Corning and US solar manufacturers join forces to produce American-made panels
The companies announced on Thursday that Corning, a technology company, has signed a deal to produce the first solar panel made entirely of American components. The alliance between Georgia's Suniva and Corning, a panel manufacturer, is an important milestone in efforts to create a U.S. manufacturing sector for solar that can compete with China. Heliene, based in Canada, produces panels in Minnesota. Corning, through its subsidiary Hemlock Semiconductor…
German contracts untraded
French spot power fell on Thursday as the weather warmed up and demand decreased. German spot power, however, was traded at a premium to France due to lower green energy production. LSEG analyst RiccardoParviero stated that the expected losses in German Wind Power Generation remained a positive factor for the area, even though usage is also declining and thermal availability has strengthened. At 0840 GMT, the French baseload price for the next day was down 18.4% to 62.0 euros (66.96 dollars) per megawatt-hour (MWH).
UK Invests $71M in Scottish Port Expansion for Floating Wind
Britain will invest 55.7 million pounds ($71.45 million) in the Port of Cromarty Firth in Scotland to expand the facility to become a hub for floating offshore wind, the government said on Wednesday.Britain has a target to largely decarbonize its electricity sector by 2030 which will require a huge ramp up in renewable power like offshore wind.Using floating turbines, that are not fixed to the seabed like traditional wind farms, allows the projects to be much deeper out at sea, making them less visible to communities that might object and
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…
Shell restructures its executive team; integrated gas and upstream director departs
Shell announced on Tuesday that Zoe Yujnovich will be leaving the company at the end this month, after spending more than a decade working for the oil giant. Shell's leadership structure has been simplified by the appointment of Cederic Crémers as president of Integrated Gas, and Peter Costello to lead Upstream. Shell has a strategy of streamlining its senior management structure. In a recent statement, Chief Executive Officer Wael Sawan…
Baker Hughes and Frontier Infrastructure form a carbon capture partnership
Baker Hughes announced on Monday a partnership between Frontier Infrastructure and the United States' largest carbon capture and storage solutions (CCS). Oilfield Services provider adds that it will provide technology solutions for carbon capture projects, power generation and datacenters. Baker Hughes announced that it will leverage key technologies in well design, carbon dioxide compressing and long-term monitoring for Frontier's Sweetwater Carbon Storage Hub to be located in Wyoming.
France's Technip proposes 49% dividend hike after Q4 revenue beat
Technip Energies, a French infrastructure and technology firm, proposed an increase in dividends of 49% on Thursday after it announced that its fourth-quarter revenue was ahead of the market's expectations. Technip's shareholder meeting on May 6 will recommend that a cash dividend be paid of 0.85 euro per share in 2024, up from 0.57 euro per share last year. According to an internal consensus, the group, which specializes in engineering and technologies for the energy sector…
Chinese Competition regulator meets with Mercedes-Benz, Alibaba
The State Administration for Market Regulation, SAMR, announced on Wednesday that China's regulator of the market held a seminar on fair competition, with representatives from seven companies. These included Alibaba and LONGi. The statement stated that the executives who attended the symposium on February 2nd discussed the market, competition and the difficulties they face. They also made suggestions to combat monopolies and unfair competitors.
British Business – February 26
These are the most popular stories in the British business pages. These stories have not been verified and we cannot vouch their accuracy. BP, the oil major in Iraq, and the Iraqi government have agreed to allow the energy group work on the redevelopment and exploitation of four large gas and oil fields in Kirkuk. Unilever's board of directors has decided to part ways with Hein Schumacher, Chief Executive Officer. They have chosen a new leader they feel will operate at a quicker pace.
First Solar launches legal action against JinkoSolar for forecasting higher sales in 2025
First Solar, a solar panel manufacturer, forecasted higher sales for the current year and reported a rise of its fourth-quarter profits on Tuesday. It also announced that it had taken legal action against JinkoSolar over patent infringement. Extended trading saw shares up by 3.8% to $153.00. In November, the Biden administration imposed tariffs on imports of solar panels from four Southeast Asian countries after American manufacturers complained that companies were flooding markets with cheap products, which benefited U.S.
US utility PSEG increases spending plan as pipeline for data centers jumps
Public Service Enterprise Group, a U.S. Northeast gas and electric utility, raised its capital plan on Tuesday as interest in large power loads such as AI data centers increased. In the United States, power companies are increasing their spending plans in order to boost the grid and build new electricity sources in response to the record-breaking demand for electricity this year. Meanwhile, Big Tech is investing billions of dollars in developing artificial intelligence technology and infrastructure to support it.
