Nordic States



Natural Gas Utilities

Statkraft, Norway's largest steel producer, reports a drop in profits and says that politics may have an impact on costs

Statkraft, a Norwegian company, reported a 56% decline in its fourth-quarter operating profit despite soaring power prices. Statkraft also warned that trade wars may increase the cost to build generation capacity. Birgitte Vartdal, CEO of Birgitte Ringstad, said that "potential trade wars would increase costs, and reduce the efficiency in the market." Statkraft's earnings before interest and taxes (EBIT) dropped from 11.5 billion Norwegian crowns to 5.1 billion Norwegian Crowns ($459m) compared to 11.5 billion a previous year. It said that the benchmark Nordic System power price has fallen to an average of 31,10 euros per Megawatt-hour, down 46.3% on...






Energy Markets

Fossil Fuels

Oil & Gas Exploration

CERAWEEK-Freeport-McMoRan hopes Trump declares copper a critical mineral

Freeport-McMoRan CEO Kathleen Quirk expressed her hope that U.S. president Donald Trump will declare copper to be a critical metal. This would allow tax credits for the American production of red metal, and help offset its global competitors, she said. Trump said to the U.S. Congress that he would take "historic action" to expand production of vital minerals, but he has not yet provided details. Copper is widely used in the global economy for power generation, electronic devices and construction. The U.S. Geological Survey identifies lithium, nickel and other minerals as essential. Quirk said that adding copper to Freeport's portfolio...

Power Markets

Nordics' energy efficient infrastructure is ideal for Microsoft's expansion of data centres

Microsoft's director of AI Infrastructure, who is responsible for the data centres, said that Microsoft will shift its strategy so as to be driven more by power availability than by user demand or supply. The Nordic region, he added, would be a great place to have emission-free capability to support artificial intelligence. Microsoft, which has about 300 data centres around the world and will invest an additional $80 billion in them before the end of the month, is aiming to be carbon-negative by 2030. This means it must find a renewable energy source that emits no emissions to support the...

Power Markets

Scatec CEO: Cheaper solar panels and batteries will expand renewables' role on the power market

Scatec's CEO, who is a developer of renewables, said that cheaper solar power and batteries are increasing the role of these technologies in stabilising the energy system and offering more opportunities to renewables. Scatec, a Norwegian company, builds and owns renewable energy plants. Scatec has 4.2 gigawatts (GW) in operation, another 0.8 GW is under construction and 2 GW are near-term projections. Equinor is its largest shareholder. Scatec CEO Terje Piskog stated in an interview that solar panel prices had dropped by 66% and battery system prices by 58% over the past two years. This dramatic change has made renewable...

Power Markets

Finnish utility Fortum says lower power prices and mild winter dampen Q4 earnings

The Finnish utility Fortum reported on Tuesday that its fourth-quarter operating profit was below analysts' expectations. It cited lower volumes of hydro and nuclear power and weaker prices. Fortum says that the fall in Nordic spot prices was partially offset by the ongoing recovery of Nordic power demand. According to a poll conducted by the company, analysts had expected 280 million euro in operating profit. Fortum CEO Markus Rauramo stated in a press release that the comparable operating profit of the Generation segment decreased due to lower volumes for hydro and nuclear and lower spot and hedge price. Operating profit...

Fossil Fuels

Vestas' Q4 profits beat expectations

Vestas of Denmark, the largest wind turbine manufacturer in the world, announced on Wednesday that its adjusted operating profit was higher than expected for the fourth-quarter, but warned about the uncertainty to come for 2025. The company stated that despite the ongoing geopolitical uncertainty and the trade war, it expects to see increased revenue by 2025 as a result of the completion of its record-high backlog. Vestas' analyst poll revealed that the average forecast was 672 million. The operating profit before special items increased to 759 millions euros from 191 million dollars a year earlier. The company forecasted a 2025...

Oil & Gas

Financial Times - Feb 3

These are the most popular stories from the Financial Times. These stories have not been verified and we cannot vouch for the accuracy of these reports. Headlines EU opens the door to UK, Norway and a 'coalition' of willing defence forces Vitol: Oil demand will remain unchanged until at least 2040 EU will'respond strongly' if Trump imposes Tariffs - UK to unveil 100 mln pounds development finance drive View the full article The European Union (EU), governments are looking at ways to include Britain, Norway and other neutral capitals in a "coalition" that will expand the continent's defenses. According to...

