BRUSSELS — The European Union on Friday moved one step closer to establishing a cap on gas prices after several months of discussions, with Germany now conceding that the idea “makes sense.”
The EU has been battling against an unprecedented energy shock stemming from Russia’s invasion of Ukraine. However, action thus far to curb gas prices has come mostly from national governments rather than at the EU-wide level.
One of the biggest stumbling blocks had been over whether to impose a cap on gas prices, with Germany and a few others wary of potential market repercussions from this policy.
German Chancellor Olaf Scholz said in Berlin on Thursday that this “always harbors the risk that the producers will then sell their gas elsewhere.”
However, after negotiations with his European counterparts that dragged into the early hours of Friday morning, Scholz agreed to go ahead with the measure — albeit with caveats such as the need to design it in a way that it does not drive-up consumption.
Belgian Prime Minister Alexander de Croo told CNBC on Friday that Germany had “legitimate concerns.”
De Croo said that the heads of state listened to one another and looked to bridge all their differences. “This is a big step forward,” he added.
Before their gathering started, expectations to see the 27 leaders coming together on a price cap were very low.
The prime minister of Luxembourg, Xavier Bettel, noted that there were “a lot of taboos,” but that these were resolved during the summit.
“We didn’t decide everything, but we gave homework [to their energy ministers] and we were able to agree on the list of things to do which is … a big step,” he told CNBC.
‘Dynamic price cap’
The political support from all 27 heads of state means that, in the coming weeks, European energy ministers and the European Commission ꟷ the executive arm of the EU ꟷ will be working on the technicalities of how a “temporary dynamic price corridor” is going to work.
This is expected to establish a flexible range for gas prices, but more precise details are expected in the next two to three weeks.
After that, Belgium’s de Croo said that the implementation could be “quite fast.”
Regardless of the details, the cap is only a temporary policy that is not expected to be in place once a second benchmark is established.
At the moment, European natural gas prices are reflected via the Dutch Title Transfer Facility. But EU leaders have agreed that this benchmark no longer reflects the reality that most of them are receiving liquefied natural gas rather than pipeline gas, and so they plan to have a second benchmark in place by the end of the first quarter of 2023.
European gas prices have spiked in the wake of tensions with Russia, which used to be Europe’s main seller of natural gas.
At their peak, prices climbed above 340 euros ($332.6) per megawatt hour in late August. The contract traded at about 30 euros per megawatt hour in August 2021.
Markets seemed to have welcomed the outcome of the EU leaders’ meeting with prices falling from about 127 euros per megawatt hour on Thursday to 110 euros per megawatt hour in afternoon trade on Friday.
The HD arm of Hyundai has just released the first official images of the new, battery-electric HX19e mini excavator – the first ever production electric excavator from the global South Korean manufacturer.
The HX19e will be the first all-electric asset to enter series production at Hyundai Construction Equipment, with manufacturing set to begin this April.
The new HX19e will be offered with either a 32 kWh or 40 kWh li-ion battery pack – which, according to Hyundai, is nearly double the capacity offered by its nearest competitor (pretty sure that’s not correct –Ed.). The 40kWh battery allows for up to 6 hours and 40 minutes of continuous operation between charges, with a break time top-up on delivering full shift usability.
Those batteries send power to a 13 kW (17.5 hp) electric motor that drives an open-center hydraulic system. Hyundai claims the system delivers job site performance that is at least equal to, if not better than, that of its diesel-powered HX19A mini excavator.
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To that end, the Hyundai XH19e offers the same 16 kN bucket breakout force and a slightly higher 9.4 kN (just over 2100 lb-ft) dipper arm breakout force. The maximum digging depth is 7.6 feet, and the maximum digging reach is 12.9 feet. Hyundai will offer the new electric excavator with just four selectable options:
enclosed cab vs. open canopy
32 or 40 kWh battery capacity
All HX19es will ship with a high standard specification that includes safety valves on the main boom, dipper arm, and dozer blade hydraulic cylinders, as well as two-way auxiliary hydraulic piping allows the machine to be used with a range of commercially available implements. The hydraulics needed to operate a quick coupler, LED booms lights, rotating beacons, an MP3 radio with USB connectivity, and an operator’s seat with mechanical suspension are also standard.
