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(Reuters) - Siemens Gamesa, the struggling wind division of Germany's Siemens Energy (ENR1n.DE), plans to cut costs by around 400 million euros ($436 million) by 2026, the group said during its much-awaited capital markets day on Tuesday. The goal was to "simplify organization and optimize overhead costs" while the Siemens Gamesa's onshore wind turbine capacity is... Continue Reading →
(Reuters) - BP (BP.L) is seeking partners for offshore wind projects in Japan and may invest in hydrogen technology companies to tackle inflation and equipment bottlenecks that have battered the renewables sector. The oil major plans to expand in low carbon energy in the coming decades as it seeks a long-term business model that can survive the... Continue Reading →
(Reuters) - Britain's Octopus Energy said it has made its first investment in German offshore wind under plans to scale up its renewables activity in the world's third-largest market. Octopus Energy Generation has taken a 5% stake in Butendiek, an 80-turbine offshore wind farm 32 kilometres west of the island of Sylt in the North... Continue Reading →
(Reuters) - Siemens Energy (ENR1n.DE) will present a deal for billions of euros in project-related guarantees backed by the German government during its results announcement on Wednesday, sources familiar with the matter told Reuters. The company in October disclosed talks with the German government, banks and Siemens AG (SIEGn.DE) over what sources said were 15 billion euros ($16 billion) in guarantees... Continue Reading →
(Reuters) - Germany's EnBW (EBKG.DE) on Monday reported an adjusted net profit of 2.36 billion euros ($2.52 billion) for the January-September period, more than double its result a year earlier, citing positive power generation and trading as drivers. The net profit compared with 1.10 billion euros a year earlier, said the south-western utility in a statement, broadly confirming... Continue Reading →
(Reuters) - The German government, Siemens AG (SIEGn.DE) and other parties involved in talks to cover billions of euros in project-related guarantees for Siemens Energy (ENR1n.DE), have agreed a deal in principle, three people familiar with the matter said. Siemens Energy makes gas and wind turbines as well as large converter stations, vital energy equipment for the country's... Continue Reading →
(Reuters) - Siemens Energy (ENR1n.DE) expects more than 1 billion euros ($1.1 billion) in revenues over the medium-term from its hydrogen electrolyser manufacturing business, one of the company's board members said on Wednesday. Electrolysers can use renewable energy to separate hydrogen from water, and the hydrogen can then be used as a alternative to fossil fuels in... Continue Reading →
(OW) Canada Pension Plan Investment Board (CPP Investments), through its wholly-owned subsidiary CPPIB Renewables Europe S.à r.l, has agreed to sell its 24.5 per cent stake in two German offshore wind farms to a wholly-owned subsidiary of Enbridge. Under the transaction, CPP Investments will sell its stake in Hohe See and Albatros offshore wind farms,... Continue Reading →
(Reuters) Siemens Energy shares plunged nearly 40% on Thursday, wiping 3 billion euros ($3.16 billion) off its market value, after the group said it was in talks with the German government about state guarantees following big setbacks at its wind unit. A spokesperson for the German economy ministry also confirmed the talks, describing them as... Continue Reading →
(YP) Petrobras is looking to strengthen its partnership with Norwegian companies on energy transition. The move comes as Brazil seeks to reduce its greenhouse gas emissions and achieve net-zero emissions by 2050. In a recent announcement during the event "The Role of Norway and Brazil in the Energy Transition" organized by the Brazil-Norway Chamber of... Continue Reading →
Brazil Energy Insight 