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Renewables and distribution drive Greece's PPC EBITDA up by 24% in the nine-month period
Public Power Corporation (Greece's largest utility) reported on Tuesday that its adjusted core profit grew by 24% in the first nine-month period of 2025 compared to the same period last year, mainly due to higher distribution revenues and a higher output from renewables. PPC reported that adjusted earnings before interest tax, depreciation, and amortisation (Jan-Sept) were 1.7 billion euro ($2 billion), a significant increase from the 1.3 billion euro earned a year ago. In a press release, Chairman and Chief Executive Georgios STASIS said: "We are fully committed to the execution of our Transformation Plan and invest actively in clean and versatile electricity generation." The first nine months in 2025 saw investments totaling 1.9 billion euro, of which approximately 88% were allocated to projects involving renewable energy sources. The group said that RES production rose 5% on an annual basis in the first nine months despite a drop of 15% in large hydro output because of lower reservoir inflows. The wind and solar power generation grew by 48%, respectively, with the new capacity including Ptolemaida's largest solar park. PPC said that its installed RES capacity was 6.4 gigawatts as of end-September. 3.9 GW were under construction or are ready to be built. Renewables now account for 33% in its energy mix. The utility intends to phase out the use of lignite in 2026. The group confirmed its outlook for the year 2025. It said it was on course to achieve adjusted EBITDA in excess of 2 billion euro and a net profit above 400 million euro. It plans to pay 0.60 euros per share in dividends, an increase of 50% over 2024.
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Gabon signs landmark climate finance deal for Congo rainforests
The Gabon government and a group of donors signed an agreement to protect 34,000 square kilometers (13,000 square miles), of the Congo Basin rainforests in the country. The plan, dubbed "Gabon Infini", will combine $94 millions of donor money such as that from the Global Environment Facility or the Bezos Earth Fund over a 10 year period with $86,000,000 of government funding. The model, known as "Project Finance for Permanence", aims to finance national parks and tackle elephant poaching while boosting eco-tourism. It is a method that ties funding disbursements to important government policy changes. The model is becoming more popular. Brazil announced on Monday a similar deal covering almost 243,000 square kilometers of Amazon rainforest. Kenya and Namibia were also finalising agreements. Gabon is a vital ecological anchor in the vast Congo Basin. Nearly 90% of its land is covered in tropical rainforest. It is home to over half of the remaining African forest elephants and a quarter of the western lowland chimpanzees. The new plan is based on a "debt for nature swap" that was completed only weeks before the military coup of 2023. In that deal, Gabon refinanced $500 million of loans with a bond that set aside funds for coastal protection. The country's finances are once again causing concern. The draft budget for 2026, approved in September, plans to almost double government expenditures next year. Rating agencies warned that the debt-to GDP ratio would increase to nearly 90% from 73% by the end of 2018. The former minister Maurice Ntossui Allogo who oversees the new conservation plan said that Tuesday's Letter of Intent Agreement marked "a crucial milestone" for Gabon’s conservation drive. Ryan Demmy Bidwell of The Nature Conservancy, a non-profit organization that has worked with the government to protect the forest, stated that Gabon is important because almost 90% of it is intact. He added that the Infini project would lead to the creation of new national parks, and other protected areas, so as to cover 30% of its rainforests, up from 15% at present. Bidwell stated, "We hope Gabon can serve as a role model for other countries in the Congo Basin and in Africa." (Reporting and Editing by Peter Graff.)
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EU approves subsidy of $2 billion for German coal
The European Commission announced on Tuesday that they had approved a compensation payment of 1.75 billion euro ($2.03 billion), from Germany, to the power company LEAG in exchange for it ceasing coal use by 2038. In 2020, the German government agreed that coal-fired plants would be shut down by 2038 as part of its effort to achieve climate neutrality by 2045. The compensation amount was agreed upon with LEAG, subject to EU approval. LEAG will supply 7 gigawatts (about 10%) of Germany's total lignite-fired electricity in 2024. This shift, which included a planned repurposing opencast mines in eastern Lusatia, caused social unrest. In 2021, the Commission opened an investigation into whether the payment distorted the free competition on the EU's inner market. The Commission Representation in Germany released a press release that said: "The European Commission reviewed and approved an German subsidy up to 1,75 billion Euros in favour of Lausitz Energie Kraftwerke AG" (LEAG). This was in accordance with EU State Aid rules. The support will compensate for the additional fixed costs that arise from the early closing of the power plants. This includes social costs for employees to change jobs as well as lost profits. The European Commission signaled that it would grant its approval in June last year.
