Round bales of straw drying on the field are seen in front of the power station operated by RWE AG near Rommerskirchen, Germany on August 10, 2021. The cost of natural gas and electricity has surged across Europe.
Ying Tang | NurPhoto | Getty Images
LONDON — European power prices have spiraled to multi-year highs on a confluence of factors in recent weeks, ranging from extremely strong commodity and carbon prices to low wind output.
What’s more, the record run in energy prices is not expected to end any time soon, with energy analysts warning market nervousness is likely to persist throughout winter.
The October gas price at the Dutch TTF hub, a European benchmark, was seen to climb to a record high of 79 euros ($93.31) a megawatt-hour on Wednesday. The contract has risen more than 250% since January, according to Reuters, while benchmark power contracts in France and Germany have both doubled.
In the U.K., where electricity bills are now the most expensive in Europe, power prices have soared amid the country’s high dependence on gas and renewables to generate electricity.
British day-ahead electricity prices rose nearly 19% to reach 475 pounds ($656.5) on Wednesday, Reuters reported. The contract was already trading near record highs shortly after a fire at a U.K.-France power link cut electricity imports to Britain.
“By far the biggest factor is gas prices,” Glenn Rickson, head of European power analysis at S&P Global Platts Analytics, told CNBC via email.
Higher gas prices have also been a “big driver” in lifting carbon and coal prices to record highs too, Rickson said, although he noted there are other supporting factors at play, such as low wind generation and nuclear plant unavailability across the continent.
Carbon prices in Europe have nearly trebled this year as the European Union reduces the supply of emissions credits. The EU’s benchmark carbon price climbed above 60 euros per metric ton for the first time ever in recent weeks, trading slightly below this threshold on Thursday.
The EU’s Emissions Trading System is the world’s largest carbon trading program, covering around 40% of the bloc’s greenhouse gas emissions and charging emitters for every metric ton of carbon dioxide they emit. Record carbon prices have made highly polluting sources of energy generation even less attractive because coal, for example, emits more carbon dioxide when burnt.
Rickson said the outlook for European power prices this winter will be “highly dependent” on gas prices, adding that he expects gas prices to rise even further in the coming months. “Aside from the ‘average’ picture, we expect prices to be highly volatile, with swings from low or even negative hourly prices when wind generation is high, to very high prices as already seen when wind is low, and demand is high.”
How did we get here?
European gas prices have accelerated since the start of April, when unseasonably cold weather conditions meant Europe’s gas in storage dipped below the pre-pandemic five-year average, indicating a potential supply crunch.
Europe has since struggled to bring gas supplies that are necessary for the winter period back to where they should be. An economic rebound as countries eased Covid-19 restrictions also coincided with higher-than-expected demand that led to a shortage of gas.
An output filtration facility of a gas treatment unit at the Slavyanskaya compressor station (operated by Gazprom), the starting point of the Nord Stream 2 offshore natural gas pipeline. According to Russia’s Deputy Prime Minister Alexander Novak, the construction of Nord Stream 2 will be completed by the end of this year.
Peter Kovalev | TASS | Getty Images
Further to this, Russia has been seen to slow its delivery of piped natural gas to the region, raising questions about whether this may be a deliberate move to bolster its case for starting flows via Nord Stream 2. The controversial pipeline, bringing natural gas to Europe from Russia, bypassing Ukraine and Poland, is soon expected to be fully operational and could resolve some of the region’s supply problems.
This deficit is “making the market nervous as we approach winter,” Stefan Konstantinov, senior analyst at ICIS Energy, a commodity intelligence service, told CNBC. “That is coupled with the very significant competition for LNG supplies from Asia and South America, which is driving gas prices up.”
Climate crisis concerns
Earlier this month, soaring gas prices and low wind output prompted the U.K. to fire up an old coal power plant to meet its electricity needs.
When asked how the U.K.’s decision to turn to coal could possibly be squared with the urgent need to dramatically scale down fossil fuel use, Konstantinov replied: “It’s a bit ironic isn’t it?”
Activists march with flags and placards, during the march at Extinction Rebellion’s Nature Protest held in Central London about how nature is in crisis.
“If there was enough wind, it could maybe meet more than half or two-thirds of U.K. power demand on a relatively low power demand day. But instead what we are seeing is that actually we’ve got no wind and we are forced to fire up polluting coal-fired generation.”
“At first glance, that doesn’t tally up with the government’s ambition to decarbonize. But this is very much driven by the intermittent nature of renewables: both wind and solar,” he added.
