China finds bigger role as US sidesteps Brazil climate summit
China has stepped into the spotlight as a leader of the global warming fight, with the United States missing the U.N.'s annual climate summit in New York for the first three decades. The country's pavilion dominates the entrance of the sprawling COP30 grounds in Brazil’s Amazonian city of Belem. Executives from its largest clean energy companies present their visions of a greener future in English to large audiences, while its diplomats work behind the scenes to facilitate constructive discussions. Washington used to play these roles. Now, they are played by Beijing.
Orplana CEO: Sugarcane farmers in Brazil's key region are feeling the pinch of low prices
Sugarcane growers in Brazil's central-south region feel the pinch due to low sugar prices. They do not want their crops to expand and may even reduce the area they plant with the crop. Jose Nogueira is the CEO of the cane growers association Orplana. He said this on Friday. Last week, raw sugar futures reached a low of 14,04 cents per lb. Prices had dropped to 14.96 cents a lb on Friday but were still subdued in comparison with recent highs. Nogueira added that the looming low returns on sugarcane investments would affect producers' investment in their fields, and could potentially impact output for the 2027/28 harvest.
Saudi Aramco to Sign US LNG Supply Agreements
Saudi Aramco is set to sign two U.S. liquefied natural gas supply deals with Woodside Energy and Commonwealth LNG when Saudi Arabia's Crown Prince Mohammed bin Salman visits Washington next week, sources familiar with the matter told Reuters.The world's largest oil exporter, Saudi Aramco, wants to become a major liquefied natural gas player, especially in the United States, where LNG capacity is set to almost double over the next four years. It has already signed deals with other U.S. players, including NextDecade's Rio Grande LNG.The firm targets 20 million tons per annum (mtpa) of LNG capacity…
COP30: Brazil seeks biofuel boom, but critics query climate impact
Timothy Searchinger is a senior research scholar from Princeton University. He said that when land produces fuel instead of food someone else will have to clear more land or eat less. Biofuels are counted at zero, so countries believe that they have cut emissions. He said that in reality, the pressure is shifted onto food and land systems. India has already shown signs of this pressure. It has increased the percentage ethanol in petrol, and saved $12 billion on oil imports over the last decade. It has also led to the destruction of engines and arable land.
Saudi Aramco will sign US LNG contracts during the crown prince's Washington visit, sources say
Saudi Aramco will sign two U.S. LNG supply agreements with Woodside Energy & Commonwealth LNG next week when Saudi Arabian Crown Prince Mohammed bin Salman is in Washington, according to sources with knowledge of the situation. Saudi Aramco wants to be a major player in liquefied gas, particularly in the United States where the LNG capacity will almost double within the next four-years. It has signed agreements with other U.S. companies, such as NextDecade Rio Grande LNG. Aramco's CEO and President Amin Nasser told analysts on a conference call in August that the company aims to produce 20 million tonnes of LNG per year (mtpa)…
French and German electricity prices will be affected by the diverging wind trends on Monday
French and German power rates are expected to diverge on Monday. Higher wind generation is expected to pressure German spot prices, while higher demand combined with lower wind supplies should lift French day-ahead contract prices. LSEG data shows that the German and French baseload power contracts for Mondays were not traded by 8:56 GMT Friday. LSEG analyst Xiulan Xiulan said that the European power market showed a bearish sign on Monday. This was mainly due to strong wind generation in Germany and Austria. Data compiled by LSEG shows that German wind power production is expected to increase by 6.2 gigawatts on Monday…
GERB leader: Bulgaria could receive a six-month delay in US sanctions
Local media reported that Boyko Borissov of the GERB, the leader of the coalition's leading party, could have secured a six-month delay of U.S. sanction against Lukoil oil refinery. Last month, the U.S. Treasury Office of Foreign Assets Control imposed sanctions against Lukoil, and Rosneft, Russia's largest oil companies. This increased pressure on Russian president Vladimir Putin to stop Moscow's war with Ukraine, and threatened their sprawling operations throughout Europe. The U.S. sanction, which is due to take effect on November 21, has raised concerns over fuel supplies in Bulgaria ahead of winter.
Adani Group invests $7.17 billion in power projects in India’s Assam State
Adani Group, an Indian company, announced on Friday that it would invest approximately 630 billion rupees (7.17 billion dollars) in two major projects in Assam in the state's north-eastern region. One of these will be the largest coal-fired plant in the region. Adani Power was reported as having been the lowest bidder in a state-issued tender for coal power of 3.2 gigawatts (GW). Adani announced on Friday that the coal power plant unit of its company will invest about 480 billion rupees (5.46 billion dollars) in building the facility. The company stated that the plant will be commissioned in phases starting December 2030.
Rio Tinto signs a 15-year renewable energy deal with U.S. based TerraGen
Rio Tinto announced on Friday that its Kennecott operation, located in Utah, U.S.A., had signed a virtual power purchase agreement for 15 years with TerraGen, to source renewable energy in Texas from a newly built wind farm. The deal will see Rio Tinto purchase 78.5 megawatts of electricity from TerraGen’s Monte Cristo I Windpower Project, which started commercial operations last week. The agreement was reached after the Trump Administration added copper to its list of critical minerals in the United States, and…
Blackstone invests $1.2 billion to build a power plant in West Virginia
Blackstone announced on Thursday that its unit will invest around $1.2 billion in building a power station in West Virginia. The asset manager is stepping up efforts to meet the surging demand for electricity due to artificial intelligence and industrial expansion. Utilities, large investors and data center operators have increased their funding to build more power capacity. The Wolf Summit Energy Project, a 600-megawatt natural gas combined-cycle plant in Harrison County, will provide power to Old Dominion Electric Cooperative which services about 1.5 million people across Virginia, Maryland, and Delaware.