Oil & Gas

Ericsson all set to make the most of Trump's tech policies, CTO states in Davos

Swedish telecom gear maker Ericsson anticipates the United States to continue to be at the forefront of technology development under President Donald Trump, which the business is prepared to make the most of, its chief technology officer said. The market is now in full-execution stage of OpenRAN, CTO Erik Ekudden informed the Reuters Global Markets Online forum, including: Of. course we plan to continue to lead and drive that industry. development. OpenRAN permits operators to mix and match suppliers in their. radio networks. Ericsson, Huawei and Nokia. , dominate the global telecoms equipment market with. their proprietary technologies. The focus...

Fossil Fuels

Norway's Cognite shifts HQ to U.S., co-founder states at Davos

Norwegian industrial software company Cognite strategies to move its head office to the U.S. this year to gain access to fastergrowing markets in North America, Asia, and the Middle East, its cofounder John Markus Lervik told Reuters on Tuesday. Lervik told the Reuters Global Markets Forum that Europe's. regulative environment was hindering growth. We are doubling down in the U.S., and with the new. president's concentrate on financial investment, we're growing additional. strongly, with over 100 open positions, he stated. Donald Trump's second presidency, marked by trade hazards. and sweeping executive actions, positions fresh threats for European. players as tariffs...

Fossil Fuels

European shares dip as bond yields jump on rate, tariff jitters

European shares dipped on Wednesday, as bond yields surged after financiers priced in less interest rate cuts in Europe and the U.S. this year, while concerns about brand-new tariffs under Donald Trump's presidency likewise weighed on belief. The pan-European STOXX 600 closed down 0.2%, with most regional bourses also in the red. Yields across European government bonds shot up, with the those on the German standard 10-year notes striking their highest level in more than five months, mirroring a rise in U.S. Treasury yields. British federal government bonds took a larger pounding, sending the 30-year yields to a brand-new 26-year...

Oil & Gas

Commonwealth prepares world's first grid-scale fusion power plant in Virginia

Commonwealth Fusion Systems, a private company spun off from the Massachusetts Institute of Technology, prepares what it calls the world's first gridscale combination power plant in Virginia, to generate power by the early 2030s, the company stated on Tuesday. The project, if successful, might revolutionize the worldwide energy market by tapping into an essentially endless power source, similar to that which fuels the stars. But it is a long-shot. CFS does not have regional and federal licenses, investors to money the majority of the plant's construction, and the answer to blend's leading technological question: how to get more energy out...

Fossil Fuels

Norway's Vaar Energi finds more oil near Arctic Goliat field

Norway's Vaar Energi has discovered extra oil reserves in its Countach appraisal well near the Goliat field in the Norwegian sector of the Arctic Barents Sea, the company said on Thursday. The preliminary projected gross recoverable resources encountered in the well were in between 4 million and 25 million barrels of oil equivalent, the business, which is majority owned by Italy's Eni, stated in a statement. This brings the overall approximated recoverable resources in the Countach discovery to in between 10 million and 55 million barrels of oil equivalent, it added. The discovery verifies the capacity of the Goliat ridge,...

Oil & Gas Refining

7-Eleven fight shows resilience of Japan Inc's household ties

An increase in investor advocacy in Japan is poised to fuel a new age of management buyouts by establishing families, after the fight for 7Eleven's parent business prompted a $58 billion takeover offer from the Ito dynasty that built the retail giant. Seven & & i Holdings Vice President Junro Ito swooped in last month with a deal to take private the company established by his late father in what would be the biggest ever management buyout (MBO). Ito's white knight bid appears developed to keep 7 & & i. far from Canada's Alimentation Couche-Tard, which. revealed a takeover proposition...

Crude Oil

Crude Oil

Investors see the beginning of a tectonic move away from US markets

The global money flows are being upended by a historic trade war, the proposed European fiscal bazooka of $1.2 trillion and China's rise as the leader in the tech race. This could be a turning point, with investor capital moving away from the United States. China released more stimulus on Tuesday and pledged to make greater efforts in order to mitigate the impact of a escalating U.S. Trade War. The likely next German government had agreed to the largest overhaul of fiscal policy since the reunification. German bonds plunged in the biggest sell-off in decades on Wednesday as the 30-year...

