Nine Entertainment is the top gainer among Australian shares.
Australian shares rose Friday on the back of gains in energy and mining stocks, as well as strong commodity prices. Nine Entertainment was the biggest gainer, after Domain Holdings Australia, which owns 60%, received a purchase offer. As of 0026 GMT, the S&P/ASX 200 was up by 0.1% to 8,333.1. The benchmark index has lost 2.6% in the first week. Iron ore prices rose overnight, causing miners to gain as much as 1.5 percent. BHP Group and Rio Tinto gained between 0.2% and 1,6% on Friday. The strong oil price has led to a 1.5% increase in energy stocks.
Energa receives up to $1.92 billion loan for power grid investment
Polish utility Energa announced on Wednesday that it had signed a loan agreement with Poland's Development Bank BGK for up to 7,66 billion zlotys (1,92 billion dollars) to invest in its power distribution network. Polish oil refiner Orlen owns Energa and plans to develop four offshore wind farm as part of its investment strategy up to 380 billion Zlotys in 2035. The loan is for 25 years and has an interest rate fixed at 0.5% annually. Funds are provided under the European Union Recovery Facility, which gives Poland nearly 60 billion euro in grants and low-interest loans.
TE Connectivity to Acquire Richards Manufacturing
TE Connectivity entered into a definitive agreement to acquire Richards Manufacturing Co. from funds managed by Oaktree Capital Management, L.P. and members of the Bier family, long-standing owners and leaders of the business. The transaction will strengthen TE's position in serving electrical utilities in North America by combining complementary product portfolios and adding the expertise of the Richards team, enabling TE to benefit from strong growth trends in…
Wärtsilä Unveils Next-Generation Engine to Enhance Power Plant Performance and Support Renewable Integration
Wärtsilä launched its next generation 46TS engine, which is designed to balance renewable energy, provide highly efficient baseload power, and can run on sustainable fuels in the future.The Wärtsilä 46TS large-bore engine evolved from a long line of engines, including the Wärtsilä 50 engine platform, an engine that has more than delivered 55 million running hours worldwide since 2008.Using balancing engines to support intermittent renewables is a more viable path towards a net zero power system than a renewables-only pathway.
KNDS to buy German defence equipment manufacturer Alstom
The companies announced on Wednesday that Alstom, a French train manufacturer, has agreed to sell the Gorlitz plant located in Germany to KNDS (a German defence equipment maker). In a joint press release, KNDS said that it will begin using the plant in this year to manufacture assemblies for the Leopard 2 Battle Tank, the Puma Infantry Fighting Vehicle and variants of Boxer Wheeled Armoured Vehicle. Depending on the progress of the project, the production of double-decker trams and trains by Alstom in Gorlitz may continue, or it could be moved, according to the company.
Dominion Energy costs for its Virginia offshore wind farms rise by 9%
Dominion Energy, a U.S. utility company, said that the estimated project costs of its Coastal Virginia off-shore wind farm had increased by about 9% on Monday to $10.7 billion because of higher network upgrade expenditures. The project, which is estimated to be 2,600 megawatts (MW), is made up of 176 turbines that can each generate 14.7 MW. It is located about 27 miles (43.5 km) off the coast Virginia Beach and will be the largest offshore windfarm in the United States.
Colonial Pipeline's gasoline line likely shut until Friday
Colonial Pipeline's main U.S. gasoline artery is expected to be shut through Friday as the company continues to search for the source of a suspected leak in Paulding County, Georgia, the company said in a statement on Wednesday.Line 1, one of two mainlines on the more than 5,500-mile Colonial system, was shut on Monday night after Colonial received reports of a gasoline release and began investigating. The pipeline moves gasoline from Texas to North Carolina and was earlier expected to resume service on Tuesday night…
Equinor extends Norway LNG Outage by 10 Days
Equinor announced in a Wednesday regulatory filing that it has extended the outage of its Hammerfest LNG facility in Arctic Northern Norway by 10 more days, to January 19, as they continue to repair a faulty compressor. The Hammerfest plant (also known as Melkoeya LNG) has the ability to deliver approximately 6.5 billion cubic meters of gas each year. This is enough to provide about 6.5 millions European homes and accounts for about 5% of Norwegian gas exports. On Jan.
