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[la forge] 15/12/2020 12:52

ENGIE signs renewable energy PPAs with Amazon

Published by Sarah Smith, Digital Editorial Assistant
Energy Global, Tuesday, 15 December 2020 11:40

ENGIE has announced several energy offtake contracts with Amazon for a global renewable energy portfolio of wind and solar projects across the US, Italy and France totalling 650 MW. These Corporate Power Purchase Agreements (PPAs) will exclusively rely upon renewable energy production facilities developed by ENGIE. For ENGIE, this operation is the largest portfolio of agreements signed at once with a single counterparty.

These projects align with Amazon’s goal to power its operations with 100% renewable energy by 2030 and reach net zero carbon by 2040. They also demonstrate ENGIE's expertise across the green energy value chain, from the construction and operation of renewable energy plants, to the sale of energy to industrial customers. In 2019, ENGIE signed over 2000 MW worth of clean energy Corporate PPAs, mostly in the US but also in Europe, notably in Spain.

In the US, Amazon’s new renewable energy solar and wind projects with ENGIE represent 569 MW in Delaware, Kansas, North Carolina, Ohio and Virginia. They will supply Amazon with approximately 1850 GWh of power and with the associated project renewable energy credits (REC’s) annually. During construction, ENGIE will create approximately 300 jobs at each wind facility and 210 jobs at each solar facility. Projects are expected to reach commercial operation in 2021 through 2022.

In Europe, Amazon’s total contracts with ENGIE add up to 66 MW in Italy and 15 MW in France, and are the company’s first utility-scale renewable energy projects in each country. Amazon will purchase renewable energy from two solar facilities located in Southern Italy and another in Southern France to power its European operations.

"These new projects with ENGIE represent our first utility-scale renewable energy projects in Italy and France in Europe and our first projects in Delaware and Kansas in the US. They substantially help us on our path to powering our operations with 100% renewable energy by 2030,” said Nat Sahlstrom, Director, Amazon Energy. “Working with ENGIE, we are able to add 650 MW of new power to grids in the US and Europe. Our push for more renewable energy is one step toward our goal of reaching net-zero carbon by 2040 as part of Amazon’s commitment to The Climate Pledge.”

These contracts demonstrate ENGIE’s capabilities to commercialise green energy internationally for our customers, and in North America - as elsewhere - we recognise that bold commitments are needed from global companies and local communities alike to lead the way to clean energy use,” said Gwenaëlle Avice-Huet, ENGIE’s Executive Vice President in charge of the Renewables Business Line and Chief Executive Officer of ENGIE North America. “We are excited to work with Amazon to create a clean, prosperous, low carbon future - and create economic benefits for the communities involved.”

[waldron] 13/12/2020 17:50

Engie's water solutions

Engie to provide sustainable drinking water in Kuwait

KUWAIT, 6 hours, 42 minutes ago

Engie Solutions, an international leader in integrated low-carbon and high performance solutions, has recently collaborated with Kuwait Foundation for the Advancement of Sciences (KFAS) and Trashtag Kuwait, both non-profit organisations, in launching Project My Mai.

It is the latest environmental and community initiative that aims to provide sustainable drinking water solutions to low-income migrant communities that have been affected by the pandemic.

With the support from KFAS, Engie Solutions Kuwait and Trashtag Kuwait volunteers installed 200 water filters in several communities, helping more than 1,000 people by giving them access to a safe, clean and sustainable source of water.

In alignment with Kuwait Vision 2035’s sustainable development goals, this initiative is also expected to prevent over 2 million plastic water bottles from being used.

Tomas Greenwood, General Manager, Engie Solutions Kuwait, commented: “As part of the Engie Group, we are dedicated to providing sustainable and innovative solutions to our customers in Kuwait, as well as to the community. It gives us great pride to be able to contribute to Trashtag Kuwait’s efforts to provide sustainable sources of water that will positively impact the environment in the long run, while also encouraging people to make the switch for the betterment of the environment.”

