Vestas and Fortum are pleased to announce that the companies have reached an agreement on arbitration related to wind energy projects in Russia. The agreement entails both companies waiving past, present and future claims related to their traditional business activities in Russia. The terms of the agreement are otherwise confidential. With this agreement, Fortum and … Continue reading Vestas and Fortum reach agreement on arbitration related to wind energy projects in Russia
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EU solar and wind power growth displaced gas consumption worth half of Russian imports in August 2023
The EU’s progress in reaching low coal and gas consumption in power generation in 2023 as well as highs for solar and wind electricity generation has been remarkable. The expansion of renewable energy production has not only diversified the power generation mix but also reduced dependency on imported fossil fuels. A new briefing from the … Continue reading EU solar and wind power growth displaced gas consumption worth half of Russian imports in August 2023
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Ukraine lost 90% of wind power and 50% of solar power due to Russian attacks
The Ukrinform agency recalls that since October 10, Russia has carried out massive attacks with kamikaze missiles and drones against the civilian energy infrastructure of Ukraine.The war has left Ukraine without 90% of its wind power capacity and between 45% and 50% of its solar capacity. This was reported this Sunday by the Ukrainian Minister … Continue reading Ukraine lost 90% of wind power and 50% of solar power due to Russian attacks
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Danish authorities order Ørsted’s oil- and coal-fired power stations into operation
In order to ensure the security of the electricity supply in Denmark, the Danish authorities have decided to order Ørsted to continue and resume operations of three of its power station units which use oil and coal as fuel. This applies to unit 3 at Esbjerg Power Station and unit 4 at Studstrup Power Station, … Continue reading Danish authorities order Ørsted’s oil- and coal-fired power stations into operation
Continue readingEquinor completes exit process from Russia
On 25 May 2022, Equinor announced its exit from the four joint ventures with Rosneft as well as the signing of an agreement to leave the Kharyaga project. Equinor can now confirm that the full exit from Kharyaga has also been completed. As part of the exit from Kharyaga, Equinor has in compliance with applicable … Continue reading Equinor completes exit process from Russia
Continue readingGas market is in focus and emphasises the importance of the energy transition
Vattenfall’s underlying results for the first half of the year remained unchanged from last year. In Europe there is a lot of focus on securing gas for the upcoming winter. In order to reduce fossil fuel dependency, the pace in the energy transition needs to remain high. “Turbulence in the electricity market increased in the … Continue reading Gas market is in focus and emphasises the importance of the energy transition
Continue readingDemanding energy markets
The second quarter was characterized by unprecedented market volatility, high power prices and concerns about energy supplies due to a shortage of gas supplies from Russia. “The European energy crisis has accelerated due to a shortage of gas supplies from Russia, leading to high power prices and a large increase in Statkraft’s gross revenues. However, … Continue reading Demanding energy markets
Continue readingØrsted continues to reject demand for payment in roubles – risk of Gazprom Export’s gas supplies to Ørsted being halted
Gazprom Export continues to demand that Ørsted pays for gas supplies in roubles. We have no legal obligation under the contract to do so, and we have repeatedly informed Gazprom Export that we will not do so. The payment deadline is 31 May and Ørsted will continue to pay in Euros. Therefore, there is a … Continue reading Ørsted continues to reject demand for payment in roubles – risk of Gazprom Export’s gas supplies to Ørsted being halted
Continue readingØrsted comments on demand about payment in roubles
Ørsted has received a demand from Gazprom Export to pay for gas supplies in roubles. We have no intention of paying in roubles. We are in close dialogue with other energy companies and the authorities regarding a common European response to Gazprom Export. Ørsted condemns Russia’s invasion of Ukraine and has already taken a number … Continue reading Ørsted comments on demand about payment in roubles
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Russia enters 15,000 million euros for exports to Europe since the beginning of the invasion of Ukraine
Russia has entered 15,000 million euros since the beginning of the invasion of Ukraine, on February 24, thanks to exports of gas, oil and coal to the European Union, according to data from the CREA study center (Centre for Research on Energy and Clean Air).European gas imports have brought Russia 9.4 billion euros; those of … Continue reading Russia enters 15,000 million euros for exports to Europe since the beginning of the invasion of Ukraine
Continue readingEquinor to stop trading in Russian oil