After gas cutoff, the breakaway region of Moldova faces prolonged blackouts
Local authorities reported that Saturday saw a longer period of rolling power outages in Transdniestria (the pro-Russian breakaway region of Moldova), which is now without Russian gas because it no longer transits through Ukraine. The flow of Russian gas through Ukraine into central and eastern Europe ceased on New Year's Day, after the transit agreement between the two warring nations expired and Kyiv refused a renewal. Transdniestria is a predominantly Russian-speaking enclave that has lived alongside Moldova since it broke away in the final days of Soviet rule.
Market uncertainty caused by Indonesian B40 palm oil delays
Indonesia is yet to implement the higher blend of biodiesel that was planned for January 1, as industry participants are awaiting technical details of the regulation. This has caused confusion among palm oil dealers. The government pledged that it would mandate a 40% blend of palm oil in biodiesel starting Jan. 1. This is known as B40. It will replace the current 35% blend. The benchmark March palm oil contract on the Bursa Derivatives Market closed at 4,336 Ringgit ($968.72), down 2.5%, amid uncertainty over B40 implementation.
Equinor's Hammerfest liquefied natural gas plant closed for a week due to compressor failure
Equinor announced on Thursday that its Hammerfest LNG facility in Arctic Northern Norway suffered an unexpected outage because of a compressor failure. The company said the plant's output was halted for a week. The Hammerfest plant (also known as Melkoeya LNG) has the ability to deliver approximately 6.5 billion cubic meters of gas each year. This is enough to provide about 6.5 millions European homes and accounts for about 5% of Norwegian gas exports. A spokesperson for Equinor said that an Equinor compressor…
Australia sues Exxon for falsely representing its local petrol brand
The Australian Competition Watchdog announced on Tuesday that it had taken Exxon Mobil’s local brand affiliate, which sells fuel at six of their branded petrol stations throughout Queensland, to court. Exxon Mobil, an American oil and gas company, owns and operates the Mobil brand. The Australian Competition and Consumer Commission alleges that Mobil misrepresented that "Mobil Synergy", its "Mobil Synergy", contained certain additives when it didn't. ACCC said…
SSE, a British utility, announces a $28 billion investment plan for grid infrastructure
The UK utility SSE announced on Tuesday that its power network arm SSEN Transmission will invest at least 28 billion dollars in grid infrastructure in a five-year span beginning April 2026. Britain wants to decarbonise the electricity sector in Britain by 2030. This will require an increase in renewable energy generation, and massive investments to connect these new projects to power systems. Network developers must submit project plans and expected costs under UK regulator Ofgem's Revenue=Incentives+Innovation+Outputs (RIIO) programme.
Vard Completes Conversion of IT Infinity PSV to Cable Laying Vessel
Norwegian shipbuilder Vard has delivered IT Infinity vessel to I.T. International Telecom Marine (IT), after completing its conversion from Platform Supply Vessel (PSV) to specialized Cable Laying Vessel (CLV).Built at Vard Brattvaag and delivered to Volstad Maritime in 2008 as the Volstad Princess, the vessel has changed ownership several times.SD Standard Drilling acquired the ship in 2017, before it was sold to IT in 2021 and renamed IT Infinity.In 2024, the vessel returned to VARD for an extensive conversion…
Sources say that BP is looking for buyers to buy its US Natural Gas Pipeline System stake.
Four people familiar with the matter have confirmed that BP is looking for buyers to take a stake in their U.S. Natural Gas Pipeline Network. Two people have said that the British energy company may be able to raise $3 billion through the sale. One of them added that BP could sell as much as a 49 percent stake in its business. Two other people confirmed that the sale is part of BP's CEO Murray Auchincloss’s efforts to reduce the debt levels at the company, which have risen in the last year. BP refused to comment.
Wind supply is expected to surge, prompting a reduction in wind levels.
The European spot power price fell on Wednesday from its highs as there was more wind forecast in the coming days and the demand in the area eased.LSEG analyst Francisco Gaspar Machado talked about "higher outputs of wind energy, aided with lower consumption and greater solar outputs."LSEG data shows that French baseload power for the day ahead was down 27.5% at 108 Euros ($113.31), remaining at highs of several weeks, at 0925 GMT.The German equivalent contract…
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.
Philippines communities challenge dash for fossil gas
The government claims that LNG is an alternative to coal, and the capacity to generate it is required to meet the energy demands of Luzon Island, which is also home to Manila, the capital city, located 110 km (68 mi) north. Many people in Santa Clara, an area adjacent to the port's terminal, claim that respiratory illness has increased dramatically, even among children as young five years old. They attribute this to the LNG plants. Welita Abanil is a 69-year-old Santa Clara healthcare worker. Gas plants in the area have also reduced our fishing income.
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%.
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.
