Glencore is in talks with a US-backed consortium to sell a 40% stake in DRC mining to Glencore
Glencore has been in discussions to sell a 40 percent stake in its copper-and-cobalt operations in the Democratic Republic of Congo. The assets are valued at $9 billion, including debt. The Orion Critical Mineral Consortium, led by Orion Resource Partners, a private equity fund, and the U.S. International Development Finance Corporation are seeking a combined stake of 40% in Glencore’s Mutanda Mining (KCC) and Kamoto Copper Company projects.
Siemens Energy CEO: spin-off wind business idea is valid, but first turnaround must be achieved
Siemens Energy CEO, said on Tuesday that it is reasonable for activist investors Ananym Capital?to push?for the spin-off of a loss-making division of wind turbines?of the firm. Ananym, a U.S. company, said it took a stake in Siemens Energy in December and asked the management to review its wind division, Siemens Gamesa. It claimed that the division could be worth up to $10 billion and a spinoff would increase investor returns by 60 percent.
Goldwind Science under investigation by EU for possible subsidies
The EU launched an investigation into Goldwind Science and?Technology, a Chinese wind turbine manufacturer, on Tuesday after claiming that it received foreign subsidies which gave it an unfair edge in Europe. The European Commission took this action after a group of Chinese wind turbine suppliers were asked for information under the EU’s Foreign Subsidies Regulation, which targets unfair state aid from abroad. The major European turbine manufacturers?Vestas Energy…
Siemens Energy CEO: spin-off wind business idea is valid, but first turnaround must be achieved
Siemens Energy CEO, said that it was reasonable for activist investor Ananym Capital to push for a spinoff of?its wind turbine division. However, the business must first be stabilized and turned around. Ananym Capital, based in the United States, announced in December that it had acquired a stake of Siemens Energy. The company asked management to review Siemens Gamesa's wind division. It said the division could be worth up to $10 billion and that a spin-off would increase investor returns by 60 percent.
Auditors say EU efforts to diversify imports of critical raw materials have failed so far
The European Court of Auditors stated on Monday that the EU's efforts in diversifying its imports of metals, minerals and other critical materials for?technology, defence and energy transition have "yet not produced tangible results". The EU's Critical Raw Materials Act 2024 sets out a plan for boosting?local?production of 34 strategically important materials in order to reduce reliance on imported products from a small number of countries, primarily China, Turkey, and Chile. List includes lithium, antimony and tungsten.
WTO panel supports China in its case against US clean-energy subsidies
The World Trade Organization panel backed China's complaint on Friday, and recommended changes to the?U.S. Beijing claimed that tax credits for clean-energy?discriminated against imports. The report of the panel recommended that the United States remove the Inflation Reduction Act measures by October 1, 2026. The panel stated that "that date seems to be a reasonable deadline" for the withdrawal of the ITC/PTC Bonus Credits. The 'office of the U.S.
Why is Elon Musk interested in putting AI data centers into space?
Musk's plans to launch satellite data centres into orbit could be given a boost by a proposed merger between Elon Musk's SpaceX, and xAI. The news was reported exclusively on Thursday. Musk is battling for supremacy against tech giants such as Alphabet's Google and OpenAI. What are space-based AI data centers? The concept of space-based data centres is still in its early stages. They would likely rely upon hundreds of satellites powered by solar energy…
EWE CEO: Germany's EWE will not participate in the first round of power plant tendering
The CEO of German utility EWE said that the company has no intention to participate in a upcoming tender in Europe's largest economy for new power plant capacities. However, this could change if additional rounds are scheduled later in this decade. Germany announced earlier this month that it had reached an accord with the European Commission regarding a plan to construct new power plants. It added it would tender 12 Gigawatts of capacity by 2026 with a particular focus on gas-fired sites.
Houston, the US oil capital, is buzzing as industry prepares for Venezuelan oil rush
Matthew Goitia explains his idea in a bar downtown Houston. He wants to build and refurbish marine terminals for Venezuela that will allow crude oil to be blended and exported, and chemical products shipped. Matthew Goitia, a director at Pelorus Terminals, explains his ambitious plan to refurbish and build marine terminals that can blend and export crude and ship chemical products in Venezuela. He also plans to add storage tanks, renovate the docks, and ensure that power is available. This could all take three to ten years.
Baker Hughes, a provider of oilfield services, reports a 11% increase in its adjusted quarterly profits
Baker Hughes reported a 11% increase in 'adjusted profits' for the fourth quarter, as demand for?its gas-technology equipment and services outweighed weakness in its oilfield equipment and services business. In recent quarters, the company has benefited from the demand for its equipment and services such as compressors and gas turbines that it offers to LNG companies, as low oil prices have hurt drilling and completion activity in oil basins.
