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Maguire: Wind energy to be blown off track in 2025 and redirected for 2026.
Wind energy, like any other industry, has seen its ups and downs. But 2025 could be the worst year yet: a toxic mix of policy reversals and corporate upheaval, as well as sub-par production in key markets. The U-turn by Donald Trump on renewable energy is likely to be the most damaging. The U-turn by Donald Trump on renewable energy policy was the most damaging development. The disappointing auctions of new wind capacity in Europe, some with no bids whatsoever - including Germany and Denmark - show that the wind industry's problems extend beyond U.S. borders. Add mass layoffs and project withdrawals by prominent developers to months of below-normal production in key markets and 2025 will be a year that the industry will never forget. There are some reasons to believe that wind energy will continue to grow in the coming years, as new auction incentives, changes to supply chains, and a growing demand for all forms of power, including wind, will spur its adoption around the globe. Here is a list of major factors that affected the wind sector between 2025 and 2026. Slowest Growth in Decades The performance of wind farms in the past did not help to improve the reputation of the sector as a reliable source of power. In fact, the global electricity production from wind farms is expected to grow at its slowest rate in over 20 years this year, largely due to subpar generation for long stretches in Europe and North America. Data from the think tank Ember revealed that global wind-powered electric production in the first 10 month of 2025 was 2,158 Terawatt Hours (TWh). This is a record but only 7% higher than the same time period in 2024. The average annual growth rate from 2015 to 2024 was 14%. Four consecutive months of declines in Europe's wind production - Europe is the second largest wind producing region after Asia. This was a major factor in stifling global wind output growth at the start of 2025. The mid-year wind generation declines in North America, the world's third largest wind producing region, then further impacted on the global wind output. In April, May?June?, August and September, the region saw output decreases from the previous year. Even Asia, which accounts for around 45% of the global wind power output, registered rare drops in wind production in September and in October. This further dampened global output growth. POLICY AND COMPANY TUBULENCE As existing wind farms struggled to meet expectations, future planned projects were impacted by sudden and major changes to policies. In the U.S., the Trump administration's scrapping of federal support for wind power accelerated the phase-out of tax credits, tightened start-of-construction rules and imposed tougher limits on foreign-made components. These changes are expected to have a long-term impact on the growth of both onshore projects and offshore ones. The string of disappointing wind auctions in Europe prompted key developers such as Denmark's Orsted, and Vestas to push for quicker permitting and better auction conditions to boost investment. Some of these proposed changes will likely take effect in 2026 and could spark a broader interest in building new wind capacity in the region. Mitsubishi pulled out of three planned offshore projects in Japan due to rising costs estimates. The projects were scheduled to begin operations by 2030. The Japanese government has made some changes to its wind project policies to provide greater flexibility to developers, more financial assistance and to expand the area that is eligible for offshore wind. These changes, like those in Europe, are likely to revive interest in increasing Japan's wind energy footprint in 2026, and beyond. CHINA-LED Even though wind developers elsewhere have suffered setbacks, China's wind power production - the world's largest deployer and manufacturer of wind power and components - will continue to grow by more than 10% for the 25th consecutive year. China's share in global wind energy output will rise from just below 40% in?2024 to a record of over 41% by 2025. China's massive wind farm expansion will continue to drive global wind production upwards, even if the U.S. economy slows down and Europe remains weak. China's constant flow of exports of wind components - up more than 20% in 2025 to $4 billion, according to Ember data – also means that supplies of wind parts in nearly every region are increasing. Wind power is expected to continue growing globally in 2026 despite the turbulent 2025. These are the opinions of a columnist at. You like this article? Check it out Open Interest The new global financial commentary source (ROI) is your go-to for all the latest news and information. ROI provides data-driven, thought-provoking analysis on everything from soybeans to swap rates. The markets are changing faster than ever. ROI can help you keep up. Follow ROI on You can find us on LinkedIn.
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Traders say that China's teapots are driving Russian ESPO purchases amid record discounts.
Three traders reported a record discount of $7 to $8 per barrel for Russian ESPO blend crude delivered in Chinese ports in January compared to?ICE Brent, due to the pressure from Western sanctions on this?grade. The deeper discounts have revived interest in buying, especially among China's independent private refiners known as "teapots". Earlier in December, ESPO discount prices at Chinese ports ranged from $5 to $6 per barrel as refiners stayed out of the market following harsh Western sanctions against Russian oil majors Rosneft, and Lukoil. Beijing has issued new import quotas and cheaper barrels to lure private refiners back to the market. China's state-owned refineries, however, continue to avoid buying Russian crude at the spot market. This puts pressure on ESPO blend oil prices. ?And abundant supplies of Iranian crude sold at greater discounts have also increased competition with ESPO. ESPO Blend is a light sweet oil exported through Russian Far East ports. Its short shipping distance, combined with its high quality, makes it a vital feedstock for Chinese refiners. Discounts are now higher than they were earlier in the year. This is due to a combination of softer demand, sanctions and restrictions on Russian oil flow. Western sanctions also weigh on the value of Urals, Russia's flagship oil. Due to the weaker Indian demand, traders said that a number of Urals cargoes loaded from?Russian port this month were diverted to China. Chinese port discounts for Urals crude cargoes have been over $10 per barrel compared to ICE Brent - this is for December loadings of Russian ports. The traders stated that although Western sanctions may have made it difficult for some buyers to pay and ship, ESPO and Urals are still attractive to smaller refiners who need quick shipments. China is Russia's biggest oil customer. Wider discounts could support Russian oil exports until early 2026, even though sanctions restrict Moscow's ability sell oil. Reporting by Siyi Liu and reporters in Moscow, with editing by Joe Bavier.