Commenting on the initiative, Eng Manar Al Rashed, Programme Manager of the Scientific Culture Directorate of KFAS said: “We believe that civil society organisations (CSOs) have an in-depth understanding of the social, environmental, economic, and institutional challenges associated with the Covid-19 pandemic, and can offer innovative and effective interventions to tackle and address them.”

Carina Maceira, Co-Founder, Trashtag Kuwait, said: “The pandemic has affected many families in Kuwait and around the world. Through Project My Mai, we wanted to support the people of Kuwait by ensuring they have access to clean water but so they will also choose sustainable sources that will eventually reduce the use of plastic.”

This campaign is also in line with Engie Solutions Kuwait's ongoing commitment towards a cleaner and more sustainable Kuwait, which the company seeks to achieve through the provision of sustainable energy and services solutions for communities, industries and properties.

Earlier this year, Engie Solutions Kuwait partnered with Trashtag Kuwait to host a beach cleanup. The activity saw 85 volunteers collect more than 56 bags of trash on Kubbar Island. Trashtag Kuwait regularly hosts environmental initiatives such as weekly clean-ups, as well as raising awareness and educating the public on marine litter, the carbon footprint of water bottles, overfishing of local and regional fish stocks, high ocean water salinity, and other pertinent environmental issues.-- Tradearabia News Service

[sarkasm] 12/12/2020 08:08

Russia resumes Nord Stream 2 pipeline work in German waters
Dec. 11, 2020 1:10 PM ETPublic Joint Stock Company Gazprom (OGZPY)By: Carl Surran, SA News Editor13 Comments

Russia has resumed construction of the Nord Stream 2 gas pipeline to Germany, laying pipes after a one-year hiatus caused by U.S. sanctions, the pipeline operator says.
Gazprom's (OTCPK:OGZPY) western partners in the project, which is estimated to cost €9.5B ($11.5B), are Royal Dutch Shell (RDS.A, RDS.B), BASF (OTCQX:BASFY), Uniper (OTC:UNPPY), OMV (OTCPK:OMVJF) and Engie (OTCPK:ENGIY).
"The pipelay vessel Fortuna will lay a 2.6 km section of the pipeline in the German Exclusive Economic Zone in water depths of less than 30 meters (100 ft.)," Nord Stream 2 says.
The Fortuna, which was used to lay pipe in the Russian section of the 55B cm/year pipeline, is a vessel that uses anchors, unlike Russia's Akademik Cherskiy pipelayer, which has dynamic positioning capabilities.
However, the threat of U.S. sanctions against any company involved could still present an obstacle to pipelaying in Danish waters, S&P Global Platts reports.
Meanwhile, German lawmakers are looking at creating a legal mechanism that would help protect Nord Stream 2 from U.S. sanctions.
Also, the U.S. is set to pass expanded sanctions as part of its new defense bill.

[waldron] 11/12/2020 17:07

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Orange
9.908 -4.04%

Axa
19.658 -1.73%

Bp
275.25 -3.34%

Vodafone
130.98 -2.06%

Royal Dutch Shell A
1,394.8 -2.79%

Royal Dutch Shell B
1,337.4 -3.45%

Tullow Oil (TLW)
31.65-1.08 (-3.30%)

[waldron] 11/12/2020 06:40

THEBUSINESSTIMES

Engie-backed EVBox to go public in US$1.4b TPG Spac deal
Fri, Dec 11, 2020 - 12:05 PM

[NEW YORk] TPG Pace Beneficial Finance Corp, a special purpose acquisition company, agreed to acquire EV Charged BV, a unit of French utility Engie that specialises in electric-vehicle charging technology.

The deal will create a combined entity, EVBox Group, with a valuation of about US$1.4 billion, the companies said Thursday. It will give EV Charged, which does business as EVBox, an implied enterprise value of US$969 million.

Engie, which acquired EVBox in 2017, will retain a stake of more than 40 per cent.

Founded in 2010, Amsterdam-based EVBox makes hardware and software, and operates a network of more than 190,000 charge ports in 70 countries. The transaction with Fort Worth, Texas-based TPG Pace is set to provide the company with the means to broaden its technology offerings and expand globally.