Michigan suedes oil companies for collusion to restrain competition in EVs
Michigan Attorney General Dana Nessel filed an antitrust suit against four major oil firms on Friday, alleging that they have colluded over decades to prevent competition from renewable energy sources, including?electric cars. The lawsuit filed in U.S. District Court, western Michigan, names BP and Chevron. It also names ExxonMobil, Shell, and the American Petroleum Institute. The lawsuit said that the companies had acted as a "cartel…
Australia now offers three new offshore wind licenses
The government announced on Friday that Australia had offered offshore wind licenses for projects off the coast of Western Australia's southern coast. These projects could bring 4 gigawatts (GW) of clean energy to the state's isolated power system. The offer comes after several other offshore wind project on the east coast Australia have been pulled in the last 18 months, slowing down the sector's progress. The state has extended the subsidy for a coal mine by five more years, citing energy security.
Musk's Davos debut: US tariffs are a problem for solar power
Elon Musk made his Davos debut at the last minute on Thursday. He criticized U.S. Solar Tariffs, set aggressive Tesla targets, such as humanoid robot sales next year, and hinted that European approval of self-driving technology would be within weeks. Larry Fink, interim co-chair of the World Economic Forum, interviewed the richest man in the world after he had described the annual meeting for years as being elitist and unaccountable, and detached from the ordinary people.
Oman signss power contracts worth $2.6 billion with Qatar's Nebras, and Korea Western Power
The Omani state-run news agency reported that Oman's Nama Power & Water Procurement had signed agreements with two consortiums, one led by Qatar's Nebras Energy while the other was headed by Korea Western Power. These agreements were for power generation projects. The agency said that the agreements were power purchase agreements for combined-cycle?turbine gas power projects in Misfah?and Duqm. It added that the Misfah combined-cycle projects will use advanced technology to increase fuel efficiency and reduce emissions.
EDP CEO warns EU about lost urgency in energy security and renewables push
The European Union has lost its sense of urgency in addressing energy security. Bureaucracy is still preventing the bloc to reduce costly energy imports and slowing down renewable energy projects. Miguel Stilwell d'Andrade (CEO of one of Europe's biggest renewable power producers) told reporters that companies are struggling to build enough wind and solar assets to replace imported fossil energy sources. He said that we need to be more efficient in licensing and permits and remove the bureaucracy.
Chairman of Siemens Energy says that the CEO will attend Trump's meeting with business leaders.
Joe Kaeser, Chairman of the Supervisory Board at Siemens Energy, said that Christian Bruch, CEO, will be attending a meeting with U.S. president Donald?Trump? scheduled for later in Davos on Wednesday. Kaeser said that he was sure to go. He is also the chairman of Daimler Truck's supervisory board. Kaeser said that the United States is an important market for us from many perspectives, including volume, innovation, speed, and the whole AI data center technology.
EDP CEO Warns EU on Lost Urgency for Energy Security
Four years after the start of the Ukraine war, the European Union has lost the sense of urgency needed to strengthen its energy security, with bureaucracy still slowing renewable projects and preventing the bloc from cutting costly energy imports, the head of Portuguese energy group EDP said.Miguel Stilwell d’Andrade, CEO of one of Europe’s largest renewable power producers, told Reuters companies were struggling to build wind and solar assets fast enough to replace imported fossil fuels.“We need to invest more in networks…
Sources say that Cenovus is considering selling assets in Alberta worth around C$3 Billion.
Two sources with knowledge of the matter have confirmed that Canadian oil producer Cenovus is looking to sell conventional oil and natural gas assets in Alberta's Deep Basin as it "looks" to reduce debt following the recent acquisition of MEG Energy, an oil sands competitor. Sources said that Cenovus has contacted potential buyers to gauge interest. The assets could be worth around C$3 Billion ($2,17 Billion), according to the sources. Cenovus may decide to keep the assets if the plans do not work out.
China's fossil fuelled power drops for the first time in 10 years as a result of renewables
China's coal-based thermal energy generation in 2025 fell for the first time in 10 years, according to government data released on Monday. Growing renewable generation?met growth of electricity demand, even though?overall consumption?hit a new record. This data is a good sign for China's decarbonisation as it sets out to reach its carbon emission peak by 2030. The coal production reached a new record last year. According to the National Bureau of Statistics…
Rio Tinto will supply copper to Amazon to build AI data centers
Rio Tinto announced on Thursday that it will supply copper it leaches from a mine in Arizona to Amazon.com, for use in its artificial intelligence data centers. The move highlights the rampant demand by?the?AI industry to access supplies of copper and critical minerals used in building wiring, cables and circuit boards, and other electronic components. Analysts have warned that supplies may fall short and a rush is underway to ensure access.