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What could be causing the Iberian Power Outage?
A massive blackout in Spain, Portugal, and parts of France has prompted a search for the cause. The outage, which halted traffic lights, trains, and bank machines, was one of Europe's largest ever power system failures. Cyber Attack? Portugal's Premier Luis Montenegro said that there were no signs of a cyberattack. However, both countries continue to investigate all possible hypotheses. EXPLAINATIONS SO FAR In a Monday night statement, Spanish grid operator Red Electrica pointed out a "strong fluctuation in the flow of power" that caused "a very substantial loss in generation." The electrical system was not designed to handle this loss in generation, and so the Spanish grid has been disconnected from the European grid. Red Electrica reported that the electrical system collapsed and caused voltage losses at the supply points for both the Spanish peninsular electrical system and the Portuguese peninsular electrical system. What causes power outages? Extreme weather conditions such as high winds, storms or lightning are the most common causes of unplanned power cuts that disable electricity on a wide scale. These faults can also occur when power stations, power lines, substations, or other parts or the grid or transmission system are affected. The majority of power outages last anywhere from a few seconds to several hours. What is the IBERIAN Power Mix? Spain is Europe's largest producer of renewable energy. The Monday shutdown has already sparked a debate over whether the volatile supply of solar or wind power made its systems more susceptible to an outage. Red Electrica data indicates that solar photovolatic energy (PV) provided almost 59% Spain's electrical power at the time the blackout occurred. Wind power contributed nearly 12% of Spain's electricty, nuclear approximately 11%, and combined cycle gas plant 5%. Red Electrica data shows that in just five minutes, on Monday between 1230-1235 local time (1030-1035 GMT), the solar PV generation fell from 18 GW down to 8 GW. What factors could be involved? Sources with direct knowledge in the sector have confirmed that the Spanish grid had very little "inertia" at the time the outage occurred. Inertia is the amount of energy in large rotating masses like generators or industrial motors. Inertia stabilizes the grid when demand or production suddenly drops or increases. In those conditions, if production drops for any reason (there is less inertia), the grid will lose (more) inertia. Everything fails. In a blackout you have to rebuild the inertia, which can take a few hours, before things are brought back online. Victor Becerra of the University of Portsmouth in the UK, a professor of power system engineering, said that the Iberian blackout showed the complexity of managing energy systems, especially as they incorporate increasing amounts of intermittent renewable energies, such as solar and wind. Reporting by Nina Chestney and Pietro Lombardi; editing by Susan Fenton.
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Data shows that Kazakhstan Q1 oil imports are up 7% year-on-year due to a CPC boost.
Calculations based on official sources and data showed that Kazakhstan increased its oil exports from January to March by 7%, to 19.51 million metric tonnes (1.63 millions barrels per day), thanks to an increase in supply via the Caspian Pipeline. The oil output and exports of Kazakhstan, a country that ranks among the top 10 oil producers, are in the spotlight. This is because the Central Asian nation has exceeded the quotas set by the OPEC+ group, which has angered several members, including Saudi Arabia. The Caspian Pipeline Consortium exports oil via the Black Sea from Kazakhstan. Drone attacks have plagued it, as has a dispute over terminal equipment in Russia's Black Sea Port of Novorossiisk. In February, a Russian drone is believed to have attacked a CPC pumping facility in the southern part of the country. A nearby oil depot in March was also set on fire by an alleged Ukrainian drone. According to the Situational and Analysis Center for Fuel and Energy Complex of the Energy Ministry in Kazakhstan, exports through the CPC increased 11% compared to a year ago to 16,388 millions tons. The data revealed that supplies from the Chevron Tengiz oilfield - the largest in the country - grew by 26% during the period, to 8.944 millions tons, due to the expansion of the field. Exports via the Atasu - Alashankou pipeline to China dropped by 11% to 238,000 tonnes in the first quarter of this year. The amount of oil exported by Kazakhstan via the Druzhba pipe, built in the Soviet Union and running through Russia into Germany, increased from 300.000 tons to 377,000 tonnes in January-March 2024. Kaztransoil reports that supplies through the Baku-Tbilisi - Ceyhan pipeline, which was designed to bypass Russia, decreased in the first quarter from 364,650 tones in the previous period. Mark Potter is responsible for reporting and editing.