The U.K. has committed to phasing out coal power completely by Oct. 2024 to cut carbon emissions.
“The fundamental drivers, i.e. high gas prices and high carbon prices, we at ICIS believe they are here to stay for the coming months,” Konstantinov said.
Analysts at Wood Mackenzie, a global natural resources consultancy, also expect U.K. and European gas prices “to remain elevated at current levels throughout winter.”
“A recovery in UK gas production is critical for this winter,” they added. “And going forward, investment into domestic gas supply remains crucial to ensure a smooth energy transition to renewables and new technologies.”
British ultra-luxe brand Bentley is teasing the upcoming, first-ever all electric model that will take it into the 2030s with a new concept car inspired by the iconic 1930 “Blue Train” Speed Six coupe – and it looks fantastic!
More than any other brand, Bentley was defined by its engine. For decades, in fact, the only meaningful mechanical difference between a Rolls-Royce and a Bentley was the 6.75L twin-turbocharged V8 engine under the flying B hood ornament.
That all changed at the dawn of the twenty-first century. Rolls-Royce was acquired by BMW, while Volkswagen took the reins at Bentley, setting both brands on distinct paths. Now, without its own engine, Bentley faces the challenge of proving to discerning buyers that its cars justify a premium over its mechanical cousins at VW, Audi, and Porsche. That’s why the company is looking to it pre-Rolls merger past, all the way back to the legendary 1930 “Blue Train” Speed Six coupe.
Bentley Blue Train EXP 15 concept
EXP 15 concept and 1930 Blue Train; via Bentley.
“Bentley’s then-chairman Woolf Barnato had a Speed Six four-door Weymann fabric saloon by H J Mulliner, which he used to race the Blue Train in 1930,” explains Darren Day, Bentley’s Head of Interior Design. “Meanwhile, he had a unique one-of-one Speed Six coupe being built, with a body by Gurney Nutting. Even though the coupe wasn’t finished when the race took place, it’s that car (the coupe) that’s become associated with it and has since become an iconic Bentley. What we were influenced by is the idea of a three-seat car with a unique window line and super slick proportions used for grand tours.”
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The EXP 15 concept car features a unique, three-door, three-passenger layout under a sweeping, dramatic roofline lifted from the 1930 tourer. “The seat can rotate and you step out, totally unflustered, not trying to clamber out of the car like you see with some supercars,” continued Day, before dropping the biggest hint yet as to who they’re building the car for. “You just get out with dignity and the Instagram shot is perfect.”
Bentley EXP 15 interior
While almost no technical specs have been revealed other than “full electric,” Bentley says its new concept’s innovative interior layout allows passengers to stretch out in comfort alongside accessible storage compartments that can house a bar, hand luggage, or even pets. The EXP 15 even offers tailgate seating for outdoor parties or suburban soccer games.
But, while the new concept is tall, Bentley hopes it manages to offer the commanding driving position and comfort of an SUV while giving off the “vibe” of a classic grand tourer – something Bentley thinks could be the next wave of the luxury car market.
“The beauty of a concept car is not just to position our new design language, but to test where the market’s going,” offers Robin Page, Bentley Director of Design. “It’s clear that SUVs are a growing segment and we understand the GT market … but the trickiest segment is the sedan because it’s changing. Some customers want a classic ‘three-box’ sedan shape, others a ‘one-box’ design, and others again something more elevated. So this was a chance for us to talk to people and get a feeling.”
As before: no specs, no range estimates, and no promises about if and nothing definitive about when the oft-promised all-electric Bentley will finally bow – but this is certain: when it does arrive, it will be big, brash, and fast.
Electrek’s Take
Now that SUVs are everywhere and in every segment, automakers are desperate to explore or open new niches, hoping to find that next “SUV-like” growth segment. As weird as the three-door, three-seat EXP 15’s interior layout is, you have to admit that it’s different. And, for a vehicle that spends 90% of its time with just one person inside it, it might be more than practical enough.
Let us know if you think Bentley has a winner, or just another concept car gimmick on its hands in the comments.
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A stack of old mobile phones are seen before recycling process in Kocaeli, Turkiye on October 14, 2024.
Anadolu | Anadolu | Getty Images
As the U.S. and China vie for economic, technological and geopolitical supremacy, the critical elements and metals embedded in technology from consumer to industrial and military markets have become a pawn in the wider conflict. That’s nowhere more so the case than in China’s leverage over the rare earth metals supply chain. This past week, the Department of Defense took a large equity stake in MP Materials, the company running the only rare earths mining operation in the U.S.
