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[waldron] 07/1/2022 15:37

7 Jan, 2022 13:21

HomeBusiness News

France may see 40% electricity price surge by February

Finance minister urges people to look at Kazakhstan’s bitter experience


The French authorities are working on further measures to restrain spiking energy prices, the country’s finance minister said, issuing a warning about political fallout ahead of a presidential election.

“Look what’s going on in Kazakhstan, it’s quite indicative of what can happen when energy prices explode, it’s politically dangerous,” Bruno Le Maire said on Friday.

“If we don’t find a solution to the electricity prices in the days to come, the French will see at the end of January an increase of 35-40%.”

The call comes amid a European energy crisis that has deepened over the past several months with energy prices across the continent soaring to the previously unseen levels. Earlier this week, the front-month gas price at the Dutch TTF hub, a European benchmark for natural gas trading, was around 5% higher with the price reaching €93.30 per megawatt-hour.

In France, energy prices are frequently a sensitive topic. The country’s government faced months of violent street protests after a fuel-tax increase in 2018. The rallies even grew into a broader anti-government movement.

In the wake of the widespread surge in energy prices, Paris committed to protecting households by capping an increase in regulated tariffs for 2022 at only 4% in February. However, prices are rising, and the tax cut on energy costs that was supposed to limit the increase is no longer enough.
EU proposes green label for nuclear & gas READ MORE: EU proposes green label for nuclear & gas

“There are thousands of jobs on the line. That’s why we have been working night and day for the last two weeks to find a solution that guarantees the 4% power-price ceiling and protects electricity intensive companies,” Le Maire said.

The minister also said he had spoken to Jean-Bernard Levy, the head of state-controlled power company EDF, and EU Competition Commissioner Margrethe Vestager as the country’s government is planning to force EDF to sell more nuclear production to its competitors at a preferential rate. The step will reportedly prevent operators from paying very high prices in wholesale markets that would also have to be applied to the regulated tariff for households.

For more stories on economy & finance visit RT's business section

[waldron] 05/1/2022 13:32

Another energy supplier ditches fixed tariff plans

Fewer and fewer power companies are marketing fixed price tariff plans. Energy supplier Eneco has now decided only to offer customers variable tariff plans, while rival Engie is no longer actively promoting fixed tariff contracts.

Colin Clapson
09:50

Fixed price plans put consumers in a comfortable position as they know from the start what price they will pay for power. People on a fixed price plan have had an advantage in recent months as power prices soared.

The fixed price plans are a problem for suppliers. Unlike in the event of variable price plans suppliers are unable to pass on the recent price hikes on the international wholesale market to consumers.

Eneco’s Mark Van Hamme says: “For every new customer we need to purchase the power they will consume over the entire period of their contract now. That happens at today’s high prices. If prices fall and the customer later decides to switch to a cheaper plan, we will be stuck with the expensive power”.

Power companies can sell excess power at a loss but that could jeopardise their very existence.

In recent months smaller and medium-sized suppliers like Octaplus and Mega already stopped marketing fixed tariff contracts. Eneco, the country’s second largest supplier, is now joining them. At Engie you will need to contact the company by phone if you want a fixed price plan. Their website will only offer variable tariff plans.

[waldron] 05/1/2022 11:05

ENGIE HOLDS 30.40pc of GTT

[waldron] 05/1/2022 11:00

Home Clean fuel GTT bags another Samsung Heavy order for new LNG carrier

GTT bags another Samsung Heavy order for new LNG carrier

Infrastructure

January 5, 2022, by Sanja Pekic

South Korean shipyard Samsung Heavy Industries (SHI) has placed another order with French containment specialist GTT for the tank design of a new LNG carrier.



GTT received the order at the end of December 2021. As part of this order, GTT will design the tanks of the new LNG carrier Samsung Heavy Industries is constructing.

The vessel will offer a capacity of 174,000 cubic metres.

