DIRS.INFO The most relevant business & tech news

☆ Offshore wind turbine catches fire off east coast of Britain
▼ + stars: | 2023-08-15 | by ( Anmar Frangoul | ) www.cnbc.com time to read: +1 min

An aerial view shows wind turbines at RWE's Scroby Sands Wind Farm, off the coast of Great Yarmouth, eastern England, on February 15, 2023. LONDON — An offshore wind turbine in the North Sea caught fire Tuesday, with all personnel evacuated and accounted for. The turbine is part of the Scroby Sands Offshore Wind Farm, which has a capacity of 60 megawatts. It is owned and operated by RWE Offshore Wind. In a statement sent to CNBC Tuesday, a Maritime and Coastguard Agency spokesperson said: "HM Coastguard has been monitoring a wind turbine on fire at the Scroby Sands Wind Farm today … off the coast of Great Yarmouth."

Organizations: RWE, CNBC, Maritime and Coastguard Agency, Coastguard Locations: Great Yarmouth, England

☆ 'Once-in-a-lifetime' opportunity: Morgan Stanley's stocks to trade Europe's renewable energy boom
▼ + stars: | 2023-08-08 | by ( Lucy Handley | ) www.cnbc.com time to read: +2 min

Morgan Stanley named several stocks to play Europe's investment in renewable energy — and highlighted a "once-in-a lifetime" opportunity in the electricity sector in particular. Earlier this year, the European Union raised its renewable energy targets in the face of the energy crisis that followed Russia's invasion of Ukraine. The bank estimated the transition to green power sources will cost around 5 trillion euros ($5.5 trillion) between now and 2030. Growth opportunity "The EU and UK renewables targets imply significant growth investment opportunities for renewable developers," the bank said. Though Morgan Stanley is positive on the opportunities for renewable energy companies, it said the EU's targets would be "hard to achieve."

Persons: Morgan Stanley, Morgan, Jens Eisenschmidt, Orsted, Centrica, Michael Bloom, Sam Meredith Organizations: European Union, Grid, EU, Siemens Energy, British Gas Locations: Ukraine

☆ Goldman: The market is missing these 'highly compelling' global stocks — and 2 are on its conviction list
▼ + stars: | 2023-07-26 | by ( Lucy Handley | ) www.cnbc.com time to read: +2 min

Goldman Sachs has named a number of European renewable energy stocks it says the market is missing — and says it expects the sector to bounce back after a period of declining returns. The growth in renewable energy is "highly compelling," the bank said, owing to the European energy crisis, a decline in costs for wind and solar energy, and the European Union's focus on mitigating climate change. "RWE is among the best-placed [renewable energy storage] developers to capture the expanding addressable market in the US, Germany and the rest of Europe," the analysts stated. As the pipeline builds we expect the company to unlock further value," the analysts stated. Conviction list stocks Two of Goldman's stock picks are on its conviction list of most favored stocks.

Persons: Goldman Sachs, Alberto Gandolfi, Goldman, Enel, — Organizations: EDP Renewables, ENEL, Scottish, Renewables, LevelTen Energy Locations: Orsted, US, Germany, Europe

☆ Morgan Stanley picks ‘particularly high conviction’ global stocks it says the rest of the market is missing
▼ + stars: | 2023-07-21 | by ( Lucy Handley | ) www.cnbc.com time to read: +1 min

Morgan Stanley has named several buy-rated global stocks it expects to beat the market. "We expect Ozempic to drive a further upgrade to guidance before the 2Q results," the analysts wrote — the company reports on Aug. 10. Other drugmakers the bank is positive on are Grifols , where the bank expects a "solid performance," and Indivior , which is set for a "strong quarter," Morgan Stanley said. French materials manufacturer Saint-Gobain is also a Morgan Stanley pick, with the bank saying that consensus has not yet priced in its management's optimism on margins discussed at its annual general meeting last month. "While another positive beat ratio looks likely for 2Q23, a slowdown in global and European economic momentum suggests that the magnitude of the said beat will be closer to normal levels," they added.