Crude Oil

Investors see the beginning of a tectonic move away from US markets

The global money flows are being upended by a historic trade war, the proposed European fiscal bazooka of $1.2 trillion and China's rise as the leader in the tech race. This could be a turning point, with investor capital moving away from the United States. China released more stimulus on Tuesday and pledged to make greater efforts in order to mitigate the impact of a escalating U.S. Trade War. The likely next German government had agreed to the largest overhaul of fiscal policy since the reunification. The U.S. trade war, which began this week, is hurting the mood both inside...

Crude Oil

MORNING BID EUROPE - Trump flags crypto reserves, mum on financing

Wayne Cole gives us a look at what the future holds for European and global markets. Crypto fans have had a great day after President Donald Trump announced on social media that he would be creating a reserve of digital assets, which included bitcoin, ether XRP, cardano, solana, and xrp. Bitcoin is around 10% higher while ether jumped by 13%. The fund's workings are still unclear and will likely be explained at the White House Crypto Summit on Friday. Analysts wonder how the reserve is going to be funded, given that the government has a debt of $36 trillion. Borrowing...

Mining

Mineral Resources

Mineral Resources

Scania, a Northvolt shareholder, has secured an additional supply of battery cells

Scania, the Swedish truck maker and shareholder of Northvolt, a struggling battery manufacturer, announced on Monday that it had acquired an alternative supply for battery cells in an effort to diversify their supply chain. Northvolt, once regarded as Europe's top contender for the electric vehicle battery leader, filed for Chapter 11 bankruptcy protection in November last year and is now seeking to raise money and restructure their debt. Scania stepped up to help Northvolt run its flagship factory in northern Sweden, in order to improve quality and production at the electric car battery manufacturer. Scania, owned by Traton, and its...

Climate Change

Inuit pride fuels Greenland independence spirit after Trump interest

In a small workshop in Nuuk, the capital of Greenland, goldsmith Nadja Kreutzmann polishes stones and metals mined on this vast island rich in minerals. Her jewellery is decorated with Inuit symbols for life and survival. Indigenous identity in Greenland is resurging ahead of the March 11 general elections called by U.S. president Donald Trump after he said he wanted Greenland to be his. Trump's interest in Greenland has shaken up the status quo. This, coupled with growing Inuit pride has led to some locals viewing the vote as an historic opportunity to free Greenland of Danish influence. Greenland is...

Mineral Resources

Wall Street prepares for possible fallout when Trump tariffs against Canada and Mexico are near

The Trump administration has delayed the implementation of new tariffs against Mexico and Canada for a month. The reprieve will end on Tuesday. The U.S. Commerce secretary Howard Lutnick confirmed that the tariffs against Canada and Mexico will take effect on February 2. Donald Trump, however, will decide if the proposed tariff rate of 25% is maintained. Canada exports mainly crude oil, other energy products and cars and car components as part of North American auto manufacturing chains. Mexico exports a variety of goods from the auto and industrial sectors. What top brokerages say about the impact of tariffs on...

Mineral Resources

Europe stocks continue record run on defence sector boost

The European share market reached a new high on Tuesday, as defence stocks rose on the prospect of higher military spending in the area. However, a Capgemini led drop in IT shares capped the gains. The STOXX 600 pan-European index rose by 0.2%, to a new record of 555.42. The aerospace and defense index jumped 1%. After European Commission President Ursula von der Leyen announced that the Commission would propose an exemption for defense spending from EU budget limits, the sector grew by 4.6% Monday. This is its largest one-day increase since Russia invaded Ukraine, in February 2022. Defense stocks...

Mineral Resources

Aluminium producer Norsk Hydro lags profit forecast in 4th quarter

Norsk Hydro, a Norwegian aluminium manufacturer, missed its fourth quarter profit expectation on Friday. Higher costs and weaker downstream demand were only partially offset by high alumina and aluminum prices and positive exchange rates. The adjusted earnings before taxes, depreciation, and amortization more than doubled in the fourth quarter of 2024 to 7,70 billion Norwegian crowns (690.5 million dollars). However, this was below analysts' expectations of 8,28 billion crowns. The 25% tariffs imposed by President Donald Trump on steel and aluminum are increasing U.S. prices, exposing the production gap at home and creating a possible cost increase for producers of...

