Latest News
-
Spirit Airlines, the pioneer of low-cost airlines, is seeking its second bankruptcy in a matter of months
Spirit Airlines, the pioneer of no-frills air travel in the United States, filed for chapter 11 bankruptcy on Friday. Its turnaround efforts have been stalled by dwindling funds and mounting losses since it emerged from its previous Chapter 11 restructuring in March. Since March, when the carrier emerged from its first bankruptcy, it has struggled with stabilizing its operations. The airline announced on Friday that flights, sales of tickets, reservations, and operations would continue. Spirit Airlines had tried to rebrand itself as a premium airline in order to keep up with the post-pandemic trends of travel that have challenged ultra-low cost model's viability. Spirit's recovery has been further hampered by the uncertainty caused by President Donald Trump's budget cuts and tariffs, which have reduced domestic airfares and cooled consumer expenditure. The airline had to raise its prices going-concern There were doubts in the beginning of this month. Dave Davis, CEO, said: "Since our previous restructuring which focused exclusively on Spirit's funded loan and raising equity capital has been completed, it is clear that much more work needs to be done. There are many other tools available to position Spirit best for the future." First, the Florida-based airline sought You can also find out more about bankruptcy After years of losses, failed merge bids, and mounting debt, the airline filed for bankruptcy protection in November, becoming the first U.S. major carrier to do so since 2011 The company posted a net loss of $1.2 billion last year. This was compounded by the failure of a $3.8-billion merger with JetBlue Airways, and RTX’s Pratt & Whitney engines that forced them to ground many Airbus aircraft. Spirit Airlines began as a trucking company in 1964, before moving into aviation in 1980s. Initially they flew leisure packages under the name Charter One Airlines. Spirit Airlines was rebranded in 1992. It quickly gained a reputation for being a low-cost carrier that caters to budget-conscious travellers who are willing to sacrifice extras such as checked baggage and seat assignments. The pandemic changed the travel industry, forcing ultra-low cost carriers to adjust. (Reporting and editing by Sriraj Kalluvila, Maju Samuel, and Shivansh Tiwary from Bengaluru)
-
Trump cancels 679 Million Dollars in Federal Funding for Offshore Wind Projects
The Trump administration announced on Friday that it would cancel $679 million of federal funding for 12 projects involving offshore wind, including $427 for a California project. This is just the latest move in an aggressive campaign by the Obama administration to weaken an industry that played a central role in former President Joe Biden’s climate and energy agendas. U.S. Transportation secretary Sean Duffy stated that the awards made during the Biden administration were a waste "that otherwise could have been used to revitalize America's maritime sector." The Department of Energy awarded $427 Million to Humboldt County in California to build a new maritime terminal for construction and maintenance offshore wind turbines. Humboldt Bay was to be the Pacific Coast's first offshore wind terminal. The funds were intended to revitalize a defunct maritime terminal that would be used for wind-turbine assembly, launch, and project staging. A spokesperson for California Governor Gavin Newsom condemned the action, saying that it was an example of how the Trump administration is "attacking clean energy projects and infrastructure projects" - harming businesses and killing rural jobs and ceding America's economic future to China. The Department of Energy also cuts a $47,000,000 grant for an offshore manufacturing and logistics hub near the Port of Baltimore, Maryland, and $48,000,000 for an offshore terminal project on Staten Island, New York, awarded in 2022. It also reduces $33,000,000 for a port development project in Salem Massachusetts to redevelop an industrial facility that was vacant for offshore wind projects. Massachusetts Governor Maura Maura Healey stated that canceling the Salem grant would cost 800 construction workers jobs. She said that the Trump administration was wasting money by canceling tens millions of dollars from a project already underway to increase our energy supplies. After two major cancellations, U.S. agencies including the Departments of Defense, Energy and Commerce are reviewing the offshore wind farms that were approved by the Biden Administration along the Atlantic Coast. Transportation Department has also cancelled major grants for California's high-speed rail system and other infrastructure projects that are environmentally friendly. (Reporting and editing by David Shepardson, Nichola Groom and Edmund Klamann.
