Connect with us

Published

on

EU energy ministers fail to agree on a cap for natural gas prices. New emergency meeting due in mid-December.

Kenzo Tribouillard | Afp | Getty Images

BRUSSELS — European energy ministers failed to reach a compromise over a cap on natural gas prices after “heated,” “ugly” and “tough” discussions.

The 27 EU leaders agreed in late October to give their political support to a limit on natural gas prices after months and months of discussions on how to best tackle the current energy crisis.

The European Commission, the executive arm of the EU, and the bloc’s energy ministers were then tasked to solve their more specific, and practical, differences on the measure.

However, the divergences are so acute in Brussels this week that energy ministers have not managed to find a compromise and instead have convened a new emergency meeting for mid-December.

“The tension was touchable,” one EU official, who followed the discussions but preferred to remain anonymous due to the sensitive nature of the talks, told CNBC via telephone. The same official said the conversations were “very tough” because of a “fake price cap.”

In an attempt to bring everyone on board, the European Commission proposed a cap at 275 euros per megawatt hour. The cap would also only kick in when prices are 58 euros ($60.46) higher than a global LNG (liquefied natural gas) reference price for 10 consecutive trading days within a two-week period.

Greek energy minister: EU gas price cap at 275 euros/MWh is 'not a price cap'

Countries eager to implement the cap, most notably Poland, Spain and Greece, say this proposal is not realistic as it is so high that it is unlikely to ever be triggered.

“The gas price cap which is in the document currently doesn’t satisfy any single country. It’s a kind of joke for us,” Anna Moskwa, Poland’s minister for climate, said in Brussels Thursday.

Other EU officials, speaking to CNBC on the condition of anonymity, mentioned how the conversations were “heated.” One of them went as far as saying that “at one point, it got really ugly.”

This reflects how poorer and more indebted EU nations feel about the energy crisis that’s impacted the region since Russia’s invasion of Ukraine back in February. With less fiscal room to support domestic consumers, these countries need EU-wide measures to contain energy costs at home.

“I hope we get there next week,” another official following the meeting told CNBC under the condition of anonymity.

Speaking at a press conference Thursday, Jozef Sikela, the Czech minister for industry and trade, also said: “We’re not opening the Champagne yet, but putting the bottle in the fridge.”

We do not have several months, Malta energy minister says on gas price cap

Energy ministers are expected to meet again on Dec. 13, just before the heads of state meet in Brussels for their final EU summit of the year. Until then, the commission’s proposal is likely to suffer alterations in the hope of bringing everyone on board.

Prices on the front-month Title Transfer Facility (TTF) European benchmark closed at around 129 euros per megawatt hour on Thursday. They had reached a historic peak back in August at almost 250 euros per megawatt hour.

Continue Reading

Environment

Daily EV Recap: NJ signs law approving a punitive $250 new EV registration fee

Published

on

By

Listen to a recap of the top stories of the day from Electrek. Quick Charge is now available on Apple PodcastsSpotifyTuneIn and our RSS feed for Overcast and other podcast players.

New episodes of Quick Charge are recorded Monday through Thursday and again on Saturday. Subscribe to our podcast in Apple Podcast or your favorite podcast player to guarantee new episodes are delivered as soon as they’re available.

Stories we discuss in this episode (with links):

‘Pro-EV’ New Jersey just OK’ed the US’s highest dumb EV fee

BYD says EVs have entered the ‘knockout round’ with next-gen tech rolling out

Ford drastically cuts workforce at F-150 Lightning EV plant amid ‘much slower’ demand

XPeng (XPEV) launches two EVs in Germany with plans to enter more EU nations later this year

Tesla starts using ‘Supervised Full Self-Driving’ language

Listen & Subscribe:

Share your thoughts!

Drop us a line at tips@electrek.co. You can also rate us in Apple Podcasts or recommend us in Overcast to help more people discover the show!

FTC: We use income earning auto affiliate links. More.

Stay up to date with the latest content by subscribing to Electrek on Google News.

You’re reading Electrek— experts who break news about Tesla, electric vehicles, and green energy, day after day. Be sure to check out our homepage for all the latest news, and follow Electrek on Twitter, Facebook, and LinkedIn to stay in the loop. Don’t know where to start? Check out our YouTube channel for the latest reviews.

