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Welcome to the ICIS Heren newsletter, bringing you the latest news stories from the gas, power, LNG, and carbon markets. The news summaries and headlines below give you a sample of content taken from recent ICIS Heren reports. If you are not a subscriber, please register here for free sample reports.
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RWE sees increasing European LNG supplies
Germany's RWE anticipates it will contract increasing amounts of LNG over the next few years, as European gas production declines and LNG reverts to a buyer's market, with more upstream projects on stream and increased pressure on oil-indexed contracts. David Fuller, the global head of LNG at RWE Supply and Trading, told ICIS Heren that he saw two important trends emerging in the LNG market that could lead to this scenario: "Firstly, much more flow from the Pacific Basin back to the Atlantic Basin, rather than the past trend [that] saw most of the flexible LNG in 2008 heading to Asia.
"Secondly, either more flexibility entering into the long-term oil-linked contracts and/or a downward trend away from parity to oil - perhaps even some element of gas market indexation in those contracts."
The German utility said that it anticipates completing a detailed feasibility study on its planned Wilhelmshaven GasPort receiving facility by the end of this year. Excelerate Energy and oil terminal operator Nord-West Oelleitung (NWO) are partners in this venture, which would offload gas converted from LNG on board Excelerate's regasification ships, and could be ready within a year from final investment decision. |
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French TSO auctions off long-term Taisnieres capacity |
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MEPs look to shield energy sector from trading crackdown |
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Eni agrees to sell stakes in German, Swiss, Austrian TSOs |
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Shell and PetroChina launch Arrow Energy bid
Oil and gas major Shell and Chinese energy group PetroChina have issued a joint bid to purchase Queensland's Arrow Energy in a widely anticipated move to consolidate Shell's efforts in the Australian coal seam gas (CSG) sector.
Shell and PetroChina offered A$4.45 (US$4.07) cash per share, plus one share in a new entity comprising Arrow's international business, Arrow Energy said in a statement released to the Australian Stock Exchange on Monday.
The total cost of acquisition is expected to amount to A$3.26bn, with market observers suggesting the breakdown to be 50:50, and PetroChina entitled to offtake 50% of the project's output. Shell confirmed the takeover talks in a release on Monday. However, a spokesperson for the Anglo-Dutch energy group declined to comment further.
"At this stage, the Arrow board recommends shareholders take no action in relation to their Arrow shares," Arrow Energy said in a statement. |
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Pakistan's Mashal terminal in Fast-track Development |
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Spain has made U-turn on nuclear issue - analyst
The Spanish government appears to have abandoned its anti-nuclear politics, and will not close any more plants, an energy analyst from a Spanish bank said on Wednesday.
At a press conference on Monday, Elena Salgado, the country's economy minister revealed that the government wants nuclear energy to represent 15% of total electricity generation in 2020 (see EDEM 2 March 2010).
"They have always said as little as possible on the nuclear issue, but the maths says it all," the source said. "Nuclear currently provides about 18% of Spain's electricity, but by 2011, Garoña will [have closed]. By losing a 500MW plant, the remaining seven will meet this 15%."
Salgado's main message earlier this week was that the government wanted wind power to meet nearly one-quarter of electricity demand by that year. However, by also revealing the generation target for nuclear, she offered Madrid's clearest signal yet that it has completed the nuclear U-turn it began last year (see EDEM 3 December 2009).
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EFET, BNetzA to discuss 'exceptions' to German renewables law |
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CWE/Nordic market coupling seeks "stop-gap" measures |
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Ofgem queries link between retail margins and investment |
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| Carbon |
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Exchange rules changed to weed out used CERs
ECX is putting in place new rules to block recycled certified emission reductions (CERs) from trading on the London-based platform. French platform BlueNext is also applying existing filters to block already-surrendered CERs.
Recycled CERs will now be added to ECX's list of ineligible credits, joining those from large hydro, nuclear and forestry projects, also rejected by the EU.
This protects buyers from the risk of ending up with a CER that cannot be submitted for compliance. This risk has unnerved the market since Hungary sold a batch of already-surrendered CERs last week.
ECX's clearing members and clearing house will be in charge of crosschecking all CERs sold on the exchange against a list of already-submitted international credits, published by the European Commission.
"If the clearing member fails to detect that this credit has already been surrendered, it will be returned by the clearing house," said Sara Ståhl, director of market development at ECX. "These credits will be deemed to be ineligible for delivery." |
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Belgium to buy EUAs in market for Arcelor |
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Ukrainian utility to sell 5m ERUs in tender |
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EU hopes to crack down on allocation to idled plants |
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