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[waldron] 10/12/2021 17:49

Engie Slips as Belgium Tightens Grip on Decommissioning of Nuclear Plants

Francois de Beaupuy, Lyubov Pronina and Katharina Rosskopf, Bloomberg News


(Bloomberg) -- Engie SA shares fell the most in two weeks as Belgium outlined plans to tighten its grip on the decommissioning of the seven nuclear plants operated by the French utility in the country.

The Belgian government wants to make Engie’s local unit Electrabel SA legally liable for the costs of dismantling nuclear power plants, de Tijd reported Friday, citing Energy Minister Tinne Van der Straeten. The Belgian nuclear regulator will also get far-reaching powers over Electrabel, including a say on capital measures, and dividend payments to Engie, according to the newspaper.

“Engie Electrabel is responsible for the outstanding bill of billions from nuclear power and we are anchoring this more firmly in the law,” Van der Straeten said later in a statement issued by her department. “The best guarantee for the availability of the necessary funds is a strong Electrabel and a strong control of it.”

Electrabel already has accounted for and committed to both the waste disposal and dismantling costs of its nuclear plants in Belgium, and there’s no change to the amount of provisions, Engie said in a statement Friday. Engie’s understanding is that the draft law under discussion focuses on the availability of funds against these provisions, the company based near Paris said, adding that it doesn’t expect any change to its net economic debt from the proposed legislation.

Engie shares fell as much as 3.3% in Paris Friday, and were trading 1.2% lower at 4:24 p.m.

The draft bill comes as Belgium foresees the progressive closing of Engie’s seven nuclear plants -- which provide about half of the country’s electricity -- by the end of 2025. Belgium plans to replace them with a combination of new gas-fired power stations, renewable power, battery storage, and some electricity imports, even as the autumn’s gas crunch in Europe has sent energy prices to record levels.

While Engie recently won Belgian financial support to build two gas-fired power plants, its Vilvoorde project is struggling to get its environmental permit. In a recent letter to Prime Minister Alexander De Croo seen by Bloomberg, the French utility asked for the support of Belgian authorities to quickly start the construction of the power station that will be “key to the balance” of the country’s power system.

A short lifetime extension of a couple of atomic plants would be unprecedented, and there’s no regulatory or technical framework for such a move, Engie wrote. Hence it considers it has no other option than to start the progressive decommissioning.

The Prime Minister’s office confirmed receiving Engie’s letter.

[sarkasm] 10/12/2021 12:09

Engie secures financing for 434MW wind complex in Brazil

10 Dec 2021 (Last Updated December 10th, 2021 09:59)

The project is intended to bolster Engie’s footprint in Brazil while supporting its growth strategy.


Brazilian utility company Engie Brasil Energia has signed a R$1.47bn ($264m) financing agreement with Banco Nacional de Desenvolvimento Econômico e Social (BNDES) for the first phase of the 434MW Santo Agostinho Wind Complex in Brazil.

The wind complex is being developed in the municipalities of Lajes and Pedro Avelino, located almost 120km from Rio Grande do Norte’s state capital city, Natal.

Siemens Gamesa will deliver 70 of its turbines for the project, distributing them across 14 wind farms at the complex. Each turbine will have 6.2MW of capacity.
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As of the baseline month of last December, the project’s first phase is estimated to require R$2.3bn.

The financing that BNDES has agreed to provide will cover almost 64% of the project’s total investment cost.

Engie said that the project has the potential to create more than 1,000 jobs in the region, with 800 people already recruited and engaged in civil construction activities, component installation and other works.

The project is intended to further strengthen Engie’s footprint in Brazil while supporting its growth strategy.

Engie Brasil Energia chief executive and investor relations officer Eduardo Sattamini said: “Right now, the growth of electric energy, especially from renewable sources, is critical to the future of Brazil. The feasibility of this financing is the result of a collective effort.

“It is an indication of the commitment of both Engie and the BNDES to the country’s development in a responsible manner and considering the importance of allocating resources for accelerating the growth of wind generation and diversifying the domestic energy matrix.”

The wind complex has obtained a preliminary license from the Instituto de Desenvolvimento Sustentável e Meio Ambiente (Idema), the state’s environmental protection agency.

Last May, Engie received a R$1.2bn loan from BNDES for the second phase of its Campo Largo wind complex, located in the state of Bahia, Brazil.

[grupo guitarlumber] 10/12/2021 09:11

GTT to provide tank designs to DSME

Published by Lydia Woellwarth, Editor
LNG Industry, Friday, 10 December 2021 08:50

GTT announces that it has received an order from its partner the Korean shipyard Daewoo Shipbuilding & Marine Engineering (DSME) for the tank design of two new LNG carriers on behalf of the Greek shipowner Maran Gas Maritime.

As part of this order, GTT will design the tanks of the vessels which will each offer a capacity of 174 000 m3. The tanks will be fitted with the GTT NO96 GW membrane containment system, a technology developed by GTT.

Deliveries of the vessels are scheduled during second half 2024.

Philippe Berterottière, Chairman and CEO of GTT, declared: "We are pleased to pursue this partnership of excellence with DSME and Maran Gas Maritime. The GTT teams are proud and exciting to continue to support our partners in their decision to use our membrane technologies widely recognised by the LNG industry”.

[waldron] 08/12/2021 15:42

European gas futures soar as US weighs sanctions on Russia

8 Dec, 2021 14:50



The price of natural gas in Europe topped $1,150 per 1,000 cubic meters on Wednesday, or €99 per megawatt-hour in household terms, trading data shows. This comes as Russia, a major energy supplier, faces threats of US sanctions.

