RIYADH: War between Russia and Ukraine as well as overall skyrocketing prices associated with the sector are still lingering.
Germany’s household battery sales are projected to increase as consumers opt for cheap and renewable energy supply.
Hungary is seen breaking ranks with the EU to secure Russian gas supply, while Greece is allowing coal to make a comeback amid expensive natural gas.
Through a micro lens, automotive manufacturer Porsche is seen backing a startup amid renewable push.
Looking at the bigger picture:
• German household battery sales are projected to climb 67 percent in 2022 as citizens opt for energy-storage technologies to secure a more affordable and green supply of energy, Reuters reported, citing the German Energy Storage Association.
As of April, unit sales have already hit 500,000, up from the 430,000 recorded at the end of 2021.
• Hungary has announced that it is ready to acquire Russian gas in rubles despite the European Union’s opposition to Moscow’s demand for payment in the currency, Reuters reported.
• Greece will resort to lignite coal as a source to boost power output over the next two years as a short-term measure to diminish reliance on expensive natural gas.
This comes as the war between Russia and Ukraine has significantly raised prices of natural gas hence making coal more cost effective in the time being, Bloomberg reported, citing Prime Minister Kyriakos Mitsotakis.
Through a micro lens:
• German automobile manufacturer Porsche AG is injecting around $75 million for a 12.5 percent stake in global electricity-based fuel developer HIF Global LLC which aims to develop an alternative for gasoline out of exploiting wind power, Bloomberg reported.
The car maker is one among a big pool of investors that have joined together in a $260 million worth equity bet on the startup.
