Minister: Hungarian gas company will supply Transdniestria
Peter Szijjarto, the Hungarian foreign minister, said that a Hungarian trading company would provide natural gas to Transdniestria in Moldova after a request by Russia's energy ministry. Transdniestria residents, a tiny sliver run by pro Russian separatists on the border of Moldova and Ukraine, faced an energy crisis after the expiration of a transit agreement that allowed Russian natural gas to be shipped via Ukraine.
German wind volume to rise - a warning
The European spot price for Wednesday dropped on Tuesday, as German wind production volumes are expected to double. France is also set for a significant fall in consumption. The LSEG analyst Naser Hahemi wrote that "residual loads are down in Germany due to the increase in wind energy production." This is an indicator which shows how much conventional power plants can supply after variable renewable volumes have been fed into grids.
Breakaway Moldovan Region claims it received gas supplies backed up by Russian loan
Separatist authorities announced on Friday that the pro-Russian Transdniestria region of Moldova, which is a breakaway region, has begun receiving gas under a Moscow loan. Transdniestrian leader Vadim Krsnoselsky stated in a Telegram statement that the Russian loan assistance as well as cooperation with Russia's Ministry of Energy made gas deliveries possible. The Russian gas flow to Transdniestria…
Africa's biggest copper countries are focusing on trade profits
Africa's largest copper producers, Democratic Republic of Congo (DRC) and Zambia (Zambia), are working to get exposure to metal trading, as the surge in demand linked to artificial intelligent and the move to greener energy promises big profits. Metals trading is a long-standing domain of international trading companies, like Glencore. Congo and Zambia which represent together more than 13% global…
DeepSeek's "Sputnik moment" prompts investors to dump big AI players
Investors sent technology stocks like Nvidia and Oracle tumbling on Monday as the appearance of a Chinese artificial intelligence model that is low-cost cast doubts on Western firms' dominance in the sector.Startup DeepSeek launched last week a free assistant that it claims uses less data and costs a fraction of what existing models cost. This could be a turning point for the amount of investment required in AI.Futures for the Nasdaq 100 fell almost 4%.
Fortescue Energy CEO: Green hydrogen costs are key to reducing demand
Fortescue Energy CEO Mark Hutchinson said in Davos that buyers will not pay "green premiums" if the price is competitive. By splitting water into oxygen and hydrogen, using renewable electricity, green hydrogen can be created. The hydrogen can be used to generate electricity or as an ingredient in agricultural fertilisers. Hutchinson, speaking at the Global Markets Forum, said that electrolyzers…
Glencore opens to deals as investors prepare for more mining M&A
Glencore, the commodity and miner trader, said that it was open to M&A deals that created value for its investors. It is leveraging its position in the top three producers of copper globally. Investors in the sector were most concerned about potential M&A transactions in 2024. However, BHP's failed $49 billion bid for Anglo American last May demonstrated the difficulties of merging diversified producers.
Financial Times - Jan 17
These are the most popular stories from the Financial Times. These stories have not been verified and we cannot vouch their accuracy. Owners of France's Natixis Investment Managers, and Italian insurer Generali, are nearing an announcement of an agreement for a joint venture in asset management that will bring together the two biggest European names. France's Bureau Veritas has ended merger talks…
As demand falls and supply increases, prompt prices will fall.
The European spot electricity prices dropped on Wednesday, as the demand for power in Europe declined while wind and nuclear power increased. LSEG data revealed that French consumption would fall as temperatures rise in a country which relies heavily on electric heating during winter. By 1100 GMT, the French baseload for Thursday had fallen 8.3% to 141.30 Euros ($145.62). In Germany, baseload for Friday was down almost 33% at 154.50 Euros.
Meyer Burger secures $40 mln in bridge loan after key client's exit
The Swiss solar panel manufacturer Meyer Burger announced on Friday that it had secured nearly 40 million dollars in bridge financing for its business, after its biggest customer, DESRI said it would be pulling out last month. Meyer Burger stated in November that its future was uncertain following the announcement of the DESRI's exit, which followed a number of other setbacks. Meyer Burger expects to draw down an initial tranche worth $19.7 Million from the new bridge loans facility.
More wind and lower demand causes spot prices to fall
European power prices fell on Thursday, as the main German market was expected to have more wind energy and demand in the area had slowed down ahead of the weekend. LSEG data shows that German baseload power for the day ahead was 17.1% lower at 87 Euros ($91.69), while still remaining at multiple-week highs. The French equivalent contract was not traded but the settlement indicated a significant drop from its previous 108 euros.
