Ministers and executives say that if sanctions are eased, Europe will avoid Russian energy.
Ministers and executives at a Houston conference said that European buyers will not return to Russia's Energy Sector if the sanctions are lifted. The bloc has diversified its power mix by using renewable energy and alternative suppliers of gas. According to a joint U.S. and Ukrainian statement released on Tuesday, Ukraine agreed to accept the U.S. proposal of an immediate 30-day truce in order to restore a lasting peace following Russia's invasion. Last week, it was reported that the U.S. Government is looking at ways…
EU seeking feedback on looser rules for state aid to encourage clean tech projects
The European Union's state aid regulators want to hear from its member countries about new rules that will allow governments to provide grants and other financial incentives to businesses and clean technology projects to reduce carbon footprint. These rules are intended to help EU businesses compete better with their U.S. or Chinese competitors. They will be implemented in June and valid until 2030. These rules are part of an energy-hungry industry package announced last month. These guidelines will make it easier for private investors, pension funds and insurers to invest in green projects.
VinFast to install EV charger stations throughout Indonesia, Minister says
After President Prabowo met with company representatives on Tuesday, Indonesia's Investment Minister said that Vietnamese electric car maker VinFast plans to install up to 100,000 charging stations throughout the country. VinFast, a factory located in West Java Province and with a capacity of 50,000 vehicles per year, will begin operations next year. Last year, the company broke ground for a $200 million EV Assembly Plant. VinFast didn't immediately respond to our request for comment. After meeting Prabowo, company executives refused to speak with the media.
Iberdrola is looking for a partner to help it develop a 1 GW renewable energy portfolio, according to sources
According to two sources familiar with the situation, Spanish energy company Iberdrola seeks a partner who is willing to purchase a minority interest in a renewables portfolio of about 1 gigawatt. Sources described the project under the name "Romeo 2.0." This is a portfolio of 1.3 GW wind and solar assets that Norway's sovereign fund will take a 49% share in in 2023, in a deal valued at around 1.2 billion euro ($1.30 billion). The project was called Romeo. The company would have to sell minority stakes in advanced projects in order to fund new investments.
Aramco CEO: More likely Elvis will speak than energy transition plans to succeed
Saudi Aramco's CEO said Monday that policymakers and energy executives should rethink their energy transition plans. They must stop investing in elements of the energy transition which have failed and instead rethink the entire energy transition. The remarks from the head the world's biggest oil company comes as the administration under President Donald Trump pushes for maximum oil and gas production. This is a dramatic U turn in U.S. Energy Policy after former President Joe Biden passed legislation to accelerate the shift away from fossil fuels.
India's thermal coke imports fell for the sixth consecutive month in February
Ship tracking data shows that India's thermal coal imports, which are mainly used for power generation, fell in February for the sixth consecutive month. This is because coal-fired electricity generation increased at a slower pace due to a slowdown of manufacturing. It is the longest streak of decline since February 2022 when imports fell for eight consecutive monthly. The manufacturing activity in the fastest-growing major economy in the world slowed down to its lowest pace in more than a year. This slowed the appetite for seaborne coking coal in the country, and added to the pressure on the global thermal coal price decline.
A letter from the industry says that over $13 billion worth of solar and wind investments are at risk in Vietnam.
Adani Green Energy, as well as more than two dozen other foreign and Vietnamese investors have warned that Vietnam's plans for retroactively changing rules on subsidised wind and solar prices could impact over $13 billion in investments. Investors expressed "deep concern" in a letter dated 5 March and reviewed by that the end of the favourable energy tariffs could threaten financial stability. They also noted the policy change would undermine confidence and undermine the country's plans to expand its renewables. The…
Tata Power, India's Tata Energy unit, is exploring a $5.6 billion investment in clean energy in Andhra Pradesh
Tata Power Renewables Energy Ltd. (TPREL), an Indian company, said it was exploring the possibility of setting up seven gigawatts of green energy in Andhra Pradesh's southern state for a total investment of 490 billion Indian Rupees ($5.63billion). TPREL is a Tata Power unit that looks at clean energy projects, including solar, hybrid and wind, with or without storing solutions. This makes it one of Andhra's largest investments in renewable energy, according to the company. Tata Power plans to invest as much as $9 billion over the next 5 years to increase its renewable energy production. Why is it important?
FT reports that UK Treasury is considering cutting funding for GB Energy
The Financial Times reported that Britain's Treasury Department is considering cutting funding plans for the state-backed energy company GB Energy during a review of spending scheduled for June. The British government created GB Energy last year with a budget of 8.3 billion pounds (10.73 billion dollars) and envisioned it as its main tool for driving investment in renewable energies. The Crown Estate, which manages the public holdings of the British monarchy, was to be partnered with the company to lease seabeds for 20-30 gigawatts by 2030.
