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SSE's UK renewables production jumps, but profits are soft
The British utility SSE announced on Wednesday that it had increased its renewables production in the nine-month period ending December 31, aided by capacity growth. However, the power generator/network operator gave a cautious outlook for profit. SSE's adjusted earnings are expected to be between 154-163 pence for the fiscal year ending March 31 or 158.5 pence at the midpoint. This compares with the analysts' estimates of 163.1 pence. Analysts at Jefferies said that the forecast was in accordance with their consensus. SSE's renewables division, which focuses primarily on the UK and Ireland and is a key part of its business, has still seen a 26% increase in output for the nine-month period ending Dec. 31, despite the cold snap and low wind speed. SSE said that the record-breaking wind speed from Storm Eowyn, which left many homes and businesses in Ireland without power, also presented challenges to its grids in the current quarter, but they were overcome. Last month, Britain was also hit by heavy rain, snow and flooding. Our teams were able provide a rapid and effective response to Storm Eowyn. At 1025 GMT, its shares were up by 0.6%. The FTSE-100 component didn't provide an update on the search for a replacement chief executive before Alistair Phillips-Davies retires this year. SSE has maintained its profit forecast of 175-200 pence for the year ending on March 31, 2027 as it increases investments to meet UK electricity and decarbonisation goals. SSE's last fiscal year saw a profit per share of 158.5 pence. SSE's power network arm SSEN Transmission announced in December that it will invest at minimum 22 billion pounds ($27.50billion) over a period of five years beginning April 2026 in grid infrastructure.
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Iran declares U.S. sanctions on oil and energy markets will cause instability
The SHANA news outlet of the Ministry reported that Iran's Oil Minister said unilateral sanctions against crude producers would destabilise the energy markets. This was after U.S. president Donald Trump stated he would try to drive Tehran's exports of oil to zero. "Depoliticising of the oil market is vital for energy security." Mohsen Paknejad, OPEC's Secretary General Haitham Al Ghais said that unilateral sanctions and pressure against major oil producers will destabilise the oil and energy market and harm consumers worldwide. Paknejad made his comments after Trump restored the Iranian president's rights. "maximum pressure" Campaign against Iran, which includes efforts to reduce its oil exports to zero to prevent Tehran from obtaining nuclear weapons. The campaign began during Trump's second term in 2018. It led to a dramatic drop in Iranian oil imports, which fell to as low as 200,000 barrels a day in certain months of 2020. The Iranian oil exports have risen to around 1.5 million barrels a day under the administration of U.S. president Joe Biden, with most of them going to China. Paknejad told the state television on Wednesday, that Tehran has prepared strategies in case of U.S. sanctions. Paknejad stated that the upstream investment issue was the biggest challenge facing the global oil markets in the medium- to long-term. He said that if today, some major oil users are worried about the oil supply, it is because they have put pressure on OPEC+ by pushing for regulations on new upstream investment and by putting political pressure on OPEC+. Paknejad, who was elected as the president of OPEC for 2025 in December, is a member of the OPEC. Reporting by Dubai Newsroom Editing Bernadettebaum and Gareth Jones
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Reduced German renewable supply boosts spot prices
The price of European prompt electricity rose on Wednesday, as lower wind and sun output was forecast for Germany's main market. Demand increased in the region due to the cold temperatures. At 0945 GMT, the German power day-ahead was up 7.4% at 152 Euros ($158.20 per megawatt-hour). The French baseload rate for the day ahead rose 1.7% to 146 euros/MWh. According to LSEG, Germany's wind power production fell by 5.1 gigawatts to 11.6 GW. Solar generation also dropped to 2.7 GW compared to 4.8 GW. The French nuclear availability was unchanged at 81%, after losing two percentage points the day before. On Thursday, Germany's power consumption is expected to rise by 0.3 GW. In France, the demand should increase by the same amount. The average temperature in both countries is in the positive low degrees Celsius range. The German baseload for the year ahead was almost unchanged at 96.7 Euros/MWh. However, the French position was not traded after it settled at 69.0 Euros/MWh. The benchmark contract for 2025 on the European carbon market fell 1.1% to 80.05 euros per metric tonne. The VDMA said that the orders of German equipment and plant manufacturers grew a little in the last month of the year due to large contracts from overseas, but the year 2024 overall marked the second consecutive year of decline. LSEG data shows that the gas-fired generation in January was the highest since 2022. This is a jump of more than 10% compared to January 2024. The price of gas in the region has risen to its highest level since early 2023. This could lead some people to switch from gas to coal. ($1 = 0.9608 euro) (Reporting and editing by Vijay Kishore, Vera Eckert)
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Officials say that the South Korean industry ministry has temporarily banned access to DeepSeek due to security concerns.
