Spanish company starts construction work on Texan wind farm

Spanish firm Acciona Energia has commenced construction work on its second wind farm in Texas. The Palmas Altas facility will have a capacity of 144.9 megawatts and will use 46 wind turbines. It will be located in Cameron County. Investment in the project amounts to roughly 176 million euros ($198.84 million). In a statement Thursday, Rafael Esteban, the CEO of Acciona Energy USA Global, described the U.S. as being one of the company’s « main strategic markets. » When fully up and running, the Palmas Altas wind farm will generate…

Oil prices fall as investors take profits amid China economy worries

Oil prices fell on Friday as investors cashed in gains of more than 2 percent made during the previous session on concerns demand may slump amid slowing economic growth, though there are still expectations for producer supply cuts to support prices. China, the world’s second-largest economy and the largest crude importer, on Friday reported some of the slowest retail sales and industrial output growth in years for November, highlighting the risks of the country’s trade dispute with the United States. Oil refinery throughput in November in China fell from October,…

Legendary trader Andy Hall bets oil prices are going to rebound

Legendary oil trader Andy Hall says oil prices have likely hit a bottom after plunging more than 30 percent over the last two months. div > div.group > p:first-child »> « I think with prices hovering around or a little over $50 a barrel, I think you would have to have a pretty negative outlook on the global economy to believe that prices will continue their downward trajectory, » he said in an interview on Bloomberg TV on Thursday. « So I think on balance, if you want to place…

Oil majors to remain resilient despite market volatility, S&P Global Ratings says

While crude exporting countries worry about bearish forecasts for energy markets, the big oil supermajors can withstand fluctuating oil prices in the coming year, one ratings agency says. div > div.group > p:first-child »> Cost cuts in the industry from previous years and promising cash flow potential mean the world’s largest publicly traded international oil companies (IOCs) — Exxon, Shell, Chevron, BP, Eni and Total — needn’t worry even if oil falls to $50 a barrel, according to S&P Global Ratings. « Supermajors and these guys, the big players, the…

$325 million Illinois wind farm to supply power to General Motors, Bloomberg

Enel has started operations at the 185-megawatt HillTopper wind farm in Illinois via its U.S. renewable business Enel Green Power North America. Through power purchase agreements the facility, in Logan County, will sell power to Bloomberg LP, General Motors and Constellation, an Exelon business. Investment in the project’s construction, which will generate roughly 570 gigawatt hours per year, is around $325 million, Enel said Wednesday. Power produced from a 17-megawatt (MW) section of the site will be sold to Bloomberg. Energy from a 100 MW section will be bought by…

Oil prices steady as China-U.S. trade tensions ease

Oil prices steadied on Thursday, under pressure from high inventories but buoyed by a drawdown in U.S. crude stockpiles and indications that the trade war between the United States and China may be easing. Global oil supply has outstripped demand over the last six months, inflating inventories and pushing crude oil to its lowest in more than a year at the end of November. But the Organization of the Petroleum Exporting Countries and other big producers, including Russia, agreed last week to reduce supply to try to trim the surplus.…

US dominance in oil markets is only going to get bigger, the IEA says

The U.S. might have been left out from the big summit between OPEC and non-OPEC producers in Vienna last week but the country’s influence over global oil markets is only going to get stronger, the International Energy Agency (IEA) stated in its latest report. div > div.group > p:first-child »> « While the U.S. was not present in Vienna, nobody could ignore its growing influence, » the IEA said in its December report, published Thursday. « Last week’s meeting reminded us that the Big Three of oil – Russia, Saudi…

Oil prices inch up amid US stockpile drop, signs of easing trade tensions

Oil prices edged up on Thursday, buoyed by a draw down in inventories in the U.S. and by signs of easing trade tensions between Washington and Beijing. Oil prices have also been supported by OPEC-led supply curbs announced last week, although gains have been muted after the producer group lowered its 2019 demand forecast. U.S. West Texas Intermediate (WTI) crude futures were at $51.43 per barrel at 0230 GMT, up 0.57 percent from their last settlement. International Brent crude oil futures were 0.6 percent higher at $60.50 per barrel. «…

