Daily Archives: March 29, 2011

Kiran Stacey

Solar panelsAs Italy becomes the latest European government to consider changing its solar subsidies, ministers should pay attention to today’s report into green investment from the Pew Environment Group.

The report looked like good news for European governments. Private investment into renewables in the European region totalled $94.4bn, about $20bn more than in 2009, and more than any other world region.

Germany and Italy both surged, with more than 100 per cent growth in investment in small-scale solar installations.

BP is rightly coming under growing shareholder pressure to explain what it is doing with its stalled Rosneft deal – or get out of the increasingly controversial $16bn-plus project.

Amid much anonymous grumbling, one big shareholder – Standard Life – went on record on Tuesday questioning BP’s proposals. With the deal deeply entwined in the complexities of the Kremlin and its relations with Russian big business, it is impossible to say how the dice will fall. But the whole affair has done nothing to enhance investor confidence in either BP or Russia.

The British company knew when it announced the deal with Rosneft, with much fanfare and prime minister Vladimir Putin’s public blessing, that it would run into trouble from the Russian billionaire partners in its existing joint venture, TNK-BP.

Kiran Stacey

Jeffrey Immelt just can’t stop buying. Today, he announced GE would pay $3.2bn for 90 per cent of Converteam, the French business that used to be Alstom Power Generation.

Converteam make equipment to convert renewable power into “grid-quality” electricity, and according to GE, its sales rose 36 per cent last year.

This now takes GE’s spending on energy acquisitions since October to over $11bn after the purchases of Dresser, Wellstream, Lineage Power and the well support unit of John Wood Group.

GE’s shareholders don’t seem too perturbed by the deal: its shares barely moved in pre-market trade – although that might change when the opening bell rings.

FT Energy Source

- Libyan rebels may be able to profit from oil sales – FT

- Libyan rebels aim to revive oil exports – NY Times

- Qatar provides fuel lifeline for rebel-held towns – FT

- Radioactive flood in Japanese reactor tunnels – FT

- Japanese soil contains plutonium, say officials – The Guardian

- Tepco chief spent week secluded in office – FT

- Gas ship rates may rise 67% as Japan replaces nuclear – Bloomberg

- Standard Life tells BP to drop Rosneft swap – The Telegraph

- Bob Dudley risks being left out in the cold – The Telegraph

- Chinese to drive energy M&A – FT

- China industry ordered to cut CO2 intensity by 18% – Reuters

- Private investment in clean energy plunges – FT

- Berlin shifts stance on nuclear power – FT

- British nuclear industry ‘needs overhaul’ – The Guardian

- EDF asks Edison CEO to step down – WSJ

- Lamprell surges on need for robust rigs – FT

- Business big shot: Nigel McCue of Lamprell – The Times

- Bowleven looks to Cameroon prospects – FT

- BG to export oil from Brazil – Bloomberg

- Delta Air Lines shifts fuel hedges out of US benchmark – FT

- European Commission targets cut in transport emissions – Argus


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