"We've built out a dominant pan-European position and are convinced that joining forces with a strong American shareholder will help us accelerate our growth in North America," Kristof Vereenooghe, president and chief executive officer of EVBox, said in an interview.



EVBox has developed products approved for utility rebate programmes in US states including California and New York, Mr Vereenooghe said. In February, the company announced it had leased a production facility in Libertyville, Illinois.

"We're expecting explosive growth in electric vehicles and are excited about the impact EVBox can have in reducing carbon emissions," said Karl Peterson, a TPG senior partner who oversees TPG Pace Group, the private equity firm's Spac effort.

The combined entity is expected to have about US$425 million in cash on hand, in part from a US$225 million public investment in private equity, or Pipe, raised from investors including Wellington Management, funds managed by BlackRock and Neuberger Berman, as well as Inclusive Capital Partners.

TPG Pace raised US$350 million in an October initial public offering, with a goal of acquiring a target with strong environmental, social and governance practices.

Other companies that make or provide technology for electric vehicles have turned to Spacs for fresh capital. ChargePoint, Fisker, Nikola, Arrival and Velodyne Lidar are among those that have struck deals to go public through blank-cheque firms.

BLOOMBERG

[la forge] 09/12/2020 10:31

ENGIE : Berenberg reiterates its Buy rating

12/09/2020 | 10:27am GMT


Lawson Steele from Berenberg retains his positive opinion on the stock with a Buy rating.


The target price is increased from EUR 13 to EUR 14.

[waldron] 08/12/2020 06:51

ENGIE North America partners with Hannon Armstrong to secure $172 million of investment for distributed solar-plus-storage portfolio
engieservices.us (PRNewsfoto/ENGIE Services U.S.)

News provided by
ENGIE North America

Dec 07, 2020, 16:45 ET

Share this article

HOUSTON and ANNAPOLIS, Md., Dec. 7, 2020 /PRNewswire/ -- ENGIE North America and Hannon Armstrong (NYSE: HASI), a leading investor in climate change solutions, announce a new partnership to jointly invest in a Distributed Generation (DG) portfolio of solar and solar-plus-storage assets located across the United States.

The portfolio is comprised of a diversified set of community solar and commercial & industrial (C&I) ground-mounted, carport and rooftop solar and solar-plus-storage projects (around 70 MW in total) located across the U.S., including Massachusetts, Illinois, Vermont, California, Texas, and Arizona.

"ENGIE is pleased to partner with Hannon Armstrong on this portfolio, which further demonstrates ENGIE's leadership and strong commitment to climate action goals towards its clients. This new partnership reinforces the ambitions of our organizations," said Gwenaëlle Avice-Huet, Executive Vice President, in charge of the Renewable and Hydrogen Business Units France, responsible for the Global Renewable Business Line and CEO of the North America Business Unit. "This program signals further forward momentum as we work alongside our customers towards a carbon neutral future."

"We are delighted to expand our programmatic relationship with ENGIE with this latest agreement," said Hannon Armstrong Chairman and CEO Jeffrey W. Eckel. "This partnership highlights one of the key strengths of our historic core value proposition to clients of executing on scalable investment solutions for smaller, distributed clean energy projects that are essential to a climate-positive future."

The agreement will allow ENGIE to rely on committed capital by Hannon Armstrong through December 31, 2021 to finance DG assets across the U.S. ENGIE will retain partial ownership and provide development, construction, operational, asset management, and administrative services. Hannon Armstrong will provide capital to ENGIE through a unique structure that will bring efficiency to a forward flow of projects, leveraging tax equity financing through an upper-tier arrangement with Morgan Stanley. Hannon Armstrong's collaboration with Morgan Stanley on this portfolio represents an expansion of the firms' relationship in recognition of Morgan Stanley becoming the first U.S. bank to commit to disclosing portfolio greenhouse gas emissions and backing the push toward unified measurement of financed emissions via the Partnership for Carbon Accounting Financials (PCAF).