But there’s another option to combat the rare earths shortage that goes back to an older idea: recycling. The business has come a long way from collecting cans, bottles, plastic, newspaper and other consumer disposables, otherwise destined for landfills, to recreate all sorts of new products.
Today, next-generation recyclers — a mix of legacy companies and startups — are innovating ways to gather and process the ever-growing mountains of electronic waste, or e-waste, which comprises end-of-life and discarded computers, smartphones, servers, TVs, appliances, medical devices, and other electronics and IT equipment. And they are doing so in a way that is aligned to the newest critical technologies in society. Most recently, spent EV batteries, wind turbines and solar panels are fostering a burgeoning recycling niche.
The e-waste recycling opportunity isn’t limited to rare earth elements. Any electronics that can’t be wholly refurbished and resold, or cannibalized for replacement parts needed to keep existing electronics up and running, can berecycled to strip out gold, silver, copper, nickel, steel, aluminum, lithium, cobalt and other metals vital to manufacturers in various industries. But increasingly, recyclers are extracting rare-earth elements, such as neodymium, praseodymium, terbium and dysprosium, which are critical in making everything from fighter jets to power tools.
“Recycling [of e-waste] hasn’t been taken too seriouslyuntil recently” as a meaningful source of supply, said Kunal Sinha, global head of recycling at Swiss-based Glencore, a major miner, producer and marketer of metals and minerals — and, to a much lesser but growing degree, an e-waste recycler. “A lot of people are still sleeping at the wheel and don’t realize how big this can be,” Sinha said.
Traditionally, U.S. manufacturers purchase essential metals and rare earths from domestic and foreign producers — an inordinate number based in China — that fabricate mined raw materials, or through commodities traders. But with those supply chains now disrupted by unpredictable tariffs, trade policies and geopolitics, the market for recycled e-waste is gaining importance as a way to feed the insatiable electrification of everything.
“The United States imports a lot of electronics, and all of that is coming with gold and aluminum and steel,” said John Mitchell, president and CEO of the Global Electronics Association, an industry trade group. “So there’s a great opportunity to actually have the tariffs be an impetus for greater recycling in this country for goods that we don’t have, but are buying from other countries.”
With copper, other metals, ‘recycling is going to play huge role’
Although recycling contributes only around $200 million to Glencore’s total EBITDA of nearly $14 billion, the strategic attention and time the business gets from leadership “is much more than that percentage,” Sinha said. “We believe that a lot of mining is necessary to get to all the copper, gold and other metals that are needed, but we also recognize that recycling is going to play a huge role,” he said.
Glencore has operated a huge copper smelter in Quebec, Canada, for almost 20 years on a site that’s nearly 100-years-old. The facility processes mostly mined copper concentrates, though 15% of its feedstock is recyclable materials, such as e-waste that Glencore’s global network of 100-plus suppliers collect and sort. The smelter pioneered the process for recovering copper and precious metals from e-waste in the mid 1980s, making it one of the first and largest of its type in the world. The smelted copper is refined into fresh slabs that are sold to manufacturers and traders. The same facility also produces refined gold, silver, platinum and palladium recovered from recycling feeds.
The importance of copper to OEMs’ supply chains was magnified in early July, when prices hit an all-time high after President Trump said he would impose a 50% tariff on imports of the metal. The U.S. imports just under half of its copper, and the tariff hike — like other new Trump trade policies — is intended to boost domestic production.
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Price of copper year-to-date 2025.
It takes around three decades for a new mine in the U.S. to move from discovery to production, which makes recycled copper look all the more attractive, especially as demand keeps rising. According to estimates by energy-data firm Wood Mackenzie, 45% of demand will be met with recycled copper by 2050, up from about a third today.
Foreign recycling companies have begun investing in the U.S.-based facilities. In 2022, Germany’s Wieland broke ground on a $100-million copper and copper alloy recycling plant in Shelbyville, Kentucky. Last year, another German firm, Aurubis, started construction on an $800-million multi-metal recycling facility in Augusta, Georgia.
“As the first major secondary smelter of its kind in the U.S., Aurubis Richmond will allow us to keep strategically important metals in the economy, making U.S. supply chains more independent,” said Aurubis CEO Toralf Haag.
Massive amounts of e-waste
The proliferation of e-waste can be traced back to the 1990s, when the internet gave birth to the digital economy, spawning exponential growth in electronically enabled products. The trend has been supercharged by the emergence of renewable energy, e-mobility, artificial intelligence and the build-out of data centers. That translates to a constant turnover of devices and equipment, and massive amounts of e-waste.