Overall, the cost of gas in Europe jumped more than 3% on Wednesday compared to the closing price the day before. The price growth comes as the United States and its European allies are weighing a range of sanctions targeting Russia’s financial system in the event of a military conflict with Ukraine. The Biden administration has previously accused Moscow of planning an invasion of Ukraine in January, which the Kremlin has rejected as “fake news.”


Europe has been struggling with gas shortages and skyrocketing prices for months now, with the situation peaking at nearly $2,000 per 1,000 cubic meters of gas in early October.

Some European politicians have accused Russia of withholding deliveries of natural gas amid the latest delays in the EU’s certification of the Nord Stream 2 pipeline.

Russia says it is meeting all its contractual obligations with European customers, pointing to under-filled European storage facilities and the start of the winter season as the main reasons for the price spike.

Russia’s Gazprom said earlier that it does not expect a noticeable drop in gas prices in Europe in the coming months, but that a price of around $1,000 per 1,000 cubic meters is not sustainable.

visit RT's business section

[gibbs1] 07/12/2021 05:52

ENGIE and Masdar form $5bn strategic alliance to drive UAE’s green hydrogen economy

PowerClean TechnologyTechnology

By NS Energy Staff Writer 06 Dec 2021

The two companies are looking to develop projects with a capacity of at least 2 GW by 2030, with a total investment in the region of US$5 billion
ENGIE and Masdar form US$5 billion strategic alliance to drive UAEs green hydrogen economy

ENGIE and Masdar form $5bn strategic alliance to drive UAE’s green hydrogen economy. (Credit: MASDAR)

ENGIE and Masdar, one of the world’s fastest-growing renewable energy companies, announced today that they have signed a strategic alliance agreement to explore the co-development of a UAE-based green hydrogen hub. The two companies are looking to develop projects with a capacity of at least 2 GW by 2030, with a total investment in the region of US$5 billion.

The agreement was signed by Dr Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology, ADNOC Managing Director and Group CEO, and Masdar Chairman, and Catherine MacGregor, ENGIE CEO, in the presence of Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, and Emmanuel Macron, President of the French Republic, during his visit to the UAE.

This partnership aims to capture synergies and complementarities between Masdar, as an investor and developer of renewable energy projects, and ENGIE’s leadership position in green hydrogen deployment to establish an early mover position in the UAE’s hydrogen market. By leveraging existing infrastructure, the companies will initially target local supply, with the aim of expanding capacity to create a giga-scale green hydrogen hub for the GCC, with the potential to export to other markets.

Catherine MacGregor, ENGIE CEO, said : “We are very pleased to partner with Masdar to make a direct contribution to the UAE’s Net Zero 2050 strategic initiative. This strategic alliance illustrates ENGIE’s ambitious goals for the long-term development of renewable hydrogen, an essential tool for the energy transition.”

Source: Company Press Release

[gibbs1] 07/12/2021 05:51

Dow Jones Newswires



Engie Wins EUR2.4 Bln Concession to Extend Paris Cooling Network
Dec. 6, 2021 at 12:36 p.m. ET
0

By Cristina Roca

Engie SA and its partner have been picked by the city of Paris for a large contract to expand the city's cooling network.

The French utility company said Monday that Fraicheur de Paris, in which it owns 85%, has won a 20-year concession with a total projected turnover of 2.4 billion euros ($2.72 billion). The concession starts in April 2022.

Groupe RATP, a French transport operator, holds the remaining 15% in Fraicheur de Paris.

Originally set up to air-condition commercial buildings, Paris's cooling network will be expanded to include cooling for hospitals, schools and other such buildings, as well shops, some housing units and other establishments.

The network runs on 100% renewable electricity, Engie said.

"This ambitious project forms part of the city's approach to decarbonisation and adapting to climate change, offering a sustainable and competitive alternative to traditional air-conditioning solutions," the company said.

Write to Cristina Roca at [e-mail]

[adrian j boris] 06/12/2021 16:51

HUSH HUSH FRENCH BUYS: French energy commodities trading firm Engie sought to keep a deal to buy liquefied natural gas deal from U.S. producer Cheniere under wraps a year after the firm walked away from a separate deal last year because of climate change concerns, Pro’s Ben Lefebvre reports. Officials with the French government who sit on the firm’s board had protested over the high emissions linked to the previous deal, but the volumes under the new deal with Cheniere deal signed in June were small enough to avoid the approval of that board this time around.

“No publicity should be made around the transaction to keep it under the radar,” read a document the Engie officials submitted to the company’s executive committee that Ben reviewed. But the document also noted the companies should not assume the deal would remain a secret, given the number of stakeholders involved.

Environmental group Friends of the Earth got its hands on the documents and lambasted the covert deal. Lorette Philippot, a campaigner for the group, called it a “serious breach of [the firm’s] duty of vigilance and a disgrace for this energy company which is making so much effort to green its image.”

Europe has been suffering from a shortage of natural gas and soaring energy prices going into winter. And progressive Democrats, including Sen. Elizabeth Warren, are pushing for the U.S. to block natural gas exports as the U.S. undergoes its own energy price spikes.

[grupo guitarlumber] 05/12/2021 14:29

Bordeaux uses geothermal energy to green its heating network

Art'Ur Architects / Engie Solutions)

Alexander Richter

5 Dec 2021

Mixing biomass and groundsource heat pumps, the city of Bordeaux, France is also tapping geothermal energy for its district heating system.