Utility Public Service Enterprise raises its spending plan and forecasts a higher profit in 2025
Public Service Enterprise Group, a U.S. electric utility and gas company, forecasted a higher profit in 2025 compared to the previous year and increased its five-year plan for capital expenditures. Utilities are experiencing a surge in power demand as Big Tech invests billions of dollars in developing artificial intelligence technology and infrastructure to support it. PSEG expects to spend between $22,5 billion and $26 billion in the five years from 2025 to 2029. This is an increase of $3 billion over its previous plan.
Chevron restructures its business and reshuffles the leadership
Chevron announced on Monday that it will reorganize its business structures, and reshuffle its leadership team. This is the latest step taken by the U.S. oil major to streamline its operations. As it deals with cost overruns, delays and delays on a major Kazakhstan project, the company said that it could lay off as much as 20% of its worldwide workforce by 2026. The $53 billion purchase of Hess by Exxon Mobil has been delayed due to an arbitral battle.
Lebanese Government to seek new IMF program, policy statement states
According to a policy document approved by the Cabinet late Monday, the new government of Lebanon will negotiate with IMF for a new program and work to address the financial default and the public debt in the country. A copy of the statement was reviewed by and it stated that the government would strive to achieve an economic revival, which could only be accomplished through restructuring the financial sector. Since 2019, Lebanon has been experiencing a deep economic crisis. Its financial system collapsed due to massive state debts.
Lebanese Government to seek new IMF program, policy statement states
According to a policy document approved by the Cabinet late Monday, the new government in Lebanon will negotiate with IMF for a new program and work on the financial default of the country and its public debt. A copy of the statement was reviewed by and it stated that the government would strive to achieve an economic revival, which could only be accomplished through restructuring the financial sector. Since 2019, Lebanon has been experiencing a deep economic crisis. Its financial system collapsed due to massive state debts.
ADNOC Drilling plans to refinance $1.25 billion worth of debt
ADNOC Drilling, a division of the state oil company in the United Arab Emirates, wants to refinance its debt due later this year, totaling $1.25 billion. Its chief financial officer announced that on Friday. Youssef Salm, the company's CFO, said that it will refinance term loans worth $500 million as well as a revolving loan facility of $750 million due in October 2025. He said that the capital expenditures for 2025 could be more than $1 billion, including mergers, acquisitions and other activities through its subsidiaries.
DeepSeek fears subside, US power companies spend more on data centers
U.S. Electric utilities are increasing their spending plans by tens and even hundreds of millions of dollars in order to upgrade the grid and build new power sources as artificial intelligence data centers and cloud computing drives up energy consumption. PPL Corp announced on its earnings call that it will increase capital investment by almost 40%, to $20 billion. Dominion which is the largest provider of data centers in Northern Virginia and Exelon, the utility giant, both revised their capital plans in the past week.
AEP considers a $10 billion increase in its five-year capital expenditure plan to meet data center demand
American Electric Power said on Thursday that it would consider adding $10 billion to the $54 billion capital plan, which is a record. The demand for data centres in the Midwest and Southern service areas of this U.S. utility has increased. The U.S. Power Companies have raised their capital investment and load forecasts as the technology industry invests billions in expanding energy-hungry cloud computing and artificial intelligence data centers. AEP has committed to 20 gigawatts in new power through 2029.
Inpex, a Japanese company, targets FID in 2027 for Indonesia's Abadi Liquefied natural gas project
Inpex Corp., Japan's largest oil and gas exploration company, announced on Thursday that it plans to make its final investment decision on the Abadi project for liquefied gas in Indonesia by 2027, as part of efforts to increase LNG supply. The company has a three-year plan that will run through 2027. It plans to invest 11.8 trillion yen (11,7 billion dollars) in areas of growth, including the flagship Ichthys project in Australia. "Natural Gas and LNG have relatively low greenhouse gas emission intensity compared to fossil fuels…
Financial Times – February 12,
These are the most popular stories from the Financial Times. These stories have not been verified and we cannot vouch their accuracy. BP told 39,000 employees their cash bonus would be only 45% of the target amount after a poor year in financial and operational performance. Gavin Isaacs, the chief executive officer of Ladbrokes' owner Entain has resigned after only five months. Novartis agreed to purchase Anthos Therapeutics for up to…