TotalEnergies considers selling some Asian renewable energy assets
A spokesperson for TotalEnergies said that the company is considering selling some renewable energy assets located in Asia as a way to reduce its debt. Bloomberg first reported the news that the assets in question could be worth several hundred millions of dollars. The spokesperson confirmed this. Patrick Pouyanne, CEO of TotalEnergies, said at a presentation to investors earlier this year that the company was focusing its strategy on key markets such as Europe, U.S.A. and Brazil, while streamlining our efforts in renewables beyond these three markets.
German spot prices jump on plummeting forecast wind
German spot contracts for Friday rose on the back of an anticipated sharp decline in wind power supplies, while French contracts fell. By 1030 GMT, the German baseload day-ahead contract was up 46.5% to 102.55 euro ($119.59). The French equivalent contract fell 16.1% to 26 euros/MWh. LSEG data revealed that German wind power production was expected to drop by 15.7 gigawatts, to 14.3 GW. French wind power output is projected to increase by 2.7 GW, to 12.4 GW. LSEG analyst Xiulan said that wind generation in Germany will be lower in the morning, then increase steadily throughout the afternoon. Imports are expected at all times.
Made in Nigeria: Africa's drive to become a solar superpower
In pink overalls they pack the tested products to be shipped from the Salpha Energy solar assembly plant near Calabar, West Africa. It's not happening at home anymore. Salpha Energy, which began in 2017, has produced solar power systems for over two million Nigerian households and businesses. It aims to produce up to 300,000. Salpha Energy is part and parcel of the green leadership that Africans attending the U.N. COP30 Climate Summit in Brazil want to promote and showcase. Carlos Lopes is the special envoy of the COP30 Presidency for Africa.
RWE Reports Near 15-Year High Boosted by Data Center Sale
RWE, Germany's largest power producer, reported higher-than-expected profit for the first nine months of the year, boosted by a 225 million euro ($262 million) book gain on the sale of a data centre project to a large unnamed cloud service provider.Shares in RWE, which is also the world's second-biggest developer of offshore wind projects, rose as much as 7% to their highest level since March 2011. They were last trading 6.7% up.The sale of the facility, located on the site of a former coal-fired power plant in Britain…
German Spot Falls on Stronger Wind Output
German spot electricity prices for Thursday dropped as the wind forecasts are lower, and the demand is expected to be lower. The French price increased on higher demand after Tuesday's holiday. German baseload for the day ahead fell 10.3%, to 70.40 Euros ($82.10) per megawatt-hour (MWh), by 0956 GMT. The French baseload for the day ahead was up by 38.9% to 31.25 Euro/MWh. LSEG data indicated that German wind power production was expected to increase by 4.1 gigawatts on Thursday to 30 GW. Meanwhile, French wind power is expected to decrease by 1.8 GW at 9.8 GW.
Eneos, a Japanese company, warns of rising costs in developing offshore wind businesses
Eneos Holdings - Japan's largest oil refiner that has expanded into renewable energy - warned on Wednesday of the rising cost of developing their offshore wind project. Their CEO said returns were difficult. Eneos' Japan Renewable Energy unit won the government auction in March 2024 to develop a 375 megawatt offshore wind farm in northern Akita Prefecture, Japan, with Spain's Iberdrola, and Tohoku Electric Power Co. Construction will begin in 2020, and operations are expected to begin in 2029. Eneos CEO Tomohide Miyata said at a press event that the company has not made any decisions yet…
Shell appeals against arbitration ruling on Venture Global LNG Supply Contracts
Shell has filed a lawsuit in New York Supreme Court to challenge its loss in an arbitration against U.S. liquefied gas producer Venture Global. This comes weeks after BP won a $1 billion arbitration. The two arbitration cases were based on Venture Global's inability to deliver LNG as per long-term contracts, while the prices of LNG soared following the outbreak of war in Ukraine. Shell argues in its latest filing that, while it is difficult to appeal arbitration decisions, they believe such a move was justified as Venture Global withheld crucial evidence. Shell confirmed that the document was filed on Monday.
Shell appeals against arbitration ruling on Venture Global LNG Supply Contracts
Shell has filed a lawsuit in New York Supreme Court to challenge its loss in an arbitration against U.S. liquefied gas producer Venture Global. This comes weeks after BP won a $1 billion arbitration. The two arbitration cases concerned Venture Global's inability to deliver LNG as per long-term contracts, while the prices of LNG on the spot market soared following the outbreak of war in Ukraine. Shell, in a new filing, claimed that, while it was true the legal hurdles to appeal arbitration decisions are high, they believed an appeal would be justified because Venture Global withheld crucial evidence.
India's Modi extends a $450 million credit to Bhutan and expands energy relations
India and Bhutan strengthened their energy ties during Prime Minister Narendra modi's visit on Tuesday to the Himalayan country where he opened a hydroelectric project and extended a line of credit worth 40 billion rupees ($455 millions). India's outreach towards Bhutan is seen as a move to increase its influence in the area and bring the country wedged in between China and India nearer to New Delhi, as Beijing intensifies its engagement with Bhutan to resolve the long-running dispute over its border and establish diplomatic relations.
Tata Power to build India's largest wafer and ingot manufacturing plant
Tata Power, India's largest solar ingots and wafers manufacturer, plans to build a 10 gigawatt manufacturing facility. This is according to the chief executive Praveer sinha. Tata Power would be present in the entire manufacturing chain of solar cells with the facility that makes the wafers and ingots, the foundational materials for solar cells. Tata Power already has 4.9GW of integrated module and cell-making capacity. As the U.S. tariffs for Indian products increased, solar module exports became less attractive. Sinha, on a call after earnings, said that India already has an adequate supply of modules.