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A European company has canceled plans to build blades for offshore wind turbines in coastal Virginia, the latest sign of struggle within the U.S.'s nascent industry. Dominion said its 176-turbine project will be the largest offshore wind farm under development in the U.S. The main appeal of offshore wind for supporters, including environmentalists and many state governments, is that it doesn't burn fossil fuels and therefore drive climate change. But opponents claim offshore wind is inherently unworkable without massive financial subsidies. But the costs of renewable energy — wind, solar, and other forms — have been declining, while becoming increasingly competitive, he said.

Persons: Siemens Gamesa, Joe Biden, Robert McNab, ” McNab, “ Organizations: Siemens, Dominion, U.S, Old Dominion University Locations: Virginia, Port of Virginia, Portsmouth, Spain, U.S, New Jersey, Massachusetts, Spanish, Connecticut, Virginia Beach, Europe, Norfolk , Virginia

☆ Wind woe opens door for alternative green ideas: podcast
▼ + stars: | 2023-11-09 | by ( Aimee Donnellan | ) www.reuters.com time to read: 1 min

LONDON, Nov 9 (Reuters Breakingviews) - Shares of Orsted and Siemens Energy are being battered by their inability to boost profits. In this Viewsroom podcast, Breakingviews columnists explain how trouble in offshore wind may encourage investors to back other clean energy segments like battery storage, cables and solar. Listen to the podcastFollow @aimeedonnellan on XSubscribe to Breakingviews’ podcasts, Viewsroom and The Exchange. Editing by Oliver TaslicOur Standards: The Thomson Reuters Trust Principles. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Oliver Taslic Organizations: Reuters, Siemens Energy, Thomson

WASHINGTON (AP) — A project to build a first-of-a-kind small modular nuclear reactor power plant was terminated Wednesday, another blow to the Biden administration's clean energy agenda following cancellations last week of two major offshore wind projects. Oregon-based NuScale Power has the only small modular nuclear reactor design certified for use in the United States. “We absolutely need advanced nuclear energy technology to meet (the Biden administration’s) ambitious clean energy goals,'' spokeswoman Charisma Troiano said. In 2020, the Trump administration approved up to $1.4 billion for the project, known as the Carbon Free Power Project. Most prospective subscribers were unwilling to take on the risks associated with developing a first-of-a-kind nuclear project, the Utah group said.

Persons: Joe Biden's, Biden, Charisma Troiano, “, Timothy Fox, Fox, Trump, Obama, John Hopkins, NuScale, Ken Cook, ” Cook, ___ McDermott Organizations: WASHINGTON, Biden, Idaho National Laboratory, Energy Department, DOE, ClearView Energy Partners, The Energy Department, Energy Department's, Energy Department's Idaho National Laboratory, Carbon, Power, Congress, Utah Associated Municipal Power Systems, Nuclear Energy Institute, Environmental, U.S . Nuclear Regulatory Commission, AP Locations: Oregon, United States, Utah, Idaho, New Jersey, U.S, Washington, Idaho Falls , Idaho, Energy Department's Idaho, California, Providence , Rhode Island

OCEAN CITY, N.J. (AP) — Offshore wind power company Orsted is trying to get out of a $300 million guarantee it agreed to pay New Jersey in the event it failed to build its first wind farm off the state's coast. Last Tuesday, the Danish firm scrapped its Ocean Wind I and II projects in southern New Jersey, saying the projects were no longer financially feasible. It also was obligated to pay an additional $200 million toward the development of the offshore wind industry in New Jersey. Orsted wrote off $4 billion last week, due largely to costs associated with the cancellation of its two New Jersey projects. New Jersey still has several other offshore wind projects in various stages of development, with four new proposals submitted in August alone.

