excellent Energy Resources, Inc., and the LNGPH Import Terminal.
EDPR reports unexpected loss due to heavy impairments in US and Colombia
EDP ???? ?Renovaveis ? ??????????????????????? The world's fourth largest wind power producer posted a net loss of unexpected 556 million euro ($584million) in 2024 due to heavy impairments for projects in the United States, Colombia and other countries, despite revenue increases. EDPR surveyed analysts who expected a profit average of 272 millions euros. The company, which is majority owned by Portugal’s EDP, reported that non-recurring charges totaling 777 million euro had a negative impact on the bottom line. This was "mainly due to the U.S.
Constellation skips first earnings call since spinoff
Constellation Energy, the U.S.'s largest nuclear power company, missed its quarterly investor call for the first since it went public three years ago. Constellation didn't immediately respond to an inquiry for comment. Analysts were surprised by the lack of a phone call. Constellation, based in Maryland, held a conference call with its management last month. It announced that it was planning to acquire private natural gas and geothermal provider Calpine for $16.4 billion. This is one of the largest deals ever made by the U.S. energy industry.
Maguire: Recovering wind power may cool Europe's hot gas market
The wind-powered electricity produced in Europe in January 2024 was down by more than 7%, denying regional power producers a vital source of clean energy just as the demand for heating reached its peak. This wind shortage triggered an increase in Europe's natural gas-based electricity generation to its highest level in three years. It also supported a rally which has driven benchmark regional gas prices up by more than 15% this year. Models of wind forecasts now predict a recovery in regional production.
Origin Energy's profit exceeds expectations on the back of strong LNG earnings
Origin Energy, an Australian power company, beat analysts' expectations on Thursday. This was due to higher LNG sales and gains from LNG trading. These factors offset a sharp drop at the energy markets division. Origin Energy, along with AGL Energy and Energy Australia as one of Australia's "Big Three" retailers of electricity, will spend A$1.5 billion to A$1.7 billion between fiscal 2025 and the majority of that money will go towards building storage batteries. Frank Calabria, Chief Executive Officer of Origin said: "Origin delivered a solid first-half performance...
Australia's Origin Energy lowers its APLNG production for 2025
Origin Energy announced on Friday that it expects Australia Pacific LNG to produce less in 2025. However, the company reported a sequential increase of 11% in its second-quarter revenues from its stake in this project due to higher gas prices. The power producer expects production in 2025 from APLNG, Origin's joint-venture with U.S. oil major ConocoPhillips (and Sinopec) -- to be between 670-690 Petajoules. This is 2%-3 % lower than its previous guidance. Origin's forecast was impacted by the lower performance of some Queensland projects and weaker performance in non-operated asset due to unplanned maintenance.
India's NTPC Green Energy surges 12% on its trading debut
Investors bet on India's growing need for clean energy as shares of India's NTPC Green Energy, the renewable energy division of power producer NTPC, surged 11.9% on their trading debut Wednesday. The last price at which the stock traded was 120.81 rupees. This is compared to an offer price of just 108 rupees. Its valuation comes out to 1.02 trillion rupees (12.08 billion dollars). NTPC Green’s $1.2 billion IPO last week was oversubscribed two-fold, with investors flocking to this rapidly expanding sector in response to the government's drive to increase renewable energy usage.
Axpo, a Swiss company, is looking at opportunities in Japan's power and LNG trading
Axpo, a Swiss power producer and trader, is looking at opportunities in Japan's electricity and liquefied gas (LNG), as the changes in Japan's power sector have created a demand for spot LNG and hedging. Japan has set an ambitious target of renewables accounting for 36%-38% of its total electricity mix by 2030. In 2016, the power market was liberalised, leading to a more liquid futures exchange for electricity. Marco Saalfrank is a member of Axpo’s management board. He said that Japan has nine different price zones.
European clean energy stocks fall as Trump wins the presidency
After Donald Trump's election as president of the United States on Wednesday, shares in European clean-energy groups plunged. Investors were worried about a possible dismantling by the United States of its support for renewables. Trump pledged to cancel offshore wind projects via an executive order his first day of office, and roll back climate regulations that were implemented by President Joe Biden. This includes withdrawing from the Paris Agreement where countries commit to limit global heating…
Origin Energy's APLNG revenues rise on higher gas prices and sales
Origin Energy, a company based in Australia, reported a sequential increase in revenue for its first quarter from its stakes in the Australia Pacific Liquefied Natural Gas (APLNG), backed by higher natural gas prices and strong sales. Origin, which aims to transition to greener energy sources, has said that it is evaluating a variety of early-stage opportunities for renewable development. As of 0014 GMT the shares of the company rose 0.4% to A$9.54, while the benchmark index fell 0.2%. The warm weather in Asia drove up energy demand, but prices have been moderated recently due to a tepid market.
