Latest News
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JDR Wraps Up Type Test Qualification of Next-Gen Offshore Wind Cables
JDR Cable Systems (JDR), part of the TFKable Group, has completed two new type test qualifications at 132kV for static and dynamic array cables, supporting the next generation of fixed and floating offshore wind projects.The successful testing marks a critical step in delivering U.K.-manufactured high-voltage cables, ready to support larger turbines and deliver power over longer distances, enabling more efficient and cost-effective offshore wind energy.JDR’s static cable development and testing was supported by a Development Grant from the Offshore Wind Growth Partnership, and produced in collaboration with a leading materials supplier, with extensive testing performed at Offshore Renewable Energy (ORE) Catapult.JDR will manufacture the 132kV cables at its upgraded Hartlepool facility as well as in its new high-voltage cable manufacturing facility in Cambois, near Blyth, Northumberland.To facilitate the installation of next generation offshore wind turbines at 20 MW and above, as well as accommodating increasing distances from shore and greater water depths, the industry requires significantly higher voltage cables.By doubling the voltage of the industry-standard 66kV array cable, JDR’s technology will allow increased transmission between turbines at higher-capacity – a vital factor in continuing to reduce the cost of offshore wind and assist in reducing the impact of clean energy prices for consumers.The successful type test qualification of the fixed foundation 132kV static cable technology is further supported by the successful completion of JDR’s second high-voltage cable development, under the Department of Energy Security and Net-Zero’s Floating Offshore Wind Demonstration Programme.The AHEAD (Advanced High-Voltage Export and Array Dynamic) cable project has demonstrated the viability of 132kV dynamic cables for floating wind applications.A full testing program has been successfully completed, including over 1.5 million tension-bending cycles, thereby validating the reliability of the advanced cable design when subjected to the dynamic motion it will endure in offshore floating applications.“We pride ourselves on providing solutions to the energy sector ahead of time and with our 132kV technology, we will do exactly that.“Dynamic cables for floating wind and advanced 132kV cable technologies are critical for the progressive deployment of both fixed and floating offshore wind, enabling developers to not only deploy larger turbines but also to site floating offshore wind in deeper waters, further offshore. It’s an exciting time for the industry and we are right at the forefront by developing, validating and delivering new solutions for the benefit of the offshore energy industry and electricity consumers,” said Joe Cole, Technology Manager – Power Cables at JDR.As part of its broader strategy to drive innovation in high-voltage subsea technology, JDR is contributing its technical findings to the international standards body CIGRE, helping to inform the evolution of safety standards for higher voltage applicationsIn addition, the company is actively involved in the Carbon Trust’s Offshore Wind Accelerator High Voltage Array Systems project, which supports the development and qualification of 132kV cable technology within the U.K.
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Trump may raise auto tariffs soon to increase US production
Donald Trump, the U.S. president, warned on Thursday that he could soon increase auto tariffs. He argued that this would encourage automakers to accelerate U.S. investment. Trump told a White House audience that he might increase the tariffs in the near future. "The higher the tariff, the more likely they are to build a factory here." The White House has been pressed by automakers to lower the 25% tariffs Trump placed on automobiles. Detroit Three automakers criticised a deal which would reduce tariffs on British cars but not those produced in Canada or Mexico. Trump cited a number of recent announcements, including GM's announcement this week that they plan to invest $4 billion into three U.S. factories and shift some SUV production out of Mexico. He also mentioned a $21 Billion Hyundai Investment announced in March, including a new U.S. Steel Plant. Trump stated that "they wouldn't even have invested a penny if there weren't tariffs. This includes the manufacturing of American steel which is doing well." Mexico announced last month that the average tariff on cars exported from Mexico to the U.S. would be 15% and not 25%, because Washington offers automakers discounts for the value U.S.-made content. Tariffs are putting increasing pressure on automakers' costs. Ford Motor Company and Subaru of America raised prices on certain models in recent weeks due to increased costs from Trump's Tariffs. Ford estimated that tariffs would cost them $1.5 billion over the course of the year. GM reported last month that it has a current exposure to tariffs of between $4 and $5 billion. This includes about $2 billion for the cheaper vehicles GM imports, which are made in South Korea. (Reporting and editing by David Gregorio, Jeff Mason, and David Shepardson)
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Trump unhappy with recent rise in oil price
Donald Trump, the U.S. president, expressed his frustration Thursday over rising oil prices amid concerns about supply due to a potential conflict in Middle East. The global and U.S. prices of oil both rose by more than 4% to their highest level since early April on Wednesday before dropping a little on Thursday. Trump stated at a White House gathering that he did not like the fact that oil prices had risen a bit in the past few days. "It will keep going down, right?" We have the inflation under control. Prices rose on news that the U.S. is moving personnel out of the Middle East in preparation for talks with Iran about its nuclear-related activities. Trump claimed that the U.S. is moving personnel to the Middle East because it "could become a dangerous area". He said that the U.S. wouldn't allow Iran to possess a nuclear device. Tehran claims that its nuclear activities are for peaceful purposes. The increased tensions with Iran have raised the possibility of oil supply disruption. Both sides will meet on Sunday.
