Renewable energy powerhouse Statkraft acquires electric vehicle charging business

Carolyn Hebbard | Moment | Getty Images Norway’s state-owned energy business Statkraft has acquired E-Wald GmbH, a German electric vehicle charging firm. In an announcement Friday, Statkraft said the deal strengthened its position in both the German and European electric vehicle (EV) charging sector. In 2018, the Oslo-headquartered business became a majority shareholder in eeMobility, another German EV charging company. The cost of the E-Wald acquisition was not disclosed in Statkraft’s announcement. « E-Wald is well placed for growth within fast charging in Germany, » Bjorn Holsen, senior vice president…

Scandinavia’s biggest offshore wind farm is officially open

The Horns Rev 3 facility is located in the North Sea, off Denmark’s west coast. Vattenfall The largest offshore wind farm in Scandinavia is officially open. In a ceremony Thursday, state-owned Swedish energy firm Vattenfall inaugurated the Horns Rev 3 facility, which is located in the North Sea, off Denmark’s west coast. Horns Rev 3 consists of 49 turbines which stand 187 meters tall. If the turbines’ foundations are taken into account, they each weigh nearly 1,500 tonnes. The facility has a capacity of 407 megawatts (MW), which Vattenfall says…

How a not-for-profit charity is helping Apple, Goldman Sachs and others to embrace renewables

The CDP, formerly known as the Carbon Disclosure Project, is a not-for-profit charity. It operates a « global disclosure system » which allows businesses, states, regions and cities to « measure and manage » their impact on the environment. With offices and partners in 50 countries, the CDP’s reach is global. It says that, through its work, it has managed to create the « most comprehensive collection of self-reported environmental data » on the planet. Paul Dickinson is the executive chair of the CDP. He told CNBC’s Sustainable Energy that…

Qatar may be losing the top spot as world’s biggest LNG exporter

Workers walk towards a plant at the Queensland Curtis Liquefied Natural Gas (QCLNG) project site in Gladstone, Australia, on Wednesday, June 15, 2016. Patrick Hamilton | Bloomberg | Getty Images Qatar will lose its title as the world’s largest exporter of liquefied natural gas (LNG) within the next year, as Australia ramps up production on a slew of multi-billion dollar export projects. « Australia and Qatar continued to jostle for the title of the world’s largest LNG exporter over the first five months of 2019, » the Australian government said…

Oil prices eke out small gains ahead of Fed Chair speech

Oil operations in the Permian Basin near Midland, Texas Nick Oxford | Reuters Oil prices clawed back the previous day’s losses on Friday, with Brent nudging above $60 a barrel, as tighter supplies from key producers offset slowing demand growth while investors await clues from the Federal Reserve on U.S. monetary policy. Brent crude rose 10 cents to $60.02 a barrel by 0118 GMT, while U.S. crude futures were at $55.38 a barrel, up 3 cents. Both contracts were on track for a second weekly gain. « Oil is set to trade…

Volkswagen says report of interest in investing in Tesla is ‘completely unfounded’

Volkswagen denied a report Thursday that it has any interest in taking a stake in U.S. electric car maker Tesla. « It’s completely unfounded. It’s pure speculation, » Volkswagen spokesman Pietro Zollino said of a report in German magazine Manager Magazin that said VW CEO Herbert Diess was eyeing Tesla. Tesla’s shares briefly inched higher after Reuters published an article summarizing the magazine before falling after VW denied the report. While Germany’s Volkswagen may not want to invest in Tesla, the U.S. carmaker has been scouting locations in Europe for…

Oil inches higher after US crude stocks draw down, economic worries weigh

People pass in front of tanks of Brazil’s state-run Petrobras oil company in Brasilia, July 25, 2019. Ueslei Marcelino | Reuters Oil prices edged higher on Thursday after a draw down in U.S. crude inventories, but lingering concerns over the global economy and a build-up in U.S. refined product stocks kept a lid on gains. Brent crude futures climbed for a fifth consecutive session on Thursday, rising 6 cents, or 0.1%, to $60.36 a barrel by 0242 GMT on Thursday. West Texas Intermediate (WTI) crude futures rose 10 cents, or 0.2%,…

