Tag Archives: Electrical Utilities (NEC) (TRBC level 5)

Brazilian energy company CEMIG is considering selling its Taesa stake | Instant News


RIO DE JANEIRO (Reuters) – Brazilian energy company Companhia Energetica de Minas Gerais, known as CEMIG, said on Friday it was evaluating moves to sell its stake in power transmission company Taesa, of which it is a controlling shareholder.

It is currently in the process of identifying and evaluating by company management, with the help of special advisors, of the alternatives available to divest, the company said in a statement late on Friday.

The model and structure of the potential divestment will be put forward for consideration by the board of directors when it is finalized, said CEMIG, without projecting when it could happen.

Reporting by Gabriel Stargardter; Edited by Aurora Ellis

.



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

In Australia, Japan started producing hydrogen from brown coal | Instant News


MELBOURNE, March 12 (Reuters) – A Japan-Australia venture has started producing hydrogen from brown coal in a $ 500 million ($ 387 million) test project aimed at demonstrating liquid hydrogen can be produced and exported safely to Japan, sponsors said. project on Friday.

Japan’s Kawasaki Heavy Industries is running a pilot project with government financial support from Japan and Australia in the state of Victoria, home to a quarter of the world’s brown coal reserves.

This project is key to helping Japan meet its net carbon emissions target by 2050. The world’s fifth largest energy consumer aims to increase its annual hydrogen demand tenfold to 20 million tonnes by 2050, equivalent to about 40% of its current power generation. . .

At the same time, Australia is pushing to become a major hydrogen exporter, ultimately competing with its dominance in the global liquefied natural gas (LNG) trade, potentially providing it with a greener market for its coal and gas.

Brown coal is considered the lowest-ranking coal due to its relatively low energy content and has long fueled some of Australia’s dirtiest power stations, some of which have closed or are scheduled to close.

The project produces hydrogen by reacting coal with oxygen and steam under high heat and pressure in a process that also produces carbon dioxide and other gases.

If the project is commercial, the plan is to bury carbon dioxide off the coast of Victoria, KHI previously said. The Australian and Victorian state governments are running a parallel project to test the transport and injection of carbon dioxide under the ocean floor.

The hydrogen produced in the pilot project will be transported to the port location where it will be liquefied for export.

The next big step is to deliver cargo on the world’s first liquid hydrogen carrier, built by KHI. Voyages have been delayed until mid-year, due to COVID-19 restrictions that slowed final checks on tankers.

“The eyes of the world will be on Victoria when liquid hydrogen deliveries begin in mid-2021,” said Hirofumi Kawazoe, of KHI’s Australian Hydrogen Engineering unit, in a statement.

Partners on the Australian side of the project include Japan’s Electric Power Development Co (J-Power), Iwatani Corp, Marubeni Corp, Sumitomo Corp and Australia’s AGL Energy Ltd, whose mines supply brown coal. ($ 1 = Australian dollar 1.2922) (Report by Sonali Paul; editing by Richard Pullin)

.



image source

Brazil to cut its stake in Eletrobras to 45% from 61% in privatization – energy secretary | Instant News


SAO PAULO, February 24 (Reuters) – The Brazilian government will cut its stake in power company Centrais Eletricas Brasileiras SA, or Eletrobras, to 45% from the current 61% in the planned privatization process, a senior official at the Energy Ministry told Reuters. Wednesday.

The ministry’s Energy Secretary Rodrigo Limp said the government expects its stake in Eletrobras to double in value to 60 billion reais ($ 11 billion) with the increase in share price that privatization hopes will bring.

President Jair Bolsonaro presented a bill to Congress on Tuesday that would accelerate the divestment in Brazil’s biggest utility.

$ 1 = 5.4062 reais Reporting by Luciano Costa, Editing by Rosalba O’Brien

.



image source