The metropolis of Bordeaux in the South of France has entrusted Engie Solutions with the construction of a geothermal energy coupled with a biomass boiler, as reported by Environnement Magazine in France. This project aims to extend the existing heating network by 9 km and make it green by 2024 thanks to an unprecedented combination in the region.

Reactivating an old geothermal well and combining it with a unit for producing heat from biomass, such is the system devised by the Engie Solutions teams. This solution will allow the Bordeaux metropolis to distribute heating and hot water to 6,900 additional housing equivalents.

As part of a 25-year concession on the heating network called “Grand Parc Energies”, ENGIE Solutions will renovate and commission the existing 1,000-meter-deep production well, which will produce water at 44 ° C including the flow will be optimized. This geothermal energy will have a total capacity of 7.4 MW thanks to 4 heat pumps powered by 100% renewable and local electricity, coming in particular from the dams of the Hydroelectric Company of Midi (SHEM) and the photovoltaic park of Fanjeaux (ENGIE ) as part of a turnkey Green PPA *. This solution makes it possible to respond to the Metropolis’ desire to green its network while protecting network subscribers from the volatility of energy market prices.

A major environmental advantage, the injection drilling carried out in the Eocene (terrestrial layer located at -300 m) will allow the overexploited local groundwater tables to be recharged with drinking water by around 781,000 m 3 / year.

The back-up biomass boiler will be made up of 3 boilers with a total installed capacity of 4 MW. This efficient and discreet infrastructure will provide heat and hot water to residents. From 2025, the wood energy, transported from a maximum radius of 100 km around Bordeaux in order to promote the local sector, will be delivered at 50% by vehicles running on natural gas.

This combination of environmentally friendly infrastructures will make it possible to rationalize and optimize the volumes of woodfuel supply.

A solution that responds to the metropolis’ desire to complete its energy transition while protecting its subscribers from the volatility of energy market prices. “This project demonstrates the ability of our experts to design tailor-made energy solutions for the future, perfectly suited to the needs of a region and attentive to the comfort of local residents. […] It is also confirmation that the energy transition is being built now, thanks to the commitment of elected officials and the inventiveness of our teams ”, underlines Yann Rolland, Deputy CEO of Engie Solutions.

Source: Environnement Magazine, Engie Solutions

[waldron] 05/12/2021 09:22

Why isn't U.S. defence budget approved? Again because of Nord Stream 2

Djoomart Otorbaev



Editor's note: Djoomart Otorbaev is the former Prime Minister of the Kyrgyz Republic, a distinguished professor of the Belt and Road School of Beijing Normal University, and a member of Nizami Ganjavi International Center. The article reflects the author's views and not necessarily those of CGTN.

There is a fascinating process going on in the U.S. Congress right now. For a long time and behind closed doors, Congress members have been unable to approve the Pentagon's defence budget of $770 billion. The stumbling block, like last year, was the construction of the Nord Stream 2 gas pipeline from Russia to Germany, which runs along the bottom of the Baltic and North Seas.

Disagreements between representatives in the White House and members of Congress are about the need to impose sanctions against project participants, including a few European and Russian companies. President Joe Biden lifted congressional sanctions on the project last May that would have halted the project. As a result, the House of Representatives amended the National Defense Authorization Act to impose sanctions on Nord Stream 2 without presidential powers, making the sanctions bulletproof. For the administration, this placed a premium on stopping the amendment in the Senate, and Secretary of State Antony Blinken spent lots of time lobbying Senate Democrats to do just that.

Since the congressmen did not approve the defence budget, it is clear that the Pentagon cannot order new weapons. Who would have thought that Nord Stream 2 could make such a significant contribution to reducing arms purchases?

The U.S. and Germany are at odds over the new pipeline. Given that the German government is actively supporting its construction, the Biden administration is trying to soften the U.S. Congress's position, which so far takes a clear hawkish position. Under its pressure on November 23, the U.S. Treasury Department imposed sanctions against the Russian-linked Transadria Ltd. and its Marlin vessel related to the gas pipeline construction.

But in Germany, even most active opponents of the pipeline construction, including the German Greens party, a member of the Bundestag, recognized the inadmissibility of U.S. sanctions against Nord Stream 2. "The new U.S. sanctions are unacceptable even for the opponents of Nord Stream 2," Omid Nuripur, an expert on the foreign policy of the Greens, told on November 23. "What kind of friendship do they strive for if they impose sanctions against friends when they do business with a third party, "he said. This is noteworthy the first time that the Greens have made such statements.

Americans are struggling to avoid further confrontation with the Germans. "We continue to work with Germany and other allies and partners to reduce the risks posed by the pipeline," Blinken said in a statement on November 22.

The Nord Stream 2 gas receiving station in Lubmin, Germany, November 12, 2021. /Getty

Meanwhile, putting the gas pipeline into operation is deferred. On November 16, the German grid regulator suspended the approval process for the Nord Stream 2 project. Since Gazprom's subsidiary is not a local company, the regulator has postponed its certification until the operator creates the necessary legal framework. The operator - Nord Stream 2 A.G., is based in Zug, Switzerland. As a result, the postponement of approval depends on how quickly Gazprom can transfer its legal entity to Germany.

With winter approaching, now all the attention of gas consumers in Europe is associated with the observance of guaranteed gas supplies. Unpleasant news for consumers was the skyrocketing prices for natural gas, which began in the run-up to cold weather. Natural gas prices have risen eightfold since the start of the pandemic as competition from buyers in Asia has led to global gas shortages around the world. In response to rising gas demand in late October, Gazprom said it had increased production by almost 17 percent from a year earlier.