Tesla shares slide on news of Walmart suing over solar-panel fires

Elon Musk Mike Blake | Reuters Shares of Tesla were down more than 3% Wednesday after Walmart sued the electric car company’s energy division for fires allegedly stemming from solar panels. Tesla’s stock went down as the broader market moved higher, with the Dow Jones Industrial Average up more than 300 points, or more than 1%, at one point. In a lawsuit filed Tuesday in New York state court, Walmart alleged that Tesla solar panels installed atop seven of its stores had caught fire. Walmart is claiming breach of contract,…

Greece promises US it won’t help an Iranian oil tanker reach Syria

An Iranian flag flutters on board the Adrian Darya oil tanker, formerly known as Grace 1, off the coast of Gibraltar on August 18, 2019. JOHNNY BUGEJA | AFP | Getty Images After urgent prompting by the U.S, Greece confirmed it won’t help an Iranian oil tanker headed east in the Mediterranean Sea to deliver oil to Syria. On July 4, Gibraltar authorities with the help of the British Royal Marines, seized the Grace 1 oil tanker following suspicions it was delivering oil to the Syrian regime — a violation…

Norway’s $1 trillion sovereign wealth fund grows during volatile second quarter

Oil Platform at sunset, Norway Images Etc | The Image Bank | Getty Images Norway’s $1 trillion rainy-day oil fund was boosted in the three months to June by choppy action in both the stock and bond markets. The world’s largest sovereign wealth fund returned 3%, or 256 billion kroner ($28.5 billion), to the country’s pension pot during in the second quarter of 2019. The fund had a market value of 9,162 billion kroner ($1.02 trillion) as at 30 June 2019. Stocks, which now make up a record to 69.3%…

British Airways could soon power planes from everyday waste

Leon Neal | Getty Images News | Getty Images British Airways could soon be powering its planes with fuel derived from trash after plans were submitted to set up a commercial waste to jet fuel plant in the U.K. The idea is to take regular household waste, such as diapers and takeaway coffee cups, and convert it into sustainable aviation fuel. In an announcement Tuesday, British Airways said that the plant would take more than 500,000 tons of non-recyclable household waste annually. The airline added that the system would cut…

Brent oil rises above $60, buoyed by US inventory draw down

Prices for Brent oil rose above $60 a barrel for the first time in over a week on Wednesday amid data that showed a larger-than-expected draw down in U.S. crude inventories, but ongoing worries about a global economic recession capped gains. Brent crude had risen 13 cents, or 0.2%, to $60.16 a barrel by 0136 GMT, after settling 0.5% higher on Tuesday. U.S. crude was up 12 cents, or 0.2%, at $56.25 a barrel. U.S. crude oil stocks fell by 3.5 million barrels to 439.8 million in the week to…

Trump says he’s ‘thinking about’ a payroll tax cut — a day after the White House denies it

US President Donald Trump takes part in a meeting with Romania’s President Klaus Iohannis(not shown) in the Oval Office of the White House in Washington, DC on August 20, 2019. Mandal Ngan | AFP | Getty Images President Donald Trump on Tuesday said he was « thinking about » a payroll tax cut, less than a day after the White House denied that a payroll tax cut was under consideration. « Payroll tax is something we think about, and a lot of people would like to see that, and that…

Tesla shareholder Ron Baron still believes in Elon Musk despite ‘self-inflicted wounds’

Billionaire investor Ron Baron remains bullish on Tesla and CEO Elon Musk despite « some self-inflicted wounds » and shares of the company falling about 32% in 2019. Baron, speaking Tuesday on CNBC’s « Squawk Box, » cited Tesla’s ongoing expansion in China; revenue growth; and advancements in all-electric vehicle technologies as reasons for his unwavering support. « Tesla has an opportunity, » he said, adding several automakers — specifically German competitors — are now attempting to play catch-up with Tesla on its advanced technology. Baron, CEO and chief investment officer of…

