Tag Archives: Electrical Utilities & IPP (TRBC level 3)

Australian stocks extended gains as commodity-exposed companies shone | Instant News

April 7 (Reuters) – Australian stocks on Wednesday extended gains for a fourth session, driven by commodity-exposed stocks to strong crude oil and metals prices and as investors bet on improving prospects for a global economic recovery.

The S & P / ASX 200 index rose 0.5% to 6,920.2 points in early trading, hitting a new high since mid-February. Elsewhere in Asia, Nikkei futures were up 0.4%.

On Tuesday, the International Monetary Fund raised its forecast for global economic growth to 6% this year, a level not seen since the 1970s.

Strong economic data from China and the United States lifted oil prices by 1%, while a weaker dollar and lower US Treasury yields boosted bullion.

Meanwhile copper prices rose on supply concerns after a major Chilean producer closed its borders following a spike in coronavirus infections.

Strong commodities lifted sentiment despite the pullback on Wall Street overnight. All three major US stock indexes closed in the red, retreating from previous session record highs, while Treasury yields edged down.

The ASX 300 metals and mining index was up 0.67%, while the gold sub-index was up 1%, led by Resolute Mining Ltd. which was up 4.4%.

Tech shares rose 1.8%, led by EML Payments Ltd, up 10.7%, followed by NEXTDC Ltd which rose 3.6%.

In New Zealand, the benchmark S & P / NZX 50 index was up 0.68% to 12,484.3.

The highest percentage gainer in the benchmark index was Contact Energy Ltd, up 2.8%, followed by Pushpay Holdings Ltd and Air New Zealand Ltd which rose 2.5% and 1.9%, respectively.

Reporting by Shruti Sonal in Bengaluru, Editing by Sherry Jacob-Phillips


image source

Australian securities regulators search the offices of coal miners TerraCom | Instant News

MELBOURNE, March 29 (Reuters) – Australian securities regulators ransacked coal miners TerraCom Ltd on Monday with assistance from Queensland state police, according to a report in the Australian Financial Review.

The investigation came after regulators confirmed it was investigating the ALS testing laboratory, whose internal review last year found that about half of the certificates awarded for export coal samples over the past decade had been altered to improve demonstrated quality.

The laboratory review made no mention of associates, but began after the unfair dismissal of TerraCom – which bought the Blair Athol coal mine in 2017 from Rio Tinto – that the miner had worked with ALS to fabricate export documentation.

TerraCom, which sells coal to Japan, Korea and China, has denied the allegations that have arisen in the case. Deputy Chairman Craig Ransley told Reuters that TerraCom will continue to work with authorities on industry-wide investigations.

Australia is the world’s largest coal exporter and ALS is one of the largest coal testers. “I can confirm that a warrant was issued today on behalf of ASIC, with the assistance of the Queensland Police,” said a spokesman for the Australian Securities and Investments Commission (ASIC), on condition of anonymity TerraCom.

Queensland Police, asked if Blair Athol TerraCom’s operation had been searched, said ASIC was leading the matter and referred any questions to regulators.

Last week, local media reported that ASIC Commissioner Cathie Armor told a Senate forecast hearing that she was “well aware” of allegations that the ALS lab had improved coal quality results on export certificates.

Armor did not provide further information due to ASIC’s policy of not commenting on issues being investigated, according to a report by the Australian Associated Press. South Korean electricity provider South-East Power banned ALS from certifying its coal tender last year. (Reporting by Melanie Burton; Editing by Tom Hogue)


image source

Broker XP is eyeing the creation of an electricity trading unit in Brazil this year | Instant News

SAO PAULO, March 24 (Reuters) – Brazilian financial services platform XP Inc will launch an electricity trading unit later this year, aiming to transform itself into a leading name in the domestic unregulated electricity market over the next few years, an executive told Reuters . Wednesday.

XP’s trading power will take advantage of the company’s broad portfolio of corporate clients while seeking to invest in technology as a way to have an edge over competitors, said unit head Cristian Nogueira.

The unregulated power market, which allows companies that consume electricity to negotiate contracts and prices with suppliers, has been booming in Brazil due to rising tariffs from power companies.

Banks such as BTG Pactual, Itaú Unibanco, Santander Brasil and Macquarie Australia have created electricity trading units in Latin America’s largest country. Energy companies, including the local branches of European utilities Enel, Engie, EDP and Iberdrola, are also on the market.

“XP is used to improve people’s lives by offering innovative products and education. With energy you can do the same. We will do it in the first place using our extensive customer network, ”said Nogueira.

“We usually offer our customers several hedging options: hedging for exchange rates, interest rates, inflation. Electricity will become another product. “

The executive said that XP could trade annual energy contracts for 3 billion reais ($ 530 million) in the next two or three years.

“We have goals, dreams that are big and ambitious. That in three years, anyone who thinks about the electricity trade in Brazil will have XP as a reference, “added Nogueira. ($ 1 = 5,6211 reais) (Reporting by Luciano Costa; Editing by Cynthia Osterman)


image source

Enel from Italy posted a 9% increase in net profit to beat expectations | Instant News

MILAN (Reuters) – Italian utility company Enel said net profit rose 9% last year, beating expectations as it continues plans to expand its grid and green energy businesses and reduce carbon emissions.

FILE PHOTOS: Italian multinational energy company Enel logo seen at the headquarters of Milan, Italy, February 5, 2020. REUTERS / Flavio Lo Scalzo

Europe’s biggest utility company said on Monday its usual net profit last year was 5.197 billion euros ($ 6.2 billion), above analyst consensus of 5.133 billion euros.

It will pay dividends on last year’s yield of 0.358 euros per share, 9.1% higher than the previous year.

Enel reported preliminary results in February.

The Group, which added to a record 3.1 gigawatt renewable energy capacity last year, expects to add more than 5 GW this year.

“By 2021 … we look forward to accelerating investment in renewable energy, in better quality and stronger grids and consumption electrification,” said Enel CEO Francesco Starace.

In November, Enel said it would spend 160 billion euros of its own money over the next 10 years to become a green “super major”, becoming carbon free by 2050.

The group said 65% of its electricity production last year was emission-free compared to 57% the previous year thanks to marked reductions in coal-fired power generation.

Enel cut 2.8 GW of coal capacity last year and has phased out coal production from 2030 to 2027.

Big European utility companies are investing massively in the clean share of their businesses as technological advances and stricter rules to tackle climate change force energy companies, including big oil players, to rethink strategy.

($ 1 = 0.8387 euros)

Reporting by Stephen Jewkes, editing by Giulia Segreti, Kirsten Donovan


image source

New Zealand’s Tilt Renewables approved a $ 2.1 billion takeover | Instant News

March 15 (Reuters) – New Zealand’s Tilt Renewables said on Monday it had approved a takeover by a consortium including second largest shareholder, AGL Energy and an Australian sovereign wealth fund of NZ $ 2.94 billion ($ 2.10 billion).

The consortium will pay NZ $ 7.80 for each Tilt share, a premium of 20.4% over the company’s share price at Friday’s close. ($ 1 = 1.3974 New Zealand dollars) (Reported by Shashwat Awasthi in Bengaluru. Edited by Jane Merriman)


image source