Considering the tense situation in the European energy market and lengthy bureaucratic procedures, experts are considering another scenario for additional gas supplies to Europe. Under certain circumstances, the Nord Stream 2 gas pipeline can start operating without waiting for the regulator's certification procedure to be completed. Under certain circumstances, the Nord Stream 2 gas pipeline can begin working without waiting for the regulator's certification procedure to be completed. The article's authors published in the newspaper Handelsblatt conducted such an analysis. They recalled that similar situations had already happened in the past when operators put pipelines into operation before they were certified. We are talking about the German energy projects NEL and EGL 401. The authors state that the operators will have to pay a fine. However, according to the German Federal Network Agency (BNA) estimates, the amount does not exceed 1 million euros ($1.1 million).

Thus the certification process will likely be completed only in late spring-early summer since the European Commission will still evaluate after the German regulator. However, Gazprom can even derive additional benefits from this. Due to the high gas prices, the Russian monopoly receives an additional $500 from every thousand cubic meters of gas sold. If such prices persist until the summer of 2022, then the extra profit of the Russian company could amount to up to $5 billion. Anka Feldhusen, Ambassador of Germany in Kiev, also spoke about a similar deadline for completing the certification process. According to her, the commissioning of the Nord Stream 2 pipeline will not take place in the next six months.

Unfortunately, in the modern world, the interference of purely political elements in economic activity is becoming more widespread. After all, as often happens in history, ordinary citizens become victims of unfair political games.

(If you want to contribute and have specific expertise, please contact us at [e-mail].)

[waldron] 02/12/2021 17:41

OpenSecrets homepage


Millions in lobbying spending pour into fight over sanctions on Russia’s Nord Stream 2 oil pipeline

By Anna Massoglia

December 2, 2021 11:31 am


Debate over Russia’s Nord Stream 2 oil pipeline has complicated efforts to pass the National Defense Authorization Act after millions of dollars have been spent on federal lobbying opposing sanctions on the Russian pipeline.

Nord Stream 2 AG took center stage in the Senate negotiations after a vote to end debate on the NDAA funding bill failed on Monday with a vote of 45-51, short of the 60 votes needed to move the legislation forward.

Senate Republicans voted to block the defense funding bill from advancing on Monday, arguing that Senate Majority Leader Chuck Schumer (D-N.Y.) wasn’t giving them the chance to get votes on amendments, including a measure levying sanctions on Nord Stream 2.

The Russian oil pipeline would bypass Ukraine in Russian gas transit routes to Europe and is expected to double Russian gas exports to Germany. The move could potentially cost Ukrainian firms billions of dollars in transit revenue collected during the transfer of Russian natural gas and thereby weaken Ukraine’s strategic importance to the region.

Senate Minority Leader Mitch McConnell (R-Ky.) singled out Nord Stream 2 as an important issue that needed to be voted on, and vowed to oppose advancing the bill without progress on the amendment.

The week before Thanksgiving, a deal to hold roll call votes on amendments fell apart after seven Republicans objected due to the exclusion of their proposals in the amendments.

Sen. James Risch (R-Idaho), the ranking member on the Senate Foreign Relations Committee, and Sen. Ted Cruz (R-Texas) were among those Republicans, and called for a vote on their Nord Stream 2 sanctions measure.

Cruz has held up votes on key Biden nominations since May, but offered to lift the hold on some diplomatic nominees Wednesday if the amendment gets a vote.

On Monday, all Senate Republicans except Sen. Susan Collins (R-Maine) voted to filibuster the measure to cut off debate on the NDAA.

Some Democrats joined Republicans in opposing advancing the legislation without voting on amendments.

In May, the President Joe Biden waived sanctions on the Nord Stream 2 pipeline, despite bipartisan support for the sanctions in 2020. At the time, Secretary of State Antony Blinken said the decision was made to “rebuild relationships with our allies and partners in Europe.”

This week, Blinken and other Biden administration officials reportedly made calls urging senators to quash Nord Stream 2 sanction measures unless the White House has the power to waive the congressionally-mandated sanctions.

As of Thursday morning, the Senate had not voted on any amendments to the NDAA, including the Nord Stream 2 sanctions. On Wednesday night, Sen. Marco Rubio (R-Fla.) stopped a deal on amendments from moving to a vote when his amendment on Chinese imports was cut from the package.

The House included an amendment providing sanctions on Nord Stream 2 with no White House waiver option in its version of the defense funding bill, which passed with bipartisan support. Some House Democrats have expressed concern about the prolonged Senate debate over the NDAA. Rep. Marcy Kaptur (D-Ohio), co-chair of the Congressional Ukraine Caucus, released a statement on Wednesday to “urge final inclusion of mandatory Nord Stream 2 sanctions with an appropriate bipartisan Congressional waiver review process.”

The debate over sanctions comes as the Biden administration navigates Russian troops increasing their presence on the border of Ukraine and U.S. attempts to rebuild an alliance with Germany.

Foreign companies partnering on the pipeline spent more than $7.4 million lobbying against sanctions and other issues related to the project since the start of 2020 with $3 million of that spent in the first three quarters of 2021.

Nord Stream 2, which is wholly-owned by Russia’s state-run energy firm Gazprom, spent nearly $2.5 million on lobbying in the first three quarters of 2021. Nord Stream CEO Matthias Warnig and Gazprom’s executive chair Alexei Miller are both known as close allies of Russian President Vladmir Putin.



