Finland








Energy Markets

Oil & Gas

Oil & Gas

Moscow takes control over possessions of Western business

Kremlin has actually been taking properties of some Western companies in Russia through decrees signed by President Vladimir Putin and court orders connected to lawsuits over halted projects or obstructed funds amidst Western sanctions. Below is a list of the business impacted up until now. AGROTERRA Russia seized business belonging to farming group AgroTerra and put them under temporary management in April, including some backed by Dutch financial investment companies, a decree signed by Putin showed. AMEDIA Putin signed a decree moving Amedia's previous possessions to state management in September, after the Norwegian publisher left complete control of its Russian...

Carbon Emissions

Norway's OKEA submits $570 mln Bestla oil and gas advancement strategy

Norwegian oil and gas firm OKEA submitted on Tuesday a 6.3 billion Norwegian crowns ($ 571 million) strategy to establish its Bestla oil and gas discovery in the North Sea, the country's energy ministry informed a. press conference. The discovery, previously called Brasse, is approximated to hold. 24 million barrels of oil equivalent in recoverable reserves,. which will be produced with a subsea setup linked to. the Brage field platform. Production is anticipated to begin in the very first half of 2027. Norway, Western Europe's largest oil and gas manufacturer, desires. oil companies to continue establishing new petroleum resources on...

Oil & Gas

Foreign companies' losses from exiting Russia top $107 billion

The corporate exodus from Russia considering that its 2022 intrusion of Ukraine has actually cost foreign companies more than $107 billion in writedowns and lost earnings, a analysis of business filings and statements showed. The volume of losses have increased by one 3rd given that the last tally in August last year, underscoring the scale of the financial hit to the business world from Moscow's invasion, as well as highlighting the sudden loss of Western knowledge from Russia's economy. As Russia's intrusion continues amid faltering Western military help, and the granularity of Western sanctions programs boosts, companies still intending to...

Oil & Gas

Neste oil refinery threats closure over two-week labour strike

A scheduled twoweek strike action by Finnish labour unions might bring Neste's. Porvoo oil refinery to a standstill next week, the company informed. on Wednesday. Finnish unions have actually for months protested versus the. right-wing federal government's plan to favour local work contracts. over centralised bargains, limitation political strikes, cut social. well-being and make it simpler to terminate work agreements. Unions representing commercial, transportation and. electrical workers on Wednesday stated they would go on strike. from March 11-25. The measures will target export and import operations at. ports and the railway system, Finland's biggest trade union. association SAK stated in...

Mining

No deal with striking unions, states Finland's prime minister

Finland's prime minister stated on Friday he had failed to persuade trade unions to call off planned strike action activated by the government's labour market reforms, extending an ongoing conflict. When the newly chosen, the standoff started last year conservative government revealed strategies to favour local work contracts over centralised bargains, limitation political strikes, cut social well-being and make it simpler to end work agreements. Industrial, logistics and electrical workers will on Monday start a two-week strike targeting exports, imports and freight transport, the latest in a series of trade union actions in protest at the government's plans. Prime Minister...

Oil & Gas

No takeover please, Uniper CEO states as state exit looms

Uniper is opposed to being purchased by a competitor as part of Berlin's efforts to offer down its 99% stake in the German energy trader, which was bailed out at the height of Europe's energy crisis, its chief executive stated. Uniper had to be saved by the German federal government for 13.5 billion euros ($ 14.6 billion) in 2022 after former main supplier Gazprom halted circulations, however considerations of how Berlin can begin offering down its holding have actually started due to the group's current turnaround. Options range from the sale of a 20% -30% stake on the open market...

Fossil Fuels

Fossil Fuels

EEX's Nasdaq deal dangers probe as remedies seen as inadequate, sources say

European Energy Exchange's. Nasdaq offer risks a fullscale examination. by EU antitrust regulators unless the Deutsche Boerse. system boosts solutions to address competition concerns, individuals. with direct knowledge of the matter stated on Monday. EEX is seeking to acquire Nasdaq's European power trading. and clearing organization Nasdaq Power, whose platforms are of key. significance for users and companies in the Nordics. It. sent solutions to the EU on May 27 however did not make information. public. The EU antitrust guard dog is not likely to look for feedback from. users and rivals on the solutions currently sent, an indication that....

Electric Utilities

NORDIC POWER-Forward rates slip on damp weather condition outlook, lower German power

Nordic power forward costs dipped on Tuesday, weighed down by lower German power prices and predictions for increased rainfall in the hydropowerreliant area. * The Nordic front-quarter contract decreased by 2.2 euros or 5.47% to 38 euros per megawatt-hour (MWh) by 11:07 GMT. * The Nordic front-year baseload power contract edged down by 0.80 euros or 1.67% to 47 euros/MWh. * The Nordic power market continues to take a look at the weather forecasts, which have actually turned wetter however still with a big hydrological deficit. Today, it opens down in addition to the German power market, analysts at Energi...

