Tag Archives: Electrical Utilities (TRBC level 4)

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)

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Siemens is again under pressure because of Australia’s mega coal mine | Instant News


ZURICH (Reuters) – Siemens is facing renewed pressure from protesters in Australia to demand that the German engineering company quit a mega mining project that violates environmental protection regulations.

FILE PHOTO: The Siemens logo is displayed on a new Siemens Charger locomotive as it begins operations as part of the Coaster Fleet in Oceanside, California, USA, February 8, 2021. REUTERS / Mike Blake

Adani Enterprises has broken the rules on four occasions and has been subject to two fines totaling 25,920 Australian dollars ($ 20,000) since contracting Siemens to work on the Carmichael coal and rail project, said a group called SumOfUs.

The Adani unit in Australia described the offense as minor and said it had dealt with it.

The Queensland mine – which will extract 10 million tonnes of coal annually – has sparked controversy in Australia at a time when the coal industry is being watched over high levels of greenhouse gas emissions linked to global warming.

SumOfUs asked Siemens to cancel its contract with Adani and more than 121,000 people have signed a petition demanding that Siemens CEO Roland Busch take action.

SumOfUs is a non-profit consumer group registered in the United States that runs online campaigns aimed at curbing the power of the company.

The protests took place at a Siemens shareholder meeting in 2020, and Busch’s predecessor Joe Kaeser last year said Siemens could pull out of the contract if “our customers violate very strict environmental obligations”.

Siemens said after careful examination of the complaint it would remain involved in an 18 million euro deal to supply a signaling system for the rail link between the mine and the port.

The company review has “indicated that the problems leading up to the issuance of the notification were procedural and had been appropriately corrected,” said a spokesman for Siemens.

Bravus Mining and Resources, as Adani’s unit in Australia is known, said the violation was related to two areas outside the survey area that were marked as being accidentally cleared. The affected area is slightly smaller than a tennis court, he said.

Other violations relate to pre-clearing surveys that have expired in 24 days, and updated species management plans that have not been submitted within the required three month period.

“Environmental activists have been referring to things that we reported ourselves in 2019 and 2020. These issues have been addressed,” said a Bravus spokesperson.

($ 1 = 1.2900 Australian dollars)

Reporting by John Revill; additional reporting by Sudarshan Varadhan in Chennai; edited by Jason Neely

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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)

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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

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UPDATE 1-Italia wants Open Fiber control in the broadband launch drive – source | Instant News


* CDP will not take any precautions on Open Fiber stock sources

* CDP wants a 10% stake in Open Fiber for source control

* TEAM board including CDP Chairman – source (Records by raising stakes, adding comments, background)

ROMA / MILAN, 22 Feb (Reuters) – Italian state lender Cassa Depositi e Prestiti (CDP) wants to increase its stake in Open Fiber to 60% to take control of the broadband company, sources say, as Rome moves ahead with plans to increase ultra-fast connectivity across the country.

CDP will not exercise its first refusal rights on the 50% utility stake that Enel sells in Open Fiber but wants to increase its own stake to 60%, two sources close to the matter said.

Enel, which co-owns Open Fiber with CDP, is in talks to sell 40% to 50% of the fiber infrastructure group to Australian fund Macquarie in June.

Under the deal, Macquarie will pay 2.65 billion euros ($ 3.2 billion) for a 50% stake, although any final price may fluctuate depending on a series of acquisition clauses.

The source said CDP would relinquish its pre-emption rights but entered into talks to buy a 10% stake in Open Fiber from Enel, and negotiate governing rights with Macquarie to take full control.

Former Italian Economy Minister Roberto Gualtieri has tried to create a full-fiber national network by combining Open Fiber with Italian Telecom (TIM) landline assets.

New Prime Minister Mario Draghi has put digital infrastructure at the heart of his government’s agenda, but he hasn’t clarified whether he intends to implement an integrated network project and under what conditions.

Controlled by the Ministry of Finance, CDP is the second largest shareholder of TIM behind French media giant Vivendi but never holds a board seat.

A third source said on Monday that the list of Telecom Italia candidates to be presented for the new council at the annual general meeting would include CDP Chairman Giovanni Porno Tempini.

TIM will reveal the list on Tuesday. The source said the CDP could summon a new council on Thursday to discuss its support for the list.

Telecom Italia and CDP declined to comment while Enel could not be reached for comment. ($ 1 = 0.8229 euros) (Reporting by Giuseppe Fonte, Stephen Jewkes, Elvira Pollina; Editing by Richard Chang)

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