Seven countries warn EU against changing the energy market design
Seven EU member states, including the Netherlands, Sweden and Belgium, warned the executive of the bloc 'on Thursday' against interfering in the system that determines Europe's energy price. Officials at Brussels are scrambling to reduce bills. This year, energy prices are a major political issue in Europe. Industries have warned that they can't compete with the lower-cost companies from China and the United States. The European…
What's in the EU Buy-European Law?
On Wednesday, the European Commission proposed new rules that require a minimum percentage of public funds to be spent in Europe on electric cars, windmills, and other "key technologies" when they are purchased or manufactured. Why do it? The "Industrial Accelerator Act" is part of the EU's efforts to help local industry compete with foreign producers who are not subjected to Europe's strict regulations and higher prices for energy. It aims to avoid losing green tech industries, such as solar panels, to China.
OECD: Nuclear and onshore wind are the cheapest ways to meet Sweden's energy needs
The OECD Nuclear Energy Agency stated on Wednesday that expanding nuclear and onshore winds power was the cheapest option for 'Sweden' to meet its surging electricity demands, with no?place left for offshore wind. Sweden aims to achieve a 'net zero emission level by 2045. Electricity demand will double as industries like steel and transport switch to cleaner energy. According to the NEA base case, Sweden will have 13 GW of nuclear power installed and 30 GW of onshore wind by 2050.
Statkraft and OX2 battery deal in Finland to smooth out wind power volatility
Statkraft, the Norwegian state-owned utility, announced on Wednesday that it had signed an agreement for power purchase (PPA) to buy two battery energy systems (BESS), developed by Sweden's OX2 and installed in Finland where wind power has been expanding rapidly. Batteries of large size are essential to managing intermittent renewable energies such as wind energy. They help ensure supply reliability by charging when output is high, and emptying them when wind production drops.
EU delays 'Made in Europe' plan after disagreements over scope
The European Commission announced on Monday that it had 'delayed announcement of a new policy to prioritise industrial products and parts made in Europe by a week due to disagreements over the scope of the program. Thursday was the date set for the announcement of these measures, which would establish minimum thresholds in order to use locally-made parts in projects involving public funds. These include strategic sectors such as batteries, solar and renewable energy, and nuclear power.
Sweden and other countries oppose the calls to delay the new EU carbon market
A joint?paper of the countries revealed that Sweden, Denmark and Finland have resisted calls from other European governments to postpone the EU's forthcoming?carbon markets, as political pressure increases for the bloc reduce?energy prices. The paper focuses on the second carbon market in the European Union, also known as ETS2, which will be implemented from 2028 and impose a CO2 price for fuels used to heat homes and transport vehicles.
What's in the EU's proposed 'Made in Europe' law draft?
Next week, the European Commission will introduce a new law requiring a minimum percentage of products to be "made in Europe" when using public money to support 'key strategic technologies. Why do it? Why do it? Prioritizing European-made products in public contracts will allow the EU to leverage the financial power of public procurement, which is more than 2 trillion euro ($2.37 trillion), or 14% of EU output. What will the law do?
Take Five GRAPHIC: Giddy up
As the year of fire horse dawns, much of Asia will celebrate the Lunar New Year. This rare combination is said to combine elements of energy and volatility. The markets will be looking for the first from the consumer leader Walmart, and the second from the earnings of European miners. The week will be filled with UK data and leading economic indicators. Indonesia is also facing a crucial central bank decision. Here is everything you need to 'know' about the upcoming week in financial markets from Gregor Stuart Hunter…
Take Five: Giddy up
As the year of fire horse dawns, much of Asia will celebrate the Lunar New Year. This rare combination is said to combine elements of energy and volatility. The markets will be looking for the first from the consumer bellwether Walmart, while the commodity markets are likely to see the latter. The UK's data and leading economic indicators are coming in this week, and Indonesia is facing a crucial central bank decision. Here…
Sources: Eneva, a Brazilian company, is in negotiations with Maha to form a joint venture in Venezuela
Two sources who have direct knowledge of this matter said that Eneva, a Brazilian energy firm, is evaluating options to enter Venezuela's oil and gas sector. It is also in discussions with Maha Capital from Sweden about forming a joint venture. According to a source who did not want to be identified, the Brazilian oil and gas producer was in discussions with other companies than Maha. Both sources stated that the talks are still?preliminary. Eneva and Maha declined comment. Donald Trump, the U.S.