Following the announcement that Equinor has started the process to exit its projects in Russia, a decision has been made that Equinor will also stop trading in Russian oil. This means that Equinor will not enter any new trades or engage in transport of oil and oil products from Russia. This is part of Equinor’s … Continue reading Equinor to stop trading in Russian oil
Continue readingHow Europe can Cut Natural Gas Imports from Russia significantly within a Year
IEA provides 10-Point Plan to European Union for reducing reliance on Russian supplies by over a third while supporting European Green Deal, with emergency options to go further. Do not sign any new gas supply contracts with Russia. [Impact: Enables greater diversification of supply this year and beyond] Replace Russian supplies with gas from alternative … Continue reading How Europe can Cut Natural Gas Imports from Russia significantly within a Year
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Joint statement on the IEA’s ten-point plan to reduce the European Union’s reliance on Russian natural gas
The Global Wind Energy Council (‘GWEC’) and WindEurope, are today jointly responding to the IEA’s 10-point Plan to Reduce the European Union’s Reliance on Russian Natural Gas. The report comes at a time of heightened concern over the security and resilience of national and regional energy systems. The Russian invasion of Ukraine is a tragedy … Continue reading Joint statement on the IEA’s ten-point plan to reduce the European Union’s reliance on Russian natural gas
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Vestas halts four wind power projects in Russia
Wind turbine manufacturer Vestas will stop its four wind farm projects under development in Russia as a result of the Russian invasion of Ukraine. Vestas has been developing since September the four projects – Novoalekseevskaya, Grazhdanskaya, Ivanovskaya and Pokrovskaya – with a total capacity of 253 megawatts commissioned by a consortium between Finland’s Fortum and … Continue reading Vestas halts four wind power projects in Russia
Continue readingØrsted updates investors on the company’s exposure to gas contract with Gazprom Export
Ørsted condemns the Russian invasion of Ukraine and has already taken several steps to stop its cooperation with Russian companies. Ørsted has ceased all sourcing of biomass and coal from Russia for its power stations, Ørsted will not enter into new contracts with Russian companies, and Ørsted has made sure that none of Ørsted’s direct … Continue reading Ørsted updates investors on the company’s exposure to gas contract with Gazprom Export
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Vattenfall stands by Ukraine
On Thursday morning war broke out in Europe. Vattenfall’s President and CEO Anna Borg, comments on the situation. By Markus Friberg Anna Borg, what is your reaction to Russia’s invasion of Ukraine on Thursday morning? It is a clear breach of international law and Europe is now facing the worst geopolitical situation since the Second … Continue reading Vattenfall stands by Ukraine
Continue readingØrsted statement on the Ukraine-Russia conflict
Ørsted finds the situation deeply disturbing, not least the human suffering following the war in Ukraine. The Russian aggression goes against everything that Ørsted stands for, and we have therefore taken significant steps in accordance with our values as a company. Regarding the gas from Gazprom that is supplied to Denmark, Ørsted recommends a clear and … Continue reading Ørsted statement on the Ukraine-Russia conflict
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Fortum in Russian Wind Power Cooperation With Gazprombank’s Unit Bank GPB
Fortum Oyj is a Finnish state-owned energy company located in Espoo, Finland. Fortum has more than fifty years of experience operating in Russia. Fortum holds a portfolio of around 3.4 gigawatts of wind and solar power parks and development projects in Russia both directly and with partners like the Russian Direct Investment Fund. The Fortum-Rusnano … Continue reading Fortum in Russian Wind Power Cooperation With Gazprombank’s Unit Bank GPB
Continue readingThe first kilowatts from the Medvezhenskaya Wind Farm of Rosatom entered the power grid of Russia
The Medvezhenskaya Wind Farm (Stavropol Krai) began supplying electricity to the wholesale electricity and capacity market on December 1, 2021. The wind farm with an installed capacity of 60 MW consists of 24 wind turbine generators. Local content of facility equipment, as confirmed by the Ministry of Industry and Trade of the Russian Federation, amounts … Continue reading The first kilowatts from the Medvezhenskaya Wind Farm of Rosatom entered the power grid of Russia
Continue readingAgrees with Chinese Companies to Study the Wind Energy Potential of Vostok Oil Project
During the III Russian-Chinese Energy Business Forum, Vostok Oil (Rosneft Group Subsidiary) and a number of Chinese companies signed a cooperation agreement to conduct the study of the wind energy potential of Vostok Oil Project. The study precedes the start of the work to design, construct and commission a wind energy center with the estimated … Continue reading Agrees with Chinese Companies to Study the Wind Energy Potential of Vostok Oil Project
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