-
Southwest Airlines begins flying the first plane with a secondary cockpit barrier
Southwest Airlines announced that it would begin flying on Friday its first jet equipped with a secondary flight deck barrier designed to prevent intrusions. The airline announced that the plane, a Boeing 737 MAX 8 recently delivered to them, will take its first flight from Phoenix to Salt Lake City on Friday afternoon. Pilots unions argue that secondary barriers are essential to aviation safety. They have been sought since the September 11, 2001 attacks, which exposed the dangers of insufficient flight detection protection. This flight marks the start of the deployment of this safety feature on the new U.S. commercial aircraft fleet over the next few years. Boeing and Airbus have said they've begun delivering planes with barriers underneath. Regulation announced for 2023 This took effect on the Monday. The Federal Aviation Administration has agreed to a new agreement. Give airlines until July 2026 Use the barrier in new planes. The FAA has been informed by the majority of major carriers that they will not be using the barriers immediately and instead, take advantage the extension. Southwest Airlines has chosen to comply with the new regulations as soon as it takes delivery of new aircraft. It expects to receive about 25 more Boeing planes in this year, which will be equipped with the barrier. The FAA adopted security standards for the flight deck after the September 11 hijackings of four U.S. planes. These standards are designed to prevent forcible entry and unauthorized access. The rule requires that aircraft manufacturers install a second physical barricade on all new planes in use for commercial passenger services in the United States. Existing planes do not have to be retrofitted.
-
Venture Global could soon produce LNG at Plaquemines from all blocks, according to filings
Venture Global's regulatory filings indicate that it could produce liquefied gas at Plaquemines in the near future from all of its blocks. The facility produces 27.2 million metric tonnes per year. According to a Federal Energy Regulatory Commission order, the company was granted permission to introduce nitrogen to Block 15 as a first step towards natural gas production. The move by the regulator followed an authorization on Wednesday to introduce natural gases at Block 18. Each block has two trains, which are also known as trains. According to regulatory filings, it had skipped Block 15 at first after being granted permission to start production at the rest of the facility. The second largest LNG plant in America is Cheniere Energy Sabine Pass. Venture Global expects to commission the plant in phases over the next two-year period, earning more liquefaction fees by selling early cargoes before supplying long-term clients such as Exxon Shell and Orlen. Venture Global didn't immediately respond to our request for comment. Plaquemines, which began producing LNG in December of last year, has increased its output each month. This is a big reason why the U.S. was able to export supercooled gas at record-breaking levels by 2025. LSEG data shows that on Friday, Plaquemines pulled 3.2 bcf, or nearly 20% of the gas produced by U.S. plants. Venture Global, a three-year-old startup, has grown into the second largest LNG exporter in America. The company will be number one when it finishes construction of CP2, a 28-mtpa LNG export facility in Louisiana. Plaquemines was the fastest greenfield LNG facility built in the U.S. It produced its first cargo less than three years after its approval. Curtis Williams, Houston Reporter; Nathan Crooks & Nita Williams, Editors
-
Turkey restricts airspace and ships to Israel
Hakan Fidan, the Turkish Foreign Minister, announced on Friday that Turkey had decided to ban Israeli vessels from entering its ports and forbid Turkish ships using Israeli ports. It also imposed restrictions on certain planes in Turkish airspace. In his comments to the parliament, he provided little detail that appeared to summarize steps taken by Turkey against Israel in Gaza war or those already in progress. Israel denies the charge. The Turkish government has strongly criticised Israel for its offensive in Gaza. Ankara halted its trade with Israel and called for international sanctions against it. It also urged the world's powers to stop their support of Israel. Last week, sources told us that Turkish port officials had started requiring shipping agents informally to submit letters declaring their vessels were not connected to Israel or carrying hazardous or military cargo bound for that country. Sources also claimed that Turkish flagged ships will not be allowed to dock at Israeli ports. Fidan said at an extraordinary session of the parliament on Israel's attack on Gaza that "we have completely cut off our trade with Israel. We have closed our ports to Israeli vessels and we do not allow Turkish vessels to enter Israel's port." He added that "we do not allow container ships to enter our port carrying weapons and ammo to Israel, nor airplanes to fly in our airspace." Later, a Turkish diplomatic source clarified that Fidan referred to Israeli government flights as well as flights carrying weapons into Israel. The comments of the minister refer to official Israeli flight and flights that carry weapons or ammunition into Israel. The source clarified that this does not apply commercial transit flights. Fidan said that the Turkish president had also approved of airdropping aid to Gaza. He told the lawmakers that "our planes are prepared, and once Jordan approves, we'll be ready to go." The Israeli government didn't immediately respond to his remarks. Tuvan Gumrukcu, Timothy Heritage and Ros Russell edited the article.