Distributed generation represents an important piece of ENGIE's U.S. solar-plus-storage market strategy as it represents a sizable share of the overall non-residential solar-plus-storage market. Distributed clean energy generation, including the community solar projects included in the portfolio, foster access to renewable energy and is a key component of the clean energy targets and ambitions of cities, communities, corporate and utility customers. ENGIE currently owns and operates approximately 300 MW of DG solar assets.

About ENGIE North America
ENGIE North America Inc. offers a range of capabilities in the United States and Canada to help customers decarbonize, decentralize and digitalize their operations. These include comprehensive services to help customers run their facilities more efficiently and optimize energy and other resource use and expense; clean power generation; energy storage; and retail energy supply that includes renewable, demand response, and on-bill financing options. Nearly 100% of the company's power generation portfolio is low carbon or renewable. Globally, ENGIE S.A. relies on their key businesses (gas, renewable energy, services) to offer competitive solutions to customers. With 170,000 employees, customers, partners and stakeholders, we are a community of Imaginative Builders, committed every day to more harmonious progress. For more information on ENGIE North America, please visit our LinkedIn page or Twitter feed, www.engie-na.com and www.engie.com.

About Hannon Armstrong
Hannon Armstrong (NYSE: HASI) is the first U.S. public company solely dedicated to investments in climate change solutions, providing capital to leading companies in energy efficiency, renewable energy, and other sustainable infrastructure markets. With more than $6 billion in managed assets as of September 30, 2020, Hannon Armstrong's core purpose is to make climate-positive investments with superior risk-adjusted returns. For more information, please visit www.hannonarmstrong.com. Follow Hannon Armstrong on LinkedIn and Twitter @HannonArmstrong.

ENGIE North America Media Contact:
Sandrine Deparis, [e-mail], [phone]

Hannon Armstrong Media and Investor Relations Contacts:
Gil Jenkins, [e-mail], [phone]
Chad Reed, [e-mail], [phone]

SOURCE ENGIE North America

[the grumpy old men] 06/12/2020 13:37

Russian Ships Move To Baltic Sea Areas To Resume Construction Of Controversial Pipeline

December 06, 2020 03:15 GMT

By RFE/RL




A Russian pipe-laying ship has moved into position to resume construction of a natural-gas pipeline in the Baltic Sea that the United States, Ukraine, and other countries have vehemently opposed.

German shipping authorities have issued an advisory for the Baltic Sea area where the last few kilometers of the controversial Nord Stream 2 pipeline are set to be laid and warned vessels to avoid the zone from December 5-31.

The Akademik Cherskiy reached the area off the coast of Poland on December 5, according to Marine Traffic tracking services.

Also on December 5, the Russian pipe-laying ship, Fortuna, left a German port apparently heading to a different location where another pipeline section is to be built. Norddeutscher Rundfunk (NDR) posted a video showing the 170-meter-long vessel being pulled by five tugboats.

A spokesman for the Nord Stream 2 project declined to disclose information about the ships’ plans because he wanted to protect the companies involved, according to NDR.

The repositioning of the vessels followed Russia’s pledge to complete the pipeline despite the threat of U.S. sanctions. The pipeline still has 16 kilometers left in German waters and another 60 kilometers in the Danish section yet to be built.

Russia's state-controlled natural-gas company Gazprom has moved to finish construction of the pipeline with its own resources after construction was thrown into uncertainty a year ago following U.S. sanctions on the project, which will double Russian natural-gas deliveries to Germany.

The United States argues that the Nord Stream 2 would erode European energy security at a time when relations between the West and Russia are at post-Cold War lows over numerous issues, including the poisoning of Kremlin critic Aleksei Navalny and Moscow's 2014 annexation of Ukraine's Crimea.

German Chancellor Angela Merkel has faced criticism for backing the project, but there has been speculation that she might withdraw her support following the poisoning of Navalny earlier this year.

The U.S. Embassy in Berlin on December 5 called on the German government to halt construction of the pipeline.

"Now is the time for Germany and the EU to call for a moratorium for the pipeline's construction," Robin Quinville, charge d'affaires at the embassy, told the newspaper Handelsblatt on December 5.

This would send a clear signal that Europe "no longer accepts Russia's sustained malevolent behavior," she said.