Oil prices slip, but supported by hopes trade tensions could ease

Andrew Burton | Getty Images Crude oil prices slipped on Tuesday, but losses were limited as equity markets rallied and as traders hoped Sino-U.S. trade tensions would ease. The United States said it would extend a reprieve that permits China’s Huawei to buy components from U.S. companies, in a sign of a slight softening of the trade war between both countries. Brent crude had slipped 3 cents, or 0.05%, to $59.71 a barrel by 0147 GMT, after rising 1.88% on Monday. U.S. crude was down 15 cents, or 0.3%, at…

PG&E plunges on fears the embattled utility could face $18 billion in damages

A charred vehicle was left in the middle of Honey Run Road as the Camp Fire continues with zero containment in Paradise, Calif., on Friday, Nov. 9, 2018. MediaNews Group/The Mercury News via Getty Images | MediaNews Group | Getty Images Shares of embattled utility PG&E plummeted on Monday after a judge ruled that a jury can decided whether the company should pay up to $18 billion in damages to wildfire victims. The California supplier of gas and electricity fell to $10.05 — about 30% — on the week’s first…

Trade war impasse casts a ‘dark cloud’ over outlook for US oil shipments, analysts warn

Matthew Smith, director of commodity research at ClipperData, told CNBC via email that it was still « too early » to tell whether China’s intake of U.S. crude imports had fallen away in recent weeks. Arterra | Universal Images Group | Getty Images An escalating trade war between the world’s two largest economies is negatively impacting the outlook for U.S. crude shipments, energy analysts have warned, amid fears that China could soon dramatically reduce its intake of American oil. Trade tensions between Washington and Beijing prompted some external observers to…

Former SEC regulators explain how they would investigate the GE accusations

13 Mins Ago After a bombshell accusation from Madoff whistleblower Harry Markopolos regarding GE’s accounting, GE CEO Culp is defending the struggling company calling it stock manipulation. Jacob Frenkel, a former Securities and Exchange Commission enforcement lawyer, and Harvey Pitt, former SEC chairman and now Kalorama Partners CEO, join « Squawk Box » to discuss what regulators will be looking for when they start to take a closer look at GE and Markopolos’ report. Source: CNBC

The world’s ‘largest all-electric ferry’ has completed its maiden voyage

An all-electric ferry capable of carrying roughly 30 vehicles and 200 passengers has completed its maiden voyage. Toward the end of last week, the e-ferry Ellen crossed waters between the ports of Soby and Fynshav, which are located on the islands of Aero and Als in the south of Denmark. The ship is powered by a battery system with a capacity of 4.3 megawatt hours, which was supplied by Switzerland-headquartered energy storage firm Leclanche. In a statement last week, Leclanche said the e-ferry Ellen, which it described as the world’s…

Oil rises after Saudi oilfield attack, but recession worries cap gains

A pump jack and pipes at an oil field near Bakersfield, California. Lucy Nicholson | Reuters Crude oil prices rose on Monday following a weekend attack on a Saudi oil facility by Yemeni separatists, although price gains were capped by an unusually downbeat OPEC report that stoked concerns about demand growth. Brent crude was up 45 cents, or 0.8%, at $59.09 a barrel at 0035 GMT, U.S. crude was up 39 cents, or 0.7%, at $55.26 a barrel. Prices rose after the drone attack by Yemen’s Houthi group on an…

General Electric analyst weighs in on the fraud allegations

20 Mins Ago Shares of GE suffered its biggest decline since 2009 on Thursday after it was accused of accounting fraud. Bernie Madoff whistleblower Harry Markopolos told CNBC has a $38 billion problem. GE CEO Lawrence Culp issued a response to the claims saying, « GE will always take an allegation of financial misconduct seriously, but this is market manipulation. » William Cohan, a special correspondent for Vanity Fair, and Nick Heymann, GE analyst at William Blair & Company, join « Squawk Box » to discuss. Source: CNBC

A huge wind turbine blade has arrived in the UK for testing

The wind turbine blade is 107 meters long. A 107-meter-long wind turbine blade has arrived in the U.K. for testing. In an announcement Thursday, the Offshore Renewable Energy (ORE) Catapult said the blade would be tested at facilities in Blyth, Northumberland. The blade, from LM Wind Power, is designed to be used on GE Renewable Energy’s Haliade-X 12 MW turbine, which will have a capacity of 12 megawatts and a height of 260 meters once fully assembled. ORE Catapult described the blade as the world’s longest, while GE Renewable Energy…