Continue Reading

Environment

The first entirely US-made crystalline solar panels are coming to market

Published

on

By

The first entirely US-made crystalline solar panels are coming to market

All US-made solar panels featured only imported solar cells until now, but two US manufacturers just struck a three-year, $400 million deal. 

Canada-headquartered Heliene, which makes solar panels in Minnesota, will incorporate Georgia-based Suniva’s US-made monocrystalline silicon solar cells into its panels, and those “Made in the USA” panels will hit the market in mid-2024, thanks to a new three-year strategic sourcing contract between the two companies.

Heliene’s modules will be the first crystalline solar panels with US-made solar cells. Suniva says the catalyst for the pairing was solar project owners and developers wanting their projects to qualify for the 10% Domestic Content Bonus Investment Tax Credit. That’s achieved by using US-made cells based on the US Department of Treasury’s guidance published in May 2023 – and that’s in addition to the 30% IRA tax credit for renewable energy factories.

US Treasury Secretary Janet Yellen, who visited Suniva’s Norcross, Georgia, factory yesterday, said, “Before this Administration, solar companies across the United States were struggling. Between 2016 and 2020, nearly 20% of solar manufacturing jobs were lost. Now, though there remain significant challenges, Inflation Reduction Act tax credits are helping change the game.”

Cristiano Amoruso, CEO of Suniva, said, “We are proud to fulfill our long-standing promise to bring back cell manufacturing to the United States at our Norcross facility.”

Read more: The US’s oldest solar factory filed for bankruptcy in 2017 – but now it’s back


If you’re considering going solar, it’s always a good idea to get quotes from a few installers. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. It has hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use, and you won’t get sales calls until you select an installer and share your phone number with them.

Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisors to help you every step of the way. Get started here. –ad*

FTC: We use income earning auto affiliate links. More.

Continue Reading

Environment

Porsche retires gas-powered Boxster and Cayman in the EU with all-electric model coming

Published

on

By

Porsche retires gas-powered Boxster and Cayman in the EU with all-electric model coming

The gas-powered Porsche 718 Boxster and Cayman models are being discontinued in Europe as an all-electric version approaches its debut.

Porsche retires gas-powered 718 Boxster, Cayman cars

After announcing plans to retire its best-selling SUV in Europe, the Macan, Porsche will do the same with its 718 Boxster and Cayman models.

Porsche retired the gas-powered Macan early due to new cybersecurity rules. Its availability ends in July 2024. The gas-powered 718 Boxster and Cayman are now set for the same fate.

In a statement to Auto Express, Porsche said as a result of the rule changes “sale of the 718 models with an internal combustion engine is discontinued in the EU and some states that apply EU legislation from now on, thereby ensuring that the vehicles can be delivered to customers and registered by the deadline.”

Porsche did note the 718 Cayman GT4 RS and 718 Spyder RS are not impacted “due to small series regulations.”

Porsche-Macan-EV-Turbo
Porsche Macan EV (left) and Turbo (right) versions (Source: Porsche AG)

Although the regulation applies to all vehicles (ICE and EV), Porsche is preparing to launch an all-electric 718 model. It’s not expected to have any issues with the new rules.

Like with the Macan, updating the gas-powered version would be too costly with an electric model rolling out anyways.

Porsche’s electric 718 is getting closer to production ahead of its debut. We got a sneak peek of the EV this week after it was spotted testing in the Arctic Circle rocking production headlights.

Porsche 718 EV testing (Source: CarSpyMedia)

The German automaker is expected to reveal the electric 718 model before the end of the year with deliveries kicking off in 2025. Porsche has already begun preparing its Zuffenhausen plant for the new EV.

Porsche CEO Oliver Blume confirmed plans to begin Macan EV deliveries later this year. Up next will be an electric 718 model followed by the long-awaited Cayenne EV.

Porsche-retires-Boxster
(Source: Porsche AG)

Porsche said it’s expanding “upward” with plans for an ultra-luxury electric SUV, slated to sit above the Cayenne. Blume called it “a very sporting interpretation of an SUV.”

Despite several automakers pulling back Porsche is sticking to its target of an 80% EV delivery share by 2030.

FTC: We use income earning auto affiliate links. More.

Continue Reading

Trending