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Sources say that a decision on the sale of oil refiner Italiana Petroli is expected by end-June.
Italiana Petroli is in negotiations with three parties interested in purchasing the oil refinery and is expected to make a decision around the end this month on the possible 3 billion euro deal ($3.5 billion). Two sources familiar with the matter confirmed that. Sources previously stated that Gunvor, the global commodity trader, State Oil Company of Azerbaijan, (SOCAR), and the Abu Dhabi-based Bin Butti Group had all made binding offers to purchase 100% of the privately held group. Two sources said that industrial groups from the Middle East had contacted the Italian company in order to express their interest, should the ongoing negotiations fail and the seller decide to reopen the process. The Brachetti-Peretti family is asking for around 3 billion euro, according to sources. Italiana Petroli e Gunvor refused to comment. SOCAR Group and Bin Butti Group did not respond to requests for comment. End-December, the refinery had a net cash balance of 408 millions euros. UniCredit is advising the group. It has a total refinery capacity of about 200,000 barrels a day. The group also operates a network with 4,600 fuel stations. The company increased its fuel storage and refining capacity when it acquired Exxon Mobil Italy assets in late 2023. The company currently owns an Ancona refinery, in eastern Italy, the SARPOM refinery, in Trecate, in the north, and a tolling agreement for the Alma refinery, in Ravenna in the north-east. Trecate produces different types of fuels, including aviation propellants, while the two other plants produce bitumen. Intesa Sanpaolo IMI CIB, an Italian company, advises SOCAR. Rothschild works with Gunvor. (1 euro = 0.8633 dollars) (Reporting and editing by Topra Chopra; Additional reporting by Nailia Bakirova, Baku)
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Germany's Bund yield falls to its lowest level since May due to safe-haven flows
Germany's 10-year bond yield fell to a six-week-low on Thursday, as safe-haven flows benefited from market anxiety over trade and tensions with the Middle East. This came a day following soft U.S. Inflation numbers. Germany's benchmark 10-year Bund yield for the Euro zone was almost 5 basis points lower, at 2,486%. It has pared some of its declines since it dipped to its lowest level since early May, at 2.469%. . Yields dropped around the globe on Wednesday, after data showed that U.S. consumer price increases were lower than expected in May due to cheaper petrol and a healthy appetite for U.S. Treasuries at auction. The bond rally on Thursday was supported by a global tone of risk-off after U.S. president Donald Trump announced that the United States will send letters outlining terms of trade agreements to dozens countries in one to two week, which they can accept or reject. Separately Trump stated that U.S. personnel was being relocated out of the Middle East "because it could be a very dangerous place". Stocks fell and safe haven currencies such as the Japanese yen, Swiss franc and other currencies rose. The U.S. Treasury yields continued to fall on Thursday after U.S. weekly claims for unemployment and producer prices data. They were also on course to reach a new low. The euro zone bonds barely responded to the fourth consecutive day of declines. U.S. data released on Thursday revealed that producer prices in May rose 2.6% from the previous year, which was in line with expectations. The analysts at J.P. Morgan warned clients that the Fed will be on high alert for the possibility of future tariffs being passed through to higher prices. We continue to watch for an increase in the consumer price to peak during summer months. Investors in Europe were watching European Central Bank speakers to determine if the rate cut last week was the final one in this cycle. This is despite the ECB's forecast that inflation will fall below the 2% target in 2019. Isabel Schnabel, ECB Executive Board member, said that the interest rates are in a good place because inflation will likely return to its target over the medium-term. Gediminas Simkus, a Lithuanian policymaker, said that interest rates could need to be further lowered this year due to the risk of undershoot. The markets are pricing in another rate cut for this year. The other euro zone bonds moved largely in line with benchmark. Italy's 10-year bond yield fell 4 basis points to 3.42%. Germany's two-year interest rate sensitive yield fell 3 basis points to 1.82%. (Reporting and editing by Alun Pasquini and Linda Pasquini, Kirsty Donovan, Maju Samuel and Kate Mayberry)
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Temasek, BlackRock, and MGX join forces to create AI infrastructure
According to BlackRock's Thursday investor day presentation, Temasek is part of a consortium backed Microsoft, BlackRock, and the tech investment company MGX, which aims to expand and invest in artificial intelligence infrastructure. Slides showed that the Singapore state investment firm has joined AI Infrastructure Partnership. This group also includes BlackRock Global Infrastructure Partners. AIP was formed in September, with the goal of investing more than $30 billion initially in AI-related project. It is one of world's biggest efforts to invest data centres and energy infrastructure needed to power AI apps such as ChatGPT. The aim is to mobilize up to 100 billion dollars, including debt financing, for these investments. They will be focused on the United States. Temasek joins AIP after Kuwait Investment Authority, which joined earlier in June. Kuwait's sovereign wealth fund was the first investor in the consortium who did not have a founding role. Other partners include Elon Musk, Nvidia, and xAI. Ravi Lambah is Temasek’s head of strategic Initiatives. In an email, he said: "Temasek’s investment in AI Infrastructure Partnership reflects Temasek’s focus on the major shifts and trends in the future." He added that "AI could be the most impactful and transformative technology for all businesses and sectors." Temasek has not disclosed financial details about the investment. According to its website, the global investment company's net portfolio had a value of S$389bn ($304bn) by March 31, 2024.