The LNGC tanks will specifically feature the GTT Mark III Flex membrane containment system.

[waldron] 03/1/2022 10:42

extract from thisismoney

At the heart of these concerns is the controversial Russian pipeline, Nord Stream 2.

The 745-mile pipeline project, which runs from Russia to Germany under the Baltic Sea, is still awaiting regulatory approval from the West.

Some observers claim gas supplies have been deliberately held back in an attempt to get the pipeline rubber-stamped.

James Huckstepp, managing analyst at S&P Global Platts, highlighted Russia’s influence over Europe’s energy market when he said: ‘Russian flows through Europe are 30 per cent lower than the three-year average.’

Huckstepp added that Europe’s wholesale energy prices could fall by about 50 per cent if Russia increased its gas flows this winter.

But the question of whether Russia can do so remains unanswered, particularly as Gazprom must fill its storage facilities in preparation for the worst of the winter.

Thomas Rodgers, European gas analyst at Icis, said: ‘There’s not a lot of transparency about what has happened in Russia.

‘Some people say Russia is holding back supply to get Nord Stream 2 finished. But it is important to understand that Russia has had its own issues in terms of [prioritising] the domestic market.’

[grupo guitarlumber] 30/12/2021 12:35

TPG Pace Beneficial Finance and EVBox Group Mutually Agree to Terminate Business Combination Agreement
December 29, 2021 05:53 PM Eastern Standard Time

SAN FRANCISCO & AMSTERDAM--(BUSINESS WIRE)--TPG Pace Beneficial Finance Corp. (NYSE: TPGY.U, TPGY, TPGY WS) (“TPG Pace”), a publicly traded special purpose acquisition company, and EV Charged B.V. (“EVBox Group”), today announced that TPG Pace, Edison Holdco B.V., New TPG Pace Beneficial Finance Corp., ENGIE New Business S.A.S. (“Engie Seller”) and EVBox Group have mutually agreed to terminate their previously announced business combination agreement, effective immediately.

TPG Pace intends to continue to pursue the consummation of a business combination with an appropriate target. With the agreement terminated, TPG Pace, Engie Seller and EVBox Group may (but are not required to) continue to discuss a potential business combination transaction involving TPG Pace and EVBox Group.

About TPG

TPG is a leading global alternative asset firm founded in San Francisco in 1992 with $109 billion of assets under management and investment and operational teams in 12 offices globally. TPG invests across five multi-product platforms: Capital, Growth, Impact, Real Estate, and Market Solutions. TPG aims to build dynamic products and options for its clients while also instituting discipline and operational excellence across the investment strategy and performance of its portfolio. For more information, visit www.tpg.com or @TPG on Twitter.

About TPG Pace Group and TPG Pace

TPG Pace Group is TPG’s dedicated permanent capital platform. TPG Pace Group has a long-term, patient and highly flexible investor base, allowing it to seek compelling opportunities that will thrive in the public markets. TPG Pace Group has sponsored seven special purpose acquisition companies (“SPACs”) and raised more than $4.4 billion since 2015.

TPG Pace raised $350 million in its October 2020 IPO in order to seek a business combination target that combines attractive business fundamentals with, or with the potential for strong environmental, social and governance (“ESG”) principles and practices. For more information, visit hxxps://www.tpg.com/pace-beneficial-finance.

About EVBox Group

Founded in 2010, EVBox Group is a leading global provider of EV charging technologies, empowering forward-thinking businesses to drive sustainable mobility, by offering integrated, flexible and scalable EV charging solutions. For more information, visit evbox.com. For media questions, please reach out to [e-mail].

[grupo guitarlumber] 30/12/2021 11:34

Northern Bear shares drop on serving of GBP1.9 million legal claim

Wed, 29th Dec 2021 08:49
Alliance News

(Alliance News) - Northern Bear PLC on Wednesday said its subsidiary, Springs Roofing Ltd, has been served a notice of formal court proceedings regarding a claim by Engie Regeneration FHM Ltd for GBP1.9 million.

