Ole Udsen

Faster than expected recovery in Norwegian exports leads to lower prices Every week, we inform you about the latest news on the energy markets 👉 Hereunder the summary of this June 13. Gas The market remains in a wait-and-see approach ✔ Norwegian exports have recovered from last week's incident at the Nyhamna gas plant, which has eased the pressure on prices. The CAL25 TTF contract is currently fluctuating around EUR 37/MWh. ✔ The demand for LNG in Asia also impacts the market and Chinese imports fell in May, while heat waves in India means that their imports are rising. ✔ One point of note, the US Energy Information Agency expects natural gas production in the US in 2024 to come down as a result of reduced drilling activity due to low prices. This could have an impact on trends in the global gas market. Electricity The market continues to be influenced by the price of gas ✔ Spot prices have fallen thanks to the increase in wind generation and strong hydroelectric production in France. The increase in French nuclear availability also plays a role. ✔ The gas market continues to have a strong influence on electricity prices. The CAL25 BE contract is currently fluctuating around EUR 90/MWh. ✔ The price of CO2 emissions reached its lowest level in two weeks, at around €70/t, in a market that has remained directionless in the absence of any significant events. How will the markets behave in the coming weeks? 👉 Subscribe to the Energy Market News https://bit.ly/33hGt68 to receive your complete analysis by e-mail every week. 👈 #electricity #gas #energymarket #CO2

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In a recent blog Johan Börje, Head of VCM Sales (Voluntary Carbon Market), rethinks how we can view permanent removals. He argues that they are a service you need to acquire to continue to operate your business, like any other mission-critical service. How do we get there? His ideas include: 🔹A requirement to match a certain percentage of unabated emissions with permanent removals, giving corporations a true and strong incentive to bring the total volume of emissions down. 🔹Letting corporations that acquire permanent carbon removal units pass on the outcome of such certificates to their customers’ up-stream Scope 3 emissions. Read the full Beccs-blog here: https://lnkd.in/decfH9_z

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Will 🇪🇺Commissioner-designate Dan Jørgensen bring 🇩🇰Denmark's clean and competitive energy “made in Europe” ambition to the EU? As Europe advances in its energy transition, renewable #hydrogen from the North Sea presents a powerful opportunity for energy resilience and competitiveness. In today’s Euractiv opinion piece, which I co-authored with Matthias Janssen from Frontier Economics and Alex Barnes from the Oxford Institute for Energy Studies we outline what’s needed to make this vision a reality: bold action and strategic cooperation. Key steps include: ✅ Innovative Financing : Mechanisms like 🇩🇪Germany’s ‘intertemporal cost allocation’ model and long-term Hydrogen Purchase Agreements, with government backing, can de-risk investments and ensure stable revenue. ✅ Cross-Border Cooperation: Aligning permitting processes and regulatory Standards across EU countries will reduce costs and speed up timelines. ✅ Integrated Planning: A coordinated EU strategy for electricity and hydrogen infrastructure is essential for a cohesive energy market. At EPICO KlimaInnovation we’ve recently published a policy brief on advancing offshore hydrogen infrastructure and financing in the North Sea. You can find the full paper in the first comment. 💡 You can read the full opinion piece here 👇 https://lnkd.in/dFfv-nAt Let’s see if Jørgensen can bring Denmark’s successful approach to the EU and unlock the full potential of offshore hydrogen

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Norwegian duo reveals plans for hydrogen and bio-methanol production Norwegian companies Norwegian Hydrogen and MI member Glocal Green have entered into a concrete cooperation agreement for the development and establishment of hydrogen production in connection with Glocal Green’s planned bio-methanol plant in Øyer in Gudbrandsdalen. The deal is based on the dialogue the two companies have had since they entered into a letter of intent two years ago, Norwegian Hydrogen said, adding that the hydrogen production will be organized into a separate jointly owned company. Dag Nikolai Ryste, CEO of Glocal Green, stated: “A two-year study and dialogue between us have today resulted in a joint commitment to hydrogen production in connection with Glocal Green’s methanol production units. It has crystallized into a clear win-win model between the parties, and in addition, this efficiency will benefit all other parties along this holistic value chain, and not least the market.” According to Norwegian Hydrogen, bio-methanol will be produced from low-grade biological residual materials and by-products from forestry, agriculture, and the marine sector, and by adding hydrogen in the production process, “all the green carbon is utilized, resulting in a volumetric doubling of methanol production.” This methanol, with added hydrogen, is termed bio-e-methanol. https://bit.ly/3KCp5h9 #methanol #efuel #energy #energytransition #futurefuel #cleanfuel #alternativefuel #marine #maritime