Shale growth may force OPEC into another production cut in April, Citi says

OPEC may not have gone far enough to hoist oil prices through 2019 — and a weak demand outlook could prompt the need for another production cut by the cartel and its allies by spring next year, Citi’s top commodities analyst said Wednesday. div > div.group > p:first-child »> « I think they went far enough for the time being, » Ed Morse, Citi’s global head of commodities research, told CNBC, describing last weekend’s OPEC and non-OPEC agreement led by Saudi Arabia and Russia to cut crude output by 1.2…

OPEC’s oil production dips in November as Iranian output plunge offsets Saudi surge

Oil production from OPEC nations dipped in November, as a sharp drop in Iranian supplies offset a surge in Saudi output to all-time highs. div > div.group > p:first-child »> The group’s latest monthly report comes just days after the 15-member organization reached a deal with 10 exporter nations, including Russia, to remove 1.2 million bpd from the market. OPEC alone will slash output by 800,000 bpd. The decision follows a sharp plunge in oil prices since the start of October, in part due to projections that the oil market…

Oil rises more than 1 percent on OPEC-led supply cuts, trade talk hopes

Oil prices climbed by more than 1 percent on Wednesday, lifted by expectations that an OPEC-led supply cut announced last week for 2019 would stabilise markets as well as hopes that long-running Sino-American trade tensions could ease. Disruptions to Libyan oil exports after local militia seized the country’s biggest oil field, El Sharara, were also buoying prices, traders said. International Brent crude oil futures were at $60.89 per barrel at 0212 GMT, up 69 cents, or 1.15 percent from their last close. U.S. West Texas Intermediate (WTI) crude futures were…

Defying Trump, Saudi Arabia chooses ‘Saudi first’ oil policy at OPEC meeting

President Donald Trump has told foreign leaders that « America First » means he will always put the needs of America ahead of the needs of other nations — and that they should do the same for their own country. div > div.group > p:first-child »> Saudi Arabia’s leadership appears to be on board with that message. Last week, Saudi Arabia disregarded Trump’s public pressure campaign to keep pumping at full throttle and cut fuel costs. The kingdom instead convinced two dozen oil producers to cut output and announced a…

Enel Group starts construction of 244-megawatt wind farm in Mexico

The Enel Group, via subsidiary Enel Green Power Mexico, has commenced construction of a 244 megawatt (MW) wind farm in the Mexican state of Nuevo Leon. div > div.group > p:first-child »> The Dolores facility is slated to begin operations in the first half of 2020, the company said Tuesday. The wind farm will be able to produce around 850-gigawatt hours annually and will help to prevent the emission of roughly 470,000 tons of carbon dioxide per year. Investment in the construction of the wind farm is approximately $280 million.…

UK announces $126 million of funding for renewable energy in Africa

The U.K. government has announced £100 million ($126.11 million) of extra funding for renewable energy projects in Africa. The money will be used to support the Renewable Energy Performance Platform (REPP), which was set up in 2015 and supported by £48 million in initial funding from the U.K. The REPP’s broad goal is to « catalyze the growth » of the renewable energy sector in sub-Saharan Africa by helping developers to « overcome barriers to finance. » The program currently backs 18 renewable energy projects in countries such as Tanzania,…

Oil prices rise on Libyan export disruption, but markets remain weak

Oil prices on Tuesday clawed back some of their losses from the previous day as Libya’s National Oil Company declared force majeure on exports from the El Sharara oilfield, which was seized at the weekend by a local militia group. Despite that, overall sentiment on oil prices remained weak amid worries over global stock markets and doubts that planned supply cuts led by producer club OPEC will be enough to rein in oversupply. International Brent crude oil futures were at $60.30 per barrel at 0206 GMT, up 33 cents, or…