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Oil prices steady as the market balances geopolitical risk against fundamentals that are bearish
The oil prices were relatively unchanged on Tuesday, as the United States' fears of a supply disruption following Ukrainian attacks on Russian vessels were offset by potential sales?of?Venezuelan?crude. Brent crude futures were up 7 cents at $62.14 per barrel as of 0959 GMT. U.S. West Texas Intermediate crude (WTI), up 4 cents, was at $58.05. Brent prices rose by more than 2% Monday. WTI prices climbed the most since November 14, while Brent's daily gains were their highest in two months. After Monday's sharp increase in oil price, heavy oversupply has stifled any further rise. The upside is?limited', according to IG analyst Axel Rudolph, with floating storage at its most recent high since 2020. U.S. president?Donald Trump stated on Monday that the U.S. may keep or sell oil it has seized in recent weeks off the coasts of Venezuela as part of U.S. sanctions, which include a 'blockade' of oil tankers entering and exiting the South American nation. Barclays stated in a Monday note that oil markets will remain well-supplied during the first half 2026. However, the bank also noted that the surplus of oil would 'diminishe to 700,000 barrels a day by the fourth quarter 2026. A prolonged disruption of the market could further tighten it. Russian forces attacked Ukraine's Black Sea Port of Odesa on Monday night - damaging port facilities and a vessel. This was the second attack in less than 24 hour. Ukrainian drones also damaged two vessels, a pier, and started a fire. Ukraine has also targeted Russia’s maritime logistics by focusing on the shadow fleet oil tankers which attempt to bypass sanctions against Russia. Reporting by Seher D. Dareen, Anjana Anil and Emily Chow from Singapore. Editing by David Goodman.
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Gulf Markets ease up on oil prices
The Gulf's major stock exchanges eased early on Tuesday as lower crude prices and concerns about oversupply and sluggish demand dominated the geopolitical tensions following the U.S. announcement that it would sell Venezuelan oil. Oil prices, a key factor in the Gulf financial markets, fell as traders weighed geopolitical risk against fundamentals that were bearish. Saudi Arabia's benchmark index dipped 0.1%, mainly due to a 0.6% drop in oil giant Saudi Aramco as well as a 0.1% decline in Al Rajhi Bank. Dubai's main stock index fell 0.3%. Toll operator Salik?Co lost 0.6%, and top lender?Emirates NBD saw a 0.5% drop. The Abu Dhabi Index bucked trend and rose 0.2%. Reports indicate that Donald Trump, the U.S. president, may announce his choice for the new Federal Reserve Chair as early as this January. Trump said last week that the Fed chair will be someone who is strongly in favor of "significantly lower interest rate". The markets are pricing in two interest rate cuts for the U.S. in the next year, based on the expectation of a shift to dovish monetary policy. The U.S. monetary policy changes have a major impact on the Gulf markets where the majority of currencies are pegged with the dollar. The Qatari Index fell 0.2% and the Qatar Islamic Bank dropped 0.5%. (Reporting by Ateeq Shariff in Bengaluru; Editing by Harikrishnan Nair)
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NHTSA: Amazon's Zoox recalls 332 US vehicles due to software error
Amazon's self driving unit Zoox has recalled 332 vehicles from the?U.S. The U.S. National Highway Traffic Safety Administration announced on Tuesday that a software error in automated driving systems (ADSs) was the reason for the recall. Zoox has recalled ADS vehicles equipped with software versions that were released prior to December 19, NHTSA said. They added that, at intersections or near them, Zoox vehicles may drive across the yellow line or stop in front of oncoming traffic. This increases the risk of a collision. NHTSA said that the company had updated its ADS software at no cost. In May, it recalled 270 cars. It issued a new software update in May to improve the way its vehicles track pedestrians and prevent movement when they are close. This was in response to a fatal crash that occurred in San Francisco. NHTSA certified Zoox vehicles for demonstration use in August and ended a probe that the U.S. regulator of auto safety began in 2022 to determine if they met federal requirements.