Persons: Orsted, ” Orsted, Phil Murphy, Alexandra Altman, Murphy, Wayne Parry Organizations: CITY, New, New Jersey Board of Public Utilities, Gov, Republican, Shell, EDF Renewables, Twitter Locations: N.J, New Jersey, Danish, ”, . New Jersey, Atlantic Shores, EDF Renewables North America, www.twitter.com

The world's biggest offshore wind farm company on Tuesday said it would cease all development on the Ocean Wind projects even as it moves forward with developments off neighboring New York, triggering an angry response from New Jersey Governor Phil Murphy. "People did not anticipate (Orsted) backing out of Ocean Wind," said Timothy Fox, VP at research firm ClearView Energy Partners. Nipper told analysts that unlike Ocean Wind, Orsted is still pursuing Sunrise for several reasons, including the fact that the company has already lined up a vessel to build it. Under the most accelerated proposal, the New York State Energy Research & Development Authority said it could release the next offshore wind request for proposals in late November or early December. The Ocean Wind cancellation was the latest setback for the nascent U.S. offshore wind industry in recent months, which U.S. President Joe Biden and several states have counted on to fight global warming.

Persons: Phil Murphy, Timothy Fox, Mads Nipper, Nipper, Orsted, Joe Biden, Murphy, Scott DiSavino, Jarrett Renshaw, Nichola Groom, Bill Berkrot Organizations: ClearView Energy Partners, Sunrise, New York State Energy Research, Development Authority, Analysts, BP, U.S, Thomson Locations: New Jersey, New York, U.S, Massachusetts, Connecticut, Culver City , California

☆ Fitch follows S&P in cutting Orsted's outlook
▼ + stars: | 2023-11-03 | by ( ) www.reuters.com time to read: 1 min

A view of the turbines at Orsted's offshore wind farm near Nysted, Denmark, September 4, 2023. REUTERS/Tom Little/File Photo Acquire Licensing RightsCompanies Orsted A/S FollowNov 3 (Reuters) - Rating agency Fitch on Friday downgraded the outlook on Danish renewable energy firm Orsted's (ORSTED.CO) rating to negative, a day after S&P warned of a possible debt downgrade due to the company's massive losses on projects in the United States. Fitch affirmed Orsted's Long-Term Issuer Default Rating (IDR) at 'BBB+'. The world's largest offshore wind developer on Wednesday said it had halted plans for two U.S. wind farms and that related impairments had surged above $5 billion, sending its share price down 26% to a six-year low. Reporting by Rishabh Jaiswal in Bengaluru Editing by Tomasz JanowskiOur Standards: The Thomson Reuters Trust Principles.

Persons: Tom Little, Fitch, Orsted's, Rishabh, Tomasz Janowski Organizations: REUTERS, Thomson Locations: Nysted, Denmark, United States, Bengaluru

☆ Shell’s shrinking green pledge risks backfiring
▼ + stars: | 2023-11-02 | by ( Yawen Chen | ) www.reuters.com time to read: +4 min

REUTERS/Callaghan O’Hare Acquire Licensing RightsSINGAPORE, Nov 2 (Reuters Breakingviews) - Shell (SHEL.L) CEO Wael Sawan has upped the UK group’s quarterly buyback plan while cutting back on unprofitable low-carbon activities. His pivot back into fossil fuels has shielded the $217 billion company from the wind energy troubles now ensnaring European peer BP (BP.L) and renewables giant Orsted (ORSTED.CO). But the strategy can work only as long as volatile energy prices stay high. Shell’s $6.2 billion third-quarter adjusted net profit shrunk by a third from a year earlier but came in line with analysts’ expectations. So far this year, the total return for Shell’s shareholders has hit 17%, above rivals like BP and TotalEnergies (TTEF.PA).

Persons: Wael Sawan, Daniel Yergin, Callaghan O’Hare, Sawan, Shell, pare, Lisa Jucca, Streisand Neto Organizations: Shell, P Global, REUTERS, Rights, Reuters, BP, EV, Nature Energy, Exxon Mobil, Chevron, Reuters Graphics Reuters, Carbon Solutions, Renewables, Energy Solutions, Thomson Locations: Houston , Texas, U.S, Rights SINGAPORE

☆ Wind Power Write-Downs Cast Shadow Over Industry Outlook
▼ + stars: | 2023-11-01 | by ( Giulia Petroni | ) www.wsj.com time to read: +5 min

Wind-power developer Orsted scrapped projects in New Jersey citing supply-chain problems and high interest rates. Orsted , BP and Equinor have collectively written off $4.8 billion against U.S. offshore wind projects in recent days. Equinor, BP’s partner on the Empire Wind and Beacon Wind projects, booked an impairment of around $300 million on its U.S. portfolio. Utility Dominion Energy on Tuesday received a key federal approval for its 2.6-gigawatt offshore wind project in Virginia. And Orsted confirmed its final investment decision into Revolution Wind, an offshore 704-megawatt project in Connecticut and Rhode Island.