Mineral Resources

The license holder claims that the repeal of Greenland's uranium ban could bring back a massive rare earth project.

After the election next month, the mining company who owns the license to Greenland’s Kvanefjeld Deposit is hopeful that the new government will lift the ban on uranium mines. This could lead to the revival of one of the largest rare earth projects in the world. Last month, U.S. President Donald Trump expressed renewed interest in the acquisition of this strategically important Arctic Island. Daniel Mamadou, CEO of Energy Transition Minerals (the Kvanefjeld license holder), said in response to Trump's remarks: "I believe it puts everything related minerals back on track." According to Mamadou, Kvanefjeld ranks among the top three...

Mineral Resources

Pandora's growth will be lower in 2025 following strong holiday sales in the U.S.

Danish jewellery company Pandora announced on Wednesday that it expected sluggish growth in Europe, and a slowdown in Germany following a period of strong growth. Pandora, a company known for its charms bracelets, has reported an operating profit that was in line with expectations. However, Black Friday sales accounted for a larger share of the total, which impacted profitability slightly. The largest jewellery company in the world by volume expects organic growth of 7-8% by 2025. The company had a better organic growth rate of 13% in 2024 than its guidance of 11-12%. Pandora's fourth quarter comparable sales in the...

Mineral Resources

Sweden's LKAB states it might fulfill 18% of Europe's unusual earth requires with Per Geijer mine

Sweden's LKAB might provide around 18% of Europe's uncommon earth metal demand in the long term if its north Arctic Per Geijer mine enters production, the company stated on Tuesday as it began building and construction of an associated processing center. Uncommon earths are a group of 17 metals crucial to items from lasers to iPhones and green technology secret to meeting Europe's environment goals. State-owned LKAB broke ground on Tuesday on its 800 million crown ($ 73 million) Lulea plant in northern Sweden, which will process mining waste, including potentially from Per Geijer, into rare earth concentrate, phosphoric acid...

Mineral Resources

Cobalt miner Jervois in rescue offer after struggle to take on China

A collapse in the rate of battery metal cobalt has actually forced fledging producer Jervois Global Ltd to delist and reorganise, the company stated on Thursday, after struggling for years to compete with Chinese rivals. The relocation highlights an excess in cobalt, a key ingredient in electric vehicle batteries, as dominant Chinese producers continue to drain the product while EV sales have actually stopped working to fulfill bullish forecasts. The cost of cobalt, which is likewise utilized in electronic devices and a series of weapons, to name a few items, has tumbled 72% since striking a peak in April 2022....

Mineral Resources

Weight-loss drug developers line up to tap market worth $150 billion

Novo Nordisk's Wegovy and Eli Lilly's Zepbound are up until now the leaders in the weightloss drug market, which is estimated to be worth about $ 150 billion by the early 2030s. There are also a number of other drug developers intending to join the bandwagon. The following is a list of publicly noted business targeting the next huge blockbuster chance: NOVO NORDISK Novo's closely-watched weight problems drug candidate CagriSema assisted overweight patients cut their weight by 22.7% in a. late-stage trial, but that was below its own expectations of up. to 25% reduction. The data compares to weight-loss of...

Mineral Resources

After Northvolt, Europe's battery hopes rely heavily on China

Northvolt's. monetary collapse has actually not totally crushed Europe's dream of. establishing its own electric car batteries but satisfying it. is likely to require Chinese cash and knowledge. InoBat CEO Marian Bocek's Slovakian start-up had to work. hard to secure financing till China's fifth-largest battery maker. Gotion bought a 25% stake last year and formed a. joint endeavor with InoBat to construct European gigafactories. On Friday, InoBat revealed 100 million euros ($ 104 million). in Series C financing, taking its total raised to well over 400. million euros. Coming simply weeks after Northvolt's failure, the investment. shows European EV battery...

Mineral Resources

Tesla castigates German union over effort to oust works council head

Tesla implicated Germany's IG Metall union of attempting to sow discontent at the EV maker's gigafactory near Berlin by seeking to oust the head of the works council, in the current sign of the sour relationship in between the 2 sides. IG Metall, Germany's most effective union, stated previously it had filed a movement with a local court to get rid of the plant's. works council head - who is not a member of the union - from the. committee. The union cited infractions to German labour law restricting. IG Metall's influence and avoiding it from properly. representing employees' interests....