HX19e electric mini excavator; via Hyundai Construction Equipment.
The ability to operate indoors, underground, or in environments like zoos and hospitals were keeping noise levels down is of critical importance to the success of an operation makes electric equipment assets like these coming from Hyundai a must-have for fleet operators and construction crews that hope to remain competitive in the face of ever-increasing noise regulations. The fact that these are cleaner, safer, and cheaper to operate is just icing on that cake.
With the Trump Administration fully in power and Federal electric vehicle incentives apparently on the chopping block, many fleet buyers are second-guessing the push to electrify their fleets. To help ease their minds, Harbinger is launching the IRA Risk-Free Guarantee, promising to cover the cost of anticipated IRA credits if the rebate goes away.
In the case of a Harbinger S524 Class 5 chassis with a 140 kWh battery capacity with an MSRP of $103,200, the company will offer an IRA Risk-Free Guarantee credit of $12,900 at the time of purchase, bringing initial cost down to $90,300. This matches the typical selling price of an equivalent Freightliner MT-45 diesel medium-duty chassis.
“We created (the IRA Risk-Free Guarantee) program to eliminate the financial uncertainty for customers who are interested in EV adoption, but are concerned about the future of the IRA tax credit,” said John Harris, Co-founder and CEO of Harbinger. “For electric vehicles to go mainstream, they must be cost-competitive with diesel vehicles. While the IRA tax credit helps bridge that gap, we remain committed to price parity with diesel, even if the credit disappears. Our vertically integrated approach enables us to keep costs low, shields us from tariff volatility, and ensures long-term price stability for our customers.”
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Harbinger recently revealed a book of business consisting of 4,690 binding orders. Those orders are valued at approximately $500 million, and fueled a $100 million Series B raise.
Electrek’s Take
Harbinger truck charging; via Harbinger.
One of the most frequent criticisms of electric vehicle incentives is that they encourage manufacturers and dealers to artificially inflate the price of their vehicles. In their heads, I imagine the scenario goes something like this:
you looked at a used Nissan LEAF on a dealer’s lot priced at $14,995
a new bill passes and the state issues a $2500 used EV rebate
you decide to go back to the dealer and buy the car
once you arrive, you find that the price is now $16,995
While it’s commendable that Harbinger is taking action and sacrificing some of its profits to keep the business growing and the overall cause of fleet electrification moving forward, one has to wonder how they can “suddenly” afford to offer these massive discounts in lieu of government incentives – and how many other EV brands could probably afford to do the same.
Whoever is left at Nikola after the fledgling truck-maker filed for Chapter 11 bankruptcy protection last month is probably having a worse week than you – the company issued a recall with the NHTSA for 95 of its hydrogen fuel cell-powered semi trucks.
That complaint seems to have led to the posthumous recall of 95 (out of about 200) Nikola-built electric semi trucks.
The latest HFCEV recall is on top of the 2023 battery recall that impacted nearly all of Nikola’s deployed BEV fleet. Clean Trucking is citing a January 31, 2025 report from the NHTSA revealing that, as of the end of 2024, Nikola had yet to complete repairs for 98 of its affected BEVs. The ultimate fate of those vehicles remains unclear.
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Electrek’s Take
Image via Coyote Container.
I’ve received a few messages complaining that I “haven’t covered” the Nikola bankruptcy – which is bananas, since I reported that it was coming five weeks before it happened and there was no “new” information presented in the interim (he said, defensively).
Still, it’s worth looking back on Nikola’s headlong dive into the empty swimming pool of hydrogen, and remind ourselves that even its most enthusiastic early adopters were suffering.
“The truck costs five to ten times that of a standard Class 8 drayage [truck],” explained William Hall, Managing Member and Founder of Coyote Container. “On top of that, you pay five to ten times the Federal Excise Tax (FET) and local sales tax, [which comes to] roughly 22%. If you add the 10% reserve not covered by any voucher program, you are at 32%. Thirty-two percent of $500,000 is $160,000 for the trucker to somehow pay [out of pocket].”
After several failures that left his Nikola trucks stranded on the side of the road, the first such incident happening with just 900 miles on the truck’s odometer, a NHTSA complaint was filed. It’s not clear if it was Hall’s complaint, but the complaint seems to address his concerns, below.