Oil & Gas Refining

Shares of Finland's Neste fall 14% on profit caution

Shares of Finland's Neste fell 14% on Wednesday after the refiner warned that its comparable sales margin for eco-friendly items will be weaker this year than formerly projection. The biofuels manufacturer and oil refiner stated in a statement late on Tuesday it now sees the margin at $480--$ 650 per lot, below a previous guidance of $600--$ 800 per load. The rest of the assistance for the Renewable Products unit as well as the assistance for its Oil Products department stayed unchanged. Renewable Products' sales price outlook is impacted by a decrease in the diesel market value and a continued...

Environment

Power Markets

Electric Utilities

NORDIC POWER-Forward rates increase on greater continental power prices

Nordic forward power rates rose on Tuesday, assisted by strong European gas and power markets, while a forecast for less rainfall in the hydropowerreliant region added more support. * The Nordic front-quarter contract increased 0.65 euros to 27.20 euros per megawatt-hour (MWh) by 1121 GMT. * The Nordic front-year baseload power agreement acquired 0.4 euro to 39 euros/MWh. * There was assistance in the prices due to really stong continental power market with aid from gas and EUAs (European. Union auctions) triggered by the excellent US stat on Friday (US. tasks data) and good manufacturing numbers from Germany, said. Axel...

Power Markets

NORDIC POWER-Forward rates slip on easing European energy rates

Nordic forward power rates slipped on Tuesday, with the frontquarter contract set to mark its worst session in over 2 weeks, tracking weaker German power and European gas rates. * The Nordic front-quarter contract was down 1.3 euros at 38 euros per megawatt-hour (MWh) by 1057 GMT after rising over 5% in the previous session. * The Nordic front-year baseload power contract fell 0.4 euro to 39.55 euros/MWh. * The marketplace may have felt the need to fix a bit following the boosts yesterday, said Karsten Sander Nielsen, a senior market expert at Energi Danmark. * The marketplaces are presently...

Power Markets

Sweden set to become NATO's 32nd member as PM gos to Washington

Sweden is expected to officially sign up with NATO in Washington on Thursday, two years after Russia's intrusion of Ukraine forced a total reassess of its nationwide security policy and the realisation the alliance provided the best assurance of security. Swedish Prime Minister Ulf Kristersson is in Washington to hand over the final documents, with the White House saying in a statement ahead of President Joe Biden's State of the Union Address that Sweden would join on Thursday. Having Sweden as a NATO Ally will make the United States and our Allies even safer, the declaration said. The Swedish government...

Nuclear Power

Sweden signs up with NATO as war in Ukraine triggers security reconsider

Sweden signed up with NATO in Washington on Thursday, two years after Russia's. invasion of Ukraine forced it to rethink its nationwide security. policy and conclude that assistance for the alliance was the. Scandinavian nation's finest guarantee of security. Swedish Prime Minister Ulf Kristersson turned over the final. documents to the U.S. government on Thursday, the last action. in a dragged out process to secure the backing of all members to. sign up with the military alliance. Advantages concern those who wait, U.S. Secretary of. State Antony Blinken said as he got Sweden's accession. documents from Kristersson. Blinken said everything...

Power Markets

Kinect trader's $55 mln error behind Finland's 'Black Friday' power discount

An erroneous deal that caused havoc in the Finnish power market in November was down to human error by a substitute trader, Kinect Energy, the business making the quote, stated as part of an investigation into the incident. Day-ahead power prices in Finland was up to as low as -500 euros/MWh for delivery on Nov. 24, in what some described Black. Friday for the power market as it accompanied the bargain. shopping day. The quote was placed by an unnamed replacement trader of Kinect. Energy Sweden, a system of New York-listed World Kinect. Corporation, Kinect stated in a response to...

Power Markets

Uniper details Nordic and german power hedging for hydro, nuclear

German utility Uniper has actually offered significant amounts of its future hydropower output as part of its hedging technique, the company stated in a. presentation for a call with experts on Wednesday. Uniper has sold 70% of its German hydroelectric output for. 2025 at an average cost of 128 euros ($ 138.56) per megawatt. hour (MWh) and 5% of the output in 2026 at an average of 113. euros/MWh, it said as it launched its 2023 financial report. By contrast, the wholesale benchmark price for. round-the-clock German power from all generation sources in 2025. closed at 73 euros on Monday,...

Mining

Finland's Fennovoima denies Rosatom claims on nuclear plant arbitration

Finnish nuclear power plant consortium Fennovoima denied on Tuesday that there had actually been any choice by an arbitration court against it in its disagreement with Russia's stateowned Rosatom over a cancelled joint plan to develop a nuclear reactor in Finland. Rosatom's chief executive was quoted as stating on Monday that the court had actually made preliminary findings against Fennovoima. In May 2022, Fennovoima unilaterally ditched a. 7-billion-euro ($ 7.6 billion) agreement for Rosatom to construct a. nuclear reactor in Finland, citing hold-ups and increased. threats due to Russia's war in Ukraine and prompting Rosatom to. look for settlement for...