Nord Stream 2 has paid more than $4.5 million to Roberti Global, a lobbying firm run by Democratic donor and lobbyist Vincent Roberti. Roberti disclosed lobbying on “issues related to the U.S. position toward the Nord Stream 2 pipeline, including potential financial sanctions affecting the project.”

Since the start of 2020, the pipeline company has paid about $1.3 million to BGR Group for lobbying by Walker Roberts, a former Republican staffer for foreign affairs congressional committees.

Five foreign companies partnering with Gazprom on the pipeline — Austria’s OMV AG, the Netherlands’ Shell International, France’s ENGIE, and Germany’s Wintershall and Uniper SE — hired lobbyists at McLarty Inbound to lobby the State Department and the National Security Council. They collectively paid the firm more than $840,000 for lobbying in 2020 and $600,000 in the first three quarters of 2021.

McLarty managing partner Richard Burt, the former U.S. ambassador to Germany, disclosed work for the foreign companies partnering on Nord Stream 2, lobbying on “Russian sanctions issues” and “natural gas as an element of European energy security.”

In May, the Democratic National Committee announced that the Biden campaign and its joint fundraising committee refunded contributions from Burt following OpenSecrets reporting that he was a registered lobbyist at the time of his donations. Biden had pledged to reject lobbyist donations.

Even though Nord Stream is owned by a Russian state-run firm, the Kremlin has insisted the pipeline is a “commercial project,” and proponents of the pipeline are registered under the Lobbying Disclosure Act instead of the Foreign Agents Registration Act, keeping details of which government officials the lobbyists met with hidden from the public. Lobbyists for private foreign entities that would otherwise be required to follow FARA disclosure rules can choose to register under the LDA so long as the “principal beneficiary” of the influence operation is not a foreign government or political party.

Several European countries have cited the Russian government’s role in the project in their efforts to kill the pipeline. Those calls escalated after the Kremlin arrested and detained Putin critic Alexei Navalny last year. Germany claims the pipeline project is unrelated to the internal politics of Russia.

Ukraine, which stands to lose the most power from the pipeline, has emerged as the strongest critic of the project.

The Federation of Employers of the Oil and Gas Industry of Ukraine paid lobbying firm Yorktown Solutions $840,000 in 2020, according to FARA records, and renewed their contract through at least the end of 2021.

The Ukrainian oil and gas trade association disclosed lobbying congressional staffers on the “risks posed” by “diversionary gas pipeline projects.”

Yorktown Solutions is run by Daniel Vajdich, a lobbyist and former adviser to Cruz. In March, Cruz tweeted that he would hold up nomination proceedings for Deputy Secretary of State nominee Wendy Sherman and other State Department nominees until sanctions are imposed, as first reported by Foreign Lobby Report.

Sanctions are not the only potential impediment to the pipeline, which was physically completed in September, but needs certification by German regulators before it can be operational.

In November, Germany’s network regulator suspended the process due to a German law preventing certification because Nord Stream 2 AG, which is owned by Gazprom, is incorporated as a Swiss company. The company is now in the process of establishing a German affiliate.

The NDAA isn’t the only piece of legislation Congress has pushed off.

Government funding expires at midnight on Dec. 3, and House and Senate leaders are attempting to send a funding bill to Biden’s desk before the end of the year.

Feel free to distribute or cite this material, but please credit OpenSecrets.


For permission to reprint for commercial uses, such as textbooks, contact OpenSecrets: [e-mail]

[waldron] 02/12/2021 11:54

Engie : AlphaValue relève sa cible, l'achat maintenu
02/12/2021 | 12:42

AlphaValue a relevé jeudi son objectif de cours sur Engie, porté de 15,8 à 17,5 euros, saluant la transition opérée par le groupe énergétique, de simple 'holding' en un spécialiste des énergies vertes.


Engie: AlphaValue raises its target, the purchase maintained
02/12/2021 | 12:42

AlphaValue on Thursday raised its price target on Engie from 15.8 to 17.5 euros, welcoming the transition made by the energy group from a simple 'holding' to a specialist in green energies.

[grupo guitarlumber] 02/12/2021 09:47

Naftogaz CEO: Certifying only the Nord Stream 2 last mile is ‘a mockery of EU rules’

EURACTIV Bulgaria

7:30 (updated: 9:37)


The Ukrainian position is that since Nord Stream 2 is not compliant with EU rules, it should not be certified, the CEO of Ukraine’s gas and oil state company Naftogaz Yuriy Vitrenko told a conference in Brussels on Wednesday (1 December) organised by EURACTIV Bulgaria.

The conference, titled “Nord Stream 2: no certification without compliance?”, came at a time when pressure is building in the US and in several EU countries to oppose the $11 billion pipeline, which has just been completed but still awaits certification by the German regulator and the EU Commission.

The pipeline Nord Stream 2 is designed to bring Russian gas to Germany under the Baltic Sea, bypassing Ukraine.

Vitrenko explained that at the heart of the matter was the full application of 3rd energy package for the whole length of the Nord Stream 2 pipeline, from the Russian shores to Germany, including non-discriminatory third-party access, as opposed to having it applied only for the last mile on German soil.

The Third energy package entered into force in September 2009. Dubbed “anti-Gazprom”, its core elements include ownership unbundling, which includes separating companies’ generation and sale operations from their transmission networks. Russia’s practice was to sell gas to Europe via its gas export monopolist Gazprom via pipelines it controls at 100%.