Persons: Wayne Parry, Orsted, Mads Nipper, henning bagger, ”, Phil Murphy ’, Martin Tessier, Stifel ’, —, Engie, Vattenfall, Russ Mould, AJ Bell, Dominic, Giulia Petroni Organizations: Associated, U.S, Agence France, Republicans, Democratic Gov, ”, BP, Iberdrola, Shell, Business, Siemens Energy, Dominion Energy, giulia.petroni@wsj.com Locations: New Jersey, U.S, Danish, New York, Connecticut, Massachusetts, Swedish, Norfolk, Virginia, Rhode Island, Asia Pacific, Europe

☆ Orsted Books $4 Billion in Impairments, Walks Away From Two U.S. Offshore Projects
▼ + stars: | 2023-11-01 | by ( Dominic Chopping | ) www.wsj.com time to read: +5 min

However, the company said it has taken the final investment decision on the Revolution Wind project offshore Rhode Island, meaning it will now proceed to construction phase. Orsted isn’t alone in facing the increasing financial challenge of building new sprawling offshore projects. New York regulators last month denied requests from offshore wind developers including BP , Equinor and Orsted to give them a higher price for electricity generated from their projects off the state’s coast. The company still sees full-year Ebitda excluding new partnership agreements and provisions of between DKK20 billion and DKK23 billion. Gross investments for the year are now seen at DKK40 billion to DKK44 billion from DKK44 billion to DKK48 billion previously.

Persons: DADO RUVIC, REUTERS Orsted, Orsted, ”, Mads Nipper, Orsted isn’t, Norway’s, Dominic Organizations: REUTERS, Eversource, BP, New Locations: New Jersey, DKK268, Danish, Rhode, New York

ATLANTIC CITY, N.J. (AP) — Wind energy developer Orsted is writing off $4 billion, due largely to the cancellation of two large offshore wind projects in New Jersey whose financial challenges mirror those facing the nascent industry. Some projects already have been canceled, and many offshore wind developers are seeking better terms from governments with whom they have already contracted. Despite the challenges, some wind projects are moving forward. Orsted said it is proceeding with its Revolution Wind project in Connecticut and Rhode Island. And New Jersey still has several other offshore wind projects in various stages of development, with four new proposals submitted in August alone.

Persons: ” Mads Nipper, “, ”, Louis Knight, Biden, Jeff Van Drew, “ David, Goliath, Robin Shaffer, Orsted, ___, Wayne Parry Organizations: CITY, New, Orsted, Northern, World Meteorological Organization, Sierra Club, “, U.S, Government, Office, Republican, Dominion Energy, Virginia Beach, American Clean Power Association, Oceantic Network, Shell, EDF Renewables, Atlantic Locations: N.J, New Jersey, Danish, U.S, New England, Carolinas, New York, Coast NJ, Connecticut, Rhode, Virginia, Atlantic Shores, EDF Renewables North America, www.twitter.com

☆ Offshore Wind Firm Cancels N.J. Projects, as Industry’s Prospects Dim
▼ + stars: | 2023-11-01 | by ( Stanley Reed | More About Stanley Reed | ) www.nytimes.com time to read: +1 min

Orsted, the Danish company that is a leading offshore wind farm developer, said on Wednesday that it would write off as much as $5.6 billion as it gives up on plans to build two wind farms off the coast of New Jersey. The charges were further evidence that offshore wind in the United States is going through a major shakeout, crimping Biden administration plans to make the industry a critical component of plans to reduce greenhouse gas emissions. High inflation and soaring interest rates are making planned projects that looked like winners several years ago no longer profitable. “The world has in many ways, from a macroeconomic and industry point of view, turned upside down,” Mads Nipper, Orsted’s chief executive, said on a call with reporters on Wednesday. The two projects, known as Ocean Wind 1 and 2, were destined to provide green energy to New Jersey.

