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A worker walks past gas pipes that connect a Floating Storage and Regasification Unit ship with the main land in Wilhelmshaven, northern Germany on December 17, 2022. EU energy ministers are wrangling over a proposed price cap on gas.

Michael Sohn | Afp | Getty Images

European Union nations are engaged in crunch talks to cap gas prices morning, with energy ministers Monday seeming optimistic about a deal following two months of tough negotiations.

“There will be difficult discussions, but I am confident in our ability to reach a collective agreement,” French Energy Minister Agnes Pannier Runacher said.

A draft text seen by Reuters would see a cap triggered if front-month contract prices on the Dutch TTF, Europe’s main benchmark for natural gas prices, exceed 188 euros ($200) per megawatt hour for three days.

Runacher said France would be “comfortable” with a range of “160 to 200 euros [eur/MWh], and we feel that this price [range] converges with that of the presidency.”

On Monday morning, ministers referred to the measure as a “gas market correction mechanism” rather than a cap. Belgian Energy Minister Tinne van der Straeten said the draft text refers to the proposal under this name.

The move is intended to shield consumers from the sharply higher prices that have hit the bloc following Russia’s invasion of Ukraine. European natural gas prices reached historic levels of around 350 euros per megawatt hour in August, when traders were concerned about the bloc’s unity in fighting the energy crisis.

Opinion has been divided on how high the cap should be, and whether the market intervention is a risk to financial stability in the euro area. On Dec. 5, the EU implemented a full ban on Russian seaborne crude oil imports to the region and will follow up with similar measures targeting Moscow’s other oil products in early February.

Europe's gas price cap will not result in lower prices for consumers, says RBC's Helima Croft

Germany, the Netherlands and Austria have warned that the gas price cap could divert supplies away from the EU and called for conditions such as an automatic suspension of the cap in certain circumstances.

Germany’s position

The European Central Bank warned earlier this month that capping natural gas prices could create instability in financial markets.

“The more safeguards, the more safety nets there are, the more tolerant we can all be with the number, but it would be irresponsible to just set a number and say this is strict and we don’t do anything else,” German Economy Minister Robert Habeck said.

The central bank is not the only institution warning about the potential market ramifications of a price limit. Market operator ICE (Intercontinental Exchange) the operator of a key natural-gas market in Europe — has threatened to remove trading from the bloc if the EU goes ahead with the measure, according to the Wall Street Journal.

“Germany has asked for strong safeguards with regards to security of supply, but also stability on both the energy and financial markets. These are concerns that we all share. It’s not a concern of Germany alone, it’s a concern of all 27 of us,” said Belgium’s van der Straeten.

“This crisis is not over, there is [the] next storage season coming,” she added.

Compromise within reach?

Miriam Dalli, Malta’s energy minister, said it was “crunch time for reaching a compromise” that makes sense for all member states and can “calm the markets” while ensuring security of gas supply.

She said talks had progressed a long way from the European Commission’s original proposal of a 275 euros per megawatt hour cap, which several member states argued was too high and unlikely to be triggered.

The Dutch TTF traded around 108.8 eur/MWh at 10:00 a.m. Monday CET, its lowest level since Nov. 11.

Greek Energy Minister Konstantinos Skrekas said countries had a “clear mandate from our leaders to come out with a solution to the cap today.”

“We wouldn’t be so insistent if we were not convinced that this is the best solution for European citizens,” he said, adding that any cap between 150 and 200 eur/MWh would be effective. Asked about the suitability of a price ceiling at 188 eur/MWh, he said such a level would “give the right signals to the market.”

Estonian Finance Minister Riina Sikkut also said she was “positive” a compromise could be reached but added that it was difficult to say exactly what it would be. She expressed confidence that “good news” would emerge by Monday evening.

Jozef Sikela, industry minister of the Czech Republic, and Kadri Simson, European commissioner for energy, are due to deliver a press conference at 5:30 p.m. CET.

CNBC’s Ruxandra Iordache and Hannah Ward-Glenton contributed to this story.