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Gold prices rise as the dollar weakens, and traders consider US rate cuts
The gold price rose on Tuesday from its one-week low, boosted by a weaker US dollar and weaker U.S. job numbers. Investors viewed the possibility of a Federal Reserve rate cut in December, ahead of delayed U.S. economic data this week. As of 10:15 am, spot gold was up by 0.4% to $4,059.39 an ounce. ET (1515 GMT), having hit its lowest level since November 10, earlier in the session. U.S. Gold Futures for December Delivery fell 0.4% to $4,509.20 per ounce. Dollar-priced gold is now affordable to holders of other currencies, as the index has fallen by 0.2%. The data released on Tuesday revealed that the number Americans receiving unemployment benefits reached a two-month-high in mid-October. In the week ending October 18, the claims for continued benefits rose to 1.9 millions. The data is slightly increasing market expectations for a rate cut in December. The data is helping silver and gold, which are trying break a 3-day losing streak," said Tai Wong an independent metals dealer. The CME FedWatch tool shows that the markets now expect a 50% probability of a rate reduction at the December meeting. This is up from the 46% they had earlier in the morning, but down from the 67% seen last week. Gold is a non-yielding investment that tends to perform well when rates are low. Prices dropped over 3% on both Friday and Monday, as investors reduced their bets that another rate cut would occur this year. The markets are now awaiting the minutes of the Fed's most recent meeting, which is due on Wednesday, as well as the September jobs data, which will be released on Thursday. Both have been delayed because of the U.S. Government shutdown. Analysts at Deutsche Bank wrote in a report that they expect the elevated official demand for Gold to continue into the near future. "This supports a bullish strategy and an upward revision to our average forecast of USD 4,00/oz next year," they said. Other than that, silver spot rose by 0.4%, to $50.4 an ounce. Platinum fell almost 1%, at $1.518.15, while palladium declined 0.6%, at $1.385.18. (Reporting from Pablo Sinha in Bengaluru and Kavya Baliaraman; editing by Ed Osmond.)
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Focus on wildfire prevention at COP30 amid record destruction
Wildfires caused the largest tropical forest losses in 2024 Global warming is expected to worsen destruction Communities put in the center of fire prevention at COP30 By Andre Cabette Fabio The government agencies responsible for the environment and forests in Ecuador, Peru Ghana and Kenya, along with more than 30 environmental and indigenous groups from around the world, signed an agreement that will secure $100 million by 2030. The pledge will initially focus on the Amazon Basin - the largest tropical forest in the world, which is located mostly in Brazil. Fires are raging in forests that were not likely to catch fire in the past. According to data from more than 20 years released by the environmental NGO World Resources Institute in June, last year was one of the hottest on record. Wildfires also caused unprecedented losses in tropical forests. Emanuel Lins is a government advisor from the Biodiversity division of the Brazilian Ministry of Foreign Affairs. He spoke at COP30. He said, "Fire does not respect borders and we need to work together". According to Lins, more than 60 nations also signed an independent call to action, proposed by Brazil, to include more Indigenous knowledge in efforts to prevent and manage wildfires. Lins stated that this was the first time that wildfires were tackled at a scale of such magnitude. INDIGENOUS KNOWLEDGE According to the Wildfire Action Accelerator, "fire has become a key feature of the global crisis," and requires more attention on prevention rather than emergency response. According to a report by the United Nations Environmental Programme, wildfires will increase by 14% globally by 2030 and by 30% by 2050. Wildfires have been more intense in wealthy countries such as the United States, Canada, and Greece in the last year. According to WRI, Brazil is responsible for 42% (6.7 million hectares) of the forest loss record in 2024. Lins says that communities can prevent wildfires by creating firebreaks, and burning dead vegetation before the dry season. The pledge calls on countries with large tropical forests to recognize traditional fire knowledge of forest and Indigenous groups by 2030, placing local communities in the forefront of wildfire prevention. Selvyn Pérez, Maya leader and President of the Guatemalan Community Forestry Association, said: "Our peoples know how to use fire. We know where and when to use it. In a press release, he stated that "this pledge finally acknowledges that Indigenous Fire Knowledge is not a remnant of the past but a key for the future resilience of the planet." Indigenous and local communities in Brazil are crucial to Brazil's new law on fire management, passed last year. They make up around half of the over 4,000 firefighters that were hired this year for federal natural areas. Indigenous groups in Brazil use drones to collect data and perform early interventions as part of their efforts to prevent wildfires. Indigenous groups also demanded more funding at COP30 to better respond wildfires. Tabea Coronado is a Peruvian indigenous leader and the national secretary of the Interethnic Association for the Development of the Peruvian Forest. She said, "We need direct access to funding so that we can act faster, without having reports sent to authorities and waiting for their response." Researchers have found that wildfires are becoming more destructive and releasing carbon, reducing the forest's ability to act as a carbon sink. This is crucial for halting global warming. Ane Alencar is a senior researcher at Brazil's IPAM Amazonia (Amazon Environmental Research Institute), which signed the pledge to combat wildfires. She added that it is possible to control the fires, since they are usually started by humans, such as small and large farmers who burn pastures or clear forest in order to remove unwanted vegetation. She said that preventing people from setting fires could protect forests, even in hotter climates.
