Econergy secures £42.7m financing for three-hour Immingham battery
Santander UK has provided approximately £42.7 million of project finance facilities for Econergy’s 80 MW / 240 MWh Immingham battery. EDF will optimise the project under two ten-year agreements that provide a minimum revenue floor… You must be a Premium Subscriber to read this. You must be a Premium Subscriber to view this content. You […]
Welsh ministers approve 100 MW Llŷr floating wind project
Welsh ministers have granted Section 36 consent to the 100 MW Llŷr 1 floating offshore wind project off Pembrokeshire. The approval followed a marine licence and arrived on the final day of the UK’s latest… You must be a Premium Subscriber to read this. You must be a Premium Subscriber to view this content. You […]
DNO targets Genel as Ratio regains lead in Pharos bidding war
Genel Energy has rejected a possible 69p-a-share offer from DNO that values the company at approximately £202 million. Ratio Petroleum has raised its offer for Pharos Energy to £146.4 million, narrowly exceeding Serica Energy’s competing… You must be a Premium Subscriber to read this. You must be a Premium Subscriber to view this content. You […]
UK widens Russia sanctions as China turns to Russian crude
The UK has sanctioned 19 targets spanning Russian banks, shadow fleet tankers and companies supplying metals used in military equipment. Sinopec has reportedly bought 30 to 40 cargoes of Russian ESPO crude for delivery between… You must be a Premium Subscriber to read this. You must be a Premium Subscriber to view this content. You […]
BP’s North Sea exit is a verdict on scale as much as tax risk
Meg O’Neill’s support for domestic production is compatible with BP’s decision to exit the UK North Sea; the assets remain valuable without meeting the global supermajor’s investment threshold. The 78% headline tax rate has weakened… You must be a Premium Subscriber to read this. You must be a Premium Subscriber to view this content. You […]
Cierco Energy secures seabed rights for Llŷr floating wind projects offshore Wales
Cierco Energy has signed an agreement for lease covering the 100 MW Llŷr 1 and 100 MW Llŷr 2 projects. The developments are intended to test different floating foundations, moorings and dynamic cables at an… You must be a Premium Subscriber to read this. You must be a Premium Subscriber to view this content. You […]
Ore Energy raises $43 million to scale 100-hour iron-air batteries
The Dutch developer has raised $43 million to build its first manufacturing facility, taking total funding above $61 million. Ore’s batteries use iron, water and air and are designed to store electricity for between 24… You must be a Premium Subscriber to read this. You must be a Premium Subscriber to view this content. You […]
BP puts $4.1 billion Archaea acquisition up for sale as profits more than double
BP will market its US biogas business four years after acquiring it for an enterprise value of $4.1bn. Underlying replacement cost profit rose from $2.35bn to $5.73bn as higher oil prices, trading and refining strengthened… You must be a Premium Subscriber to read this. You must be a Premium Subscriber to view this content. You […]
UK renewable pipeline reaches 147 GW awaiting construction
DESNZ data show 147 GW of renewable generation and storage classed as awaiting construction, against 28.1 GW under construction. Batteries represent 72.1 GW of the consented but unbuilt capacity, followed by offshore wind at 30.8… You must be a Premium Subscriber to read this. You must be a Premium Subscriber to view this content. You […]
BP completes Gelsenkirchen refinery sale as portfolio overhaul accelerates
BP has transferred its Gelsenkirchen refinery and related businesses to Klesch Group for an undisclosed sum. The transaction is expected to remove around $1 billion of underlying operating expenditure and transfer substantial liabilities from BP’s… You must be a Premium Subscriber to read this. You must be a Premium Subscriber to view this content. You […]