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Tesla and Rivian are settling their battery tech theft lawsuit

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Tesla and Rivian are settling their battery tech theft lawsuit

Tesla and Rivian have been embroiled in a lawsuit in which the former accused the latter of having stolen battery technology by poaching Tesla employees.

It sounds like the two automakers are finally about to settle the lawsuit, which has been going on for 4 years.

In 2020, Tesla filed a lawsuit against Rivian over allegedly stealing trade secrets by hiring former Tesla employees and encouraging them to bring documents. Rivian has denied the allegations.

When Tesla filed the lawsuit, it wasn’t clear what trade secrets Tesla was claiming Rivian had stolen. However, we noted that the employees listed in the lawsuits were two recruiters, an EHS manager, and a manager of Tesla’s charging networks.

The automaker claimed that these employees brought “documents consisting of highly sensitive trade secret, confidential, and proprietary engineering information” when they went to work for Rivian.

A year later, Tesla expanded the lawsuitclaiming more specifically that Rivian was “stealing the core technology for its next-generation batteries.”

At first, the companies tried to settle out of court, but it didn’t work out, so the lawsuit was moved to court last year.

Over a year later, we now learn that Tesla had notified the court that it expects to file to get the lawsuit dismissed after reaching a conditional agreement with Rivian. The company didn’t disclose the details of the settlement (via Bloomberg):

Tesla didn’t disclose specifics about the agreement in a court filing, but told a California state judge that it expects to seek dismissal of the case by Dec. 24 upon satisfactory completion of the terms.

Neither Tesla nor Rivian have commented on the reported settlement.

While Tesla has claimed that it somewhat open-sourced its patents, we have previously noted that it’s not exactly the case. Tesla claims to let other companies use its patented technology as long as they themselves don’t sue them over patent rights.

And in this specific case, Tesla alleges that Rivian has specifically hired employees to steal technologies. Again, Rivian has denied the allegation.

Electrek’s Take

The terms are unknown, but in similar cases, it often involves things like some level of access to make sure that no proprietary technology is being used or has been used.

The lawsuit is not exactly clear, but based on the timeline and the allegations of “next-gen batteries”, Tesla could have been talking about its 4680 battery cells, although those are cells. It could also be the structural battery pack.

Rivian is expected to use a taller 4695 battery from LG Energy Solutions for its next-generation vehicles.

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Kempower, Proviridis partner on novel electric semi truck charging solution

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Kempower, Proviridis partner on novel electric semi truck charging solution

French infrastructure specialists Proviridis have partnered with EVSE manufacturer Kempower to deliver a novel, underground charging solution for electric semi trucks designed to easily integrate into existing truck depots.

By installing its high-powered charging cabinets underground and integrating the charging cables into a solid metal pipe, Kempower and Proviridis have been able to make room for high-powered charging points in an existing truck depot that didn’t have enough space to install either conventional EVSE or overhead “drop lines.”

For the pilot, the metal pipe is painted in a striking yellow color to make it easier to see while maneuvering the lot, and keeping the dispensers themselves more protected than conventional concrete bollards. The 600 kW power cabinet is positioned a few yards away – a typical space-saving Kempower solution – and connected to the charge points by underground cable.

Proviridis believes their solution provides enough of a competitive advantage that fleet buyers looking to electrify will be eager to give it a try.

“The product is durable across a wide spectrum of temperatures and conditions, requires minimal ventilation, and can cater for a wide range of customer needs,” explains Olivier Verdu, Technical Director at Proviridis. “These are features which perfectly place the Kempower solution for this type of charging configuration in a logistics environment.”

Electrek’s Take

While traditional charging equipment can cause up to 20% of an existing truck depot’s parking capacity to be lost, the Kempower products have already gained recognition for the efficient size footprint of its overground Satellites. If this underground version proves to be even better, you can expect to see a lot more Kempower installations near you.

SOURCE | IMAGES: Kempower.