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The German LNG import terminals
Since the invasion of Ukraine by Russia in 2022, Germany has sought to import liquefied gas (LNG), to replace Russian gas piped to Germany. The first step was to deploy floating storage units (FSRUs), which receive seaborne LNG. Longer term, it planned shore-based regasification facilities and terminals to import and manufacture ammonia and clean hydrogen. Here are the latest updates: MUKRAN Gascade's OAL pipeline supplies the terminal on Ruegen Island in Baltic Sea with LNG. The private operator Deutsche ReGas announced on April 16 that there were no regasification slots left at Mukran until 2025. They said LNG carriers arrive weekly with approximately one terawatt-hour of gas. ReGas had cancelled the Energos Power FSRU in February due to low usage. The company now only uses the Norwegian FSRU Neptune of Norwegian operator Hoegh, after it said that it was struggling with the fees offered by DET to attract cargoes to terminals in North Sea supervised by DET. ReGas said that the gas demand would be high ahead of winter next year, citing EU decision to extend the requirements for refilling underground storage facilities. ReGas has launched, in April, a three-month round of bidding to expand Mukran’s capacity. The bids will offer an additional 5 Bcm per year between 2027 and 2043. It plans to restart a 2nd FSRU, and restore the full capacity of 13,5 bcm in 2027. LUBMIN ReGas signed a 2024 agreement with Hoegh to convert the Baltic Sea port (a precursor of Mukran) into an ammonia/hydrogen terminal. WILHELMSHAVEN Utility Uniper launched Germany’s first FSRU operations, Wilhelmshaven 1 on the North Sea in 2022. Uniper has plans to build a 200-MW electrolyser that will be powered by local wind energy and a land based ammonia reception terminal. DET confirmed that on April 28, the Excelsior regasification vessel arrived at an jetty constructed by Tree Energy Solutions. This ship provides another option for imports, DET stated. Previous announcement . Over the next few weeks, Excelsior is going to be tested and connected. Hanseatic Energy Hub took a final decision in 2024 to invest in a terminal that is ammonia ready and will be located at the Elbe River inland port. The terminal will start operating in 2027. The terminal will cost approximately 1 billion euro ($1.14 billion). The employment of the FSRU Energos Force that was supposed to last until 2027 ahead of the start of operations at the onshore terminal is being delayed until further notice. This comes after DET and HEH canceled contracts due to unresolved differences about construction schedules, payments, and other issues. BRUNSBUETTEL Brunsbuettel FSRU began operations in 2023 along the North Sea Coast. It was initially chartered by RWE and operated by its trading arm, before being handed over to DET. The facility is a precursor to a land based LNG plant that has been approved for 40 million euro of state assistance. The terminal could begin operations by the end of 2026 when an adjacent ammonia facility, which was recently inaugurated, could also be operational. ($1 = 0.8772 euro) (Reporting and editing by Vera Eckert)
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China's Guangzhou Port opens shipping route to Peru
China's Guangzhou Port opened a direct shipping route to Chancay Port in Peru on February 2, according to state broadcaster CCTV. The move, it reported, would reduce logistic costs and boost trade with Latin America. Chancay, located north of Lima and offering non-stop trips to Asia, is now open for business. It can accommodate the largest vessels along South America's Pacific Coast. Beijing announced the announcement as it aims to strengthen its relationship with Latin America, a resource-rich region, amid trade tensions between the United States and China. CCTV reported that on Tuesday the 300-metre COSCO Volga vessel was loading 400 containers with refrigerators, auto parts, household appliances, and other goods produced in Guangdong, onto a ship. The broadcaster stated that the direct route would reach Peru in 30 days or less and would reduce logistics costs by 20%. The new route will speed up the connection between Guangzhou Nansha Port, Mexico's Port of Manzanillo, and Chile's Port of San Antonio. CCTV reported that exports of household appliances, electronic goods, furniture, and toys to Latin America are increasing. They also said that red wine and high-quality fruits and seafoods from the Andes and Pacific coasts would be more readily available in China. The first phase of the Chancay port, which was built by Cosco with a $1.4billion investment, has been inaugurated by Peruvian president Dina Boluarte, and Chinese president Xi Jinping, during the Asia-Pacific Economic Cooperation summit (APEC), held in Lima, in November. Xi hailed a 15-berth deep-water port as the start of a 21st century maritime Silk Road and part of China’s Belt and Road Initiative. This initiative is a modern revival of China’s ancient Silk Road trading routes. China will spend more than $1 billion to make Lima a major hub for shipping between Asia and South America. Farah master in Hong Kong, Beijing and the newsroom. Michael Perry edited.