The official added that the pipeline was not just an economic project but a political tool for the Kremlin to circumvent Ukraine and split up Europe.

Poland, Ukraine, and the Baltic states are fiercely opposed to the pipeline. Ukraine has complained because Nord Stream 2 would reroute Russian gas around Ukraine, depriving Kyiv of much-needed transit fees.

Russia, which initially expected to complete the pipeline in early 2020, has accused the United States of using energy sanctions as a "weapon" to open new markets for its oil and gas industry.

After the sanctions on vessels were passed, Russian President Vladimir Putin said he hoped the pipeline would be completed by early 2021.

The U.S. Congress is considering another bill that would widen the scope of sanctions to include any individual or entity providing insurance, technical certification, or welding services for the project.

With reporting by dpa, AP, AFP, and Norddeutscher Rundfunk

[grupo guitarlumber] 06/12/2020 10:25

ENGIE : Kepler Cheuvreux remains its Buy rating
11/30/2020 | 01:57pm GMT


In a research note published by Ingo Becker, Kepler Cheuvreux advises its customers to buy the stock.

The target price has been lifted and is now set at EUR 16 compared to EUR 14 before.

[sarkasm] 06/12/2020 09:35

Why The World Can’t Quit Fossil Fuels
By Haley Zaremba - Dec 05, 2020, 5:00 PM CST
Join Our Community

Have the recent pronouncements of the death of oil and reigning renewables been more rhetoric than reality? Yes and no. It’s true that peak oil is now closer than ever, and globally we’re seeing a more earnest effort to decarbonize than ever before, in large part thanks to green stimulus packages for post-COVID economic recovery. But for all of the advances that green energy is making around the world, it’s just not enough to achieve the kind of greenhouse gas emissions reductions necessary to curb the impact of climate change. In fact, it’s not even close. This week Axios reported on the “chasm between CO2 goals and energy production,” saying that “projected and planned levels of global oil, natural gas and coal production are way out of step with the kind of emissions cuts needed to hold global warming significantly in check.” This reporting is based on a brand new study. The second annual “Production Gap Report” is the continuation of a project developed in collaboration with the United Nations Environment Programme (UNEP). The 2020 report was put together by the UN, the Stockholm Environment Institute, the International Institute for Sustainable Development, the Overseas Development Institute and the climate think tank E3G.

The purpose of the report, which is modelled after and alongside UNEP’s Emissions Gap Reports is to synthesize and communicate “the large discrepancy between countries’ planned fossil fuel production and the global production levels necessary to limit warming to 1.5°C and 2°C.” And, as it turns out, that discrepancy is still quite large, even after the COVID-19 pandemic took a huge bite out of fossil fuel demand and the oil and gas industry as a whole.

Related: UAE Oil Is A Vital Geopolitical Weapon Against China's Middle East Expansion

The report calculates the emissions that will be released from fuel combustion over the next calendar year based on projections and extrapolations of all the countries of the worlds’ planned and estimated fossil fuel extraction. The prognosis is grim. While meeting the Paris climate accord goal of limiting and maintaining long-term global warming to just 1.5° Celsius over pre-industrial temperature averages would require the global community to reduce fossil fuel production by a full 6 percent each year over the course of the next decade, right now most countries are reaching toward a reduction goal of just 2 percent--less than half of what is needed. Despite the fact that all 196 members of the United Nations Framework Convention on Climate Change (UNFCCC) signed onto the Paris Agreement, according to the 2020 Production Gap report, "countries are instead planning and projecting an average annual increase of 2 percent, which by 2030 would result in more than double the production consistent with the 1.5°C limit."

While the world is heading in the right direction overall to bring down greenhouse gas emissions on the eve of catastrophic climate change, it simply isn’t doing so with enough urgency. For example, while coal has had an especially rough year and seems to be on its very last legs as an industry, it would need to see a whopping 11 percent production cut every year until 2030 to comply with the 1.5°C pathway. It’s hard to see that happening when countries like China are falling back on coal in times of economic and energy insecurity.