Persons: Morgan Stanley, Giorgio Magagnotti Organizations: Novo Nordisk, Deutsche Telekom, . Energy Locations: Germany

☆ UK is in danger of becoming the Nigeria of wind
▼ + stars: | 2023-07-20 | by ( George Hay | ) www.reuters.com time to read: +3 min

LONDON, July 20 (Reuters Breakingviews) - Britain is supposed to be the Saudi Arabia of wind power. Vattenfall’s decision on Thursday to halt the 1.4 gigawatt (GW) Norfolk Boreas project is just the latest sign that Britain’s most appropriate fossil-fuel comparator may not be the biggest and most efficient producer. Vattenfall, a state-held Swedish power company, has gone cool for reasons that are well-discussed in the wind sector. The obvious move for UK Prime Minister Rishi Sunak would be to allow developers to charge more for power, to make up for higher costs. Follow @gfhay on TwitterCONTEXT NEWSVattenfall is stopping the development of its 1.4 gigawatt (GW) Norfolk Boreas offshore wind project off the coast of Britain, the state-owned Swedish utility said on July 20.

Persons: Boris Johnson’s, Vattenfall, Rishi Sunak, Liam Proud, Oliver Taslic Organizations: Reuters, Siemens, UK, FTI, Norfolk, Thomson Locations: Britain, Saudi Arabia, United Kingdom, Riyadh, Norfolk Boreas, Swedish, Norfolk, Orsted, Nigeria

FRANKFURT/LONDON July 13 (Reuters) - Energy majors BP (BP.L) and TotalEnergies (TTEF.PA) have won a 7 gigawatt (GW) offshore wind site auction in Germany worth a record 12.6 billion euros ($14.1 billion), allowing them entry to the central European market without a partnership. The awards for capacity due to come online in 2030 also excluded leading offshore wind developers, such as RWE (RWEG.DE) and Orsted (ORSTED.CO). AUCTION DESIGNThe 7 GW electronic auction officially opened in January and bidders had until June 1 to submit offers. In previous German lease auctions, companies have made low or negative bids with the expectation of subsidies from the state. Industry groups have said the high costs of the leases could drive up the cost of offshore wind projects.

Persons: Bundesnetzagentur, Bernstein, WindEurope, Orsted, Norway's, TotalEnergies, Vera Eckert, Susanna Twidale, Christoph Steitz, Ron Bousso, Nora Buli, Nina Chestney, Barbara Lewis Organizations: Energy, BP, Industry, Thomson Locations: FRANKFURT, Germany, Macquarie, England, Danish

☆ BP’s German wind option risks multiple blowbacks
▼ + stars: | 2023-07-13 | by ( George Hay | ) www.reuters.com time to read: +5 min

But Germany also aims to raise as much cash as possible from selling wind power development rights. But wind projects around the world have been hit by turbine makers like Siemens Gamesa and Vestas (VWS.CO)hiking prices in 2022 by 30%. Shaking down the private sector is fine, but not if you’re left with no wind projects. Reuters Graphics Reuters GraphicsFollow @gfhay on TwitterCONTEXT NEWSOil majors BP and TotalEnergies have won a 7 gigawatt (GW) offshore wind site auction in Germany worth 12.6 billion euros ($13.96 billion). BP’s initial payments totaling 678 million euros, equivalent to 10% of the bid amount, will be paid by July 2024.