This year’s losers will be next year’s winners, Goldman’s Kostin says

Stocks that have gotten clobbered during the volatile 2018 cycle are the ones most likely to lead the market next year, according to Goldman Sachs. div > div.group > p:first-child »> The group specifically contains companies that will have the highest rate of return compared to their risk. Such stocks have badly underperformed the market this year, but Goldman’s strategists say history has shown that this group will take the lead in what is likely expected to be a market with muted returns in 2019. « Looking into 2019, we…

Citi forecasts oil goes nowhere in 2019 as OPEC cuts and US pumps more

Citi believes international oil prices will average $60 a barrel in 2019, remaining near current levels as OPEC-led production cuts encourage U.S. drillers to put more oil on the market. div > div.group > p:first-child »> OPEC, Russia and other producers agreed on Friday to remove 1.2 million barrels per day from the market beginning in January. The move follows a more than 30-percent collapse in oil prices that saw international benchmark Brent crude fall from more than $86 a barrel to a 13-month low at $57.50 last month. Some…

Act on climate change or risk global financial instability, $32 trillion investor alliance warns

More than four hundred investors have urged governments to act on climate change or risk the stability of their financial systems. div > div.group > p:first-child »> Lobby group The Investor Agenda (IA) issued a statement on Monday on behalf of 415 global investors, who collectively manage $32 trillion. The statement called on world governments to step up their efforts on achieving the goals of the Paris Agreement and commit to improve climate-related financial reporting. The IA also urged leaders to drive investment into low-carbon energy by taking action such…

Construction underway on West Africa’s ‘first utility scale wind farm’

Ground has been broken on the development of West Africa’s « first utility-scale wind power project », located in Senegal. div > div.group > p:first-child »> The 158.7 megawatt (MW) Parc Eolien Taiba N’Diaye, or PETN, is set to be completed in 2020, according to renewable energy firm Lekela. The 46-turbine facility will use turbines from Danish company Vestas and will generate more than 450,000 megawatt hours of energy annually, boosting Senegal’s generation capacity by approximately 15 percent, Lakela said. The project will be built near the community of Taiba…

Transport giant Scania is working on a hydrogen-powered refuse truck

Swedish transport firm Scania is developing a hydrogen fuel cell refuse truck with waste handling company Renova. In an announcement Monday, the business said the vehicle would have a fully electrified power-train and an electrified compactor. « We are highly interested in gaining more experience of fuel cells in actual customer operations, » Scania’s Marita Nilsson said in a statement. « Fuel cells constitute a promising technology in the needed decarbonisation of transports, » Nilsson added. div > div.group > p:first-child »> Scania added that it was cooperating with both…

Oil extends gains after OPEC-led group seals deal to cut supply

Oil prices rose on Monday, extending gains from Friday when producer club OPEC and some non-affiliated producers agreed a supply cut of 1.2 million barrels per day (bpd) from January. Despite this, the outlook for next year remains muted on the back of an economic slowdown. International Brent crude oil futures were at $62.21 per barrel at 0218 GMT, up 54 cents, or 0.9 percent, from their last close. Prices surged on Friday after the Organisation of the Petroleum Exporting Countries (OPEC) and some non-OPEC producers including heavyweight Russia announced…

Bond markets are flashing red and an oil plunge could only make things worse

Stock markets have been gripped with fear this week over a deteriorating economic growth outlook and questions regarding the U.S.-China trade truce. While investors have typically pointed to the yields on different U.S. government bonds for warning signs on growth, the secondary market of corporate debt may also be a key to market directionality from here. During the first bout of stock market volatility in February, so-called investment grade and high-yield (or junk) bonds remained relatively resilient. However, in October and after the S&P 500 plunged 7 percent having its…