Persons: crimping Biden, ” Mads Nipper, Nipper, Trump Locations: Danish, New Jersey, United States, Europe, Britain

☆ Orsted’s losing US bets need rethink of UK plans
▼ + stars: | 2023-11-01 | by ( Yawen Chen | ) www.reuters.com time to read: +4 min

Turbulent news has buffeted the wind sector of late, from faulty turbines at Siemens Energy (ENR1n.DE) to Orsted’s own surprise impairments in August. After that surprise – largely caused by suppliers’ issues – Orsted’s stock price is just a fifth of its 2021 peak of 1,350 Danish crowns. That suggests investors are neither counting on future growth from its U.S. portfolio nor sufficiently factoring in Orsted’s earnings from operating projects. That’s a far cry from the annual average increase of 14% from 2023 onwards implied by Orsted’s EBITDA target of up to 55 billion Danish crowns in 2030. Hornsea Three would require capital investments of 48.5 billion Danish crowns, according to Bernstein.

Persons: Mads Nipper, Nipper, Orsted, Bernstein, Orsted’s, Francesco Guerrera, Oliver Taslic Organizations: Reuters, Siemens Energy, Reuters Graphics Reuters, U.S ., Thomson Locations: SINGAPORE, United States, New Jersey, Danish, U.S . East Coast

☆ Orsted cancels two New Jersey offshore wind projects, takes $4 billion writedown
▼ + stars: | 2023-11-01 | by ( Catherine Clifford | In Catclifford | ) www.cnbc.com time to read: +1 min

Photographer: Hollie Adams/Bloomberg via Getty ImagesThe Danish wind power developer Orsted is canceling two off-shore wind projects that were planned off the coast of New Jersey and is taking a $4 billion impairment for the first nine months of the year, the company announced this week. Of the $4 billion writedown, $2.8 billion was connected to the Ocean Wind 1 project, Orsted said. The Ocean Wind 1 project would have been New Jersey's first offshore wind farm and would have generated enough electricity to power half a million homes, according to a website about the project. It was going to include 98 turbines located 15 miles off the coast of southern New Jersey. The similarly sized Ocean Wind 2 project was also going to be located off the southern New Jersey shore and was due to start in 2028, according to a website about the project.

Persons: Mads Nipper, Hollie Adams, Orsted Organizations: Economic, Bloomberg, Getty Locations: Davos, Switzerland, New Jersey

Orsted, the world's largest offshore wind developer, said it would stop developing its 2,248-megawatt (MW) Ocean Wind 1 and 2 projects in New Jersey. The offshore wind industry has found itself in a perfect storm of rising inflation, interest rate hikes and supply chain delays. Norway's Equinor (EQNR.OL), BP's partner on those New York offshore wind developments, booked a $300 million impairment on the projects on Friday. Orsted, which in June announced plans to invest 475 billion crowns by 2030, said it was in the process of reviewing its investments and could introduce cost-saving initiatives. Orsted's share price has tumbled 52% since an August profit warning, cutting its market value to 112 billion crowns from 235 billion.

Persons: Joe Biden, Norway's, Mads Nipper, Nipper, Bernstein, Deepa Venkateswaran, Jacob Gronholt, Pedersen, Louise Rasmussen, Gursimran Kaur, Terje Solsvik, Michael Perry, Mark Potter Organizations: Wednesday, U.S, BP, Thomson Locations: U.S, New Jersey, New York, Danish, Copenhagen, Bengaluru

☆ ‍Orsted records $4 bln in impairments, ceases development of some US offshore wind projects
▼ + stars: | 2023-10-31 | by ( ) www.reuters.com time to read: +2 min

A view of the turbines at Orsted's offshore wind farm near Nysted, Denmark, September 4, 2023. The world's largest offshore wind farm developer has made a final investment decision on Revolution Wind, Orsted said in a statement, adding that it is expected to be completed by 2025. Development of the wind projects had been adversely affected by supply chain issues, increased interest rates and a lack of an OREC (offshore renewable energy certificate) adjustment on it's Sunrise Wind project, the company said. "Significant adverse developments from supply chain challenges, leading to delays in the project schedule, and rising interest rates have led us to this decision," Orsted chief executive officer Mads Nipper said. In August, Orsted said it may see U.S. impariments of $2.3 billion due to supply chain problems, soaring interest rates and a lack of new tax credits.

