Tag Archives: Norway

Edison from Italy sold off Norway’s upstream assets to focus on the energy transition | Instant News


MILAN, December 30 (Reuters) – Edison of Italy said on Wednesday that it had sold its exploration and production assets in Norway to Norwegian oil and gas group Sval Energi as part of its strategy to focus on clean energy.

Edison, which is owned by EDF France, said the deal valued Edison Norge at US $ 300 million, including debt. It said the impact on his net financial position “is expected to be much higher than that amount.”

The deal, which includes a portfolio of five exploration permits and reserves of 25.9 million barrels of oil equivalent, is expected to close before the end of June.

Edison, who recently sold his upstream oil and gas assets in Italy, Egypt, Greece, Britain, and Croatia to Energean, has quit the exploration and production business and now wants to sell some of his non-operating shares in his upstream Algerian activities.

He said that his party would invest the proceeds from sales in energy transition businesses such as renewable energy and energy efficiency. (Reporting by Stephen Jewkes; Editing by Leslie Adler)

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Electricity prices in Southern Norway hit a 2-year high on new German cables | Instant News


OSLO, Dec 8 (Reuters) – Wholesale electricity prices for next-day delivery in southern Norway rose to an hourly high in nearly two years on Tuesday, supported by strong demand from Germany just as a new undersea interconnector between the two countries opened.

Prices for the offering zones around the Norwegian capital Oslo and central south coast Kristiansand are set at 99.92 euros per megawatt hour (MWh) for one hour from 1700 CET, data from the Nord Pool exchange show.

Prices in southern Norway have quadrupled since Monday, reaching their highest level since January 24 last year, outperforming gains seen in other electricity market regions.

The jump coincided with the start of commercial operations of the new 1,400 megawatt NordLink cable, and was exacerbated by a combination of low wind output, cold weather and high demand across Europe.

“NordLink has made a high contribution as there is 720 MW flowing from the NO2 (Kristiansand) area to Germany,” Refinitiv analyst Ole Tom Djupskaas said of the flow forecast for Wednesday’s peak load hours.

Tor Reier Lilleholt, head of analysis at Wattsight, said relatively small changes in demand could trigger large increases when capacity is limited.

“This is not something that will be sustained but I think it is a surprise to market participants that there is a strong relationship with the new cable,” said Lilleholt.

“So, it has a big impact on the market,” he said.

By comparison, German electricity prices have peaked at 114 euros per megawatt hour for one hour since 1700 CET.

Average prices for southern Norway are on historic lows this year due to wet weather in the hydropower-dependent region, but dry weather forecasts have raised electricity prices recently. (Reporting by Nora Buli, edited by Terje Solsvik)

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Petrobras prioritizes reducing carbon as Equinor pursues renewable energy in Brazil | Instant News


FILE PHOTO: A man walks in front of the Petroleo Brasileiro SA (Petrobas) headquarters in Rio de Janeiro, Brazil March 9, 2020. REUTERS / Sergio Moraes

RIO DE JANEIRO (Reuters) – Petrobras will invest in technology to reduce its carbon footprint from oil extraction activities rather than renewable energy over the next five years, said the chief executive of the Brazilian state-controlled company.

Roberto Castello Branco has repeatedly said Petroleo Brasileiro SA, known as Petrobras, does not have a comparative advantage in renewable energy and that many of the environmental targets put forward by European competitors are fantastic.

His comments on Tuesday contrasted with those made earlier by Equinor ASA CEO Anders Opedal at an oil industry conference where he said Norwegian companies were looking for offshore wind opportunities in Brazil.

Opedal referred during the Rio Oil & Gas conference to a 2018 memorandum of understanding (MOU) between Equinor and Petrobras to pursue an offshore wind power project in Brazil.

It has yielded no potential projects so far and Castello Branco’s comments suggest it is unlikely.

“We don’t expect to invest a dollar in renewable energy over the next five years,” said Castello Branco while discussing the company’s updated five-year business plan during a presentation to analysts and investors.

Petrobras takes emissions reduction seriously through other means, such as studying the use of hydrogen-powered ships, even for long-haul routes, Petrobras head of logistics and sales André Chiarini said in another presentation.

Castello Branco said that Petrobras is likely to sell offshore natural gas pipeline couplings via an initial public offering in the third quarter of 2021.

But these estimates are subject to change, in part because a potential IPO requires agreement with other stakeholders.

Reporting by Gram Slattery; Edited by Chizu Nomiyama, Paul Simao and Alexander Smith

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Italy’s bad loan prices had to fall to lure back a foreign buyer – the Italian Axactor | Instant News


MILAN, November 17 (Reuters) – International investors will avoid disrupted Italian bank loans until prices drop to reflect the higher risks associated with the COVID-19 crisis, said the head of the Italian branch of Norway’s Axactor.

