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RIYADH: On a macro level, European countries like Denmark are going out of their way to help the continent reduce its dependence on Russian energy.
On a micro level, however, firms such as multinational SSE plc and power producer Quantum are taking initiatives to guarantee a green future. Other firms, such as carmaker Volkswagen, are revamping growth plans to adjust to the aftermath of the current global conflicts.
Looking at the bigger picture:
- Turkey and Germany’s Deutsche Bank AG are in talks regarding a 1-billion euro ($1 billion) loan to propel natural gas acquisitions to help the Middle Eastern country reduce dependency on Russia, Bloomberg reported.
State-owned crude oil and natural gas pipelines and trading firm Boru Hatlari ile Petrol Tasima AS will utilize the loan in acquiring liquefied natural gas from traders in Europe as well as US producers.
- Denmark has announced that it plans to ramp up natural gas production temporarily to aid Europe gain independence from Russian energy. Nevertheless, the country will still stick to its target of quitting oil and gas production by 2050, Bloomberg reported, citing Prime Minister Mette Frederiksen.
Through a micro lens:
- SSE plc is in talks with Spain-based Siemens Gamesa Renewable Energy to acquire its wind farm development unit, Reuters reported. The wind farms projects to be sold have the capacity to generate as much as 3 GW of electricity across France, Greece, Italy, and Spain.
- Independent power producer Quantum Power Asia Pte is considering progressing with a $5 billion plan to channel clean electricity from Indonesia to Singapore, Bloomberg reported. Under the new plan, the company will build — in collaboration with Berlin-based construction engineering firm Ib Vogt GmbH — a 3.5 GW solar plant as well as a 12 GW hour battery storage facility in Indonesia.
- German carmaker Volkswagen has announced that it will revamp growth plan in such a way to divest more power to its regions and brands, Reuters reported. This comes as the carmaker wishes to minimize vulnerability in light of the global conflicts accounting for several effects such as supply chain disruptions and skyrocketing prices.