-
A Canadian energy executive is tasked with accelerating project approvals
Canada appointed Dawn Farrell, a senior executive in the energy industry on Friday as head of a new office that will expedite the approval and review of natural resource projects like mines and pipelines. This process can take up to a decade. The office was announced by the Prime Minister Mark Carney earlier this year. He said that streamlining would boost the gross domestic product, and offset the impact of U.S. Tariffs. Farrell and her team, which includes Farrell who served as CEO of Trans Mountain Pipeline between 2022 and 2024, will identify projects that are in the national interest, and they will help accelerate their development. Carney's Office said that this should allow major projects to be approved in two years or less. The construction of major infrastructure projects has been held up by inefficient and lengthy approval processes for far too long. This has left huge investments on the table. Farrell's office is located in Calgary, Canada's oil capital. Ottawa has not yet designated any projects of national importance. The Canadian Association of Petroleum Producers stated that Farrell's nomination and the creation of this office were "concrete measures towards making Canada an Energy Superpower and sending a positive message to industry and investors." Farrell was CEO of Trans Mountain from 2012 to 2021. She oversaw the completion of a multi-billion dollar expansion in capacity of the pipeline. She served as CEO of TransAlta, a utility company, from 2012 until 2021. (Reporting and editing by Richard Chang; David Ljunggren)
-
Amaggi and Inpasa to partner in building new corn ethanol factories in Brazil
The firms announced on Friday that ethanol producer Inpasa, and Brazilian grain exporter and processor Amaggi, have formed a joint venture for the construction of at least three corn based ethanol factories in Mato Grosso. This is Brazil's largest grain-producing state. Why it's important The corn ethanol industry's growth is key to Brazil's growing demand for renewable fuel. Inpasa, the largest corn ethanol manufacturer in Brazil, is privately owned Amaggi. By the Numbers The companies stated in a press release that each plant should initially have the capacity to process around 2 million metric tonnes of corn annually. They said that Rondonopolis will receive the first investment, but they are also looking at investments in Campo Novo do Parecis, Querencia and Campo Novo do Parecis, without disclosing financial details. KEY QUOTE The companies stated that "this partnership will combine Amaggi’s solid footprint in grain sourcing and logistics with Inpasa’s leading expertise in corn based biofuel production". What's Next? The statement said that the joint venture will be formalized once the Brazilian antitrust authorities have approved its formation. (Reporting and writing by Ana Mano, Gabriel Araujo, Kirby Donovan).
-
Sources say that the Kuibyshevsk refinery in Russia ceased operations following drone attacks.
Two industry sources claim that oil processing at the Kuibyshevsk Russian refinery, operated by Rosneft, has been stopped since August 28, following Ukrainian drone strikes. Sources claim that the attack on the refinery damaged the CDU-4 (crude distillation units) and CDU-5 (each with a capacity 70,000 barrels a day (bpd). Some secondary refinery units have also been damaged. Sources claim that the Kuibyshevsk oil refinery resumed refining operations on August 21 after completing a major overhaul, which had been ongoing since July 1. Rosneft didn't immediately respond to a question. The Kuibyshevsk Refinery is a part of the Samara Group of Rosneft refineries. This group also includes Novokuibyshevsk, Syzran and other refineries. The Syzran oil refining plant is currently also out of service, as it was shut down on 15 August due to drone damage. The Novokuibyshevsk oil refinery, which was attacked on August 2, also suffered drone damage. Kuibyshevsk's capacity is approximately 140,000 barrels of oil a day, or 7.0 million tonnes of oil a year. According to industry sources, the Kuibyshevsk Refinery will process 4.7 million metric tonnes of crude oil by 2024. It will produce 0.8 million tons motor gasoline, 1.4 millions tons diesel fuel and 1.3million tons fuel oil. (Reporting and Editing by Louise Heavens).
China's fast renewables rollout hits grid limits: Kemp
China's recordbreaking deployment of wind and solar capability has actually gotten worse local power imbalances, requiring the nation to idle increasing amounts of eco-friendly generation when it overwhelms local intake.
New federal government guidelines aim to decrease the quantity of sustainable generation that needs to be deserted by increasing long-distance transmission links and better coordinating generation plans throughout provinces.
Given that completion of 2018, China's overall producing capacity has increased by 1.137 billion kilowatts (kW), compound annual growth of 9%, according to data from the National Bureau of statistics (NBS).
Thermal capability, mainly from coal-fired plants but some from gas-fired generators, rose by 257 million kW or 4% per year ( China analytical yearbook, NBS, 2023).
Many capability additions, nevertheless, have originated from what the federal government calls brand-new energy sources - wind farms (277 million kW, 19% annually) and solar generators (517 million kW, 29% per year).
Increased penetration of intermittent renewables is making it more difficult to handle an across the country transmission system that was currently fighting with large local imbalances between generation and load.
The solution to variable wind and solar output is to smooth out variations across a bigger number of generators spread over much bigger locations of the nation, which will need more transmission and much better scheduling.
LONG-DISTANCE TRANSMISSION
For years, the country has actually been characterised by huge west-to-east electrical energy transfers from interior locations with surplus generation to the huge load centres on the east and south coasts.