Persons: Bernard Looney, TotalEnergies, Looney, TotalEnergies ’, Patrick Pouyanné, Bernstein, you’re, BP, Aimee Donnellan, Pranav Kiran, Streisand Neto Organizations: Reuters, BP, Bernstein Research, Siemens, Reuters Graphics Reuters, TotalEnergies, Federal, Thomson Locations: Germany, Berlin, U.S, Heligoland, Baltic, Ruegen, Europe, TotalEnergies

LONDON, July 10 (Reuters) - Thames Water has become the poster child for a British water industry under fire for its poor environmental record and financial mismanagement. After a period as a listed company, Thames Water was acquired by German utility RWE (RWEG.DE) in 2001. Thames Water said on Monday they would provide 750 million pounds, and added it had strong liquidity of 4.4 billion pounds. FINANCESNearly 60% of Thames Water's debt is index-linked, according to ratings agency Standard & Poor's, saddling it with higher repayments as inflation soars. Thames Water was fined 3.3 million pounds last week, while Southern Water was fined 90 million pounds in 2021.

Persons: Margaret Thatcher's, Australia's Macquarie, Abu, Hermes, Ofwat, Sarah Young, Chiara Elisei, Emelia Sithole Organizations: Margaret Thatcher's Conservative, Water, Thames, Ontario, BT, China Investment Corp, Thames Water, Macquarie, Yorkshire Water, Severn Trent, United Utilities, The Times, Environment Agency, Southern Water, Thomson Locations: Britain, Here's, Abu Dhabi, Thames, Southern Water, United, England

☆ European wind developers play down Siemens Gamesa turbine troubles
▼ + stars: | 2023-06-28 | by ( ) www.reuters.com time to read: +4 min

UBS analysts said that in a worst-case scenario charges for Siemens Energy could exceed 5 billion euros. Denmark's Orsted said it operates one onshore wind farm with Siemens Energy turbines and that Orsted's portfolio of turbines has "high availability rates, reflecting that wind power has very little down-time." Siemens Gamesa has already told Iberdrola that it would proceed with a retrofit design, the source said, adding no technical issues for the remaining fleet of Siemens Gamesa turbines had been observed. Siemens Energy shares were up 5.7% at 1428 GMT, recovering some losses after analysts said Friday's sell-off was overblown. Siemens Gamesa first disclosed problems around its 5X model in July 2021, flagging higher than expected ramp-up costs.

Persons: Siemens Gamesa, Germany's, Denmark's Orsted, Eolus Vind, Iberdrola, Friday's, Andres Gonzalez, Forrest Crellin, Christoph Steitz, Marek Strzelecki, Nikolaj Skydsgaard, Nora Buli, Pietro Lombardi, Nina Chestney, Mark Potter, Alexander Smith Organizations: Siemens, Siemens Energy, UBS, EDF, Copenhagen Infrastructure Partners, Siemens Gamesa, Poland's PGE, Thomson Locations: Spanish, Copenhagen, Baltica, Baltic, London, Paris, Frankfurt, Warsaw, Oslo, Madrid

☆ Hydropower IPO tests appetite for weather risks
▼ + stars: | 2023-06-28 | by ( Yawen Chen | ) www.reuters.com time to read: +4 min

LONDON, June 28 (Reuters Breakingviews) - A jumbo hydropower listing may define how investors assess extreme weather risks. Over the last decade, hydropower has been the largest source of clean energy, International Energy Agency data shows. At the top of the range it would raise up to 2 billion euros and be Europe’s largest IPO so far this year. Alarmingly, Hidroelectrica’s gross hydropower generation fell about 15% last year from its annual average of 15.9 terawatt-hours in the decade to 2022. The IPO carries a price range of between 94 Romanian lei and 112 lei (18.95 euros and 22.58 euros) per share, giving the company a potential market capitalisation of 42.3 billion lei to 50.4 billion lei (8.53 billion euros to 10.16 billion euros), Hidroelectrica said in its prospectus.

