Australia pours billions into missile procurement amidst global shortages
Australia's plans for developing its own missile component capability will likely be slowed by the Ukraine war and increased European defense spending, even though it is pushing ahead with a multi-billion dollar effort to purchase long-range attack missiles. Last year, Prime Minister Anthony Albanese committed A$74 billion (46.68 billion dollars) for missile acquisition. This included A$21 billion towards the establishment of a Guided Weapons and Explosive Ordnance Enterprise. His Labor government had reshaped Australia's defence policy to counter China's military buildup.
Nigeria’s Refining Revolution is Reshaping West Africa’s Energy Landscape
The launch of the Dangote Refinery near the Port of Lagos presents an exciting opportunity to transform the energy and shipping markets in West Africa. And it stands to boost Nigeria’s role as an influential player in the global oil industry, fostering economic growth and regional development.Nigeria’s standing in the global energy landscape is getting a boost with domestic refining capacity expanding in 2025. The Dangote Refinery near Lagos presents a transformative…
Sources say that Elliott met with BP investors in order to discuss further changes.
Two shareholders have confirmed that Elliott Management, an activist investor in BP, has met with several of the company's largest shareholders to form a consensus on more changes. These could include cost reductions and a possible leadership reshuffle. BP's stock has performed worse than rivals Shell, Exxon and Shell in the past five years. Investors have blamed this in part on 2020 plan of the company to focus on its renewable business and cut oil and gas production.
German energy transition could cost 300 billion euros less with greater efficiency, according to a study
According to a report released by the Boston Consulting Group on Thursday, Germany could save over 300 billion euros (326.49 billion dollars) by 2035 if it implements the energy transition in a more efficient manner. Germany will spend hundreds of millions of euros in the next few years to transition towards cleaner energy sources, with a goal of being carbon neutral by 2045. Berlin is also under pressure from the industry to reduce energy costs that are stubbornly high. The BDI report calculated the savings based upon current plans.
Glencore approached Li-Cycle battery recycler for possible deal
As part of its proposal to address operational and financial problems, Glencore (listed on the London Stock Exchange) has offered to buy Canadian lithium battery recycling firm Li-Cycle. In a March 14 letter to the board chair, Glencore stated that it wanted to begin discussions as soon as possible with Li-Cycle and the other shareholders of the company regarding the potential deal. Li-Cycle’s debt, held by Glencore, is convertible into approximately 84 million shares of the recycling company.
Terna, Italy's grid operator, will invest 23 billion Euros over 10 years
Terna, the state-owned power grid operator in Italy, announced on Friday that it will invest over 25 billion euros (23 billion euros) in network upgrades within the next 10 year to support the energy transition of the country. The group announced that it would increase by 10% its funds for the development of the country's power network between 2025-2034. Last year, the group had pledged to invest 16.5 billion euro through 2028. She said that the goal of the group was to "ensure the country has an efficient, reliable and sustainable system".
RWE and TotalEnergies sign long-term agreement for green hydrogen supply
RWE, Germany's largest utility, announced on Wednesday that it had agreed to supply French oil giant TotalEnergies, with approximately 30,000 tonnes green hydrogen per year, starting in 2030. This is one of the biggest deals ever made by this sector. RWE stated that the agreement would last until 2044. It also said it was the largest amount of carbon neutral hydrogen ever purchased from a German facility. RWE will supply TotalEnergies Leuna refinery in eastern Germany via its 300 megawatt electrolysis plant located in Lingen…
Italy approves Italgas' 2i Rete gas deal with conditions
The Italian antitrust authority has approved conditionally the acquisition of 2i Rete Gas, Europe's largest gas distributor, by Italgas, a domestic competitor, on Tuesday. Italgas has agreed to purchase 2i Rete gas for 5.3 billion euro ($5.8 billion), a major step in consolidating the gas distribution sector in Italy. Italgas was asked by the antitrust agency to take several measures, including selling a part of its Italian gas distribution business, which would represent 600…
Prices of gas in Europe rise due to forecasted lower temperatures
Dutch and British wholesale prices of gas rose on Monday, recovering from the lows reached late last week. This was due to forecasts for lower temperatures, and Russian forces intensifying their attacks against Ukraine. LSEG data shows that the benchmark front-month contract for the Dutch TTF Hub rose by 1.81 euro to 40.6 euros per Megawatt Hour (MWh), which is $12.87/mmBtu by 0916 GMT. It traded at 36.45 Euros/MWh on Friday, its lowest price since September 27, 2024. The British day-ahead contract increased by 5.00 pence to 100.50 p/therm.
Bloggers claim that Russian special forces attacked Ukrainian forces at Kursk via a gas pipeline
Pro-Russian bloggers claimed that Russian special forces snuck miles through a large gas pipeline near Sudzha to try to surprise Ukrainian troops as part of a massive offensive to eject Ukrainian soldier from the western Russian region Kursk. In August of last year, thousands of Ukrainian soldiers took over about 1,300 sq km of Russia's Kursk Region in an effort to gain bargaining power in future negotiations as well as to force Russia to withdraw its military forces from eastern Ukraine.
Zelenskiy: Ukraine fully committed to constructive dialog with US
The President Volodymyr Zelenskiy stated on Saturday that Ukraine was "fully committed" in having a constructive dialog with U.S. officials next week in Saudi Arabia about ways to end Russia's war. Since taking office as U.S. president Donald Trump in January, he has suspended U.S. military assistance to Ukraine and intelligence sharing with Kyiv. He accused Zelenskiy that he was not serious about reaching an agreement with Russia. Russia invaded Ukraine in 2013 and has taken over 20% of the country's territory.
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…
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.
France's demand for more goods and services is driving up prices, while Germany's falls.
On Wednesday, the wholesale market in Europe saw mixed reactions in terms of European prompt power prices. Prices in France rose due to a higher demand while Germany experienced a drop following forecasts for stronger wind speeds. LSEG's analysis cited the French consumption forecasts as a positive factor. However, it also noted that the availability of brown coal and German gas was a negative influence. As of 0835 GMT, the price for French baseload was 12% higher than yesterday's rate at 117 Euros ($122.91) per megawatt-hour (MWh).
BP abandons renewables targets and returns focus to fossil fuels
BP's CEO will abandon a goal to double renewable energy generation by 2030 and return the focus to fossil energies as part of a new strategy announced on Wednesday in response to investor concerns about earnings. BP shares have been underperforming their rivals over the past few years, and it has already abandoned its goal to reduce oil and gas production by 2030. Two sources familiar with the situation said that on Wednesday, at BP's capital markets day, Murray…
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.