In Vitrenko’s words, “non-discriminatory third-party access” means that other producers of gas in Russia other than Gazprom should be able to use the pipeline. Exporters from Central Asia, such as Turkmenistan, Kazakhstan, and Uzbekistan, who want to export their gas on the European market, should also transit gas through Russia and decide on the route to Europe, including using the pipeline. He also argued that European clients should buy at the Russian border, meaning that Gazprom should not dictate where they would buy Russian gas.

He also argued that the non-discriminatory approach should apply to all pipelines, not only Nord Stream 2. This would put Germany in a privileged position compared to Slovakia, Poland, the Czech Republic or Italy.

Vitrenko recognised that the German regulator could not make a decision that would be unfavourable to other markets in the EU.

“What we are demanding is first, let’s make Nord Stream 2 compliant”, he said.

He reminded that the certification in Germany was suspended, allowing Gazprom to create a German subsidiary, which in his words would be responsible only for the short section of the pipeline on German soil.

“We are clearly against such an approach. Certifying just the last mile makes no sense, it’s a mockery of EU rules, and we hope it won’t happen”, the CEO of Naftogaz said.

He added that after the decision of the German regulator, the European Commission would play a decisive role.

“We would expect the European Commission to have a very strong position to apply the EU rules to the entire pipeline, and not just to this pipeline, but to all pipelines that connect Russia and the EU.”

“The Ukrainian position is that since NS2 is not compliant with EU rules, it should not be certified. If and when they will comply with EU rules, it will be a different story”, Vitrenko said.

Vitrenko also argued that should Russia continue to use gas as a weapon, the West should use further sanctions against Russia.

‘Weaponisation’ of gas

“Russia says it fulfils its contractual obligations, but this only concerns long-term contracts”, Vitrenko said. In his words, Russia decreased their supplies at the so-called spot markets three times, despite the surge in demand.

Another example he gave is gas differentiation- when Russia sells gas to different markets at different prices, and the logic is not commercial logic.

“For example, they want to help Serbian politicians ahead of some elections, so they sell gas at non-market discounts. Or they want to punish Moldova for its geopolitical choice and immediately demand high prices, repayments of debts from the past. And recently, because of Russian warships in the Black Sea, we cannot finish the seismic study for gas exploration in our waters, conducted by European firms’ ‘, Vitrenko said.

“If that is not weaponization, then what is it,” the Naftogaz CEO asked, insisting that the response to resist this weaponisation is “to insist with the EU on the full application of the rule of law in the certification process”.

Prof. Dr Friedbert Pflüger, a former CDU MP who teaches Energy and Climate Security at the University of Bonn, defended the pipeline. He argued that the project provided much-needed diversification of supplies, Russia had been a reliable supplier to the EU even during Cold War times, and gas was never used as a weapon. According to him, Russia is more dependent on selling gas to Europe than vice versa. “They can not blackmail us any more. We have diversified”, he said.

Where is the US LNG?

Prof Pflüger also made ironic remarks as to the present outflow of US LNG to the EU markets. Reportedly, due to the higher prices in Asia, the US has prioritised this market.

“Where is American energy? We do not see them right now. They are all gone to China and to India”, the professor said.

He further explained that in a worldwide situation where gas prices are increasing, it was important to have reliable partners, which is “the big difference” with the US approach.

In his view, the American sanctions make it difficult to apply the rule of law, and Ukraine encouraged the US Congress to take action against European companies.
US Republicans renew push to sanction Nord Stream 2 pipeline

A group of US Senate Republicans said on Monday (8 November) they had introduced legislation that would impose mandatory sanctions on Nord Stream 2, a Russian-backed natural gas pipeline that opponents believe would be harmful to US allies in Europe.

“We have done so much. And what we hear from your side is only complaints and attacks. This is not the right way to deal in Europe”, prof. Pflüger said. He thinks that a new tone is needed and another understanding of what the German government has done.

“The pipeline is there, and it will transport gas sooner or later. And it is a good idea to look for compromises and possibilities for cooperation”, he recommended.

MEP Viola von Cramon-Taubadel (Greens, Germany), known for her positions against the pipeline, refuted Pflüger’s arguments. In particular, she called his statements about diversification “very naïve”.

“We did not diversify but rely even more on one source, even more on Russia, on Gazprom”, she said.

According to her, sanctions were not a solution and should be ultima ratio “, but if we cannot put a brake in other ways in this project, then I am in favour of the sanctions”.

Optimism with the new government in Berlin

“I hope that we will have a new start with the new German government in relations with Ukraine”, she said, referring to the new government in which the Greens are a key coalition partner. “I do hope that we can even have a closer look when the certification process is being assessed, then the opinion of the Commission will come to the German regulator and then again the ministry for the economy will have a different view”.

“We have a good minister for the economy (Green party co-chair Robert Habeck), I trust in fully, the same is true for our minister for foreign affairs (Annalena Baerbock, the other co-chair of the Greens), she is great, she knows the situation, she has always been against this project, and I guess together, they will use all the opportunities they have in their hands politically and legally to make the best out of it”, she said.

Von Cramon-Taubadel also said she hoped the German Greens would try to convince some of “Gerhard Schröder’s social democrats” that Nord Stream 2 is not a good project for the German consumers and Ukraine”.

Schröder, the German chancellor from 1998 to 2005, now works as a high-level lobbyist for Gazprom.