Persons: Romania’s, Austria’s Verbund, Bogdan Nicolae Badea, Hidroelectrica, Fondul Proprietatea, Franklin Templeton, Lisa Jucca, Oliver Taslic Organizations: Reuters, International Energy Agency, World Bank, Alarmingly, Investors, U.S, Thomson Locations: Europe, Romania, Ukraine, Romanian, China, France

☆ Britain’s royal finances boosted by record wind profits
▼ + stars: | 2023-06-28 | by ( Susanna Twidale | ) www.reuters.com time to read: +2 min

LONDON, June 29 (Reuters) - Britain’s Crown Estate, which manages King Charles' public property, posted a record profit last year boosted by income from offshore wind leases. The Crown Estate, which comprises tracts of land and most of Britain’s sea bed, is an independently-run, commercial business, whose profits go to the Treasury. Crown Estate said option fees across all six projects were approximately 1 billion pounds per year, payable to the Crown Estate for a minimum of 3 years and up to ten years. Dan Labbad chief executive of the Crown Estate said he was unable to give more detail on how the profits would be spent. It is typically based on 15% of the profits of the Crown Estate but has been temporarily increased to 25% to pay for extensive refurbishment at Buckingham Palace.

Persons: King Charles, Germany's RWE, Dan Labbad, Grant, Sovereign Grant, Susanna Twidale, Barbara Lewis Organizations: Treasury, Crown, Sovereign, Thomson Locations: Buckingham

☆ We need a stable, long-term investment framework: RWE CEO
▼ + stars: | 2023-06-20 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWe need a stable, long-term investment framework: RWE CEOMarkus Krebber, CEO of German energy company RWE, discusses how much progress has been made in the renewable energy push.

Persons: Markus Krebber

☆ Supply chain scrutiny may upend EU solar ambitions
▼ + stars: | 2023-05-23 | by ( Lisa Jucca | ) www.reuters.com time to read: +5 min

Western nations are rushing to install more solar panels to reduce their dependency on polluting fossil fuels like gas and oil. Yet a rising legislative tide aimed at ensuring companies’ supply chains are free from forced labour and other abuses presents a mounting challenge for Western utilities. Bernreuter estimates that non-Chinese solar-grade polysilicon is enough to produce 40 gigawatts of solar panels per year. Banned materials include polysilicon, an ultra-pure form of silicon, that is the key raw material used to make solar panels. The European Commission published in February 2022 a draft proposal aimed at forcing companies to better police their global supply chains.

☆ Goldman Sachs names 3 stocks to gain from Germany's $440 billion clean energy plans
▼ + stars: | 2023-05-11 | by ( Ganesh Rao | ) www.cnbc.com time to read: +3 min

Goldman Sachs named the three global companies it expects to benefit from the German government's plan to spend nearly half a trillion euros on renewable energy infrastructure. The proposed measures include a 2030 target to have 80% renewable energy and cheaper financing for developers of clean energy sources through green bonds. Goldman Sachs has estimated that this German plan will create investment opportunities worth nearly 400 billion euros ($440 billion) in clean energy and power grid infrastructure. RWE Goldman Sachs said RWE , a renewable energy generator, could accelerate the development of clean energy projects and capture a market share equivalent to its current installed base globally. Goldman Sachs added that the U.S.'s IRA and Europe's REPowerEU initiative would also be a tailwind for the company's growth plans.

☆ ‘Beginning of the end’ for fossil fuels: Global wind and solar reached record levels in 2022, study finds
▼ + stars: | 2023-04-12 | by ( Sophie Tanno | ) edition.cnn.com time to read: +3 min

Levels of planet-heating pollution from fossil fuel electricity generation may have already peaked, the report found. Ina Fassbender/AFP/Getty ImagesEmber analyzed data from 78 countries representing 93% of global demand for electricity, for the fourth edition of its annual Global Electricity Review. Nearly 40% of global electricity is now powered by renewables and nuclear energy, marking a new record high, according to the report. Wind and solar made up 12% of global energy generation in 2022, up from 10% the previous year. Coal power remained the single largest source of electricity across the globe, accounting for 36% of global electricity production in 2022.