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Exciting news indeed! Finland is rich with suitable locations for clean industrial investments - such as #Rauma. This is another good example of our Fortum strategy implementation. Reliable electricity network, availability of clean electricity at scale and easy/fast permitting processes - key ingredients for new #industrial #decarbonisation investments.

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*FinBalt gas demand at 5-month high in September, power sector continues to be main driver in Latvia and Finland** Read full analysis in the comments. Combined Finnish and Baltic gas demand in September was the highest of any month since April, as stronger gas-fired power generation continued driving consumption in Latvia and Finland. Combined demand in Finland, Estonia, Latvia and Lithuania last month rose to 2.61TWh from 2.49TWh in August, although it was still lower than 2.77TWh a year earlier and even further below the average of roughly 4.3TWh in 2018-21. This was a fourth consecutive monthly increase after demand hit a near two-year low in May. Demand increasing in May-September is an unusual pattern, as pre-2022 consumption in the region tended to decline over the summer. The power sector continued to drive regional demand, with gas-fired output across the four countries totalling 220GWh in September, just below April's 228GWh and well above other summer months, data from research institute Fraunhofer ISE show. The call on gas-fired assets strengthened because of Finnish nuclear outages. The 507MW unit 1 at Loviisa has been off line since 31 August, and the latest update from the operator said it would not return until 9 October, a date that has already been delayed several times. The 890MW unit 2 at Olkiluoto was also unavailable, on 9 September-6 October, while output from the 1.6GW unit 3 at Olkiluoto was limited. Lower nuclear generation in Finland, which normally exports to the Baltics, spurred demand for gas-fired generation. The Inkoo LNG terminal underwent short-term works, which took it off line on the 18-19 September gas days, but sendout held at zero on 18-22 September. During that time, Finland switched to net imports of 32 GWh/d from Estonia through the Balticconnector from net exports of 9 GWh/d earlier in that month and 50 GWh/d in all of August. The large gap between LNG deliveries on 28 August and 21 September was probably the reason for the low sendout in the first three weeks of that month, although Inkoo sendout was weak even before the maintenance, averaging 40 GWh/d compared with 79 GWh/d in August. Lower southbound flows from Finland cut into injections at Latvia's Incukalns facility, which fell to zero on the 18-22 September gas days before rebounding as Inkoo sendout increased. Stocks at Incukalns ended the month at about 19.3TWh, holding below the 20.9TWh of a year earlier but well above the five-year average of 16.1TWh in 2017-21. Maintenance drives demand, flows Regional works could continue driving gas flows and demand this month. Lithuania's Klaipeda LNG terminal went off line for maintenance on 1-3 September and sendout has only partially recovered since then. Together with low sendout from Inkoo, total regional sendout, including that from the small-scale Hamina terminal, averaged 107 GWh/d on 1-8 October, down from 133 GWh/d in all of September and 152 GWh/d in October 2023. #trading #FinBalt #LNG

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Norway's Equinor lost 4% of its profit from lower gas prices in the second quarter. The second quarter for Norway's state-owned energy company was not very successful, but analysts expected a greater failure. Equinor's second-quarter profit fell 4% year over year due to falling gas prices, the energy company reported Wednesday, although results still beat analysts' expectations. The Norwegian oil and gas producer's adjusted profit before tax for April-June fell to $7.48 billion from $7.80 billion a year earlier. However, this figure exceeded the $6.96 billion predicted in a survey of analysts. Compared to the same quarter last year, the selling price of European network gas decreased due to moderate temperatures and lower market prices, Equinor said. In the second quarter, the cost of a gas contract on TTF averaged €31.76 per 1 MWh, a year earlier this figure was at €34.86. Equinor produced 2.05 million barrels of oil equivalent per day in the second quarter, slightly above analysts' expectations, which had forecast 2.03 million b/d, compared with 1.99 million b/d a year earlier. Equinor also lowered its growth forecast for renewable energy production for 2024 to 70% amid a delay in the launch of the 1.2 GW Dogger Bank offshore wind farm in the UK. By the way, Equinor will overtake Russian Gazprom as the largest supplier of natural gas in Europe since 2022. However, Equinor's share price is down 10.4% this year, Reuters writes. https://lnkd.in/eiUW77e8