[Edited by Alice Taylor]

[waldron] 01/12/2021 12:36

Hazelwood to be reborn as big battery site
AUSTRALIAN FINANCIAL REVIEW


Angela Macdonald-SmithSenior resources writer

Dec 1, 2021 – 12.11pm

The site of the former Hazelwood coal-fired power station in Victoria will get a new lease of life as the host of a huge new battery plant under a near $150 million deal between owner Engie and Macquarie Group.

The initial 150 megawatt battery, which can produce one hour of energy at its maximum output, will be Australia’s largest privately funded and owned grid-scale battery and will make use of the existing transmission connections at the Latrobe Valley site.

[sarkasm] 30/11/2021 04:45

oilprice.com

Germany Urges Congress Not To Sanction Nord Stream 2

By ZeroHedge - Nov 29, 2021, 2:00 PM CST

Germany is warning U.S. Congressional members that sanctions on the Nord Stream 2 pipeline could damage Washington’s credibility and transatlantic relations.

The White House has consistently argued that its anti-NS2 stance is based on the fear that Putin is using the pipeline as a punitive action and weapon.

The controversial pipeline is back in the spotlight as Europe is facing an unprecedented natural gas shortage.


Axios on Sunday has revealed that Germany has been quietly urging the United States not to sanction the Nord Stream 2 pipeline, even as geopolitical tensions between Europe and Russia have been on edge over the past month given recent allegations the Kremlin is building up troops near Ukraine for a possible near-future offensive. The report details documents obtained by Axios wherein Congressional members are warned that fresh Biden admin sanctions would "ultimately damage transatlantic unity" and leave Washington's credibility weakened.

What's being dubbed the "non-paper" sent on November 19 argues that in actuality the Russia-to-Germany major natural gas pipeline does not harm Ukraine and that proper steps have been taken to ensure it's not a real threat to Kiev, particularly invoking the Joint Statement of the United States and Germany on Support for Ukraine and European Energy Security between Joe Biden and Angela Merkel. The statement puts in place guardrails to ensure Russia doesn't use "energy as a weapon" and vows action if it does so.

The newly revealed document addressed to US lawmakers was marked "classified" and says, "US Sanctions targeting Nord Stream 2 would undermine the commitment given to Germany in the Joint Statement, weaken the credibility of the US government, and endanger the achievements of the Joint Statement, including the provisions supporting Ukraine."


It spells out that US fears have been properly addressed, saying further according to Axios that guardrails include...

..."strong public messages" condemning Russia's behavior; "assessing" the suspension of future political meetings; and reviewing "possible" restrictions on future Russian fossil fuel projects — not including Nord Stream 2.

But it fundamentally argues that "the granting of the certification [to Nord Stream 2] will not put at risk the security of gas supply in Germany and the EU", while referencing the Federal Ministry for Economic Affairs and Energy (BMWi) and independent regulator's assessment.

For years going back into the Trump administration, the White House has consistently argued that its anti-NS2 stance is based on the fear that Putin is using the pipeline as a punitive action and weapon especially against Ukraine, cutting it out of crucial transit fees, and eventually seeking to bypass the Eastern European country altogether as a key energy transit hub. Thus it's little wonder why the "non-paper" remained out of public eye and "classified" until now. The main US argument for blocking the line has rested on assuming that Putin wants to hold Europe's energy independence hostage.

The document underscores that "Russia is currently fulfilling all delivery obligations, including the gas transit agreement with Ukraine, but it could do more: Recent announcements by Putin to increase deliveries to European gas storages are a step in the right direction."

Previously other efforts were revealed...

The German government offered the Trump administration up to €1 billion ($1.21 billion) in a bid to prevent Washington from imposing sanctions on the Nord Stream 2 pipeline, according to documents published by the non-profit Environmental Action Germany.[...]


The "classified" document addresses this head-on, spelling out that "no threat to Ukraine as long as reasonable gas transit is ensured," will be presented. It additionally argues that any new US sanctions on Nord Stream 2 would in the end be "a victory for Putin" because it would inevitably divide Western allies (also given even top German politicians are divided on the issue).

A week-and-a-half ago gas prices in Europe soared upon news that German regulators' certification for NS2 - which is the final big hurdle before it can come online and begin natural gas delivery to Europe - has been suspended. But the suspension could be short-lived given the fast-approaching winter and frigid temperatures, meaning EU countries are hungry to quickly tap more gas.

By Zerohedge.com

[sarkasm] 25/11/2021 11:18

DATE

25 Nov 2021
AUTHOR
Moniek de Jong


Hopes of receiving gas deliveries in 2021 from Nord Stream 2, a gas pipeline under the Baltic Sea owned by Russia, are dwindling.

The original starting date was December 2019, but the project has been delayed by more than two years following political strife in various capitals: opposition in Poland; the late issuing of construction permits in Denmark; and two sanctions bills in the US.

And now Germany is added to this list. Last week, the German regulator, the Bundesnetzagentur, temporarily suspended the certification of the gas pipeline, as the project did not meet the requirements needed for approval under EU and German law.

The backdrop of the suspension is characterized by three factors: high gas prices, geopolitical tensions, and German coalition talks.

Gas prices in Europe have multiplied times fives since January, and many believe that this has been orchestrated by Moscow in a ploy to obtain approval for gas supply via Nord Stream 2. Russian gas supplies to Europe have been limited to their contractual volumes, leaving gas storage only partially full ahead of the 2021-2022 heating season.

The Kremlin suggested that the commissioning of Nord Stream 2 would cool gas prices, and that any additional gas supplies from Russia were dependent on the approval of Nord Stream 2. This has reinforced the narrative that Russia is using gas supplies as a weapon.