Uwe Oppitz of Rhenus Ports, who speaks for Energy Hub Port Wilhelmshaven, said that Wintershall Dea (WINT.UL) (BASFn.DE), Uniper (UN01.DE) and Tree Energy Solutions (TES) plan to spend a total of more than 5 billion euros at Wilhelmshaven. Energy Hub Port Wilhelmshaven comprises 30 companies, which include E.ON (EONGn.DE), RWE (RWEG.DE) and Orsted (ORSTED.CO), as well as Wilhelmshaven's home state of Lower Saxony. "Wintershall Dea plans to invest around 1 billion euros in the Wilhelmshaven site together with its partners," it said. And steelmaker Salzgitter (SZGG.DE) has already struck a deal with Uniper to receive green hydrogen for its steel mill processes, replacing essential fossil-fuel produced hydrogen. "We don't want to push green hydrogen to the side.

[1/2] A general view shows a special ship, "Neptune", the floating liquefied natural gas terminal, during the inauguration of the Liquefied Natural Gas (LNG) terminal 'Deutsche Ostsee' in the port of Lubmin, Germany January 14, 2023. Northweat Europe LNG imports Northwest Europe LNG importsAnalysts estimate that Europe accounted for more than a third of global spot market trades in 2022, from around 13% in 2021. Such exposure could reach more than 50% this year if no long-term contracts were signed. Morten Frisch, senior partner at Morten Frisch Consulting, said Europe ideally needs about 70-75% of its LNG supply under firm long-term sale and purchase agreements (SPAs). LNG spot market prices LNG spot market pricesBut they are expected to rise again, with a hot summer that could cut hydro levels, a cold 2023-2024 winter and a rebound in Chinese LNG demand all seen as among the risk factors for price.

☆ Enel self-help plan has one known unknown
▼ + stars: | 2023-03-17 | by ( ) www.reuters.com time to read: +2 min

MILAN, March 17 (Reuters Breakingviews) - Enel (ENEI.MI) Chief Executive Francesco Starace’s slim-down plan is not getting enough attention. That prompted the group to start aggressively selling assets in places like Chile, Argentina and Romania to cut debt by 21 billion euros. As of Thursday, it had clinched sales equivalent to around 8 billion euros, while net debt had fallen to 60 billion euros. Since taking the helm in 2014, the 67-year-old Italian executive has set the state-controlled power company on a clear green energy trajectory, with one of the biggest green generation pipelines. If Enel replaces its green champion with someone less competent, investors may stay jittery.

REUTERS/Nathan Frandino//File PhotoNEW YORK/HOUSTON, March 10 (Reuters) - Corporations and investors have been pouring money into renewable energy projects, seeing an opportunity to grasp the Holy Grail of socially conscious investing: do good while doing well. But sharply higher interest rates have further stressed a model strained by soaring prices for steel and silicon, vital for wind turbines and solar panels. Higher costs have buyers and sellers of renewable power projects recalculating potential returns, hampering fundraising and mergers and acquisitions (M&A). A decade of low interest rates meant borrowers could raise cheap debt to build projects and juice returns. Financial investors traditionally took stakes in operating renewables projects to avoid risks of construction delays and ensure stable returns.

☆ German liquefied natural gas capacity may not be fully utilised-RWE CEO
▼ + stars: | 2023-03-08 | by ( ) www.reuters.com time to read: +2 min

Companies Rwe Ag FollowFRANKFURT, March 8 (Reuters) - Germany's liquefied natural gas infrastructure may end up not being fully utilised, the chief executive of the country's top utility said in an interview, but added that simply having the import capacity was key to avoid a possible fuel supply squeeze. The comments by RWE (RWEG.DE) CEO Markus Krebber, made in a joint interview with German magazines Der Stern and Capital, came in response to the notion that Berlin may have overshot the mark with existing LNG capacity plans. "It may be that the LNG terminals are not fully utilised. Krebber said that Russia, which fully stopped gas supplies via the Nord Stream 1 pipeline at the end of August, was still fulfilling supply obligations via the alternative Ukraine pipeline. Germany said on Friday that the rollout of its LNG infrastructure would exceed the 9.8 billion euros ($10.40 billion) for the 2022-2038 period approved by the Bundestag lower house of parliament.