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The Norwegian Ministry of Energy has today presented a proposal for the announcement of the first licensing round for seabed minerals on the Norwegian continental shelf (NCS) for public consultation. The proposal sets out the areas where the companies will be able to apply for exploitation licenses, so that exploration and gathering knowledge about whether there is a basis for sustainable mineral exploitation on the NCS can begin. The Ministry of Energy emphasis that this is an important next step in the future management of the seabed resources on the NCS, as part of the world's need for minerals in the green transition, as access to minerals is crucial to ensure that the world succeeds with the transition to a low-emission society. Minerals from the Norwegian seabed can become a source to meet parts of this demand. The proposal which is now presented for public consultation is based on the proposal from the Norwegian Offshore Directorate. The area in the proposal constitutes 386 blocks and approximately 38 percent of the area which was opened in April. The deadline of the public consultation is 26th of September 2024. #simonsenvogtwiig #mining #environmentallaw #shippingandoffshore

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Welcome to “10 Minutes About – Gas” Today Chief Analyst Arne Lohmann Rasmussen is joined by Product Owner Liesa Maria Enzi. They look into the normalisation of gas prices, which has been stable for the past six months, and how the shift from Russian Gas to LNG has helped to stabilise supply and affect pricing structures. Arne gives his insight into the relation between gas prices and EUAs and how there might be an increase in EUA prices due to higher coal usage and, consequently, higher CO2 emissions. Watch the full video here: https://lnkd.in/d3iGn-fV #Gas #10MinutesAbout #GlobalRiskManagement

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DAILY MARKET REPORT - 20/06/2024 A further uptick seen in yesterdays session as the Norwegian outages continue, although are not significant. The is also concern around gas flows out of Russia with several parties being in dispute with Gazprom Export. OMV recently reported it expected flows to cease over payment disputes. Today being the 20th is a key day as the majority of payments are expected to flow today for the previous months deliveries in gas contracts. On top of that yesterday Russian courts issued judgement on two parties, ENGIE and Innogy Engie, from taking their case to the international courts. Whilst not certain, it is believed most European based or delivered contracts permit European laws to preside, leaving this judgement perhaps limited in its effect. This will of course be a distraction for the market, which continues to sit in a nervous state as to what to expect next. Overnight reports suggest further attacks from Russia on Ukrainian energy infrastructure. Yesterday saw the TTF Front Month contract settle at €35.34 (from €34.70) and the NBP Front Month contract at 82.86p (from 81.44p). Visund still remains on unplanned outage this morning and we see a flow level at 328mcm (325) Russian nominations showing Velke Kapusany at 43.0mcm (42.7) and Sudzha at 42.4mcm (42.4). Nord Stream remains unavailable. EU gas storage showing at 74.09% full as per AGSI+. LNG vessels due to arrive in UK next couple of weeks is 1. This morning we see the Front Month TTF contract at €35, NO CHANGE to the previous settlement. A quick check on some key contracts (rounded to nearest whole): Curve TTF Front Month €35, Front Season €40 (vs €35 and €39) Curve NBP Front Month 83p, Front Season 102p (vs 81p and 100p) UK Gas NBP spot 82p (from 82p) UK Power DA £83 (from £82) UK power prices show the UK Front Month Baseload contract at £74 (£74) and Front Season at £90 (£89). In other areas of the market Brent Oil is at $85 ($85) and EUAs are at €70 (€69). Henry Hub is at $2.91 ($2.91) and JKM is at $12.60 ($12.60) with TTF Equiv of $11.13 ($10.93). Numbers in brackets show the previous reports value. We ask that you ‘like’ and use the ‘repost’ function rather than copy from our updates – thank you. More information about Auxilione can be found on our website at www.auxilione.com. #energy #gas #power #electricity #powergeneration #energystorage #lng #energyindustry #powerdistribution #markets #naturalgas #oil #oilgas #renewableenergy #oilandgas #oilandgasindustry #renewables #sustainability #solar