Holm, CFO of green steel startup Stegra, has been appointed to the position in order to raise additional funds
Swedish green steel startup Stegra announced on Monday that it had appointed Markus Holm to the position of chief financial officer. The company is scrambling?to raise additional cash in order to complete its hydrogen-based'steel plant' in northern Sweden. In Europe, many green steel projects are being delayed or have run into problems because the technology is still new and the investment costs are high. Stegra originally planned to open the plant in this year but will now do so by 2027.
Vattenfall: Swedish nuclear plans require direct state investments
Vattenfall, the state-owned utility, said that the Swedish government will be forced to invest directly in new nuclear projects due to the large financial commitment. Right-of-centre Nordic government is looking to revitalize its nuclear energy sector. It offers a combination?of cheap loans and price guarantees for companies that are willing to invest. Vattenfall’s Videberg Kraft subsidiary is planning to build several small modular reactors…
The French spot price drops due to a slight increase in wind
The French spot electricity price for Thursday dropped as the wind energy supply is expected?to rise from Wednesday's low level. By 0936 GMT, the French baseload for day-ahead fell by 5.7% to 119.75 Euros ($143.45). On Wednesday, the German baseload?day-ahead was untraded at 137.75 Euros/MWh. This is up from 134.20 euros on Tuesday. LSEG analyst Naser Haseemi said that the German spot price will be closely correlated with Denmark, the Netherlands and southern Sweden, as well as lower wind and solar output, on Friday.
Nordzucker, a German sugar company, expects to lose money as the market for sugar remains weak
Nordzucker, Germany's second largest sugar refiner, warned that it could suffer an operating loss due to the low EU sugar prices, which are affecting producers across the market. The unlisted company stated that it expects a loss of operating income in the high double-digit millions for the current year. This is much worse than anticipated. In its previous financial year, it reported an operating profit of 100 million euros ($116 million).
SBB sells community property portfolio worth $3.4 billion in a deal with Sweden
The struggling Swedish real estate group SBB announced on Tuesday that it would sell its portfolio of community properties to Public Property Invest, a publicly listed company in Oslo. This transaction valued the assets at approximately 32 billion Swedish crowns (3.40 billion dollars), and was part of its efforts to reduce its debt. SBB, which is a property firm that owns hospitals and care homes among other properties, has been forced to restructure its debt and reduce it due to high interest rates…
De Nora eyes water tech deal, raises profit margin outlook
Industrie De Nora, an Italian electrochemical company, is looking at ways to expand its water-technology business. It may even announce an acquisition before the end of the year. De Nora's Paolo Dellacha said: "We have concrete M&A projects and hope to announce something before the end of this. De Nora is a leader in the field of industrial electrodes and also provides equipment and solutions to disinfect and filter water.
Auto stocks rise as European shares soar in focus of earnings season
European stocks rose on Monday, as investors digested the latest round of earnings reports. Auto shares also gained amid optimism that Dutch chipmaker Nexperia will resume China shipments. The pan-European STOXX 600 index rose 0.4%, to 574.11 by 0910 GMT. This is a rebound from the one-week-low hit last week. After a White House announcement that Nexperia news will be announced soon, auto stocks like Renault, Mercedes Benz, and Aumovio each gained more than 3.3%.
Brookfield invests $5 billion in Bloom Energy to support fuel cells for AI data centers
Brookfield Asset Management announced on Monday that it would invest up to five billion dollars in Bloom Energy fuel cell technology for data centers. Companies are looking to cleaner energy sources to meet the demands of artificial intelligence. Bloom Energy shares were up 31% in premarket trading at $113.72. As they spend billions on building and expanding their data centers, companies are looking to clean power sources like nuclear…
Swedish green steel company Stegra is seeking another $1.1 billion financing
Stegra, a Swedish green steel startup, plans to raise an additional 975 million euro ($1.1 billion) for building its plant in the north of Sweden and bolstering finances. Stegra (formerly H2 Green Steel) announced last year that it had secured funding of 6.5 billion euro for the plant in Boden, which will be using hydrogen produced on site from renewable electricity to power its production process. Henrik Henriksson, CEO of Stegra…
Motorsport-Taylor Hansen and the inaugural hydrogen-powered Extreme H World Cup
The inaugural Extreme H World Cup, powered by hydrogen, was held in Saudi Arabia. On Saturday, Australian Molly Taylor won the championship and Kevin Hansen of Sweden took second place. After three days of competition, the pair driving for Saudi-owned Jameel Motorsport won the eight-car final at Qiddiya in the first FIA sanctioned hydrogen-powered motorsport event. Hansen stated that it was the most important achievement of his life. It feels amazing.