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Maguire: Europe's dispatchable energy woes are worsened by a new hydro power hit
The mix of power generated in Europe is likely to become dirtier this summer, after a prolonged dry spell has depleted the reservoirs and reduced hydro-electricity production. The hydro dams of Europe are the third largest electricity generator in Europe after nuclear and natural gas plants. Their annual production peaks just before summer, as spring rains and snowmelt recharge dams and rivers systems. This network of run-of river hydro plants and reservoirs is typically used to generate so-called dispatchable energy, which can then be discharged by grid operators on demand in order to balance the system's power needs. Ember data shows that a persistent drought this year has reduced hydroelectricity production by 13% in the first five month of 2025 compared to the previous year. This is the lowest May level since 2017. The shortfall in hydro power has forced utilities to use other sources of dispatchable energy, including coal and natural gas plants. These may have to be used at higher levels this summer, if hydro production remains stunted. HIGH & DRY The hydro problem this year has been exacerbated by the below-normal snow coverage in Europe's Alps. A model of the snow-fed generation potential by LSEG estimated that the output of the Alps is about a third lower than the long-term mean so far this season. LSEG data indicates that the Danube Catchment Area, one of Europe's major river-fed hydro systems, has also suffered from a lack of spring rains, with production generation potential over 60% below average. HYDRO HIT According to Ember, the combination of precipitation and snowfall below average has resulted in a 13% decrease in the cumulative production of hydro-powered energy from January to May 2024 compared to the same period in 2024. The 71 Terawatt Hours (TWh), or the amount of electricity produced by Europe's hydroelectric plants, was the lowest output for May in the last three years. It was also 11 TWh below the total production of the same month one year earlier. The hydroelectricity output from January to May this year was 48.5 TWh lower than in the same period of 2024. This has reduced the hydropower's share in Europe's electricity production mix to 16.7%, down from 19% in the same months of 2024. FOSSIL FIX In order to offset the decline in hydro-generation, and a 36 TWh reduction in cumulative output of Europe's wind farm so far this season, European power companies have been forced to increase fossil fuel generation. Ember data show that the output of gas-fired power stations was 31 TWh or 7% higher than January to May 2024, and coal-fired plant output was 12.5TWh or 5% higher. If hydro production is constrained and power demand stays at the same level, European utilities will need to increase coal and gas plant output. The output of Europe's nuclear reactors could also be increased to compensate for the decline in hydroelectric plants. However, the regional nuclear power production could be limited if river temperatures in the region rise during potential heatwaves. This would reduce their ability as a cooling water source for reactors. This means that Europe's gas- and coalfired power stations will remain the main source of dispatchable energy through the summer. Especially if the dry weather conditions of this year continue. These are the opinions of a columnist who writes for.
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Unite Group offers $965 million to buy UK's Empiric student property
Empiric Student Property announced on Thursday that it had received a buyout offer worth 710.6 millions pounds ($964.8million) from Unite Group. Shares of the British Real Estate Investment Trust rose by more than 6%. Unite Group is a developer of student accommodation and has offered 30 pence cash per Empiric Share, along with 0.09 Unite shares, should the deal be agreed. As of 1118 GMT the Empiric share price was up 6.5% to 103.6 pence, having reached a near-eight-year high. This potential deal could be added to the growing list of transactions in the UK REIT sector. Warehouse REIT has agreed to sell to Blackstone, for 470 millions pounds. LondonMetric, a British property company, had announced in May that it would purchase Urban Logistics for 698.9 millions pounds in cash and stock. Unite Group has until the 3rd of July to submit a firm bid for Empiric, or withdraw, according to UK takeover regulations.
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A court has barred a Russian tycoon in prison from appealing the Transneft Case
The English Court of Appeal denied Russian tycoon Ziyavudin Magomedov, who is currently in jail, permission to appeal a ruling that dismissed his $14 billion lawsuit filed against Russian oil pipeline monopoly Transneft as well as other companies. Magomedov filed a lawsuit against the company, as well as several other defendants at London's High Court. He claimed that his arrest in 2018 on embezzlement allegations triggered a Russian government-supported scheme designed to strip him of valuable port operators. Transneft and the U.S. private equity company TPG, among other companies, were successful in their bids to block Magomedov’s London lawsuit. Transneft announced late Wednesday that Magomedov was denied permission to appeal Magomedov's ruling by the English Court of Appeal. It is evident from the English proceedings that Mr Magomedov suffered massive losses as a result wrongdoings against him. Magomedov will continue to pursue justice and fairness wherever he is able, according to a Magomedov spokesperson. Magomedov, who founded the Summa Group with his brother Magomed, once controlled a vast empire that included everything from oil and gas to port logistics. The brothers were arrested in one of the highest-profile prosecutions in recent years on charges of embezzlement, organised crime and fraud. Magomedov received a sentence of 19 years imprisonment in 2022. He claims that the charges against him were unfounded, and he unsuccessfully appealed his conviction. Mark Potter edited the report by Vladimir Soldatkin.