A ministry official revealed on Wednesday that the South Korean industry ministry temporarily blocked employee access to DeepSeek, a Chinese artificial intelligence startup, due to security reasons. The government is urging caution with generative AI services. Officials said that the government published a notice Tuesday urging ministries and agencies to be cautious when using AI services, such as DeepSeek or ChatGPT, at work. The state-run Korea Hydro & Nuclear Power announced that it has blocked the use of AI services, including DeepSeek, earlier this month. A spokesperson for Kakao Corp said that the tech giant has asked its employees not to use DeepSeek because of security concerns. With the temporary ban, South Korea is now the latest government to issue a warning about DeepSeek. The U.S. Department of Homeland Security is also examining DeepSeek and its national security implications. DeepSeek, South Korea's privacy watchdog, plans to question the company about the management of personal information. The launch of DeepSeek’s latest AI models by the Chinese startup sent shockwaves throughout the tech industry. The company claims that its models are as good or better than those developed in the United States, and at a fraction the price. Reporting by Hyunjoo Ji, Joyce Lee, Hyonhee Shi, writing by Ju Min Park, editing by Bernadette B. Baum and Kate Mayberry
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In 2025/26, the global sugar market is expected to shift from deficit to surplus.
Analyst Green Pool stated on Wednesday that the global sugar balance will shift to a modest surplus during the 2025/26 crop year, with the production expected to increase. The Australia-based analyst for sugar and biofuels said that the surplus was expected to be 2.7 million tons in 2025/26 compared with the deficit of 3.7 millions in the previous season. Analyst: "Global stock levels remain tight but will receive some relief from projected surplus," he said. The global production is expected to grow 4.5% in 2025/26 to 202.0 millions tons, which will be the second highest total ever recorded. Brazil, India, and Thailand are all forecast to see an increase in output. The sugar production in Brazil's key Centre-South region is expected to increase to 41.6 millions tons from 39.95 in the previous season. This is due to a higher proportion of cane being used in sweetener production, which has risen to 50.9%, from 48%. Cane can be used for biofuel production. The global consumption is expected to rise by 1.2% in 2025/26 to 198,3 million tons. This growth rate is the same as that of the previous season. Green Pool forecasts are based upon crop-year cycles. The balance between consumption and production is adjusted to account for unaccounted disappearances. (Reporting and editing by Christina Fincher.)
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Source: Ukraine MPs are expected to vote on the law required for two new nuclear units next week
An industry source said on Wednesday that the Ukrainian parliament will vote on a bill next week to allow for the construction and startup of two new nuclear power plants. This would help support Ukraine as it is constantly under attack by Russian missiles. Ukrainian energy officials said that the new reactors would be built at Khmelnytskyi Nuclear Power Plant in western Ukraine, and will be equipped with Russian designed equipment which Kyiv is looking to import from Bulgaria. The Ukraine planned to sign an agreement last June with Bulgaria to purchase two nuclear reactor bodies to compensate for the loss the six-reactor nuclear power station in Zaporizhzhia, which was under Russian occupation. However, the law that would have allowed such a move to be made did not exist. A number of legislators have opposed the new law, arguing that the calculations of construction costs within the context of war with Russia are not transparent. The President Volodymyr Zelenskiy urged the parliament on Tuesday to support the bill, describing the project to finish the power units as "the key for Ukraine's independence in energy and energy stability in the region". Since Zaporizhzhia's loss, Ukraine has relied on nuclear energy from three power plants operating in the country. These power plants total nine reactors and include two that are currently in operation at Khmelnytskyi. About 60% of Ukraine's electricity needs are met by nuclear power plants. The construction of the third reactor and the fourth reactor at Khmelnytskyi started in the 1980s, but the project was frozen. German Galushchenko, the Energy Minister of Ukraine, said last year that it would take two and a half years for unit three to be operational if Ukraine received reactor vessels. (Reporting and editing by Hugh Lawson; Reporting by Pavel Polityuk)
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Officials say that if the renewable energy sector is slow, Japan's LNG demand may increase. Canada will be there to supply it.