Similarly, while OPEC+ is mulling over the idea of extending production cuts to keep oil prices afloat during this extended oil demand downturn, it would be shortsighted and naive to think that means the end of oil is upon us. While we may very well be living in the era of peak oil, that is a far cry from seeing a 6 percent annual decrease of the fuel that still overwhelmingly powers the global economy.

Ultimately, in spite of all the lofty rhetoric, “the pandemic-related production declines this year won't lead to the long-term changes needed to get on track toward those temperature targets.” For that we need human intervention and intentional economic and political restructuring, not just viral disruption.

By Haley Zaremba for Oilprice.com

[grupo] 05/12/2020 05:42

U.S. defense bill aims to thwart Russia's Nord Stream 2 pipeline
Dec. 04, 2020 5:45 PM ETPublic Joint Stock Company Gazprom (OGZPY)By: Carl Surran, SA News Editor43 Comments

The FY 2021 National Defense Authorization Act contains sanctions that backers say will halt the Russia-to-Germany Nord Stream 2 gas pipeline project.
The sanctions will seek to deprive Russia of the capability to upgrade Gazprom's (OTCPK:OGZPY) vessel to lay the type of pipe used in the project, as well as required insurance and certifications.
The NDAA is expected to win passage by the U.S. House early next week and soon after by the Senate, but Pres. Trump has warned he would veto the bill over a provision to strip the names of Confederate military leaders from U.S. bases, among other reasons.
Nord Stream 2's European financial backers are Royal Dutch Shell (RDS.A, RDS.B), BASF (OTCQX:BASFY), Uniper (OTC:UNPPY), OMV (OTCPK:OMVJF) and Engie (OTCPK:ENGIY).
The NDAA authorizes $732B in discretionary spending for U.S. defense, including $10B to buy 93 Lockheed Martin (NYSE:LMT) F-35 fighter jets after the Trump administration requested 79, and the Virginia-class submarine made by General Dynamics (NYSE:GD) and Huntington Ingalls (NYSE:HII).

[waldron] 04/12/2020 18:08

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[waldron] 04/12/2020 09:40

News
OPEC+ decides to increase oil production by 500,000 b/d from 2021

Oil & GasUpstreamProduction

By NS Energy Staff Writer 04 Dec 2020

OPEC and non-OPEC the countries have agreed to increase the oil production effective from January 2021
russia-112445_640

The 12th OPEC and non-OPEC ministerial meeting concludes. (Credit: David Mark from Pixabay)

The Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC countries have decided to increase oil production by 500,000 barrels per day (bpd).

At the 12th OPEC and non-OPEC Ministerial Meeting (ONOMM) held via videoconference, the countries have agreed to increase the oil production effective from January 2021.

In a press statement, Opec said: “In light of the current oil market fundamentals and the outlook for 2021, the Meeting agreed to reconfirm the existing commitment under the DoC (Declaration of Cooperation) decision from 12 April 2020, then amended in June and September 2020, to gradually return 2 mb/d, given consideration to market conditions.”

Additionally, the participating countries of the DoC have agreed to assess market conditions by holding monthly OPEC and non-OPEC ministerial meetings starting in 2021.

Upon assessing, the countries will decide on further adjustments for oil production for the following month with monthly adjustments set not more than 0.5 million barrels per day (mb/d).

The DoC participating countries have decided to voluntary adjust production by 0.5 mb/d from 7.7 mb/d to 7.2 mb/d, starting in January 2021.

In the meeting, the countries have also agreed to extend the compensation period established from the 11th ONOMM until the end of March 2021 to ensure full compensation from the DoC countries of over production in in previous months.

Opec said in a statement: “Looking ahead, the Meeting emphasized that it was vital that DoC participants, and all major producers, remain fully committed to efforts aimed at balancing and stabilizing the market.

“It noted that renewed lockdowns, due to more stringent COVID-19 containment measures, continue to impact the global economy and oil demand recovery, with prevailing uncertainties over the winter months.”

The latest meeting follows the decision made by OPEC+ in October 2020 to support the oil market amid weak demand due to a second wave of the coronavirus.

