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(OE) MODEC and Toyo Construction have jointly secured an approval in principle (AiP) from ClassNK for floating structure and tether system with tether pile foundation for tension leg platform (TLP)-type floating offshore wind turbine. The acquisition of AiP was one of the tasks of the Japanese national research and development agency NEDO’s Green Innovation Fund... Continue Reading →
Iberdrola and Avangrid have signed an agreement under which the Spanish company will acquire the stake which it previously did not own in its US subsidiary for USD 2.55 billion (approximately EUR 2.35 billion). Iberdrola, which owns around 81.6 per cent of Avangrid, launched an offer to acquire the remaining 18.4 per cent in March... Continue Reading →
(Reuters) - Spanish renewable energy giant Iberdrola set out plans on Thursday to invest 41 billion euros ($44.83 billion) over the next three years, focusing on power grids like Italian rival Enel as the industry seeks better returns. The new plan builds on the strategic shift Iberdrola announced in 2022, when it said it would be taking... Continue Reading →
(Reuters) Europe's largest utility Iberdrola will keep betting on offshore wind in the coming years, roughly tripling the value of its assets in the sector to 17 billion euros ($18 billion), Executive Chairman Ignacio Sanchez Galan told shareholders on Friday. In the past couple of years, the Spanish firm has shifted its focus to upgrading... Continue Reading →
(Reuters) - French energy company Engie said on Friday first-quarter earnings fell 3.2% as a warmer than usual winter depressed demand for natural gas and price volatility eased, outweighing higher hydropower output. The company, which makes most of its income from producing, transporting and selling gas and electricity, said earnings before interest and tax (EBIT), excluding... Continue Reading →
(Reuters) - Norwegian energy company Equinor has received approval from the New York State Public Service Commission to start building its Empire Wind 1 offshore wind farm, Governor Kathy Hochul said on Thursday. Electricity generated from offshore wind farms is important to U.S. and state goals of cutting greenhouse gas emissions. But the industry has been... Continue Reading →
(Reuters) A consortium including Germany's BayWa r.e. and Belgium firm Elicio won a tender to develop and operate France's first floating offshore wind farm, the 250-megawatt (MW) Bretagne Sud farm, French industry minister Roland Lescure said on Wednesday. The results were announced at a ceremony to mark the start of production at a 500-MW wind... Continue Reading →
(Reuters) - RWE , Germany's largest electricity producer, on Wednesday posted better-than-expected core profit for the first quarter, boosted by stronger winds and a better than expected performance at its trading division. Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) for the period fell more than a quarter to 1.71 billion euros ($1.85 billion), while... Continue Reading →
(Reuters) Maryland Governor Wes Moore signed a bill aimed at reevaluating and potentially revising existing offshore wind project plans, setting the stage for the state's goal of achieving 8,500 megawatts of offshore wind energy capacity by 2031. The bill signed on May 9 will empower the Maryland Public Service Commission (PSC) to open proceedings to... Continue Reading →
(Reuters) - Brazil's Eletrobras, Latin America's largest utility, has signed a memorandum of understanding with Green Energy Park (GEP) to study opportunities for green hydrogen production, the companies said on Tuesday. WHY IT'S IMPORTANT Brazil has been looking to develop a green hydrogen industry as part of efforts to unlock new sectors to power its... Continue Reading →
Brazil Energy Insight 