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Italy's antitrust regulator fines Ryanair 300 million dollars over its dealings with travel agents
The Italian competition authority announced on Tuesday that it had fined Europe’s largest budget airline Ryanair $300.19 million ($255.19 mln) for abuse of its dominant position with travel agents. The regulator claimed that the airline had allegedly made it difficult for travel agents to offer Ryanair in combination with other airlines and other services. Ryanair didn't immediately respond to an inquiry for comment. The authority alleged that it was unhappy with the 'airline for introducing facial -recognition procedures initially, blocking payments to online travel agencies, and finally imposing partnership agreements on travel agents limiting their abilities to offer Ryanair as part of travel packages. The?watchdog stated that "Ryanair's dominant position stems from not only its significant market share which continues to grow but also numerous other indicators...(which) contribute (to) giving Ryanair a significant market power as well as the ability to act independent of competitors and consumers." The regulator said that the alleged abuse of dominant position took place between April 2023 and at least April this year. $1 = 0.8495 Euros (Reporting and editing by Alvise Armillini, Giulia Segriti)
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Spanish regulator sets return of 6.58% for electricity grids in 2026-2031
The Spanish competition watchdog approved rules that set the financial return on power?grid activity at 6.58% over the next six years. It said it was trying to balance the needs of network?investment with the protection of consumers. The massive blackout which hit Spain and Portugal in April has reignited the debate on investment and return on investments. Power companies invest in grids for a guaranteed return, and consumers pay this rate via their electricity bills. The CNMC said in a late-night statement that the financial remuneration 'rate for electricity transmission system operation and distribution 'would increase by 100 % from 5.58% for the previous six year period. The watchdog has also released guidelines for calculating the remuneration of electricity distribution. This is to improve network quality and efficiency, reduce losses, and provide incentives for electrification. CNMC stated that the distribution method aligns with government limits on investment by remunerating auditored investments?upto 0.13% gross domestic product. The?regulator stated that it used a "guarantee based and participatory process" in making its decision. This included seven public consultations and five public hearings. It also sought the opinion of Spain's Energy Ministry on five separate occasions. In recent years, energy groups like?Iberdrola or Enel have focused more on upgrading and expanding power grids while being selective about renewable energy projects. (Reporting and editing by David Latona)
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Pakistan receives three bids for the second televised auction of national carrier PIA
On 'Tuesday, the Pakistani government received three bids for its state-owned airline Pakistan International Airlines in a televised bidding process. The auction was held as part of a push to implement a reform that has been long delayed by 'the International Monetary Fund. This is Pakistan's 2nd televised auction to sell the once-storied flag carrier. A botched process last year resulted in only one bid, which was far below the reference price set by the government. The failed attempt ruined Pakistan's 1st major privatisation for nearly 20 years. The representatives of the bid groups entered one-by-one on Tuesday, putting sealed offers in a transparent box during the live broadcast. They briefly stumbled as they pushed envelopes into the slot. The bids for a'majority stake' in PIA will be made in two phases. Officials have announced that a second open-bidding event will be held later in the afternoon. Shehbaz sharif, prime minister of Pakistan, said: "I'm grateful to the Ministers and the head of the Privatisation Commission who have made the process transparent." He invited cabinet members to attend the 2nd ceremony. The?bidders were a consortium led?by Lucky Cement Limited and comprising of power producer Hub Power Holdings Limited?and investment firm Metro Ventures. Arif Habib Corporation Limited led a second consortium, which included the private school network City Schools, fertiliser manufacturer Fatima Fertiliser Company Limited and real estate company Lake City Holdings Limited. Air Blue (Private) Ltd., a private airline, was the third bidder. Local media reported that the government was willing to sell up to 100% of PIA under the current transaction structure. Any stake over 75% would be subject to a premium of 15%. Try again The government had set a price of $305 million as a minimum for a 60% share, but only received a bid from Blue World City. They declined to increase their offer due to concerns about PIA's finances, and cited "significant leakages". Officials from "several prequalified groups" told at the time that they chose not bid because of concerns about policy continuity, unattractive conditions?and doubts regarding the government's capability to honour long-term obligations, especially after Islamabad decided to renegotiate contracts with sovereign guarantees. PIA has seen its prospects improve since then. Islamabad assumed the majority of PIA's legacy debt. The carrier posted its first profit before tax in 20 years. Britain and the European Union lifted a ban on PIA that was five years old. Analysts and government officials said that the reopening could boost?revenues materially and allow for a higher valuation compared to last year's auction. The sale of the airline is part of a larger privatisation drive under Pakistan's IMF bailout. This includes plans to sell stakes in state owned banks, power distribution firms and other loss making enterprises, as the government seeks curb fiscal drain and restore investors' confidence.
Singapore allows bunker tanks to carry up to B30 marine Biofuel
A circular issued by the Maritime and Port Authority of Singapore showed that all licensed bunker tanks operating in Singapore's port are allowed to transport and deliver marine biofuel blended up to 30% (B30).
Tankers with conventional engines were allowed to carry up to 24% biofuel blended.
According to the MPA circular, the move was made in accordance with the update of the latest requirements for the carriage of biofuel mixtures under the International Convention for the Prevention of Pollution from Ships.
The MPA will continue to require that bunker suppliers and craft owners seek approval from its Standards and Investigation Marine Fuels department (SIMF), to supply biofuels in blends greater than 30%.
Marine biofuel bunker deliveries have increased in recent years at major bunker hubs such as Singapore and Rotterdam, as shipowners look for ways to reduce emissions by using cleaner alternatives. (Reporting and editing by Varun H. K.; Jeslyn. Lerh.)
(source: Reuters)