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Is “#PtX”(P2X, transfers wind power to green hydrogen) the Future of Offshore Wind? Last year, the Danish Energy Agency made headlines by awarding subsidies totaling DKK 1.25 billion (€167 million) for six Power-to-X (PtX) projects, with a combined capacity of 280 MW. This move marked the first time a country has provided support for the production of green hydrogen through PtX technology. In addition, Copenhagen Infrastructure Partners (CIP) has unveiled an ambitious plan to build an artificial island called BrintØ (Hydrogen Island) in the North Sea's Dogger Bank area. The island will harness the power of nearby offshore wind farms to produce green hydrogen on a large scale, while also serving as an operations and maintenance hub for the surrounding wind farms. What are your thoughts? What obstacles do you believe PtX might encounter during its implementation? Also, will Taiwan be able to join the Ptx trend?💨⚡️💧🔋 (Photo credit to BrintØ, CIP) #offshore #wind #p2x #ptx #hydrogen #taiwan #renewables #energy

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Morning Report Friday’s headlines: A fiercely bullish week on the gas market ends with another price jump – prices reach 10-month highs Carbon climbs once again and the German power market also edges up along with the related markets Bullish gas and German power along with drier weather forecasts cause Nordic power prices to rise Today’s expectations: Falling prices across the markets after Israeli attack on Iran this weekend did not target the energy sector Gas and German power set to edge down for the first time in a week after five straight days of increases Nordic power expected to fall along with gas, German power, despite dry forecasts for late this week. #Passionforenergy

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Watch this trend as more #CCS project owners and developers seek to capitalize on their skill set to become the CCS project managers of projects funded by third parties.

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Congratulations to Remi Eriksen and DNV on the successful launch of their report; “Energy Transition Outlook 2024”. “If we want a faster transition, we must understand what is working and what is not. […] 2024 is the year that the global energy transition has begun; it is also the year that emissions are likely to peak” (From the foreword – Remi Eriksen, President and CEO, DNV). We are looking forward to contributing to accelerate the energy transition in line with the recommendations that this report outlines, when we meet in Oslo in February. As a trusted partner with DNV, we are proud to share the report here, the “Energy Transition Outlook 2024.” Download the report below. Jason Bordoff Columbia | SIPA BI Norwegian Business School Ulf Sverdrup OGCI (Oil and Gas Climate Initiative) Bjørn Otto Sverdrup UN Global Compact Norway Sanda Ojiambo Norwegian Institute of International Affairs (NUPI) European Policy Centre WBCSD – World Business Council for Sustainable Development Peter Bakker We Mean Business Coalition María Mendiluce The Global Energy Alliance for People and Planet (GEAPP) Jonas Gahr Støre ONS CICERO - Center for International Climate Research Kristin Halvorsen International Energy Agency (IEA) Fatih Birol Munich Security Conference NORSUS Ellen Marie Forsberg DNV Equinor Statkraft Norsk Hydro Yara International https://dnv.social/5NK

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DAILY MARKET REPORT - 21/05/2024 An upwards movement in yesterdays session as the market prepared for planned maintenance of the Norwegian assets. Many of those assets are now largely or completely offline which has a large impact on flow levels for the days ahead – today almost half of yesterdays flow. These are planned events and so won’t come as a surprise to the market, and helps rationalise the increases seen in recent weeks. The main concern for the market will be the timely return of these assets which, historically, can be unreliable. Yesterday saw the TTF Front Month contract settle at €31.77 (from €30.77) and the NBP Front Month contract at 76.70p (from 74.36p). No unplanned outage this morning and we see a flow level at 179mcm (317). Russian nominations showing Velke Kapusany at 40.2mcm (40.1) and Sudzha at 42.4mcm (42.2). Nord Stream remains unavailable. EU gas storage showing at 67.15% full as per AGSI+. LNG vessels due to arrive in UK next couple of weeks is 4. This morning we see the Front Month TTF contract at €32, NO CHANGE to the previous settlement. A quick check on some key contracts (rounded to nearest whole): Curve TTF Front Month €32, Front Season €37 (vs €32 and €37) Curve NBP Front Month 77p, Front Season 97p (vs 74p and 95p) UK Gas NBP spot 79p (from 76p) UK Power DA £80 (from £75) UK power prices show the UK Front Month Baseload contract at £70 (£67) and Front Season at £88 (£85). In other areas of the market Brent Oil is at $84 ($84) and EUAs are at €74 (€71). Henry Hub is at $2.75 ($2.63) and JKM is at $11.51 ($11.05) with TTF Equiv of $10.12 ($9.81). Numbers in brackets show the previous reports value. We ask that you ‘like’ and use the ‘repost’ function rather than copy from our updates – thank you. More information about Auxilione can be found on our website at www.auxilione.com. #energy #gas #power #electricity #powergeneration #energystorage #lng #energyindustry #powerdistribution #markets #naturalgas #oil #oilgas #renewableenergy #oilandgas #oilandgasindustry #renewables #sustainability #solar