Persons: Tom Little, Orsted, Mads Nipper, Joe Biden, Gursimran Kaur, Christian Schmollinger, Michael Perry Organizations: REUTERS, U.S, Thomson Locations: Nysted, Denmark, Bengaluru

A view of the turbines at Orsted's offshore wind farm near Nysted, Denmark, September 4, 2023. Orsted, the world's largest offshore wind developer, said in August it may see impairments of 16 billion Danish crowns ($2.3 billion) on its U.S. offshore developments due to supply chain problems, soaring interest rates and a lack of new tax credits. Norway's Equinor (EQNR.OL), BP's partner on those New York offshore wind developments, booked a $300 million impairment on the projects on Friday. In Massachusetts, two offshore wind developers, SouthCoast Wind and Commonwealth Wind, agreed to pay local utilities to terminate deals that would have delivered around 2,400 MW of energy. Avangrid also canceled a contract to sell power in Connecticut from its proposed 804-MW Park City offshore wind farm.

Persons: Tom Little, Denmark's, Joe Biden, Orsted, Jacob Pedersen, Portugal, France's, Avangrid, Scott DiSavino, Louise Breusch Rasmussen, Ron Bousso, Jonathan Oatis, Josie Kao Organizations: REUTERS, BP, U.S, Analysts, Reuters, Commonwealth, Shell, Energias, Thomson Locations: Nysted, Denmark, U.S, Danish, New York, Massachusetts, Connecticut, Rhode Island and Massachusetts, In Massachusetts, Commonwealth, Spanish, Copenhagen, London, Bengaluru

Murphy said Orsted was facing the same supply chain, inflation and other challenges that competitors in the offshore wind industry face. The decision was the latest in a series of setbacks for the offshore wind industry in the northeast. A handful of other offshore wind projects have been canceled. And New Jersey still has several other offshore wind projects in various stages of development, with four new proposals submitted in August alone. The White House in statement Tuesday night noted that in just the past week several investments in offshore wind had been made.

Persons: Orsted, Biden, Mads Nipper, ” Nipper, Phil Murphy, Murphy, “, ”, Republicans —, Jeff Tittel, ” Michael Kikukawa, White, Wayne Parry Organizations: CITY, New, New Jersey Gov, Democratic, Republicans, Sierra Club, Dominion Energy, Dominion, Shell, EDF Renewables Locations: N.J, Danish, New Jersey, United States, Connecticut, Rhode Island, East, New York, Massachusetts, Spanish, Virginia, Virginia Beach, U.S, Atlantic Shores, EDF Renewables North America, www.twitter.com

[1/4] A view of the turbines at an offshore wind farm near Nysted, Denmark, September 4, 2023. Time is short: The EU has a legally binding goal to nearly double renewable sources as a share of total energy by 2030, to 42.5%, requiring a rapid expansion of offshore wind. But of the governments surveyed, only Britain and Poland said they had invested or budgeted for steps to improve the security of offshore infrastructure. It requires a lot of effort from the government side," said Mattia Cecchinato, senior adviser for offshore wind at WindEurope. It said it would establish a permanent coast guard base close to where offshore wind farms are planned.

Persons: Tom Little, Thomas Almegaard, Vladimir Putin, Mads Nipper, Orsted, Ewa Skoog Haslum, James Appathurai, Germany's RWE, Anitta, Mattia Cecchinato, Rasmus, Krzysztof Jaworski, Orsted's Errboe, Benjamin Mallet, Riham, Elizabeth Piper, Toby Sterling, Andrius Sytas, Marek Strzelecki, Sara Ledwith Organizations: REUTERS, Reuters, Baltic Seas, EU, NATO, NewNew, Sweden's, Soaring, Emerging, Research, Solutions, Internal, Fund, Military, Naval Operations Centre, Polish Navy, Thomson Locations: Nysted, Denmark, Europe, Baltic, Nord, Finland, Sweden, Estonia, Russian, Russia, NewNew Shipping, Netherlands, Britain, Poland, Germany, North, Swedish, Copenhagen, Moscow, Sofia, European, Anitta Hipper, Belgium, Norway, France, Lithuania, Latvia, Baltic . Poland, Paris, Berlin, London, Amsterdam, Vilnius, Warsaw