Last month he applied the brakes, slowing BP's planned cuts in oil and gas and scaling back planned renewables spending in the wake of the war in Ukraine. The oil major isn't backing away from renewables though, its green chief Anja-Isabel Dotzenrath stresses, it's simply changing the terms of the relationship. "I'm (now) just reviewing the onshore renewables part - so the onshore wind and solar part." BP's head of renewables and gas didn't elaborate on the nature of the latest review. The green stakes are high, though, given solar alone comprises more than half of BP's 43-gigawatt renewables project pipeline.

European gas prices rallied in the run-up to Moscow's invasion of Ukraine begun almost exactly a year ago and they leapt to record highs when Russia subsequently cut supplies of relatively cheap pipeline gas. Although European prices have eased to around 50 euros ($53) per megawatt hour (MWh) from last August's peak of more than 340 euros, they remain above historic averages. That was even when they had received significant levels of Russian gas on long-term contracts prior to the shut down of the Nord Stream pipeline to Germany in August. Nord Stream's closure drove up European gas prices, as well as liquefied natural gas (LNG) prices, which also hit record levels of around 70 million British thermal units (mmBtu), compared with around $16 now . That could be tricky as the fall in gas prices this year has reduced the incentive to avoid the fuel.

After a dearth of plant approvals last decade, developers have secured dozens of long-term contracts to finance new multibillion-dollar LNG plants. The United States was long an importer of LNG, but natural gas discoveries and production from the shale revolution flipped the country into an LNG exporter in 2016. U.S. LNG exports hit 10.6 billion cubic feet per day (bcfd) in 2022, making the country the second biggest LNG exporter behind Australia. But their production volumes will allow the United States to remain ahead of output from Australia and Qatar. The seven U.S. export plants already in service, including Freeport LNG, can turn about 13.8 billion cubic feet of gas into LNG each day.

[1/2] The main deck of the Floating Storage and Regasification Unit (FSRU) "Neptune" is seen during the official commissioning of the liquefied natural gas (LNG) terminal "Deutsche Ostsee" at the harbour in Lubmin, Germany, January 14, 2023. John Macdougall/Pool via REUTERSLONDON/FRANKFURT, Feb 9 (Reuters) - Germany and Oman are in advanced talks to sign a long-term deal for liquefied natural gas (LNG) lasting at least 10 years as Berlin continues its search for alternatives to Russian fuel supplies, three sources familiar with the matter said. Europe has been scrambling to replace Russian gas since last year against a backdrop of war in Ukraine, with state-run Gazprom (GAZP.MM) progressively reducing and then suspending the lion's share of pipeline supplies to Europe. Germany has been holding talks for months with the world's biggest LNG producer Qatar for additional supplies, but negotiations have been lengthy. While supply deals with Qatar would be positive for Germany, they would not offer an immediate solution to Berlin's energy crisis.

☆ Mitsubishi, Lotte, and RWE form alliance to study clean ammonia in Texas project
▼ + stars: | 2023-02-08 | by ( ) www.reuters.com time to read: +1 min

[1/3] The logo of Mitsubishi Motors Corp is seen at a showroom of the company's headquarters in Tokyo, Japan November 20, 2018. REUTERS/Toru HanaiFeb 8 (Reuters) - Japan's Mitsubishi Corp (8058.T) said on Wednesday it has agreed to jointly study the prospect of producing clean ammonia with South Korea's Lotte Chemical Corp (011170.KS) and German energy firm RWE (RWEG.DE) in the U.S. state of Texas. RWE, Lotte and Mitsubishi have signed a joint study agreement for clean ammonia production and export project in Port of Corpus Christi in Texas, part of the alliance to develop green and blue ammonia supply chains in Asia, Europe and the United States, the Japanese trading company said in a statement. First production is targeted by 2030 and to be gradually increased to up to 10 million tonnes of clean ammonia per year at multiple production units, the statement added. Reporting by Katya Golubkova; Editing by Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.

Search resuls for: "RWE"

25 mentions found