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South Korea's MFG bids up to 140,000 t corn, traders claim
European traders reported on Tuesday that the Major Feedmill Group of South Korea (MFG) had issued an international bid to purchase up 140,000 metric tonnes of animal-feed grain. Also, the deadline for submitting price offers is Tuesday, April 29, 2019. Two consignments of between 55,000 and 70,000 tons are expected to arrive in South Korea during July and August. Shipping of one consignment to arrive in South Korea on July 28 was requested between June 24-July 13, if it is sourced from U.S. Pacific Northwest Coast, between June 4-23, if it is sourced from U.S. Gulf coast, May 30-June 18, if it comes from South America, and between June 9-28, if coming from South Africa. A second consignment was requested for arrival on August 3, if it came from the U.S. Pacific Northwest Coast, the U.S. Gulf coast between June 10 and 29, South America between June 5 and 24 or South Africa between June 15 to 4. The tender is seeking price offers both in terms of outright cost per ton and freight included (c&f), or at a higher premium than the Chicago corn contract for July 2025. Chicago Board of Trade corn contracts sparked Asian interest in corn imports, traders said. On Monday, a group from Taiwan purchased 65,000 tons U.S. origin corn as a result of the spillover pressure caused by falling wheat prices. (Reporting and editing by Michael Hogan)
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Taiwan's MFIG purchases about 65,000 t corn from the U.S.
European traders reported that the MFIG group of Taiwan bought 65,000 metric tonnes of animal feed corn in a Tuesday international auction. The corn was expected to come from the United States. It was thought that the seller would be CJ International, a trading house. They said that the yellow corn was bought at a premium estimated to be 208.80 U.S. Cents per bushel, cost and freight included (c&f), over Chicago's September 2025 corn contract. The reports reflect the opinions of traders, and it is still possible to estimate prices and volume later. Traders said that the only corn offered was Argentine and U.S. corn, with U.S. supplies dominating. The traders said that 11 other trading companies offered 65,000 tonnes of U.S. Corn in the tender. The next lowest offer was assessed at 212.04cents per bushel, c&f by Pan Ocean and 212.33 cents from ADM. Traders said that due to concerns over poor quality, Argentine Corn would only be accepted if the price was the lowest offered, and the bushel price at least four cents below the next cheapest offering from another origin. They reported that Cargill had offered 65,000 tons Argentine corn at a price of 228.33 cents a bushel c&f. Traders said that shipments were needed between June 20th and July 9th if corn was sourced from Brazil, Argentina or the U.S. Gulf. Shipments from the U.S. Pacific Northwest Coast or South Africa were sought between July 5 to July 24. The last report corn tender On March 26, the MFIG Group purchased about 65,000 tonnes, which were also expected to come from the United States. (Reporting and Editing by Louise Heavens, Michael Hogan)
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Maguire: Europe's clean energy woes are worsened by a lack of snow cover
The below-average snowfall in continental Europe during the winter of 2018-19 has deprived regional utilities in this region of a vital source of clean energy that can be dispatched this spring. This is on top of an alarming drop in wind power generation in 2025. According to LSEG the snow-fed hydro production in the Alps has fallen by over a third compared to last year's same dates. This is due to a decrease in winter precipitation. Ember data shows that the lower hydro supply follows a period of low wind production lasting several months, which forced European utilities (utilities) to increase their fossil fuel generation by 7% compared to last year's levels. The continued weakness of hydro means that regional utilities will need to increase output from coal and natural gas-fired power stations, which are Europe's main sources of energy. Nuclear reactors can also be sent on demand. The Peak Has Been Passed The output of snow-fed hydro assets peaks in the spring and early-summer, when temperatures rise and melt snow to refill reservoirs and boost run-of river turbine system output. LSEG's seasonal snow-fed hydromodel data suggests that the output of the Alps as a region peaked at the end of March and will continue to decline steadily until the late summer, before recovering during the fall and the winter. The peak hydro output in the Alps area was around 30% lower than the long-term norm, and nearly 40% less compared to the same period of 2024. This is due to the thin snow cover in key areas during this winter. The cumulative snow-fed production of Austria's major regions fell by 44% from 2024 to the present. LSEG data indicates that Switzerland, France, Italy, and the entire Danube Catchment Area are all expected to see output declines of 30 or more percent. KNOCK ON THE IMPACTS According to Ember, by 2024, Europe will generate around 18% the electricity it needs. This is a higher percentage than the 23% of