Origin Energy, Australia's hydrogen hub, plans to leave the Hunter Valley
Origin Energy, Australia's largest energy company, announced on Thursday that it will abandon its potential development project for the Hunter Valley Hydrogen Hub in New South Wales. The project is estimated to cost A$207.6 millions ($142.60 Million). The second largest power producer in the country said that it will also cease all work on hydrogen development, but remains open to exploring commercial options for HVHH. Origin stated that the decision to leave the Hunter Valley Hydrogen hub reflects the uncertainty surrounding the timing and pace of development of hydrogen markets…
Scatec secures power sale deal for Egypt's hybrid solar and battery project
Scatec, a Norwegian renewable energy developer, announced on Thursday that it had signed a power purchase agreement with Egyptian Electricity Transmission Company for 25 years. The project is Egypt's first hybrid power system combining solar and battery storage. Scatec announced that it had signed a 25-year PPA in U.S. dollars with EETC to build a solar power plant of 1 gigawatt and a battery storage system (BESS) of 100 megawatts. The company has not disclosed the value of the contract. In a press release…
ADNOC, AG&P Agree FSU Lease for Philippines First LNG Terminal Launch in July
The logistics arm of state oil firm Abu Dhabi National Oil Company (ADNOC) will supply a floating storage unit to LNG logistics company AG&P to launch the Philippines' first LNG import terminal in July, the companies said on Wednesday.Singapore-based Atlantic, Gulf & Pacific International Holdings (AG&P) signed an 11-year charter agreement, extendable by four years, to convert ADNOC Logistics & Services (ADNOC L&S) liquefied natural gas (LNG) carrier ISH into a floating storage unit (FSU) for…
Total Keeps Dividend But Cuts Investment Target
Total trimmed its 2020 investment target on Friday after a sharp drop in third-quarter net profit, though the French oil and gas producer maintained its dividend.The company cut its investment target to $13 billion from $14 billion and said it was keeping a lid on operating costs too, even as it strives to grow in renewable energy and electricity markets.Energy companies were hit hard by COVID-19 lockdowns and the related collapse in fuel demand.The price of Brent crude has largely stayed above $40 a barrel since June…
RWE Eyes Renewables Deals as Part of $8.4 B Expansion
Germany's largest power producer RWE plans to spend part of its 7 billion euro ($8.4 billion) war chest on growing its 24.7 gigawatt pipeline of renewables projects, its CFO said, just weeks after BP announced a major low-carbon push."A pipeline needs to be worked on constantly. It doesn't grow overnight," Markus Krebber told Reuters, less than a day after the group raised 2 billion euros ($2.4 billion) in a share sale to fund growth.Unfazed by the COVID-19 crisis, Krebber said that the environment for renewables had improved in the course of the year…
Northland Expands Offshore Wind Pipeline in Asia
Canadian power producer Northland Power will acquire Dado Ocean Wind Farm, a development company with multiple early-stage offshore wind development sites in South Korea.Dado Ocean is currently owned by Eui Jeong Hwang, a wind power developer who will continue to support the project as a local partner, working together with Northland to achieve key milestones for the project. The acquisition is expected to close in the coming weeks, subject to customary closing conditions.According to Northland, the acquisition builds on the company's presence in Asia and specifically in South Korea.
Vattenfall, TuuliWatti to Balance Finnish Wind
European energy company Vattenfall has signed a five-year energy services agreement with the largest Finnish wind power producer TuuliWatti that includes the latter’s total wind power production in Finland.The agreement, which started on 1 January, entails forecasting, trading and balancing services for TuuliWatti’s total wind power production in Finland.Currently, the company’s wind power portfolio has an installed capacity of 441 MW and annual production of approximately 1,3 TWh, which equals…
SGRE Wins Hai Long 2 OWP
Spanish global renewable energy company Siemens Gamesa Renewable Energy (SGRE) has been selected as the preferred supplier of turbines for the 300MW Hai Long 2 offshore wind project in Taiwan.The agreement is subject to contract and final investment decision from the consortium partners, Canadian independent power producer Northland Power Inc. and Taiwan-based developer Yushan Energy.The 300 MW Hai Long 2 offshore wind power plant project was awarded through the 2018 grid allocation mechanism in Taiwan. The project site is located approximately 50 kilometers off the coast of Changhua County.
Equinor,YPF Pact on Argentina Wind Power
Norwegian multinational energy company Equinor ASA and Argentine power producer YPF Luz have joined for the development of the Cañadón León wind farm in Santa Cruz in Argentina.As per agreement, a subsidiary of Equinor will subscribe to shares in Luz del León. The shareholders of YPF Luz are YPF S.A and an affiliate of General Electric.The agreement establishes that Equinor will have a 50% stake of Luz del León, with an equity contribution of USD 30 million. After the subscription and capital integration…