A senior official from the industry ministry said that Japan's demand may increase by more than 10 percent to 74 million tons of liquefied gas by 2040, under a scenario in which renewable energy is not implemented as quickly as expected. Japan's domestic LNG consumption continued to decline last year. It fell by 0.4%, to 66,000,000 tons, due to the weaker economy, an increasing share of renewable energies, and restarted nuclear power plants. Yuya Hasegawa, division director of the Ministry of Economy, Trade and Industry in Japan (METI), said at a conference held in Tokyo that the growing number of data centres is expected to increase the demand for power. He said that if we don't have a massive expansion of renewable energies, or if the cost of ammonia, hydrogen, and CCUS (carbon storage, utilization, and capture) cannot be reduced, our gas demand would increase. Hasegawa said that under a METI scenario for an alternative energy strategy, Japan's demand for LNG will increase to 74 millions tons by 2040 or almost 10% if the METI scenarios do not include a significant expansion of renewable energy. Australia, Malaysia, and the United States provide the most LNG to Japan. However, Canada, where Mitsubishi is an investor, is planning to begin exports later this year. Canada has turned its attention towards other markets. Japan is the second largest LNG buyer in the world after China. Trump has promised to increase the oil and gas production of the U.S. which is already the largest in the world, increasing the competition between sellers for the top buyers including Japan. Rebecca Schulz of the Alberta Government's Ministry of Environment and Protected Areas, who spoke at the same conference, said that Alberta wants to double its production to supply other countries, such as Asia and Japan. "Just because of the shipping time - half the time comes from the U.S. Gulf Coast - it makes us the perfect partner for Japan," she said. (Reporting and editing by PhilippaFletcher; KatyaGolubkova)
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TotalEnergies Namibia's project is smaller and later than expected
FID is expected to end in 2026, not by the end of 2025 Production capacity has dropped to 150,000 barrels a day from 160,000 The country has been discovered by fellow majors PARIS, February 5 - CEO Patrick Pouyanne stated on Wednesday that the French oil major TotalEnergies will make a final decision on investment in its Namibian oil discovery by 2026. The project would produce 150,000 barrels a day. This is down from the initial 160,000 barrels a day that was discussed during its Investor Day in October. Pouyanne's previous target for the decision date on FID was 2025. This was announced at a results conference last April. The French oil giant has stated that it struggles to break even at less than $20 per barrel - an internal requirement of FID. The high gas content in Namibia has complicated the development of promising offshore discoveries. Chevron and BP both declared their initial Namibian discoveries commercially unviable last month.
CORRECTED: Rift between China and the Philippines over South China Sea deepens
Under Ferdinand Marcos Jr., the relationship between Manila and Beijing has soured. Manila is now turning back to the United States for support in its maritime disputes against China.
This timeline shows the key events that have escalated tensions in the Philippines-China relationship since 2023:
Marcos will visit Beijing for three days, where he will meet with Chinese President Xi Jinping and agree to establish direct communication between their foreign ministers on the South China Sea.
FEB 2, 2014 - Under the 2014 Enhanced Defense Cooperation Agreement, the Philippines allows the United States to access four additional military bases.
FEB 13-14: The Philippines accuses China of using a "military grade laser" to target one of their ships. The ship was resupplying troops aboard a warship Manila intentionally grounded in 1999 on the Second Thomas Shoal, a dispute. Marcos summons China's ambassador.