Oil edges higher after Russia indicates larger output cut

Brent oil futures edged higher on Friday after Russia seemed likely to contribute a bigger output cut to an OPEC and non-OPEC deal, but Saudi Arabia voiced pessimism on whether an agreement could be reached as Iran insisted on an exemption. International Brent crude oil futures fell below $60 per barrel in early trade, but firmed to $60.17 a barrel by 1041 GMT, up 11 cents from the close. U.S. West Texas Intermediate (WTI) crude futures were down 18 cents at $51.3 per barrel. The slight recovery came after crude…

How cable-car systems are revolutionizing public transport almost 12,000 feet above sea level

Located almost 12,000 feet above sea level, the Bolivian city of La Paz is a bustling place where the air is thin and the scenery dramatic. Its Mi Teleferico – which literally translates as « my cable car » – transit system was launched in 2014. It soars above city streets and buildings to transport thousands of people to and from their homes, offices and everything else in between. « Every day more than 230,000 people are … transported through this cable transportation system, » Cesar Dockweiler, the CEO of…

OPEC awaits approval from Russia to impose production cuts

OPEC and its allies are poised to debate the terms of price-boosting supply cuts on Friday, after the influential oil cartel failed to reach a consensus over production policy for the first time in almost five years. The 15-member organization will hold talks with allied oil-producing nations at its headquarters in Vienna, Austria on Friday. It comes after deep divisions in the energy alliance were laid bare at a closely-watched meeting on Thursday, with the group unable to agree on the terms of crude output cuts. International benchmark Brent crude…

Oil drops as OPEC makes supply cut dependent on Russian support

Oil prices fell on Friday, pulled down by OPEC’s decision to delay a final decision on output cuts, awaiting support from non-OPEC heavyweight Russia. International Brent crude oil futures fell below $60 per barrel early in the session, trading at $59.50 per barrel at 0144 GMT, down 56 cents, or 0.9 percent from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $51.24 per barrel, down 25 cents, or 0.5 percent. The declines came after crude slumped by almost 3 percent the previous day, with the Organisation…

EPA plans to ease carbon emissions rules for new coal-fired power plants

The Environment Protection Agency on Thursday announced plans to ease rules for new coal plants, marking the Trump administration’s latest effort to roll back Obama-era climate regulations. The EPA’s proposal would allow newly built power plants to pump more planet-warming carbon dioxide into the atmosphere. It would scrap a 2015 provision that requires coal-burning plants to capture carbon emissions and store the greenhouse gas underground, a technology that has not been proven at commercial scale. « By replacing onerous regulations with high, yet achievable, standards, we can continue America’s historic…

Turbine powerhouse MHI Vestas to supply big offshore wind farm in Scotland

MHI Vestas Offshore Wind will supply 100 turbines for a 950-megawatt (MW) offshore wind farm in waters off the northeast coast of Scotland. In an announcement Thursday, the business said that it would supply the facility with its V164-9.5 MW turbines. It has signed a « firm turbine supply order » for the Moray East Offshore Wind Farm, which also includes a 15-year service agreement. The Moray East project reached a financial close Thursday. Located in the Moray Firth, its closest point to shore will be 22 kilometers, and it…

Cutting output by even 1 barrel is ‘a red line’ for Iran, oil minister says

Iran is refusing to cut its oil production at the latest OPEC meeting, saying it is a « red line » for the Islamic Republic. « It’s a red line for Iran to reduce its production, to contribute to a new cut in production. Iran hasn’t produced any more oil in the previous months and it’s not Iran’s responsibility to manage the situation, » Bijan Zanganeh, Iran’s oil minister, told CNBC’s Hadley Gamble Thursday. « It’s the responsibility of the countries that have produced more and more and have collapsed…

Germany’s Opel announces plans for electric van in 2020

German automaker Opel is set to roll out an electric model of its Vivaro van. The new midsize van will be available as a battery electric vehicle in 2020, the company said in an announcement Thursday. In addition, Opel will open its order books for a battery electric version of its popular Corsa model and a plug-in hybrid version of its Grandland X sports utility vehicle (SUV) in the first half of 2019. Opel’s CEO, Michael Lohscheller, said that the new Corsa would « make electro-mobility affordable for many customers.…