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Brazil's slow shuffle climate negotiations at COP30 turns into a sprint
Brazil hopes to reach an early agreement at the COP30 Climate Summit on some of its most controversial issues after revealing a bold strategy of negotiation that kept delegates working until the wee hours of Tuesday morning. The two-week Belem summit, which took place in the Amazonian city, brought governments from around the world together to reinforce the U.N. framework for global action that aims to stop rising temperatures and deal with their damage. Brazil, the host nation, wants to reach a deal in two phases: one on Wednesday that includes items that were too difficult a week earlier to include on a formal agenda and another on Friday which resolves any outstanding issues. It was not clear at the beginning of COP30 whether a final deal would be reached by the end of summit. "I find it a bold move. "It could work but it's a risk, because why would the parties move when they know that there is still time?" said one European negotiator. GUTERRES RETURNS FOR MEETING LULA U.N. Sec-Gen. Antonio Guterres will meet Brazilian president Luiz Inacio Lula Da Silva on Wednesday. Lula stated that the purpose of the meeting is to "increase climate governance and multilateralism." Some of the most difficult topics are determining how rich countries can provide financial assistance to poorer nations to help them switch to clean energy and what needs to be done to close a gap between emissions reductions promised and those required to stop temperature increases. Brazil and other nations want a roadmap that will help implement the agreement made at COP28 2023, which calls for the phase-out of fossil fuels. Andre Correa do Lago, the Brazilian COP30 President, said on Monday that he was supported by attendees in his efforts to achieve a quick conclusion. The talks ran late into the night and are scheduled to continue on Tuesday. DIFFERENCES REMAINS UNBRIDGED Two negotiators, as well as two observers who were allowed to attend the discussions, each described a wide range of differences that still needed to be resolved. The provision of finance has long been a source of tension between developed nations and the most vulnerable countries. Many of these countries are struggling to balance their public finances with competing priorities, including security. The COP30 Presidency published a draft document that captured some of these differences. It presented a range of options on how to finalize the wording of the key issues. This gave little indication of where a deal would end up. One observer said that the delegates struggled to reach agreements. They said that they had grouped all the hot topics in one place, and when a discussion started to gain momentum, someone would bring up another topic. Reporting by Lisandra Parguassu and Sudarshan Varadhan; Writing by William James, Editing by Katy Daigle and Aidan Lewis
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Exxon to shut down Scottish chemicals plant by 2026 amid uncertainty
Exxon Mobil announced Tuesday that it will close its Fife Ethylene Plant (FEP) located in Scotland by February 2026. The company said the plant is no longer viable due to high supply costs, weak markets and the UK’s economic and political environment. The European Union's fourth largest exporting sector, after machinery, automobiles and pharmaceuticals has been under pressure due to soaring energy prices following Russia's invasion in Ukraine, and an aging infrastructure. This has led them to become more dependent on imports for key feedstocks like ethylene and propylene. Exxon said that the closure would affect 179 employees and 250 contractors. However, 50 employees could be transferred to the Fawley Petrochemical Complex. Exxon said it had evaluated various options for continuing production and tested the markets for a possible buyer for the ethylene facility located near the town Cowdenbeath, in Fife. The company stated that "FEP was a cornerstone in chemical production in Britain for over 40 years. Its closure reflects the challenges in operating in an environment where policies are accelerating the departure of vital industries and domestic manufacturing and the high-valued jobs they provide." The shutdown comes as a result of the falling capacity for oil refining in Europe, where companies are looking to convert or close assets. Michael Shanks, the Energy Minister, said that Britain's Lindsey refinery was insolvent and would close down after it failed to find buyers. (Reporting and editing by Shilpa Majumdar in Bengaluru. Pooja Menon is based in Bengaluru.