To add fuel to the fire, there are mounting tensions between the EU and Belarus, and between Russia and Ukraine.

The migrant crisis at the Poland-Belarus border led Alexander Lukashenko, president of Belarus and a long-term ally of Russia, to suggest he might cut gas transit via his country, an important route for supplies to Germany, in an effort to thwart new sanctions from Brussels.

Such a move would put further pressure on gas supply from Russia and on the approval process for Nord Stream 2.

Moreover, the build-up of Russian troops along the border with Ukraine has led to rising concern of a further escalation of this conflict, and prompted Boris Johnson to question the EU’s loyalty towards Ukraine in relation to Nord Stream 2.

The European Commission has openly opposed the project, which has been constructed with the objective of bypassing Ukraine as a transit country and shifting the status quo between Ukraine and Russia.

In 2019, the EU amended its gas regulations to ensure that Nord Stream 2 would have to comply to them; these new regulations contributed to the recent suspension. Additionally, the EU helped broker a deal between Russia and Ukraine, ensuring gas transit through Ukraine until 2024.

Even in outer space, Russia has managed to cause controversy with the decommission of a satellite; endangering the ISS.

Another complicating factor are the German coalition talks. Under Angela Merkel, the project received continuous support, and she refused to connect the pipeline to other issues, such as the poisoning of Navalny in 2020.

The federal elections have left the political faith in the pipeline in limbo. The winning party, the center-left Social Democrats (SPD), has been a staunch supporter of the project, but coalition partners (the Greens and the Free Democrats) have opposed the project for environmental and geopolitical reasons.

A working paper issued by the coalition government’s foreign policy team suggests that other issues (e.g. NATO and China) are taking precedence over Nord Stream 2, as the parties agree that they have fundamentally different positions on the pipeline.

Still, the statement of the German Economic Ministry that Nord Stream 2 does not pose a threat to energy security in the EU or Germany, a requirement for successful certification, indicates that the project can continue to count on some government support.

However, the current (geo)political situation and prices should not overshadow the suspension decision, as this is primarily a legal hiccup. The consortium, headquartered in Zug, Switzerland, needs to create a subsidiary in Germany and then the certification process will continue, possibly within the original four-month timeframe.

It remains uncertain whether the consortium is taking steps to do so, as it and Moscow has refused to comment on the decision by the Bundesnetzagentur, or its next steps.

The certification is a legal process, in which the Bundesnetzagentur probes the compliance of the project with EU and German law. Afterwards, the European Commission has two months to review the decision.

Considering the opposition of the European Commission against the project, the decision by the Bundesnetzagentur needs to be thorough. This also explains the inclusion of Ukrainian and Polish companies in the process, although the ultimate decision remains with the regulator.

So where does all of this leave Nord Stream 2?

The suspension is mostly a legal hurdle that the consortium must overcome in the currently highly-charged geopolitical environment, before the certification process can continue. And even after a (presumably successful) certification, the project can expect a lengthy appeal process initiated by Poland and Ukraine.

A bigger issue could be the additional sanctions, which are being plotted in order to halt the commissioning of Nord Stream 2. These sanctions could take effect at the end of the year.

So any gas supplies from Nord Stream 2 in 2021 are unlikely. In exceptional circumstances (such as supply shortages), the Bundesnetzagentur can allow gas flows while the certification is pending, but such a decision will trigger criticism from Nord Stream 2 opponents.

And so the Nord Stream 2 saga continues.

By Moniek de Jong, a doctoral researcher at the department of Political Science at Ghent University researching energy policy surrounding the Nord Stream 2 gas project.

[grupo guitarlumber] 22/11/2021 08:58

Consensus

Mean consensus BUY

Number of Analysts 18

Last Close Price 13,11 €

Average target price 15,95 €
Spread / Average Target 21,7%

High Price Target 18,00 €
Spread / Highest target 37,3%

Low Price Target 13,50 €
Spread / Lowest Target 2,96%

[grupo guitarlumber] 19/11/2021 09:25

rivieramm.com

19 Nov 2021by Rebecca Moore

GTT has been picked by Hyundai Samho Heavy Industries to design the cryogenic fuel tanks of two new LNG-fuelled container vessels

GTT has been chosen by its Korean shipyard partners to equip two liquefied natural gas (LNG) fuelled container vessels with its membrane containment technology.

The two vessels, each with a capacity of 15,600 containers, will be equipped with LNG tanks, each holding up to 12,800 m3 of LNG used as fuel. The tanks will be fitted with the Mark III Flex membrane containment technology, developed by GTT.

In addition to the engineering services and on-site technical assistance, GTT will assist the operator through every step of the first LNG-fuelled project: commissioning of the LNG tank, first LNG bunkering operations, as well as further specific LNG operations and maintenance of the vessels. GTT will also provide training for the crews, supported by its proprietary G-Sim training simulator, which replicates the future LNG operations of the vessels. GTT will also offer its HEARS emergency response service with 24/7 technical assistance.

GTT will fit these vessels with its GTT Digital platform, a smart shipping solution to monitor and optimise the operational performance of the vessels and further reduce their energy consumption and environmental footprint.

Vessels deliveries are scheduled to occur between the fourth quarter of 2023 and the second quarter of 2024.

This comes on the back of news in October that GTT was chosen by South Korean shipyard Samsung Heavy Industries to design the cryogenic fuel tanks of six LNG-fuelled container vessels.