APRIL 3, 2019 - The Philippines reveals locations of four additional bases Washington can use in accordance with EDCA. Three of the bases face north toward Taiwan, and one is located near the disputed Spratly Islands.
APRIL 11, 2019 - The largest joint military exercises in history between Filipinos and Americans begin in the Philippines.
APRIL 22: Marcos and his Foreign Secretary meet with China's former foreign minister Qin Gang at Manila. They pledge to work together in order to resolve maritime disputes.
May 1: U.S. president Joe Biden receives Marcos, the first Philippine leader to visit the White House in 10 years. They expressed "unwavering dedication to freedom of overflight and navigation in the South China Sea".
May 3 - The United States, Philippines and other countries agree to new guidelines regarding their 1951 Mutual Defense Treaty. These guidelines specifically state that the mutual defense commitments will be invoked if either country is attacked "anywhere" in the South China Sea.
JUNE 6, 2009 - First trilateral manoeuvres by the coast guards from the United States of America, Japan, and the Philippines in the South China Sea.
AUG. 5 - The Philippines has accused China's coastguard of firing water cannons at a supply vessel transporting food to troops on Second Thomas Shoal. This area is known in China under the name Renai Reef, and in Manila it is called Ayungin Shoal.
AUG 7: The Chinese coast guard asks the Philippines if they can remove the warship that is stranded on Second Thomas Shoal.
OCT 22-24: The Philippines accuses Chinese Coastguard vessels of deliberately colliding with their vessels supplying its forces stationed on the Second Thomas Shoal. The incident was not serious.
The Philippines has called on China to remove "illegal structures", which are built in its exclusive economic zones (EEZ), stop reclamation of these areas, and take responsibility for any damage caused by the activities.
NOV 21: The Philippines and United States militaries launch a joint patrol from the waters near Taiwan up to the South China Sea.
NOV 25: The Philippines and Australia launch their first joint air and sea patrols in South China Sea.
DEC 9-10: The Philippines accuses China that it fired water cannons at its boats including one with its military chief and rammed others, causing severe engine damage. China's coastguard says that the Philippine vessel deliberately rammed their ship.
DEC 19: Marcos says that a paradigm shift is required in the way his country views the South China Sea. Diplomatic efforts with Beijing are heading in a "poor" direction.
DEC 21: China warns against Philippines "misjudging the maritime situation" and says that bilateral relations between the two countries are at a crossroads.
JAN 3: The Philippines and United States conduct their second joint patrol of the South China Sea, while China is conducting a similar activity in the disputed watersway with its air and naval forces.
FEB 9: The Philippines and United States conduct joint maritime exercises for the third time in the South China Sea, while China continues its "routine patrols".
The Philippine Coast Guard accused China of making "dangerous" and "blocking" maneuvers when its vessel was patrolling near Scarborough Shoal, in the South China Sea.
The Philippines has condemned China's coast guard for their "reckless" "illegal" actions which led to the collision of a Chinese ship with a Philippine vessel, causing damage to the latter, and injuring its crew during a resupply for troops on the Second Thomas Shoal. China claims that the Philippine vessels intruded illegally into the waters near the shoal.
MARCH 6, 2019 - The Philippines summoned China's deputy head of mission to Manila in protest against "aggressive" actions by Chinese naval forces towards the resupply missions.
China has warned the United States to refrain from "stoking up trouble" and taking sides in the South China Sea dispute, following the statement made by U.S. Secretary Antony Blinken, during a trip to Manila. Blinken claimed that a security agreement with the Philippines included attacks against the Philippine Coast Guard.
China's coastguard claims it has taken action against Philippine vessels resupplying troops on the Second Thomas Shoal. The Philippines, however, has branded the actions, which included the use of water cannons that damaged their ship and injured crew members, as "irresponsible" and "provocative".
The Philippines summoned China's envoy on March 25 to protest "aggressive" actions in the South China Sea. Manila's Defence Minister dared Beijing, to support its vast claims of sovereignty by taking them before international arbitration.
(source: Reuters)