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REUTERS/Sergio Perez Acquire Licensing RightsLONDON, Nov 7 (Reuters) - European Union (EU) energy ministers last month struck a deal to reform the bloc's power market. German power market forwards for 2024 and 2025LIGHT-TOUCH REFORMEuropean power prices have fallen a long way from their 2022 peaks, when the region was still reeling from the reduction in Russian gas supplies. EU member states were deeply split on proposals for more fundamental reform of Europe's power market to allow for a complete break of the gas-power price linkage. The hard-won compromise keeps the existing market mechanism, which its supporters claim is more efficient than other models in a liberalised electricity market. The bloc's power prices have historically been twice those of the U.S., but are now three or four times higher.

Persons: Sergio Perez, Teresa Ribera, Bernard Respaut, Mats Gustavsson, Boliden, Gustavsson, Respaut, Jan Harvey Organizations: REUTERS, Union, Spain's Energy, Producers, European Copper Institute, EU, Alcoa, PPA, European Commission, Metals, Reuters, Thomson Locations: Alcobendas, Madrid, Spain, Ukraine, San, EU, U.S, Ireland, Europe

☆ Zara founder buys luxury apartment building in Dublin for $108 million
▼ + stars: | 2023-03-31 | by ( ) www.reuters.com time to read: +1 min

MADRID, March 31 (Reuters) - Spanish billionaire and Zara founder Amancio Ortega has bought a luxury residential building with 120 apartments for rent in Dublin, Ireland, for around 100 million euros ($108 million), his private firm Pontegadea said on Friday. It is the first residential building that Ortega's firm has bought outside the United States, Pontegadea said, adding it was part of its strategy to invest in multiple real estate assets. The Opus 6 Hanover Quay building is at the heart of Silicon Docks, the nickname for Dublin's business and technology district, and offers luxury apartments and townhouses for long-term rent, according to the building's website. Pontegadea has focused on investing in real estate assets worldwide and in Spain's energy infrastructure. ($1 = 0.9189 euros)Reporting by Corina Pons Editing by David Latona and Mark PotterOur Standards: The Thomson Reuters Trust Principles.

☆ Zara founder buys Seattle skyscraper for $323 million
▼ + stars: | 2022-12-15 | by ( ) www.reuters.com time to read: +1 min

MADRID, Dec 15 (Reuters) - Spanish billionaire and Zara founder Amancio Ortega has bought a residential skyscraper in Seattle for $323 million, his private firm Pontegadea said on Thursday. Ortega, the main shareholder of fashion giant Inditex (ITX.MC) and one of the world's 30 wealthiest entrepreneurs, signed the deal yesterday through his family office, Pontegadea added. Kiara tower, located in Seattle's South Lake Union neighbourhood in the United States, has 461 luxury apartments and is 133 metres tall. The purchase follows a $500-million investment in a 64-floor skyscraper of luxury apartments in New York's Financial District. Just this year, Ortega's investment vehicle also bought Royal Bank Plaza, a landmark skyscraper in Toronto, and one of the largest single-office buildings in Scotland.

REUTERS/Violeta Santos MouraCompanies Enagas SA FollowBARCELONA/LISBON, Dec 9 (Reuters) - An underwater pipeline to carry green hydrogen between Barcelona and Marseille will cost around 2 billion euros ($2.1 billion), according to preliminary estimates of the project agreed between Spain, Portugal and France, two sources told Reuters. Spain and Portugal aim to become clean hydrogen hubs and net energy exporters, causing tensions with France which plans to produce its own hydrogen using nuclear energy. The pipeline will only carry hydrogen in order to meet EU funding criteria, though "improvements" could be made in future to allow for some gas, a Spanish government source said. As a result, the industry source said, they have pushed their four grid operators to "speed up technical studies, potential pipeline layouts and cost assessments". "If you already have an overland pipeline why build an undersea pipeline?"

☆ Barcelona-Marseille pipeline could take 4-5 years to build, Spain says
▼ + stars: | 2022-10-21 | by ( David Latona | ) www.reuters.com time to read: +3 min

The joint project between Spain, Portugal and France, agreed on Thursday and dubbed BarMar, replaces the cross-Pyrenees MidCat pipeline that Spain had said could be ready by 2023 but was vetoed by France. All three countries said the pipeline should also temporarily allow for the transport of some natural gas to help alleviate Europe's supply problems stemming from Russia's invasion of Ukraine. She added that the connections between Spain and France, as well as between the entry point in Marseille and the hydrogen pipeline network in central Europe, are yet to be completed. Fernando Garcia, a London-based utilities analyst at RBC Capital Markets, said the BarMar route would "clearly" not fix Europe's short-term supply woes. The BarMar pipeline would also substitute an underwater gas link between Spain and Italy that was once considered, Ribera told Spanish TV station Antena 3 earlier on Friday.

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