☆ Europe’s oil majors are stuck as M&A party-poopers
▼ + stars: | 2023-10-26 | by ( Yawen Chen | ) www.reuters.com time to read: +4 min

Oil pump jack is seen in front of displayed U.S. dollar banknote and decreasing stock graph in this illustration taken, October 8, 2023. REUTERS/Dado Ruvic/Illustration Acquire Licensing RightsLONDON, Oct 26 (Reuters Breakingviews) - Back in June the boss of $220 billion UK oil major Shell (SHEL.L), Wael Sawan, told investors mergers and acquisitions were not his priority. The decision of $430 billion Exxon Mobil (XOM.N) and $295 billion Chevron (CVX.N) to acquire $60 billion Pioneer Natural Resources (PXD.N) and $53 billion Hess (HES.N) respectively ought to change the game. But it would remain a stretch for either to ape their U.S. peers and buy a big oil group. Hess investors will receive 1.025 shares of Chevron for each share held, worth $171 per share based on the closing price on Oct. 20.

Persons: Dado Ruvic, Wael Sawan, Hess, Murray Auchincloss, Patrick Pouyanné, ’, Shell, Neste, Warren Buffett’s, Pouyanné, George Hay, Streisand Neto Organizations: REUTERS, Reuters, Exxon Mobil, Chevron, Natural Resources, Exxon, Shell, Occidental Petroleum, Exxon Mobil’s, Thomson Locations: Finnish, Denmark, U.S, Occidental

☆ Deutsche Bank just cut its price target on nearly 30 global stocks ahead of earnings — and upgraded 1
▼ + stars: | 2023-10-18 | by ( Ganesh Rao | ) www.cnbc.com time to read: +2 min

Ahead of the upcoming earnings season, Deutsche Bank has cut price targets on nearly 30 European stocks this week and upgraded just one to "buy." The bank's biggest cut to price target was for Denmark's energy giant, Orsted . In online food delivery, Deutsche Bank said its proprietary data shows demand stabilizing for takeaway apps across markets it monitors. Elsewhere in the European utility sector, the investment bank struck a positive tone in its outlook despite the price target cuts. Deutsche Bank analysts prefer integrated utilities like RWE , Enel , SSE , and E.ON , reiterating "buy" ratings on the stocks but lowering their price targets by 2% and 12%.

Organizations: Deutsche Bank, E.ON, Fineco Bank Locations: Swiss, Enel

OCEAN CITY, N.J. (AP) — The Danish wind energy company Orsted has put up a $100 million guarantee that it will build New Jersey's first offshore wind farm. But it would forfeit the guarantee money if the project is not operational by December 2025. As an example, on Thursday, New York regulators rejected a request from companies for larger subsidies to complete large-scale wind, solar and offshore wind projects, saying the expected the companies to abide by the terms of their deals with the state. “I can affirm that Ocean Wind I shall complete and operate the Ocean Wind I approximate 1,100-megawatt qualified offshore wind project,” he wrote. Orsted has federal approval for the Ocean Wind I project, and has state approval for a second New Jersey project, Ocean Wind II.

Persons: Orsted, —, Phil Murphy, Governor Murphy, ”, David Hardy, “, Wayne Parry Organizations: CITY, New Jersey's, Public Utilities, Orsted, Democratic, Boston, Twitter Locations: N.J, New Jersey, East, , New York, North America, www.twitter.com

A general view of GE Renewable Energy wind turbines, part of Pattern Energy’s Western Spirit Wind project, the largest wind project in the U.S., near Encino, New Mexico, U.S., March 15, 2023. Renewable energy funds globally suffered a net outflow of $1.4 billion in the July-September quarter, the biggest ever quarterly outflow, according to LSEG Lipper data. Reuters GraphicsInvestors have been exiting traditional energy funds, too, but the rate has slowed - net outflows reached $438 million in the last quarter compared with $3.32 billion in the previous three months. Reuters GraphicsDemand for exposure to renewable energy had been a major driver of cash flowing into climate-related funds in recent years. Wind projects off Britain, the Netherlands and Norway have been delayed or shelved due to rising costs and supply chain constraints, raising concerns about countries hitting their 2030 renewable energy targets.