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Exxon to shut down Scottish chemicals plant by 2026 amid uncertainty
Exxon Mobil announced Tuesday that it will close its Fife Ethylene Plant (FEP) located in Scotland by February 2026. The company said the plant is no longer viable due to high supply costs, weak markets and the UK's economic and policy climate. The European Union's fourth largest exporting sector, after machinery, automobiles and pharmaceuticals has been under pressure due to soaring energy prices following Russia's invasion in Ukraine, and an aging infrastructure. This has led them to become more dependent on imports for key feedstocks like ethylene and propylene. Exxon has said that it has assessed different options for continuing production and tested the markets for a possible buyer for the ethylene facility located near the town Cowdenbeath, in Fife. The U.S. Oil Major said that "FEP was a cornerstone in chemical production in Britain for over 40 years. Its closure reflects the challenges in operating in an environment where policies are accelerating the departure of vital industries and domestic manufacturing and the high-valued jobs they provide." Financial Times reported this development first earlier that day. The report said that the company will lay off 200 employees as a result. Closures and conversions of oil refining assets are being undertaken by companies in Europe due to a decline in refining capacities. Michael Shanks, the Energy Minister, had stated in July that Britain's Lindsey refinery insolvent would close after it failed to attract buyers. (Reporting and editing by Shilpa Majumdar in Bengaluru)
As anger grows, a corruption case in Ukraine causes a standoff in the parliament
On Tuesday, one of Ukraine's major opposition parties physically prevented lawmakers from voting in parliament to dismiss two Ministers due to a corruption probe. They demanded the removal of the whole cabinet.
The standoff in parliament is the latest manifestation since Ukraine's largest wartime corruption scandal broke out last week.
Ukraine's anticorruption bureau has revealed that it is investigating a $100-million pay-to play scheme at the state-run nuclear power company run by the Energy Ministry. Five suspects were detained, and two remain at large. One of the former business associates of President Volodymyr Zelenskiy fled the country in the last week.
The parliament was to vote Tuesday on the dismissal Svitlana Svitnchuk, Energy Minister and her predecessor German Galushchenko who is now minister of Justice.
All the allegations are causing fury as WAR's fourth winter approaches
The vote did not take place because the European Solidarity Party, the main opposition party, blocked the access to the podium. Members of parliament held cardboard signs with slogans like "What is darkness' price?"
The session was halted by Ruslan Stefanchuk, the Speaker. A member of the opposition said that a new vote was likely to be held on Wednesday.
Both cabinet members deny wrongdoing. Hrynchuk offered to resign, and Galushchenko was suspended pending the results of the investigation. Zelenskiy is in favor of removing them both.
The European Solidarity party, led by the ex-president Petro Petroshenko, said that it would try to remove the entire cabinet. This measure has now little support in Parliament.
Members of Zelenskiy’s Servant of the People accused the opposition of grandstanding, and of preventing the parliament from taking any action.
"While some thieves hide and run, other populist politicians put on a display," said Danylo Hentmantsev a Servant of People senior lawmaker.
As the fourth winter of war nears, the allegations made by the National Anti-corruption Bureau of Ukraine have caused widespread anger. Most Ukrainians are living with daily power outages caused by Russian bombardment of their grid.
Timur Mindich is the co-owner, along with Zelenskiy, of the TV studio in which he began his career, as a star of a sitcom, before becoming president of Ukraine in 2019. Zelenskiy imposed financial sanctions against Mindich, and the studio stated that Mindich no longer plays a decision-making role.
Ukraine is being pressed by the international community to address its corruption issues, even though it has been a problem for decades. This pressure comes as Ukraine seeks to become a member of the European Union.
Zelenskiy attempted to curtail some of the powers of NABU, an anti-corruption organization earlier this year. However, he backed down following a backlash from the public as well as European allies. He claimed that his changes would make government more efficient. He denied accusations that he tried to shield his associates from investigation. (Reporting and additional reporting by Anastasiia malenko and Yuliii Dysa.)
(source: Reuters)