Shares in the Newcastle-based building services firm were 9.0% lower at 60.50 pence on Wednesday in London.

In the company's annual report for the year ended March 31, Northern Bear said that Springs Roofing had received correspondence regarding a claim of up to GBP2 million on a roofing contract carried out from April 2009 to March 2011 for Engie Regeneration.

Spring Roofing said it intends to defend the claim

vigorously and are currently reviewing the claim documents alongside legal advisers.

By Dayo Laniyan; [e-mail]

[waldron] 24/12/2021 09:32

GTT entrusted with tank design of new LNG carriers

Published by Lydia Woellwarth, Editor
LNG Industry, Friday, 24 December 2021 09:00

GTT has announced that it has received an order from its partner the Korean shipyard Daewoo Shipbuilding & Marine Engineering for the tank design of two new LNG carriers.

GTT has announced that it has received an order from its partner the Korean shipyard Daewoo Shipbuilding & Marine Engineering for the tank design of two new LNG carriers.

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

Deliveries of the vessels are scheduled during first half 2025.

[the grumpy old men] 23/12/2021 08:25

(MT Newswires) -- Engie (ENGI.PA) on Wednesday completed the sale of an 11.5% stake in French natural gas transmission system GRTgaz to Société d'Infrastructures Gazières, or SIG, for 1.1 billion euros ($1.25 billion).

SIG is an investment vehicle owned by CNP Assurances and Caisse des Dépôts.

The transaction reflects the French utility group's strategy to rebalance its exposure to gas networks as it transitions to renewables and other infrastructure assets.

[waldron] 20/12/2021 19:00

Bnamericas Published: Monday, December 20, 2021

Engie Energía Perú proposes US$500mn bond program

The board of Engie Energía Perú (EEP) has proposed a bond program of up to US$500mn or equivalent in soles whose issues could be placed via a public and/or private offer.

In a regulatory filing, the power generator said the operation would be the company’s fourth corporate bond program and take approximately three months to register.

“EEP's management and board of directors believe it is important to maintain an active local bond program with the following objectives: maintain a relationship with the local debt market; [and] to be able to access said market when necessary and subject to market conditions,” EPP said.

The company’s first, second and third corporate bond programs were in 2007-11 (323mn soles and US$50mn), 2012-14 (no issues) and 2015-21 (810mn soles).

Apoyo & Asociados recently ratified its ‘AAA(pe)’; rating on issues from the first and third programs, and maintained EEP’s common shares at ‘1a(pe)’. The outlook is stable.

“The classifications granted reflect the solid financial position of Engie Energía Perú S.A. (EEP or the company), which is based on the adequate level of capitalization, the diversification of its energy sources and the generation of energy at low costs of operation, as well as the backing, in terms of know-how, of its main shareholder, Engie,” Apoyo said last month.

EEP’s installed capacity is 2,496MW - around 20% of Peru’s total - from eight plants, with 44% from dual fuel plants, 39% natural gas, 10% hydro, 5% coal and 2% solar. It currently is developing the 260MW Punta Lomitas wind project.

In November, EEP was the largest power producer in Peru, accounting for 15% of the 4,537GWh generated in the month, according to grid coordinator COES.

In another development from Peru's power sector, the energy and mines ministry approved a request from Kallpa Generación to increase capacity of the Las Flores natural gas-fired plant to 324MW from 282.35MW due to a change in the components of the gas turbine.

The plant is scheduled to enter service by May 27, 2022.

[waldron] 20/12/2021 18:04

Engie, Hannon Armstrong complete 2.3-GW renewables portfolio in US
Image by Engie North America

December 20 (Renewables Now) - Engie North America Inc on Monday said it has brought online the final project in a 2.3-GW US wind and solar portfolio owned together with climate investor Hannon Armstrong Sustainable Infrastructure Capital Inc (NYSE:HASI).