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Exciting times are ahead in the energy sector, with European societies exploring a massive expansion of the power grid at a speed unprecedented. The message from NKT was clear at the annual conference on energy in Denmark, hosted by Danish Industry: The European cable industry is dedicated to the task and is investing significantly in additional production capacity and capabilities to accommodate the increasing demand. Investments require long-term visibility, which means that early, long-term contracts are the way forward to secure the right amount of production capacity and capability when it is needed.

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The Norwegian authorities have received applications from 21 upstream companies in Awards in Predefined Areas (APA) 2024. The application deadline was September 3. It is worth noting that most of the companies active on the Norwegian shelf have submitted applications in this year's APA round. The applications show that there is great interest in exploring close to existing fields and infrastructure. The following companies have submitted applications: Shell, Aker BP, Concedo, ConocoPhillips, DNO, Equinor Energy, INPEX Idemitsu, Lime Petroleum, M Vest Energy, OKEA, OMV, Pandion Energy, Petrolia, PGNiG Upstream, Repsol, Source Energy, Sval Energi, TotalEnergies, Vår Energi, Wellesly Petroleum and Wintershall Norge (now Harbour Energy). The Norwegian Offshore Directorate is currently evaluating the applications and emphasizes geological understanding and plans for exploration of the areas. When awarding production licenses, emphasis is also placed on the companies' technical expertise and experience, as well as financial strength. The authorities aim to award new production licenses in the announced areas at the beginning of 2025. #simonsenvogtwiig

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📣 Global energy and commodity price reporting agency Argus has launched new natural gas prices for the Danish market. Danish gas trading has intensified over the past year, driven by Denmark's increasing interconnectivity with other markets and the promise of a near-term rebound in domestic gas production. ---------- Argus Media chairman and chief executive Adrian Binks said: “We are pleased to have responded to industry requests to publish assessments for Danish gas prices. We worked closely with market participants to develop these indexes that add new transparency to the increasingly liquid Danish market, which has cemented its status as an important and growing gas producer, exporter and transit facilitator." ---------- Learn more: https://okt.to/5U7ieI #ArgusMedia #naturalgas #gastrading #balticpipeline

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#Yara International is officially opening its #renewable #hydrogen plant at Herøya, Norway. Yara is now producing renewable hydrogen and #ammonia and has already delivered the first tonnes of #fertilizers made from renewable ammonia produced at this plant. "This is a major milestone for Yara and for the decarbonization of the #foodvaluechain, shipping #fuel and other #energy intensive industries," says Svein Tore Holsether, President & CEO of Yara. The low-carbon footprint fertilizers produced and delivered will be part of a new portfolio called Yara Climate Choice. These solutions will benefit #crops while at the same time contributing to decarbonizing the food value chain and reducing climate impact. In addition to fertilizers produced with electrolysis of water and renewable energy, fertilizers based on low-carbon ammonia produced using carbon capture storage (CCS) will be a large part of Yara’s portfolio going forward. Yara Clean Ammonia is uniquely positioned to enable the hydrogen economy in a #market expected to grow substantially over the next decades. We aim at significantly strengthening our leading global position as the world’s largest ammonia distributor, unlocking the green and blue value chains, and driving the development of clean ammonia globally. #agriculture #production

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