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China's Didi Q1 revenues rise 8.5% as the recovery gains pace
Didi Global, a Chinese ride-hailing service, reported on Thursday that its revenue grew 8.5% in the first quarter 2025. This was to $53.3 billion yuan or $7.42 billion. After adopting new accounting principles, the Beijing-based firm reported a net income of 2,4 billion yuan during the third quarter. This compares to a loss of 1,4 billion yuan in the same period last year. Didi attracted the attention of China’s cyberspace regulator 2021 for its pursuit of an initial public offering in the U.S. without approval. This led to an investigation that prevented it from adding new users and saw its apps removed from store. In July 2022, the regulator fined Didi a total of $1.2 billion for a violation in data security. The company was then granted permission to relaunch their apps at the beginning of 2023. The company was removed from the U.S. list in 2022. The travel demand in China is showing signs of recovery, despite the slow economic growth. Didi's platforms in China completed 3.3 billion transactions, an increase of 10.3% on a year-on-year basis. $1 = 7.1805 Chinese Yuan Renminbi (Reporting and Editing by Mark Potter, Frances Kerry and Liam Mo)
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US officials report spillage of 2,000 gallons diesel on the Baltimore waterfront
Officials said that a 2,000-gallon spill of diesel, which originated in a Baltimore hospital, Maryland on Wednesday, contaminated a waterfront area in a popular tourist destination in the city. However, there was no effect on the drinking water. In a press release, Maryland Governor Wes Moore's office said that the spill was caused by a Johns Hopkins Hospital near the marina. The initial estimate of 100 gallons was made. The statement said that the spill was contained to the Harbor East Marina, an area of approximately 100 by 250 yards. Moore's Office said the dye in diesel fuel had caused the water to turn red. The U.S. Coast Guard is working with an outside contractor on the cleanup. Moore wrote in a Wednesday morning post on X that he and his team were currently onsite, at Fells Point. The oil spill had yet to be identified. Fells Point, a historic waterfront neighborhood of the city, is currently undergoing an oil spill investigation. According to a statement by the governor, Johns Hopkins Hospital responded. A request for comment made outside of regular business hours was not immediately responded to by the hospital. Reporting by Rajveer Pardesi in Bengaluru and Shubham Kaalia. Mark Potter edited the article.
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Ryanair emergency landing in Germany: Nine injured
Nine passengers were injured when a Ryanair flight bound for Milan was forced to land in southern Germany due to heavy turbulence caused by a thunderstorm late on Wednesday. Bavaria Police said that the pilot initiated the emergency landing after the bad weather forced him to do so. Police said that among the injured were: a woman with a head wound, her toddler of two years who received bruises, and a woman aged 59 who complained of back pain. The three victims were all treated in hospitals, with other injuries being treated on the spot. In a Thursday statement, Ryanair confirmed that the captain of the flight had requested medical help before landing. The airline said that it had arranged a replacement flight to take passengers to Milan, and apologized to those who were affected. In a statement issued on Wednesday, the police said that the airline had organised a bus shuttle because local aviation authorities hadn't cleared flights to other destinations. (Reporting and editing by Kim Coghill, Louise Heavens and Ludwig Burger)
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Wizz Air misses expectations with annual profit falling by over 61%
Wizz Air, the budget carrier, reported a profit for its annual operations that was below analysts' expectations on Thursday. This was due to capacity constraints caused by grounded planes as well as stubbornly high operating costs. Wizz Air's operating profit for the year was 167.5 million euro ($191.05 millions), down 61.7% compared to the previous year and below the 246 million euro forecast by LSEG analysts. European airlines are warning of the long-standing delays in delivery and the uncertainty surrounding maintaining demand post-COVID as the world is facing economic turmoil linked to President Donald Trump’s tariff threats. The sector has, however, largely benefitted from lower fuel costs. Wizz Air has had to deal with Pratt and Whitney engines that have caused problems, which have limited its capacity. In the past year, it has warned twice about its profitability. The company announced on Thursday that it will not be providing guidance for 2026, at this time of year, due to limited visibility in its trading seasons.
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Ryanair emergency landing in Germany: Nine injured
Nine passengers were injured when a Ryanair flight bound for Milan was forced to land in southern Germany due to heavy turbulence caused by a thunderstorm on Wednesday night. A police statement in Bavaria stated that the pilot was forced to land in an emergency in Memmingen (about 70 miles west of Munich). Police said that while the plane landed without incident, nine people aged between two and 59 years old were injured by the air turbulence. The statement stated that a woman suffered a head injury. Her two-year old child also received bruises, and 59-year-old women complained of back pain. All three were treated in hospital. The statement said that other injuries were treated at the scene. Police said that the airline has organised a bus to Milan as local aviation authorities have not cleared flights out of Memmingen. (Reporting and editing by Kim Coghill; Ludwig Burger)
Italy's gas intake at least expensive in more than 15 years in 2024, GME states
Italy's natural gas intake fell to its lowest level in more than 15 years to 61.7 billion cubic metres (bcm) in 2024, the nation's power market manager GME stated on Friday.
A total 2.5% yearly drop was mainly due to a decline in making use of gas in power generation, while intake by business and households was marginally greater compared to 2023, according to GME.
On the supply side, gas imports fell in 2015 to 58.7 bcm, touching their lowest level given that 2015, GME stated in its newsletter.
In spite of a drop of almost 9% in the year in circulations to Italy, Algeria remained the country's biggest gas company with 21.1 bcm supplied in 2024.
Melted natural gas (LNG) imports fell more than 9% to almost 15 bcm, ranking as the 2nd supply source for the country. Gas coming through pipelines from Azerbaijan remained in 3rd position at 10.3 bcm.
Flows originating from Russia and other European countries through the TAG pipeline increased to 5.4 bcm.
(source: Reuters)