The portfolio's 13 projects are now online after a 50-MW solar farm in Virginia was commissioned and transferred into the portfolio partnership. Its nine onshore wind facilities totalling 1.8 GW and four solar projects with a combined capacity of 500 MW were built between late 2019 and the autumn of 2021, the Houston, Texas-based division of French utility Engie SA (EPA:ENGI) said. Located across five states, the installations are estimated to be generating enough power for more than 500,000 US homes. Each of them has off-take agreements, where they are contributing to the customers’ low-carbon commitments, Engie noted.

The French company developed the portfolio and will operate the assets. It agreed to sell a 49% equity stake in the portfolio to Hannon Armstrong in 2020.

The 2.3 GW of projects are part of Engie North Americas' US renewables generation fleet of over 3 GW. It also has a pipeline of 10 GW.

[waldron] 19/12/2021 20:40

Another EU Country Joining Low-Carbon Hydrogen Production Market
by Bojan Lepic
|
Rigzone Staff
|
Sunday, December 19, 2021

Another EU Country Joining Low-Carbon Hydrogen Production Market
Engie and Equinor have announced the H2BE project which aims to develop production of low-carbon hydrogen from natural gas in Belgium.

Energy companies Engie and Equinor have announced the H2BE project which aims to develop production of low-carbon hydrogen from natural gas in Belgium.

The Belgian federal government released its Hydrogen Strategy in late October and the H2BE project will help Belgium deliver on the strategy. The project aims at producing hydrogen from natural gas using autothermal reforming (ATR) technology combined with carbon capture and storage (CCS).

The ATR technology allows for decarbonization rates above 95 percent and for producing hydrogen at a large scale at competitive cost levels. The captured CO2 is planned to be transported in liquid form and to be permanently and safely stored at a site in the sub-surface of the North Sea.

Engie and Equinor now launched a feasibility study to assess the technical and economic suitability of a site in the Ghent area. Commercial talks with potential hydrogen off-takers, predominantly large, hard-to-abate industries, continue simultaneously.

Moreover, discussions are ongoing with North Sea Port on integration with port infrastructure. The H2BE project fits within “Connect 2025”, the recently published strategic plan of North Sea Port, by accelerating the transition towards carbon neutrality and the development of the required hydrogen and CO2 infrastructure.

The partners aim to start operations well before 2030 to contribute to Belgium’s 2030 interim decarbonization targets.

Engie and Equinor also joined forces on the project with Fluxys, the independent gas transmission system operator in Belgium. Fluxys will be in charge of putting in place hydrogen and CO2 infrastructure connecting supply and demand across industrial clusters in Belgium and neighboring countries.

“Engie is convinced that decarbonized thermal energy is required to achieve carbon neutrality in our economy, alongside renewable electricity sources. Therefore, Engie is fully committed to developing renewable and low-carbon hydrogen solutions. We firmly believe that renewable and low-carbon hydrogen, with multiple uses and advantages, have everything to be the undeniable ally to accelerate the development of a solid infrastructure and the transition to a carbon-neutral economy,” Edouard Neviaski, CEO of the Engie’s Global Energy Management entity, stated.

“We are glad to pursue our work on this project with Equinor, a long-standing partner for more than 40 years. We are convinced that our project is a strong tool for a successful implementation of the Belgian hydrogen strategy released by the federal government end of October,” he added.

“We are delighted to launch the H2BE project. Together with our partners, we have developed a foundation that has the potential to deliver reliable low-carbon hydrogen from natural gas to enable large-scale decarbonization of industries, including continuous and flexible electricity production,” Grete Tveit, Equinor’s Senior Vice President for Low Carbon Solutions,” claimed.

“Equinor believes that hydrogen and CCS are vital to succeed with the energy transition and to reach net-zero ambitions. Together with our partners, we have strong and complementary expertise covering all parts of the value chain. We will leverage this when moving this project forward with the goal of realization and contribution to the success of Belgium’s hydrogen economy,” Tveit concluded.