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White House reviews EPA's proposal for biofuel blend obligation
The proposal will impact the oil and biofuels industries as well as major lobbying power. Sources say that the EPA's proposal is expected to cover 2026-2027. Sources: White House is considering a plan to deal with the backlog of requests for refinery exemptions By Stephanie Kelly and Jarrett Renshaw NEW YORK - According to the Office of Management and Budget's website, the White House completed its review of a proposed rule regarding U.S. Biofuel Blending Obligations and has returned it to the Environmental Protection Agency to be further acted upon. Oil and biofuels industries, two major Washington lobbying forces, eagerly awaited the release of this proposal. It will be one of the very first decisions that the Trump administration will make regarding federal biofuel policies. This will provide insight as to whether or not President Donald Trump will support the biofuel industry during his tenure, which at times has been at odds against oil companies. According to U.S. laws, oil refiners are required to blend billions gallons worth of biofuels in the nation's fuel mixture, or purchase tradable credit from those who do. If they can show that the obligations would harm them, small refiners may be able to request exemptions. Previously reported, the EPA will release a proposal covering both 2026-2027. Participants in the industry will focus on proposed mandates to blend biomass-based diesel, because some felt that previous obligations were not high enough. The American Petroleum Institute, a U.S. biofuels coalition, has urged the EPA to propose federal mandates of 5.25 billion gallons for biomass diesel blending in 2026. This would be a significant rise from previous mandates. The coalition, which brought together some oil and biofuels groups in an historically unprecedented move, recommended that the total federal mandate for biofuel blend mandates be 25 billion gallons by 2026. The EPA has set biomass-based fuel mandates at 3.35 billion gallons for 2025. The industry is also waiting for an indication of how the EPA plans to address the outstanding requests by small refineries seeking exemptions from the mandates. Sources have previously stated that the White House is considering a plan to reduce a backlog of requests. This could include approving current applications and asking for input from industry on older ones. There are currently more than 160 requests for exemptions, which could be worth billions of dollars in tradable credit. (Reporting and editing by Margueritachoy, Jarrett Renshaw and Stephanie Kelly)
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The EU's leading legislator on sustainability laws suggests more cuts
The European Union needs to further reduce the number of businesses subject to its corporate sustainability and environmental rules, said the European Parliament Member leading the negotiations on these policies on Thursday. The European Commission announced in February a "simplification package" that would allow European companies to compete more effectively with their foreign competitors by reducing the reporting requirements and obligations for sustainability. According to Swedish center-right legislator Jorgen Warborn who has proposed amendments that would further scale back laws to cover only companies with at least 3,000 employees and a turnover of over 450 millions euros ($521million) he believes these proposals do not go far. The Commission's proposal would exempt all companies with less than 1,000 employees. This is already a significant cut of more than 80% from the approximately 50,000 companies that are currently covered by green reporting regulations. Around 6,000 companies in the EU have more than 1,000 workers. "Europe has fallen behind the U.S.A. and China in global competition for competitiveness. "I'm going into this process with an ambition that is clear: I want to reduce costs for business and go beyond the Commission in terms of simplification," Warborn stated on Thursday. The European Parliament will then negotiate his draft proposal, where other legislators can offer their own amendments. In the next few months, the Parliament will reach an agreement with EU members on the final changes. Warborn is a member of a group of lawmakers from the European People's Party, which leans centre-right. Some right-wingers want to abolish the policies completely, while Socialists and Greens are pledging to keep them. Both the German Chancellor Friedrich Merz and the French President Emmanuel Macron have demanded that the EU abolish the supply chain legislation. Investors and activists have reacted negatively to the move back on ESG regulations. They claim that it undermines corporate accountability, and makes it harder for the bloc to attract investments in order to meet climate goals. Warborn says his changes won't weaken Europe’s sustainability standards but will instead free up resources for companies to invest in innovation. ($1 = 0.8633 euro) (Reporting and editing by Joe Bavier; Kate Abnett)
What is behind Iran's long-running dispute with the United States of America?