Morocco approves green hydrogen projects worth $32.5 bln
The Moroccan government's green hydrogen committee approved projects worth 319 billion dirhams (32.5 billion dollars) on Thursday. These projects aim to produce ammonia and steel, as well as industrial fuel. The Moroccan committee selected Ortus of the United States, Acciona from Spain and Nordex from Germany to produce green ammonia. It said that a project to produce ammonia by Taqa in the UAE and Cepsa in Spain, as well as a plan to make ammonia fuel and steel by Nareva of Morocco, was also approved. Acwa Power, a Saudi Arabian company…
Report says India's renewable sector is hit by low demand and cancellations
The Institute for Energy Economics and Financial Analysis reported on Thursday that India's renewable sector faces a number of obstacles, including a weak demand for bids, delays in power agreements and cancellations of projects. IEEFA reported that the country issued a record number of 73 gigawatts for utility-scale renewable energies tenders in 2024. However, about 8.5 GW were undersubscribed, five times more than in 2023, due to lower demand caused by complex tender structures and delays with interstate transmission readiness.
China announces major renewable energy projects to combat climate change
China announced on Wednesday that it will develop a series of major climate projects in order to combat the effects of global warming. The country wants to reach a carbon neutrality by 2060 and a carbon dioxide peak before 2030. In an official report released on Wednesday, the National Development and Reform Commission (the country's economic planner) said that the world's biggest producer of greenhouse gases, which are responsible for climate change, will develop new offshore windfarms and accelerate construction of "new energie bases" throughout its vast desert regions.
GE Vernova signs deal to support Amazon's data center expansion
The renewable energy company GE Vernova announced on Tuesday that it had signed an agreement with Amazon’s cloud services to support its data center expansion plans. GE Vernova stated that the agreement with Amazon Web Services would help address global energy demand and improve grid security, reliability, and carbon emissions. Big Tech has spent billions on developing AI technology, infrastructure and cleaner energy sources. The company will supply AWS a range of solutions to electrify data centers in North America, Europe and Asia and to reduce carbon emissions. Pablo Koziner is the chief commercial officer of GE Vernova.
Shell's LNG enthusiasm for Asia is a conundrum of volume vs. price: Russell
Shell's long-term outlook is contradictory, which shouldn't be surprising. Shell's annual LNG outlook was released last week. It predicted that the demand for LNG would increase by 60% by 2040. This is largely due to the strong economic growth of Asia, artificial intelligence, and the need to reduce emissions in heavy industry and transportation. Shell has said that the global LNG demand is expected to rise from 407 millions tons in 2024 to 630-718 million metric tonnes by 2040. Shell's estimates reveal a large potential gap in supply. The London-listed company believes that LNG production will increase by 170 millions tons by 2030.
Shell's LNG enthusiasm for Asia is hampered by a conundrum of volume and price: Russell
Shell's long-term outlook is contradictory, which shouldn't be surprising. Shell's annual LNG outlook was released last week. It predicted that the demand for LNG would increase by 60% by 2040. This is largely due to the strong economic growth of Asia, artificial intelligence, and the need to reduce emissions in heavy industry and transportation. Shell has said that the global LNG demand is expected to rise from 407 millions tons in 2024 to 630-718 million tons by 2040. Shell's estimates reveal a large potential gap in supply. The London-listed company believes that LNG production will increase by 170 millions tons by 2030.
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, the share of renewable energy is expected to increase. Aurora's fourth European…
China reduces carbon intensity by 2024, but still falls short of key targets
China's economy has become less carbon-intensive last year, thanks to a record increase in renewable energy capacity. However, the country is still far short of its 2025 goal. In its annual bulletin, the National Bureau of Statistics reported that by 2024, China's largest producer of greenhouse gases (which warm up the climate) will have reduced its carbon intensity from 3.4% to 3.4%. This was lower than the 3.9% target. Carbon intensity is the amount of carbon dioxide produced per unit economic growth. China does not have a specific goal for reducing absolute CO2 emissions…
President of COP30 says that China may need to take a more active role in climate change.
Andre Aranha Correa do Lago, the COP30 president-designate, said that China plays a crucial role in combating climate change. Other countries may also look to China for leadership in this field. Correa do Lago, when asked about China's role in climate change as the United States pulls back from its efforts, said that China has played a major part in providing solutions since a number of years. Since Donald Trump took office last month, he has pulled the U.S. out of the Paris Climate Agreement, clawed American global climate financing back and severed international partnerships on climate.
Iberdrola raises its 2025 forecast after exceeding expectations
Iberdrola, Europe's biggest utility, expects to grow its net profit by a single digit percentage this year. This is after the increased earnings of its network business helped push 2024 profits above analyst expectations. Iberdrola's performance is better than what it had predicted in its strategy for 2026. This is a clear sign that the company is achieving results from its shift to building and upgrading grids, and taking a more selective approach towards renewable energy. The company can increase its predictable return by investing in expanding its network assets.
Romanian government extends the energy price cap
Marcel Ciolacu, Romania's Prime Minister, announced on Thursday that the coalition government would extend the price cap for electricity to households and businesses up until June, and for gas, for one year. This is in order to protect consumers from recent increases in energy prices. Since November 2021, Romania caps gas and electricity bills for households, small business, hospitals, schools, and public institutions at certain monthly consumption levels, and compensates suppliers for any difference. The scheme was modified several times, and it was set to expire by the end of march.