[sarkasm] 03/12/2020 19:55

ANNOUNCEMENT 18 Nov 2020

In November 2020, the European Investment Bank (EIB) and Engie signed a EUR 466 million (approx. USD 516 million) loan to finance the company’s optimisation activities of its heat/cooling network.

[maywillow] 02/12/2020 13:10

Germany may have found loophole to dodge US sanctions against Russia's Nord Stream 2 gas pipeline – report

2 Dec, 2020 09:02

Germany may have found loophole to dodge US sanctions against Russia's Nord Stream 2 gas pipeline – report


Germany may create a special fund to bypass restrictions imposed by the US government on the Russian-led gas pipeline project Nord Stream 2, Bild tabloid has reported, quoting unnamed sources.

The slush fund is aimed at tackling the problems of climate change, and may identify the project as the most important element of environmental protection. The measure is reportedly being considered by local authorities in the German state of Mecklenburg-Vorpommern.

Under the plan, the state government would reportedly launch an enterprise whose products and services would be used only for completing the construction of the Nord Stream 2 pipeline.

The fund would provide German firms with an opportunity to supply services to the Russian side. Technically, German companies won't cooperate with the Nord Stream 2 project, led by Russian energy giant Gazprom, and therefore won't become subject to the US sanctions.

The pipeline is being constructed by Gazprom's subsidiary Nord Stream 2 AG in close cooperation with five European energy majors. The gas route, which runs under the Baltic Sea, is set to double the existing pipeline's capacity of 55 billion cubic meters annually.


The project faced sharp criticism from Washington which has repeatedly blasted Europe for over-reliance on Russian energy supplies, and accused Russia of monopolizing the European energy market.

Seeking to boost sales of US liquefied natural gas to Europe, the White House issued special guidelines for its Protecting Europe's Energy Security Act (PEESA), allowing the State Department to introduce sanctions against each and every firm cooperating with the Russian energy project.

RT.COM

[la forge] 02/12/2020 09:07

Engie Latam increases stake in Chilean subsidiary

Published 01 December 2020 Last Updated 01 Dec 2020 10:12

Tags Renewables Latin America

Carmen Arroyo



The Latin American subsidiary of France’s Engie has increased its stake in its Chilean affiliate Engie Energia Chile (EECL) by 7.23%

[waldron] 30/11/2020 18:13

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WTI 44.845 USD -0.69%


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Ftse Mib
22,191.88 -0.72%



Eni
8.303 -3.25%


Total
36.57 -3.00%



Engie
12.51 -0.08%

Orange
10.655 -0.33%



Bp
247.65 -5.80%

Vodafone
123.68 -0.98%

Royal Dutch Shell A
1,271.2 -5.09%


Royal Dutch Shell B
1,234.2 -5.35%

TULLOW
27.87 -3.83% (-1.11)

[waldron] 30/11/2020 08:10

Russia's Nord Stream 2 pipeline project set to restart after year's hiatus
Nov. 29, 2020 9:53 PM ETPublic Joint Stock Company Gazprom (OGZPY)By: Carl Surran, SA News Editor16 Comments

Construction work is set to resume later this week on the Nord Stream 2 gas pipeline after being stopped for a year because of U.S. sanctions designed to end the pipeline that will bring Russian gas to Germany.

Nord Stream 2 says undersea pipe-laying work will resume on a 2.6-km section of each of the gas pipeline's branches within Germany's exclusive economic zone.

The Gazprom-led (OTCPK:OGZPY) project, designed to deliver up to 55B cm/year when completed, would double the amount of natural gas that Germany can import from Russia, raising the ire of the U.S. government, which says the pipeline will increase European dependence on Russian energy supplies.

The U.S. Congress has been considering another bill that would widen the scope of sanctions to include any individual or entity providing insurance, technical certification or welding services for the project.

But so far, none of Nord Stream 2's European financial backers - Royal Dutch Shell (RDS.A, RDS.B), Germany's Uniper (OTC:UNPPY) and BASF (OTCQX:BASFY), Austria's OMV (OTCPK:OMVJF) and France's Engie (OTCPK:ENGIY) - have pulled out despite the escalating U.S. anger.