The United States has withdrawn some diplomatic staff as well as military families from the Middle East citing regional security threats that are not specified.
The long-standing rivalry between Iran and the United States may have contributed to tensions. This article explains the history of the rivalry and how it played out. It also explains why tensions have risen again.
Why did Iran and the United States become enemies?
Iran and the United States have been friends for much of the 20th Century.
In the 1950s as the Cold War began to take hold, Washington relied heavily on Iran's ruling Shah to stem the spread of Soviet influence in the oil producing Middle East.
The Shah's popularity was waning at home, and the CIA helped to topple a populist Iranian Prime Minister, Mohammed Mossadegh. He had nationalised Iran’s British-owned Oil Company and wanted a neutral Cold War stance.
The Islamic Revolutionaries in Iran who overthrew the Shah of Iran in 1979 accused the CIA for training the secret police of the Shah and vowed that they would fight Western imperialism throughout the region. They called America the "Great Satan".
The American embassy was taken over by revolutionary students who held dozens of diplomats, staff and others hostage for a period exceeding a year. This ended a strategic alliance which had shaped this region for decades.
How did the US-Iranian Rivalry play out?
The new Iranian government sought to export the Islamic Revolution to other Shi'ite Muslims, as well as groups that opposed Israel. It saw Israel as the main avatar of an imperialist Western project oppressing Muslims throughout the Middle East.
Hezbollah was established in Lebanon by the Islamic Revolutionary Guards Corps of Iran in the early 1980s. The United States accuses this group of bombing their embassy and Marine barracks in Beirut, Lebanon, in 1983 and killing 300 people, mainly Americans.
Hezbollah has claimed that other groups are responsible for the wars it fought with Israel, the U.S.'s main regional ally.
Iran also had complaints. Baghdad backed Baghdad in its war against Iran. Iraq invaded Iran and began using chemical weapons in 1982. In 1988, a U.S. ship mistakenly downed an Iranian passenger aircraft and killed 290 people.
After 1990 tensions began to ease as the U.S. focused its attention on Iraq following Baghdad's invasion and Iran elected Mohammed Khatami in 1997, a reformist president who wished for better relations with Western countries.
In the early 2000s, rivalry erupted again when U.S. president George W. Bush labelled Iran as part of an “Axis of Evil” along with Iraq and North Korea. This label caused anger in Iran.
In 2002, Iran's secret nuke programme was revealed. The U.S. invasion of Iraq led by 2003 placed the two countries at odds in a battle for control of the Shi'ite-majority country.
Who are the U.S. and Iran in the Middle East?
In conflicts and political battles between both sides' proxies, the U.S. and Iranian rivalry is often played out in the background.
Iran also supports Hezbollah and other armed Shi'ite groups in Iraq, including the Houthi group, which has attacked international shipping on the Red Sea, as well as the Palestinian militant group Hamas.
The United States has been the principal international supporter of Israel for many years, Iran's main regional rival. The United States is also an ally of the Sunni Gulf monarchies, who have for many years been waging their own war against Iran.
Saudi Arabia, along with other Sunni-majority countries, has buried the hatchet and is now a friendly nation. However they are still wary of any U.S. attacks on Iran and fear retaliation.
How does the Iranian nuclear issue fit in?
Iran's nuclear program was put in the crosshairs of the U.S. after it was revealed that Iran secretly enriched uranium. This process can be used to make fuel for a power plant, but also more concentrated material for a weapon.
As negotiations on Iran's nuclear program have been dragging out for years, the West has stepped up its pressure with sanctions.
Iran claims that its program is completely civilian and it has the right enrich uranium. Washington and its allies claim that Iran has always hidden key elements of its program and believes it is trying to build a nuke bomb.
Iran and six major countries including the United States agreed in 2015 to curb Tehran's nuke work in exchange for limited sanctions relief. But U.S. president Donald Trump ripped the deal up in 2018.
Trump has warned that if there's no new agreement, he will bomb the country.
Why is Israel's position on Iran important?
Israel has repeatedly called Iran its most dangerous adversary and indicated that it could strike Iran's nuclear sites.
A similar attack would require the U.S.'s consent, which could drag Washington into a war with Tehran.
Israel has been widely viewed as being behind the covert attacks against Iran's nuclear program, including Stuxnet and the assassination of scientists. Israel has not confirmed or denied this.
Since the Hamas attacks on Israel in October 2023, tensions have risen as the war in Gaza has raged.
Israel struck Iranian targets in Syria, Iraq and Syria last year. Iran's Houthi ally in Yemen launched strikes against Israel.
Iran and Israel exchanged direct fire twice with drones and missiles, highlighting the possibility of full-blown warfare.
(source: Reuters)