Energy

World's First Ammonia-Fuelled PSV Ship Set for 2026 Launch

August 27, 2024

World's First Ammonia-Fuelled PSV Ship Set for 2026 Launch

Wartsila, a Finnish engine manufacturer, has partnered with Norwegian shipowner Eidesvik to retrofit the Viking Energy, a platform supply vessel (PSV), to run on ammonia fuel, making it the world's first ammonia-fuelled PSV in service.

Equinor to Invest Up to $6.7bn Annually in Norwegian Oil and Gas Until 2035

August 26, 2024

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Equinor to Invest Up to $6.7bn Annually in Norwegian Oil and Gas Until 2035

Equinor plans to invest up to $6.7 billion annually in Norway's offshore oil and gas sector until 2035, driven by strong demand and the need to sustain production levels despite declining fields

Poland Allocates €1.07bn to Launch First Nuclear Power Plant

August 26, 2024

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Poland Allocates €1.07bn to Launch First Nuclear Power Plant

Poland has allocated €1.07 billion from its 2025 budget to kickstart its first nuclear power plant, slated to be operational by 2034, as part of a broader strategy to diversify its energy mix and reduce costs.

Germany Invests €3.3bn into Green Industrial Sector

August 25, 2024

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Germany Invests €3.3bn into Green Industrial Sector

German Federal Minister of Economics Robert Habeck announced a €3.3 billion funding program to support the green transition in industry, including subsidies for climate-friendly production methods and controversial underground CO₂ storage.

Europe Secures 90% of Natural Gas Reserves Ahead of Winter

August 22, 2024

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Europe Secures 90% of Natural Gas Reserves Ahead of Winter

The European Union has achieved 90% capacity in its natural gas reserves, two months ahead of the November 1 target. This preparedness comes as energy prices rise due to geopolitical tensions, ensuring that Europe is ready for the winter months.

Orsted Faces Major Setbacks as U.S. Wind Projects Stall, Reports €522mn Loss

August 19, 2024

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Orsted Faces Major Setbacks as U.S. Wind Projects Stall, Reports €522mn Loss

Orsted, the global leader in offshore wind energy, reported significant losses of €522 million in Q2 2024, primarily due to delays in its Revolution Wind project in the U.S. The company has pushed back the commissioning of the 704-megawatt project to 2026 due to soil contamination issues. Additionally, Orsted has made adjustments to other U.S. projects and has reoriented its strategy amidst rising interest rates and operational challenges.

Norway's Third Nuclear Power Plant Proposal Submitted by Norsk Kjernekraft

August 18, 2024

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Norway's Third Nuclear Power Plant Proposal Submitted by Norsk Kjernekraft

Norsk Kjernekraft has submitted a proposal to Norway's Ministry of Energy for a new nuclear power plant in Øygarden, west of Bergen. The plant would be based on small modular reactors (SMRs) and could generate up to 12.5 TWh annually, potentially covering 10% of Norway's electricity needs.

Maersk to Explore Nuclear-Powered Container Shipping in Europe

August 15, 2024

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Maersk to Explore Nuclear-Powered Container Shipping in Europe

Maersk, Lloyd's Register, and Core Power are conducting a joint study to assess the feasibility of using nuclear power for container shipping in Europe. The study will examine the regulatory and safety aspects of operating nuclear-powered vessels, including the potential use of fourth-generation reactors, and explore the necessary updates to safety rules and regulatory frameworks for this technology.