Energy

Enagas Plans €4bn Investment, €3.1bn for Hydrogen Infrastructure
February 18, 2025
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Enagas Plans €4bn Investment, €3.1bn for Hydrogen Infrastructure

Spanish gas grid operator Enagas plans to invest €4.04 billion by 2030, with more than three-quarters—approximately €3.13 billion—dedicated to hydrogen infrastructure. The company, which is shifting its focus from traditional gas due to declining demand, is also venturing into ammonia and CO₂ capture through a new subsidiary, Scale Green Energy.

Air Liquide and TotalEnergies to Invest Over €1bn in Green Hydrogen Projects
February 18, 2025
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Air Liquide and TotalEnergies to Invest Over €1bn in Green Hydrogen Projects

French energy giants TotalEnergies and Air Liquide are set to launch two green hydrogen projects aimed at decarbonising TotalEnergies' refineries in the Netherlands and Belgium. The projects, involving the construction of electrolysers, represent a combined investment of more than €1bn and are expected to reduce CO₂ emissions by up to 450,000 metric tons annually.

Norway to Open Protected Rivers to Hydropower Plants
February 16, 2025
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Norway to Open Protected Rivers to Hydropower Plants

Norway’s parliament has approved a controversial bill permitting the construction of hydropower plants over 1MW in protected waterways if the societal benefits are significant and environmental impacts acceptable. Environmental campaigners decry the move as a “historic attack on Norwegian nature,” fearing irreversible damage to fish, waterfalls, and ecosystems. Critics argue the decision was rushed without adequate public consultation, while supporters stress the need for enhanced flood and landslide protection.

BNP, EIB Seal €1bn Guarantee to Boost EU Wind Investments
February 13, 2025
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BNP, EIB Seal €1bn Guarantee to Boost EU Wind Investments

BNP Paribas has signed an agreement with the European Investment Bank to support wind energy projects across the EU. The deal establishes bank guarantees worth €1 billion to back new wind farm investments, potentially unlocking up to €8 billion in total investments for the sector. This collaboration is set to drive significant growth in renewable energy across the bloc.

Chevron to Lay Off 15% to 20% of Global Workforce
February 12, 2025
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Chevron to Lay Off 15% to 20% of Global Workforce

Chevron has announced plans to cut 15% to 20% of its global workforce by the end of 2026 as part of an extensive cost-cutting and organizational simplification strategy. The move comes amid production challenges, delays in a major Kazakhstan project, and uncertainties surrounding its $53-billion acquisition of Hess. The restructuring effort is expected to generate up to $3 billion in savings by leveraging technology, asset sales, and revised work practices.

BP Set to Scale Back Green Investments as Profits Plummet
February 11, 2025
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BP Set to Scale Back Green Investments as Profits Plummet

BP has announced plans to "fundamentally reset" its strategy as its profits fell to $8.9bn (£7.2bn) in 2024, down from $13.8bn the previous year. The oil giant is expected to scale back its renewable energy investments and increase oil and gas production, following similar moves by Shell and Equinor. The company is likely to cut its previous $10bn commitment to renewables by up to 50%, abandon its 50GW renewable energy target, and focus more on fossil fuels amid shareholder pressure and falling energy prices.

Elia Delays Key Contracts for Belgium’s €7.5bn Energy Island Project
February 5, 2025
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Elia Delays Key Contracts for Belgium’s €7.5bn Energy Island Project

Belgian high-voltage grid operator Elia has postponed signing several key contracts for the Princess Elisabeth Energy Island, citing soaring costs for high-voltage direct current (HVDC) infrastructure. The project’s total cost has now surged to €7.5 billion, leading Elia to explore alternative solutions. While the construction of the island's foundations and alternating current (HVAC) equipment remains on track, the third planned wind farm (1,400 MW) and hybrid interconnection with the UK (Nautilus project) now face delays. The postponement comes amid tight supply chain conditions and higher-than-expected costs, prompting Elia to seek further political support before proceeding.

Equinor Halves Green Energy Budget as It Increases Oil and Gas Production
February 5, 2025
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Equinor Halves Green Energy Budget as It Increases Oil and Gas Production

Norway’s state-owned oil giant, Equinor, has cut its low-carbon energy budget from $10 billion to $5 billion over the next two years, shifting focus back to fossil fuel production. The company plans to increase oil and gas output by 10% by 2030, including through its controversial Rosebank oilfield project in the North Sea. The move follows similar rollbacks by Shell, BP, and TotalEnergies, raising concerns over the fossil fuel industry's retreat from renewable commitments amid volatile energy markets.

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