The Oslo-registered company invests in and manages bad loans in six European countries.

In comments to Reuters, Axactor Italia CEO Antonio Cataneo said the pandemic has forced loan collectors to revise projections to reflect the fact that it will take longer to recover loans and may be more difficult given the downturn caused by the health care emergency.

After the lull caused by the first wave of the pandemic, market activity in Italy increased, with bad borrowing prices supported by strong domestic demand. Cataneo said the second wave would leave a deeper imprint.

“Until September … the deal is closed at a price that is not much different from the situation before COVID,” he said.

“The risks associated with the pandemic at the time have not been fully accounted for. We hope that these risks will be included in the portfolio price in the future.”

The price investors are willing to pay in bad debts depends on the costs they bear to secure the financing and their targeted returns, which increase in proportion to the perceived risk.

International investors like Axactor face higher funding costs than many Italian rivals such as Banca IFIS which, as a bank, can take advantage of cheaper liquidity.

Cataneo said Axactor and other international rivals had decided not to bid on some of Italy’s bad loan portfolios because the prices they were prepared to offer were below those paid by the Italian bidders.

“I’m not sure how long the market can go on relying solely on domestic investors, even in a market like Italy where the presence of local investors is strong,” he said.

“At some point, prices have to go down for international players to have confidence to come back.” (Reporting by Valentina Za; Editing by Kirsten Donovan)

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Coronavirus highlights: Germany breaks new records with nearly 20,000 new infections | Germany | News and in-depth reporting from Berlin and beyond | DW | Instant News


Europe

German recorded nearly 20,000 new coronavirus cases in a single day, the highest level, the country’s national center for disease control said Thursday.

The Robert Koch Institute says 19,990 infections have been confirmed in the past 24 hours. It topped the previous record of 19,059 set on Saturday.

This brings the total cases in Germany, a country of 83 million people, to 597,583. Another 118 deaths brings the death toll to 10,930.

Read more: Travel to Germany: What you need to know about coronavirus restrictions

Swedish Prime Minister, Stefan Lofven, self-isolating even after people close to him tested negative for COVID-19.

He broke the news on Facebook on Thursday as the country looks set to cross the 6,000 death threshold from the coronavirus overall.

“This is the only responsible thing to do in this situation,” he added, saying people close to him have been in contact with other people who have tested positive.

Greece ordered a nationwide lockdown on Thursday for three weeks to help contain a resurgence of COVID-19 cases, the second this year after this week’s sharp rise in infections.

The country has reported fewer cases than most in Europe, mainly because of the initial national lockdown imposed when the pandemic broke out in February.

In DenmarkSeven mayors said restaurants would be closed across the north of the country and people in the region would be encouraged to be tested after authorities found a mutation in the virus in 12 residents who contracted mink.People in the region, which have many mink farms, will also be encouraged to work from home. The restrictions, to be announced Thursday evening, will start Friday and last for four weeks.

The move comes after Danish Prime Minister Mette Frederiksen said all 15 million minks on the country’s farm must be destroyed to minimize their risk of re-transmitting the coronavirus to humans.

Prime Minister of Norway, Erna Solberg, has told Norwegians to avoid traveling within the country and instead stay at home as much as possible, as part of a new round of recommendations and restrictions aimed at stopping the spread of the coronavirus.

The number of cases has risen in many parts of Norway, hitting a record last week in a country that long has one of the lowest infection rates in Europe.

Asia

Government of Sri Lanka has moved to end the pandemic curfew, saying it is up to individuals to take responsibility to avoid becoming infected.

China announced new entry restrictions on travelers from Europe due to a surge in coronavirus cases on the continent.

Beijing says most foreign passport holders from Britain and other European countries will be barred from entering the country for the time being.

Coronavirus outbreak in India increased by more than 50,000 cases Thursday amid a revival of infections in the capital.

The Ministry of Health also reported another 704 deaths in the past 24 hours across the country, raising the overall death toll in India to 124,315.

Nerves ruptured in New Delhi after reporting a record 6,842 new cases in the past 24 hours. It has more than 37,000 active cases.

America

That United States of America has set a new record for daily confirmed cases of the coronavirus, with nearly 100,000 new infections reported as of Thursday.

It remains the worst-affected country with 233,734 deaths out of 9,488,276 cases. At least 3,743,527 people have been declared recovered. After the US, the hardest hit countries were Brazil with 161,106 deaths out of 5,590,025 cases, India with 124,315 deaths from 8,364,086 cases.

jf / nm (AFP, AP)

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