Axpo, a Swiss company, is looking at opportunities in Japan's power and LNG trading
Axpo, a Swiss power producer and trader, is looking at opportunities in Japan's electricity and liquefied gas (LNG), as the changes in Japan's power sector have created a demand for spot LNG and hedging. Japan has set an ambitious target of renewables accounting for 36%-38% of its total electricity mix by 2030. In 2016, the power market was liberalised, leading to a more liquid futures exchange for electricity. Marco Saalfrank is a member of Axpo’s management board.
EIP, a Swiss asset manager, increases its stake in Eni Plenitude from 10% to 10%
Eni announced that Swiss asset manager Energy Infrastructure Partners will increase its stake in Eni Plenitude to 10%. The deal values the group’s retail and renewable businesses at more than 11 billion euros, including debt. In a Monday statement, the Italian energy group EIP said that it had agreed to subscribing to a new issue of shares worth approximately 209 million euro. This deal is part Eni's "satellite" strategy.
Meyer Burger talks to bondholders about injecting new capital
Meyer Burger, a Swiss solar panel manufacturer, said that it had entered into advanced negotiations on Thursday with a group holders of its convertible bond maturing in the years 2027 and 2029. The aim is to inject new capital into their business and restructure liabilities under some convertible bonds. The company said that it expects to achieve annual sales between CHF 350 and CHF 400 millions and EBITDA of approximately CHF 70millions by 2026.
Eni, Italy's energy company, will see 2.5 billion euros in net proceeds from its disposals by 2025
Francesco Gattei, the Chief Transition & Finance Officer of Italian energy giant Eni, said that it expects to receive net proceeds of 2.5 billion euros ($2.7billion) from further disposals next year. Eni announced Thursday that U.S. Investment Group KKR will buy 25% of Enilive, its biofuel unit for 2.9 billion Euros as part of Eni’s strategy to spin-off new businesses with high potential growth to fund its efforts in cutting its greenhouse gas emission.
KKR will take 25% of Eni's biofuel unit valued at $13 billion.
The U.S. Fund KKR has bought a 25% stake of Enilive's biofuels business, owned by the Italian energy company Eni. This deal values Enilive at 12.7 billion dollars ($11.75 billion), including debt. Eni said that KKR’s 2,94 billion euro acquisition improves Eni’s financial position and ensures it retains its control over Enilive. This deal is part Eni's'satellite strategy' to attract co-investors for growth businesses.
Teck Resources Q3 profits beat estimates due to higher copper production
Teck Resources, a Canadian mining company, beat its third-quarter profit expectations on Thursday thanks to higher copper production at the Quebrada Blanca mine. According to LSEG, the company reported a profit adjusted of C$0.60 ($0.4340), per share, for the quarter ending Sept. 30. This compares with an average analyst estimate of C$0.37. Teck restructured its business this year, selling 77% of the steelmaking coal unit it owned to Swiss miner Glencore Plc.
The UK will try Glencore's former head of oil in 2027 on charges of bribery
In 2027, Glencore's former oil head Alex Beard will be tried in London on charges of bribery along with five other former employees of the Swiss commodity trading company. Beard was not asked to enter his plea during a short hearing on Wednesday at London's Southwark Crown Court. He had indicated in his first court appearance that he would plead not-guilty. The 57-year old is accused of two counts…
Mozambique's election winner faces financial strain
The economy of Mozambique will be impacted by the worsening cyclones and insecurity as well as delays to gas projects, high debt levels, and delayed gas projects. Daniel Chapo, the candidate of the ruling party, is currently the frontrunner. However, there are also three other candidates who want to succeed Felipe Nyusi in the role of president for the nation. Mozambique is under pressure to adopt fiscal discipline due to rising borrowing costs…
Shares of US energy companies rise as Middle East crisis fuels supply concerns
The shares of U.S. Energy companies rose in premarket trading on Wednesday. This was due to the rise in oil prices, which was a result of concerns about a possible escalation in tensions in Middle East. The markets went into a risk off mode after the announcement. The demand for safe-haven currencies such as the Japanese yen, Swiss franc and oil stocks was strong. Benchmark Brent crude rose by 2.8% to $75.59 per barrel while U.S. crude climbed 3% to $71.92.