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For a limited time, save $500 on a Centris folding eBike from Buzz Bicycles

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For a limited time, save 0 on a Centris folding eBike from Buzz Bicycles

In honor of Black Friday and Cyber Monday, eBike specialist Buzz Bicycles is offering an exclusive discount for Electrek readers on its Centris Class 2 Folding Bike.

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Buzz Bicycles is back with an exclusive new deal

Buzz Bicycles has been a mainstay on Electrek for a few years now, as we have covered several of its electric bikes, which suit riders of all skill levels and help them “Buzz through life.” Buzz is an omnichannel eBike brand that prioritizes direct-to-consumerism and has found success in its mission to deliver ultimate transportation solutions at an excellent value for its growing base of eBike enthusiasts.

The company strives to deliver riders a “Wow moment,” which is usually brought on as they feel the pedal assist function kick in. This feature delivers all you need to conquer hills and longer rides while enjoying new adventures with friends.

The Buzz team has utilized decades of industry experience into its portfolio of eBikes, all conceived and designed in Dayton, Ohio. The company, which operates under the United Wheels umbrella alongside brands like Huffy Bicycles, Niner Bikes, and Batch Bicycles, has adopted an ethos that the freedom of riding should be fun and accessible for everyone, no matter what adventure lies ahead.

By leveraging the global presence of its parent company, Buzz Bicycles can make good on its promise to deliver affordable eBikes that are comfortable, powerful, and safe, much like the Centris Folding eBike, which is as versatile and compact as it is fun. The exclusive deal Buzz Bicycles is offering on the Centris makes it even more fun. You can take advantage of it below.

But first, you’ll want to learn about the capabilities of this foldable eBike to truly understand its value, as well as what accessories are available to level up your purchase.

Buzz Bicycles

The Buzz Centris is an easy to ride foldable eBike for all

The Buzz Centris is a Class 2 Folding eBike built for comfort and convenience no matter where you take it. At full size, the Centris’ step-through frame offers a low step-over height of just 16 inches, perfect for riders of all sizes, enabling easy transitions from ground to saddle for its riders.

When you’re not riding, the Centris from Buzz Bicycles folds neatly to 34 inches in length and 22 inches in height, making it easy to store at home or to carry in a vehicle on the way to your next ride. Furthermore, the assembled bike only weighs 68 pounds, making it easy to transport.

You can easily navigate tougher terrain on the Centris thanks to the eBike’s 20″ x 4″ knobby tires and front suspension. The bike is powered by a 48V, 500-watt-hour (Wh) battery pack that can propel it to a top speed of 20 mph for an all-electric range of up to 40 miles on a single charge.

Additionally, this folding model from Buzz Bicycles comes equipped with both a front and rear rack, offering versatile cargo-carrying options so you can customize your ride with a variety of Buzz accessories.

Like all Buzz eBikes, the Centris is tested and deemed compliant with the UL2849 standard. This standard covers the entire electric bicycle system, including the motor, battery, controller, and charger, offering the highest safety standards for added peace of mind.

The Centris Class 2 folding bike from Buzz is available in two colors: Gloss White or Matte Black. This $1,199 eBike is currently reduced to $899 – and you can score an additional $200 off with this exclusive promo, but only for a limited time.

With the purchase of any Buzz eBike, including the Centris, you are guaranteed the following:

  • 10-year limited warranty (lightweight aluminum frame protected for full 10 years)
  • 2-year limited warranty (electrical components covered by 2-year warranty for peace of mind)
  • 6-month limited warranty (additional bike components protected by a 6-month warranty)
Buzz Bicycles

Are you interested in the Centris from Buzz Bicycles? You’ve come to the right place. Starting today, while supplies last, you can take advantage of an additional $200 off the sale price by using promo code “ELECTREK200. That’s a $500 discount in total!

Don’t wait, because this deal only runs through 11:59 PM on December 8, 2024.

We highly recommend perusing Buzz’s entire lineup of products. They are designed for commuters and casual riders, with technology and features that help you quickly feel comfortable riding. If you are new to the world of E-transportation, Buzz Bicycles is the brand for you. 

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