[waldron] 16/12/2021 19:17

Germany Pushes Back Nord Stream 2 Decision To July
By Tsvetana Paraskova - Dec 16, 2021, 10:30 AM CST

The German regulator reviewing the certification of the Nord Stream 2 gas pipeline will not make a decision before July 2022, the president of the regulator said on Thursday, in another setback for the Russia-led project that could send European gas prices higher.

In the middle of November, Germany said it had suspended the process of certification of the Nord Stream 2 gas pipeline.

The Federal Network Agency of Germany, Bundesnetzagentur, suspended the procedure to certify Nord Stream 2 AG as an independent transmission operator until an operator of the pipeline in Germany is incorporated under German law.

The network agency’s president Jochen Homann said on Thursday that “A decision won’t be made in the first half of 2022,” as carried by Bloomberg.

The agency will resume the certification process as soon as the criteria it had set in its rationale for suspending the procedure are met. Bundesnetzagentur is still waiting for the pipeline project operator Nord Stream 2 AG to submit documents, Homann said at a press conference.

In response to Bloomberg, Nord Stream 2 AG declined to comment on “details of the procedure, its possible duration and impacts on the timing of the start of the pipeline operations.”

The pipeline construction is completed, but Nord Stream 2 is awaiting full regulatory clearance from Germany and a review by the European Union over its compliance with EU energy regulations.

Some analysts and EU officials have attributed the inconsistent Russian gas supply to Europe in recent weeks to Moscow using gas as leverage to get Nord Stream 2 approved.

Earlier this week, Europe’s gas prices surged again to near-record highs after Germany indicated it had no intention of approving Nord Stream 2 before requirements under German law were satisfied.

However, Foreign Minister Annalena Baerbock also said that the situation in Ukraine was also a factor in the German government’s decision on the matter.

By Tsvetana Paraskova for Oilprice.com

[waldron] 16/12/2021 09:22

Equinor ASA and Engie SA on Thursday announced the launch of the H2BE project, which aims to develop the production of low-carbon hydrogen from natural gas in Belgium.

The project aims to produce hydrogen from natural gas using autothermal reforming technology combined with carbon capture and storage.

The companies said ATR technology allows for decarbonization rates above 95% and for producing hydrogen at a large scale at competitive cost levels, with the captured carbon dioxide to be transported in liquid form and permanently stored at a site in the sub-surface of the Norwegian North Sea.

Engie and Equinor will now launch a feasibility study to assess the technical and economic suitability of a site in the Ghent area while commercial talks with potential hydrogen offtakers continue simultaneously.

Discussions are also continuing with the cross-border port area known as North Sea Port on integration with port infrastructure and the companies have joined forces with Fluxys Belgium SA, a gas-transmission system operator in Belgium.

All partners aim to start operations well before 2030 in order to contribute to Belgium's 2030 interim decarbonization targets, they said.



Write to Dominic Chopping at [e-mail]



(END) Dow Jones Newswires

December 16, 2021 03:52 ET (08:52 GMT)

[waldron] 15/12/2021 16:11

European Gas Prices Soar On Nord Stream 2 Block In Germany

By Irina Slav - Dec 15, 2021, 9:00 AM CST

Gas prices in Europe soared following Germany's decision to not approve the Nord Stream 2 pipeline yet

This means that the commissioning of the pipeline could be delayed until March next year.

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Natural gas prices in Europe soared higher after Germany indicated this week it had no intention of approving the Nord Stream 2 gas pipeline project before requirements under German law were satisfied.

However, Foreign Minister Annalena Baerbock also said that the situation in Ukraine was also a factor in the German government's decision on the matter.

"In the event of further escalation, this gas pipeline could not come into service," Annalena Baerbock told German media, as quoted by AFP, earlier this week.

The remarks follow a comment from Germany's new Prime Minister, Olaf Scholtz, that "It would be a serious mistake to believe that violating the borders of a European country would remain without consequences."