Oil rises as US retail sales ease recession fears

A Petrobras oil platform floats in the Atlantic Ocean near Guanabara Bay in Rio de Janeiro. Getty Images Crude oil prices rose more than 1% on Friday following two days of declines, buoyed after data showing an increase in retail sales in the United States helped dampen concerns about a recession in the world’s biggest economy. Brent crude was up 68 cents, or 1.2%, at $58.91 a barrel at 0650 GMT, after falling 2.1% on Thursday and 3% the previous day. U.S. crude was up 63 cents, or 1.2%, at $55.10 a barrel, having dropped…

To meet future energy demands, India is promising a push toward sustainability

Home to more than 1 billion people, India is a huge economic, political and cultural force and when it comes to renewable energy, Prime Minister Narendra Modi’s government has ambitious plans. In June 2019, Anand Kumar, the secretary of India’s Ministry of New and Renewable Energy, said the country planned to have 500 gigawatts of renewable energy capacity by 2030. Based in New Delhi, The Energy and Resources Institute (TERI), is an independent organization that wants to drive India toward energy use that is less damaging to the planet, among…

Investing in clean water is a great way for governments to get ‘bang for buck,’ says CEO

An Indian child carries an empty water bucket at Shakar Pada village, on the outskirts of Mumbai, on June 10, 2019. Punit Paranjpe | AFP | Getty Images Governments need to do more to invest in clean water, the chief executive of a non-profit organization urged, with unsafe drinking water posing a risk to populations. More investment will also lead to economic advantages, pointed out Scott Harrison, chief executive officer and founder at charity: water. « We’re arguing for higher government spending on water because it provides health, better education,…

Beijing says US blacklisting China’s largest nuclear power firm is ‘just an excuse’

General view of the second phase of the Hongyanhe nuclear power station on in Dalian, Liaoning Province of China. He Peng | China News Service | Visual China Group | Getty Images Beijing hit back at the U.S. for adding China’s largest state-owned nuclear company to a blacklist, which essentially bars all American firms from selling products to the firm. The U.S. Department of Commerce placed China General Nuclear Power Group (CGN) to the « entity list » on Wednesday, saying the nuclear firm and three of its subsidiaries allegedly…

Oil gains after strong US retail sales help ease recession worries

A Petrobras oil platform floats in the Atlantic Ocean near Guanabara Bay in Rio de Janeiro. Getty Images Crude oil prices rose on Friday after two days of declines, buoyed following data showing a rise in U.S. retail sales helped ease some concerns about a recession in the world’s biggest economy. Brent crude was up 31 cents, or 0.5%, at $58.54 a barrel at 0047 GMT, after falling 2.1% on Thursday and 3% the previous day. U.S. crude was up 43 cents, or 0.8%, at $54.90 a barrel, having fallen…

Jim Cramer weighs in on whistleblower allegations against General Electric

18 Mins Ago Shares of General Electric fell in the pre-market Thursday after Madoff whistleblower Harry Markopolos released a report alleging that GE has masked the depths of its financial problems, resulting in inaccurate and what he’s calling fraudulent financial filings with regulators. GE responded by saying it hasn’t been contacted by Markopolos and the group’s report was produced to help short sellers profit by creating volatility in GE’s shares. CNBC’s « Squawk on the Street » discuss. Source: CNBC

BP Chargemaster installs ultra-fast charging points for electric cars in London

BP Chargemaster BP Chargemaster has installed two 150 kilowatt (kW) ultra-fast chargers at a BP site near Heathrow Airport, London. In an announcement Thursday, oil giant BP – which acquired the business, formerly known as Chargemaster, in 2018 – said it planned to install 400 ultra-fast chargers at BP locations by the end of 2021. BP Chargemaster says it operates the largest public charging network in the U.K., connecting more than 7,000 charging points. In June, the firm said it expected the 150 kW charger to provide roughly 100 miles…