Persons: Bing Guan, Denmark's, Madeline Ruid, Ruid, Morningstar, they're, Rich Pontillo, Patturaja, Tommy Reggiori Wilkes, Simon Jessop, Tomasz Janowski Organizations: GE Renewable Energy, REUTERS, Investors, Reuters Graphics, Companies, U.S . Infrastructure, Clean Energy Exchange, Energy, Reuters, Nasdaq, Intelligence, Thomson Locations: U.S, Encino , New Mexico, BENGALURU, LONDON, Britain, Netherlands, Norway, Bengaluru, London

☆ Brookfield pounces on two new green trends
▼ + stars: | 2023-10-03 | by ( ) www.reuters.com time to read: +2 min

LONDON, Oct 3 (Reuters Breakingviews) - European green assets are starting to look cheap. That’s the implication of Brookfield’s $1 billion swoop on Banks Renewables, one of the UK’s largest green energy developers. Having largely deployed a $15 billion energy transition-focused fund outside Europe, the Canadian investment giant’s new geographical focus is unlikely to be a one-off. Amid a green bubble in early 2021, when Orsted was worth $80 billion, Banks might have fetched way more. While Banks is big in onshore wind farms, the bulk of its 3.5 GW pipeline is focused on solar power and battery storage.

Persons: Orsted, Banks, George Hay, Aimee Donnellan, Oliver Taslic Organizations: Reuters, Banks Renewables, International Energy Agency, Brookfield, X, Temasek, Thomson Locations: Europe, Brookfield

☆ Rising interest rates are hurting very broad swaths of the stock and bond markets
▼ + stars: | 2023-10-03 | by ( Bob Pisani | ) www.cnbc.com time to read: +3 min

Dozens of stocks and ETFs are hitting 52-week lows on the relentless rise in interest rates. Treasury bond ETFs: New lows iShares 1-3 Year Treasury Bond ETF (SHY) iShares 7-10 Year Treasury Bond ETF (IEF) iShares 10-20 Year Treasury Bond ETF (TLH) iShares 20+ Year Treasury Bond ETF (TLT) It's not just Treasury bonds. Broad bond ETFs: New lows Vanguard Total Bond Market ETF (BND) iShares Core US Aggregate Bond Fund (AGG) Higher rates are affecting other areas of the U.S. economy: look at clean energy and biotech It's simple. Clean energy ETFs: New lows iShares Global Clean Energy (ICLN) VanEck Low Carbon Energy ETF (SMOG) Invesco WilderHill Clean Energy ETF (PBW) Invesco Solar ETF (TAN) It's the same story with biotech. The SPDR S & P Biotech ETF (XBI) , which tracks an equal-weighted index of US biotechnology stocks, is at a 52-week low.

Persons: Schwab, It's Organizations: Vanguard Utilities, Treasury Bond ETF, Bond Market, Bond Fund, NextEra Energy Partners, Clean Energy, Carbon Energy, P Biotech, Biotechnology, Biotech, Verizon, SPDR Telecom, AT, Property, Comerica, Huntington Bancshares Locations: U.S, Orsted, Denmark, REITs

SEASIDE HEIGHTS, N.J. (AP) — A proposed wind energy project off New Jersey would be among the farthest from land on the East Coast, the New York-based development company said Monday. Wind power developers have struggled to make progress, however, due to supply chain issues, higher interest rates, and a failure so far to garner enough tax credits from the federal government. Orsted, the Danish wind energy company, would build its first project about 13 to 15 miles off the coast of Atlantic City and Ocean City. “Offshore wind development makes no sense from either an environmental or economic standpoint,” he said. It is pursuing another offshore wind project in New York about 50 miles south of Jones Beach.

Persons: —, Damian Bednarz, ”, “, Bednarz, Orsted, Robin Shaffer, ___, Wayne Parry Organizations: Energy, Associated Press, Community, Grid, Office, New, New Jersey Wind, Corio, Twitter Locations: N.J, New Jersey, East Coast, New York, Seaside, East, Chicago, Long, Essen, Germany, Atlantic City, Ocean City, Coast NJ, Paulsboro, Jones Beach, Houston, Boston, London, www.twitter.com

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