Meanwhile, the certification process for the infrastructure has been suspended by the German authorities because the pipeline must have an operator that is incorporated under German law.

This means that the commissioning of the pipeline could be delayed until March next year. It could be delayed even further because after Germany approves it—if it does—the project will have to go to the European Commission, which would be tasked with making sure it complies with EU regulations.

As a result, natural gas prices on the continent topped $1,400 per 1,000 cubic meters for the January futures. New threats from Belarus that it would turn the transit gas tap off for Europe if the EU decided to impose more sanctions on Minsk did not help matters, adding to upward price pressure.

Meanwhile, the European Union is this week discussing measures to tackle the gas shortage that is fueling the price rally and threatening energy supply this winter. Among the measures are joint gas buying for member states and more disciplined gas storage management to create strategic reserves to protect the countries and consumers.

By Irina Slav for Oilprice.com

[waldron] 12/12/2021 22:09

Germany’s New Leader Seeks to Ensure Gas Flows Through Ukraine

Patrick Donahue and Maciej Martewicz, Bloomberg News


(Bloomberg) -- German Chancellor Olaf Scholz said his government will “do everything” to ensure that natural gas continues to flow through Ukraine and prevent Russia from using its Nord Stream 2 gas pipeline to cripple the former Soviet republic’s economy.

During a three-hour trip to Poland on Sunday, Germany’s new leader didn’t directly address what, if any, action his government would take against the controversial pipeline as Russia amasses troops on Ukraine’s border. But he indicated that Germany’s ambition for carbon neutrality over the next quarter century will reduce gas supply from the east anyway.

For now, Scholz reinforced a pledge by his predecessor, Angela Merkel, that Germany would use its leverage to ensure that Russia extends its transit contract with Ukraine and help overhaul the east European country’s energy infrastructure.

“We feel responsible that the gas transit business is also a successful business,” Scholz said in Warsaw after a meeting with Polish Prime Minister Mateusz Morawiecki.

Morawiecki said the roll out of Nord Stream 2 could “tighten the noose” around Ukraine and repeated his call to stop the pipeline project. Scholz made his second trip to the Polish capital after being sworn in to succeed Merkel on Wednesday.

Scholz also said he prefers a “pragmaticR21; resolution to the escalating dispute between the European Commission and Warsaw over adhering to principles of the rule of law. The EU has been locked in dispute with the Polish government over its revamp of the judicial system.

[waldron] 12/12/2021 12:58

DEC 12 // 2021 WARSAW -1 °C // 1:53 PM

Nord Stream 2 on agenda of Morawiecki-Scholz Warsaw talks


Prime Minister Mateusz Morawiecki will meet later on Sunday with visiting German Chancellor Olaf Scholz for talks on EU affairs, security and energy issues, the Belarus migrant crisis and Nord Stream 2, a Russian gas pipeline to Germany.

During a visit to Rome on Thursday, Morawiecki said he would urge Scholz to rebuff Russian pressure and oppose the Nord Stream 2 gas pipeline, which would bring Russian gas directly to Germany, as it could be used by Moscow as a tool to blackmail Europe.

The government spokesman, Piotr Mueller, said on Sunday this will be the first meeting between the two since Scholz took the position of German chancellor.

The politicians have talked before, in late November, during Morawiecki's visit to Berlin as part of a series of meetings in European capitals on the situation on the Polish-Belarusian border.

According to Mueller, the topics of the Sunday meeting will include current bilateral and EU issues, "including in particular migration and energy issues.... security issues and the situation on the eastern border of the European Union."

Nord Stream 2 (NS2) is a contested Russian-German gas pipeline which bypasses Ukraine and endangers, according to its critics, energy security in Eastern Europe. Poland has repeatedly warned that NS2 will make Europe even more dependent on Russian gas and will put Europe at risk of blackmail by Moscow.