In 2022, a record 62 million metric tons of e-waste were produced globally, up 82% from 2010, according to the most recent estimates from the United Nations’ International Telecommunications Union and research arm UNITAR. That number is projected to reach 82 million metric tons by 2030.
The U.S., the report said, produced just shy of 8 million tons of e-waste in 2022. Yet only about 15-20% of it is properly recycled, a figure that illustrates the untapped market for e-waste retrievables. The e-waste recycling industry generated $28.1 billion in revenue in 2024, according to IBISWorld, with a projected compound annual growth rate of 8%.
Whether it’s refurbished and resold or recycled for metals and rare-earths, e-waste that stores data — especially smartphones, computers, servers and some medical devices — must be wiped of sensitive information to comply with cybersecurity and environmental regulations. The service, referred to as IT asset disposition (ITAD), is offered by conventional waste and recycling companies, including Waste Management, Republic Services and Clean Harbors, as well as specialists such as Sims Lifecycle Services, Electronic Recyclers International, All Green Electronics Recycling and Full Circle Electronics.
“We’re definitely seeing a bit of an influx of [e-waste] coming into our warehouses,” said Full Circle Electronics CEO Dave Daily, adding, “I think that is due to some early refresh cycles.”
That’s a reference to businesses and consumers choosing to get ahead of the customary three-year time frame for purchasing new electronics, and discarding old stuff, in anticipation of tariff-related price increases.
Daily also is witnessing increased demand among downstream recyclers for e-waste Full Circle Electronics can’t refurbish and sell at wholesale. The company dismantles and separates it into 40 or 50 different types of material, from keyboards and mice to circuit boards, wires and cables. Recyclers harvest those items for metals and rare earths, which continue to go up in price on commodities markets, before reentering the supply chain as core raw materials.
Even before the Trump administration’s efforts to revitalize American manufacturing by reworking trade deals, and recent changes in tax credits key to the industry in Trump’s tax and spending bill, entrepreneurs have been launching e-waste recycling startups and developing technologies to process them for domestic OEMs.
“Many regions of the world have been kind of lazy about processing e-waste, so a lot of it goes offshore,” Sinha said. In response to that imbalance, “There seems to be a trend of nationalizing e-waste, because people suddenly realize that we have the same metals [they’ve] been looking for” from overseas sources, he said. “People have been rethinking the global supply chain, that they’re too long and need to be more localized.”
China commands 90% of rare earth market
Several startups tend to focus on a particular type of e-waste. Lately, rare earths have garnered tremendous attention, not just because they’re in high demand by U.S. electronics manufacturers but also to lessen dependence on China, which dominates mining, processing and refining of the materials. In the production of rare-earth magnets — used in EVs, drones, consumer electronics, medical devices, wind turbines, military weapons and other products — China commands roughly 90% of the global supply chain.
The lingering U.S.–China trade war has only exacerbated the disparity. In April, China restricted exports of seven rare earths and related magnets in retaliation for U.S. tariffs, a move that forced Ford to shut down factories because of magnet shortages. China, in mid-June, issued temporary six-month licenses to certain major U.S. automaker suppliers and select firms. Exports are flowing again, but with delays and still well below peak levels.
The U.S. is attempting to catch up. Before this past week’s Trump administration deal, the Biden administration awarded $45 million in funding to MP Materials and the nation’s lone rare earths mine, in Mountain Pass, California. Back in April, the Interior Department approved development activities at the Colosseum rare earths project, located within California’s Mojave National Preserve. The project, owned by Australia’s Dateline Resources, will potentially become America’s second rare earth mine after Mountain Pass.
A wheel loader takes ore to a crusher at the MP Materials rare earth mine in Mountain Pass, California, U.S. January 30, 2020. Picture taken January 30, 2020.
Steve Marcus | Reuters
Meanwhile, several recycling startups are extracting rare earths from e-waste. Illumynt has an advanced process for recovering them from decommissioned hard drives procured from data centers. In April, hard drive manufacturer Western Digital announced a collaboration with Microsoft, Critical Materials Recycling and PedalPoint Recycling to pull rare earths, as well as copper, gold, aluminum and steel, from end-of-life drives.
Canadian-based Cyclic Materials invented a process that recovers rare-earths and other metals from EV motors, wind turbines, MRI machines and data-center e-scrap. The company is investing more than $20 million to build its first U.S.-based facility in Mesa, Arizona. Late last year, Glencore signed a multiyear agreement with Cyclic to provide recycled copper for its smelting and refining operations.