Ten provincial-level locations in the east and south (Liaoning,. Hebei, Beijing, Tianjin, Shandong, Jiangsu, Shanghai, Zhejiang,. Fujian and Guangdong) accounted for 50% of nationwide intake. however just 40% of generation in 2022.
By contrast, six remote and sparsely populated northern and. western locations (Inner Mongolia, Xinjiang, Shanxi, Shaanxi, Gansu. and Ningxia) represented 18% of intake but 25% of. generation.
Chartbook: China local electrical energy transfers
In reaction, China's State Grid Corporation has constructed. a network of ultra-high voltage transmission lines to move power. thousands of kilometres from surplus areas in the west and north. to deficit areas in the east and south.
While doing so, China has ended up being the world leader in. ultra-high voltage transmission to move electricity over long. distances while minimising line losses, and is exporting its. know-how worldwide.
INNER ASIA'S ENERGY ABUNDANCE
China's northern and western locations are a few of the least. populated and poorest parts of the nation, but abundant in energy. resources, generally coal and now progressively gas and. renewables.
The north and west contains the nation's essential. coal deposits and has become a significant centre of pit-head. generation, with some electrical power utilized in your area by heavy. market, and the rest transmitted east and south.
Inner Mongolia, Shanxi, Shaanxi and Xinjiang alone accounted. for 81% of coal mine production and 25% of all thermal. generation in 2022, according to information from the NBS.
In a peculiarity of fate, the dry and windswept northern and. western plains and deserts are likewise the best sites for giant. wind farms and solar parks.
Inner Mongolia, Shanxi, Shaanxi and Xinjiang together with. neighbouring Gansu, Ningxia and Qinghai represented 42% of all. wind and solar generation in 2015.
But the addition of a lot wind and solar generation in a. region already saturated with coal-fired power threatens to. overwhelm the transmission system.
During peak durations of wind and solar generation, there is. not enough population and industry in these areas to soak up all. the output, and not enough long-distance transmission capacity. to move the surplus east and south.
MORE TRANSMISSION AND PREPARATION
In 2016, the nationwide utilisation rate for new energy. sources was up to a record low of 84%, prompting the main. government to introduce a Clean Energy Absorption Action Strategy to. minimize the waste of eco-friendly resources.
The strategy focused on improvements in regional distribution,. long-distance inter-provincial transmission, and energy trading. to decrease the curtailment of brand-new energy generation.
By 2023, the utilisation rate for wind power had actually climbed to. a remarkable 97.3% and solar had reached 98%, according to the. state-run news firm Xinhua.
With quick implementation of eco-friendly capacity, however, the. problem of abandonment is reappearing, with wind utilisation. down to 96.1% and solar down to 96% in the very first 5 months of. 2024.
Sliding utilisation has prompted an alert from the National. New Energy Intake Monitoring and Early Caution Center. ( Solving the discomfort points and difficulties of brand-new energy. consumption, Xinhua, July 1, 2024).
The action is likely to be comparable, with renewed emphasis. on integrating renewables at local level and more transmission. capacity to move surplus power across provincial limits.
In the last 2 years, main federal government policy statements. have actually consistently focused on the requirement for better coordination of. transmission and generation in between provinces.
DEVELOPING A TRULY NATIONAL SYSTEM
In an indication of the importance attached to the issue, the. Communist Celebration's Politburo held a group research study session on brand-new. energy innovation and energy security on Feb. 29, 2024.
The session, combining leading central and regional. leaders, consisted of a conversation on enhancing the grid's capability. capability to incorporate, disperse and regulate clean energy.
President Xi Jinping stressed requirement for coordinated. advancement of the energy sector ( Xi stresses high-quality. advancement of brand-new energy, CPC International Department, March. 2, 2024).
In many methods, China's long-distance UVDC transmission system. is an amazing engineering achievement, likely to be copied. in other parts of the world as increasingly more renewables are. connected to grids.
It has enabled a remarkable penetration of periodic. renewables, along with hydroelectric generation, into the. nationwide power system while keeping or enhancing. reliability.
As an outcome, wind and solar producers supplied 15% of all. generation in the very first 5 months of 2024, up from 7% in the. exact same duration in 2019.
In some ways, nevertheless, China is still struggling to create a. genuinely integrated across the country system from fragmented. provincial-level energies that pursue their own top priorities.
If government strategies to achieve even greater renewables. penetration are to be achieved, there will have to be much. better links and more coordination in between various types of. generators and throughout far wider areas.
John Kemp is a market expert. The views expressed. are his own. Follow his commentary on X https://twitter.com/JKempEnergy.
(source: Reuters)