gas-fired power plants, the 20% of nuclear plants and both the 13% and wind farms. Solar farms produced around 7%, bioenergy plants about 3% and other renewables and fossil plants another 3%. Europe's utilities have become accustomed to the volatile output of hydro assets and are adept at replacing lost hydro production with higher production from assets other than hydro. However, since Europe's wind farm output has already declined by more than 10% in the first quarter of 2025 compared to the same quarter in the year 2024, clean energy is in short supply this year. It is possible to maintain clean electricity even when wind and hydro power production are low, thanks to the large nuclear reactors in some systems. In order to compensate for the loss of wind and hydro, most other European networks have increased fossil fuel generation. In Europe, the production of electricity from gas fired power plants increased by 26% in the first three month of 2025 compared to the same period in 2024. Coal-fired power generation was also up 15%. Gas production in Austria increased by 75% between January and March 2024 compared to the same period in 2024, as utilities sought to balance the system during the recent hydro slump. In Germany, France, and Italy, fossil fuel generation is also up this year compared to last year, partly due to the reduction in hydropower supplies. SOLAR OFFSET? Solar farms in Europe are on course to break previous records by 2025. They will also be able offset at least partially the reduced supply from other assets. Solar farms cannot replace hydro power in full because they can only produce solar energy when the sun shines. It's possible that utilities who could dispatch bursts during peak demand may have to rely on fossil fuels rather than solar farms in order to replace the lost supply, especially at times when solar output is low. It is true that the European power grids are adding more battery storage capacity, which allows utilities to store solar energy and then sell it to their customers later. Batteries can also be used to limit fossil fuel use and the increase in emissions from the power sector. With wind and hydro power under pressure, Europe's energy firms will continue to rely heavily on fossil fuels, which could result in a rise in fossil-fired power generation by 2024. These are the opinions of the author who is a market analyst at.
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FAB, UAE's largest lender, beats expectations on the strength of non-funded income
First Abu Dhabi Bank, the largest lender in the United Arab Emirates by assets, exceeded first-quarter profit expectations on Tuesday. This was boosted by a strong increase in non-interest revenue from fees and commissions. Sources say that the results are part of a reorganization by FAB aimed at strengthening their business in Gulf and increasing shareholder returns. Sources told us last month that FAB will split its operations into four divisions, and have appointed Citi dealmaking veteran LinosLekkas to be its new head for investment banking. Hana Al-Rostamani, the new head of FAB since 2021, is following a number of departures of senior managers, including the former chief of global markets and its chief operating officer, both of whom left earlier this year. The company stated that it reorganized all of its segments in the period between January and March. In the quarter ending March 31, net interest income increased 3%, to 5 billion dirhams. Non-interest income rose 22%, to 3.8 billion. The income from fees and commissions increased by 23% compared to a year ago. LSEG data shows that the net profit rose by 23%, to 5.13 billion Dirhams. This was higher than analysts' expectations, which averaged 4.24 billion Dirhams. The bank's assets totaled 1.31 trillion dirhams, an increase of 6%.
Bloomberg News reports that an Italian tycoon is the lead investor in CK Hutchison Ports
Bloomberg News, citing sources familiar with the situation, reported that Gianluigi Aponte, an Italian billionaire, is the main investor in a group looking to purchase 43 ports from the conglomerate CK Hutchison.
Bloomberg reported that the Terminal Investment Ltd. (TIL) of the Aponte family, which according to their website manages a portfolio of diverse container terminals, will become the sole owner of the ports after the deal has been completed. Two of the ports in Panama would then be controlled by BlackRock Inc.
BlackRock Global Infrastructure Partners, a subsidiary of BlackRock, will own 51% and TIL the remainder of the two Panama Canal ports.
CK Hutchison refused to comment.
Port facilities along the strategic waterway make up about 4% the value of the entire deal. Bloomberg reported that Li Ka-shing is expected to receive more than $19 Billion in cash from CK Hutchison, citing a source familiar with the details.
CK Hutchison is facing increasing criticism from China over its decision to sell the majority of its $22.8billion port business to BlackRock. Deal has become very political as conglomerate finds itself in the crosshairs an escalating trade war between the United States and China.
After the report, shares of CK Hutchison rose by 3.1%, compared to a 2.1% increase in the Hang Seng Index.
(source: Reuters)