Equinor Acquires Stake in Ørsted, CBAM Tax Effects
Highlights from Uptime episode 237 & exclusive content
⏱️ 4 minute read ⏱️
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In this week’s Uptime Wind Energy Podcast, Allen Hall, Joel Saxum, Rosemary Barnes and Phil Totaro discuss how Equinor acquiring a minority stake in Ørsted could impact the renewable energy sector - and Danish pride.
Why Doesn’t Equinor Want a Seat on the Board?
Equinor is now the second largest shareholder in Ørsted, after the Danish State.
Is Equinor’s move a clear-cut win-win for the business, just another minority investment, or as Equinor benignly suggests, a “long-term bet on the sector?” Joel says the timing is relevant, as other companies have backed off wind holdings recently. And Rosemary looks at the odd dynamics of feeling national pride in a green energy industry that’s (still) financed by fossil fuels.
UK Companies Making Onshore Moves
Leeds-based engineering firm Renew Holdings has acquired Full Circle Group Holding BV, a provider of repair, maintenance and monitoring services for onshore wind turbines, for €60m/£50.5m.
We expect to see more news like this after the UK government has lifted restrictions on new onshore projects. Phil explains why, even though the focus is on new projects, the service and repair business stands to gain, too.
Money is Funny, All Over the World
In Canada, the new C-49 bill is intended to “seize the generational economic opportunity” of offshore wind investments, specifically by looking to develop off the coasts of the provinces of Nova Scotia, Newfoundland and Labrador.
In the US, Form Energy has received rare series F funding, to the tune of $1.2B, to develop and mass-produce iron-air batteries capable of providing multi-day energy storage solutions. More below on the new technology.
And even as the UK government is looking to spur onshore development, some worry that the EU’s carbon border adjustment mechanism (CBAM) could slow - or reverse - the green energy transition.
What Sound Will CBAM Make?
WindEurope has estimated that CBAM could increase the cost of a single turbine by €1M. In our podcast, we delve into how the mechanism is likely to affect wind turbine prices, development timelines, and the global supply chain.
Truly New Technology Takes Time - and Money
In West Virginia, Form Energy has made it to the F (!) funding round which will pump a lot of money into developing - and just as importantly, scaling up - iron-air batteries, touted as the missing piece of energy storage technologies.
The company recently signed an MoU with GE Vernova. Even before that, however, the endeavor had gotten backing from the Federal Government and attracted private investments from Bill Gates’ Breakthrough Energy Ventures, and The Engine Ventures, a firm dedicated to solving “the world’s biggest problems.”
We’ll be watching!
Odense Port Transforms into Offshore Wind Hub
Speaking of technology and innovation, Odense Port is expanding by a million square meters (!) and the unique Denmark site plans to integrate manufacturing and assembly processes to reduce turbine costs by 2-3%. See link below for more on the story.
Good Communication Makes Good Neighbors
Our Wind Farm of the Week is Cardinal Point Wind Farm. Owned by Capital Power, the project sits on 20,000 privately-owned acres in Illinois.
Among other things, those land owners and nearby residents get a quarterly newsletter explaining what’s going on at the site, where 60 GE turbines have been turning since 2020.
Cardinal Point was developed under a somewhat unique financial arrangement, and Capital Power was probably pretty particular about the height of those turbines.
Find out more, including a link to Cardinal Point’s latest newsletter, and see some of our other Wind Farms of the Week here.
Wind News Moves Fast
We know; a week goes by and there are a dozen stories you need to go back to read. Or re-read. Good news! You can find the news you may have missed when you search previous issues here.
The Uptime Wind Energy Podcast is brought to you by Weather Guard Lightning Tech. Links below take you straight to the stories we discuss in this week’s episode.
⚡️ NEWS FLASH 10/15/24:
➡️ New Power-Up episode:
Interesting Finds From Around the Web
TotalEnergies Joins RWE in 4GW Offshore Wind Scheme in Germany
Renew Holdings buys Dutch wind turbine repair firm for £50.5m
Canada Reforms Regulations to Attract Offshore Wind Investments
First Onshore Link for Poland’s 1.2GW Baltic Power Offshore Wind Farm
Form Energy Secures $405M to Expand Iron-Air Battery Operation
Supply shortages, inflexible market may increase power transformer lead times
ICYMI: IWTG Consulting Insights: Blades, Bearings, and Big Data
Wind Energy Stock Watch
Vestas (VWDRY) $6.01 USD
GE (GE) $190.57 USD
Siemens Energy AG (SMNEY) $37.65 USD
Goldwind (XJNGF) $.77 USD
Iberdrola (IBE.MC) €14.07 EUR
Nordex (NRDXF) $16.45 USD
Stock prices as of close Tuesday October 15, 2024. Note some stocks use OTC Delayed Price.
Stay informed: Each week we highlight wind energy news and the latest technology with insight from experts from around the world. If you learned something, please forward to a friend. If this newsletter was forwarded to you, subscribe now.
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