Another hot feedstock for e-waste recyclers is end-of-life lithium-ion batteries, a source of not only lithium but also copper, cobalt, nickel, manganese and aluminum. Those materials are essential for manufacturing new EV batteries, which the Big Three automakers are heavily invested in. Their projects, however, are threatened by possible reductions in the Biden-era 45X production tax credit, featured in the new federal spending bill.
It’s too soon to know how that might impact battery recyclers — including Ascend Elements, American Battery Technology, Cirba Solutions and Redwood Materials — who themselves qualify for the 45X and other tax credits. They might actually be aided by other provisions in the budget bill that benefit a domestic supply chain of critical minerals as a way to undercut China’s dominance of the global market.
Nonetheless, that looming uncertainty should be a warning sign for e-waste recyclers, said Sinha. “Be careful not to build a recycling company on the back of one tax credit,” he said, “because it can be short-lived.”
Investing in recyclers can be precarious, too, Sinha said. While he’s happy to see recycling getting its due as a meaningful source of supply, he cautions people to be careful when investing in this space. Startups may have developed new technologies, but lack good enough business fundamentals. “Don’t invest on the hype,” he said, “but on the fundamentals.”
Glencore, ironically enough, is a case in point. It has invested $327.5 million in convertible notes in battery recycler Li-Cycle to provide feedstock for its smelter. The Toronto-based startup had broken ground on a new facility in Rochester, New York, but ran into financial difficulties and filed for Chapter 15 bankruptcy protection in May, prompting Glencore to submit a “stalking horse” credit bid of at least $40 million for the stalled project and other assets.
Even so, “the current environment will lead to more startups and investments” in e-waste recycling, Sinha said. “We are investing ourselves.”
LiveWire, the electric motorcycle company that was spun out of Harley-Davidson several years ago, has just shown off two fun-sized electric motorcycles designed to make powered two-wheelers more accessible to new riders, both physically and financially.
The company took to HD Homecoming, a motorcycle festival in Milwaukee, to give a surprise unveiling of the new bikes.
The bikes, which wear what look to be smaller 12″ tires and offer a barely 30″ (76 cm) seat height, are smaller and nimbler than anything we’ve seen from LiveWire before.
But that doesn’t mean they can’t perform. These aren’t some 30 mph (48 km/h) mopeds. LiveWire confirmed that early testing shows respectable performance figures of around 53 mph (85 km/h) speeds and 100 miles (160 km) of range from the pair of removable batteries.
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I’m assuming that range is measured at a lower urban speed, but these appear to be purpose-built to give riders the capability to ride where and how they want at a much more affordable price than LiveWire has ever offered.
Showing off both a trail and a street version, the LiveWire seems to be covering all of its bases.
“The trail model is intended for riding backyards, pump tracks, or even out on the ranch or campgrounds,” the brand explained. “The street model is perfect for urban errands, new riders, mini-moto fans, and anyone looking for a new hobby in the form of a readily customizable, approachable electric moto experience.”
LiveWire hasn’t shared any pricing details yet, and the two models are understood to still be in their development phase, but the advanced stages of the designs mean we likely won’t have to wait too much longer.
And with most of LiveWire’s current electric motorcycle models in the $16k- $17k, these bikes could conceivably cost less than half of that figure, changing the equation for young riders who can’t afford a luxury ride.
Electrek’s Take
Of course, they had to do this unveiling at the exact time that I was banging out a multi-thousand-word treatise bemoaning the fact that LiveWire hadn’t launched any smaller models yet. Hmmm, maybe it’s time for an article about how the e-bike industry needs a single battery standard.
Anyway, I’m all-in on this! I can’t even describe how excited this news makes me! This is an important step for LiveWire’s growth because the kind of folks who are drawn to electric motorcycles are often a different market than that sought by traditional legacy motorcycle manufacturers. LiveWire’s existing models are impressive, both in their extreme performance and their design, but they’re still powerhouses that provide more kick than most riders probably need.
These new mini e-motos could be exactly what new riders are looking for. Consider all the teens and young adults ripping it up on Sur Rons in towns across the US right now. Those Sur Rons aren’t street-legal bikes and they were never meant for the riding they’re most commonly being used for. But a street bike in a fun little Grom form factor like LiveWire is showing off? It could scratch that itch and also provide riders with the safety and support of a motorcycle company that comes from a storied history of over 100 years of motorcycle design, all from a new brand like LiveWire that speaks young riders’ language.
And that trail version – same thing. It’s going to offer the fun off-road riding that so many are looking for, yet do it in a well-designed package that isn’t just produced by some nameless factory in China trying to eke out the best profit margin.
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