Czechs to Push for Nuclear Amid Low Power Prices
The Czech Republic seeks to increase the share of nuclear power in its energy mix even as neighboring Germany plans to shut down all of its atomic plants and prices of European electricity is close to all-time lows. Deputy Industry Minister Pavel Solc says that the country’s new energy strategy categorizes nuclear power is crucial for preserving energy security. The strategy draft, subject to environmental assessment, is lined-up for the cabinet’s approval early next year. Czechs will need to replace almost 3,500 MW of capacity by 2030, which will come mostly in the form of new atomic power, adds the deputy minister.
Germany Power Consumers to Pay Record Clean Energy Surcharges
Germany’s power utility operators has increased the surcharge consumers pay for clean energy to 18%, giving additional pressure to Chancellor Angela Merkel’s government to act upon surging electricity bills. Four grid companies set the fee paid through power bills at 6.24 euro cents a kilowatt-hour next year from 5.28 euro cents now. The charge has more than quintupled since 2009, making German household power bills the third-highest in the European Union. Merkel is now looking for ways to clip the cost of green-energy subsidies after deciding to close the country’s nuclear power plants.
Ineos Closing Scottish Refinery; May Cut Almost 45% of U.K. Oil Output
Ineos Group Holdings SA is closing the 210,000 barrel-a-day Grangemouth oil refinery before a strike this weekend that could cut 45% of the U.K.’s crude oil production. The company is progressively stopping units before a 48-hour industrial action planned by Unite union workers, scheduled to begin on Oct. 20. Union representatives and Ineos will meet today for talks mediated by the U.K.’s Advisory, Conciliation and Arbitration Service after discussions ended yesterday without resolution.
Huaneng Renewables to Get $204 Million From Share Sale
Huaneng Renewables Corp., a Chinese wind-farm operator, looks to raise around HK$1.58 billion ($204 million) from a share sale. The company will issue about 582.3 million shares at HK$2.71 apiece, according to a Hong Kong stock exchange filing. Net proceeds, excluding fees, will be HK$1.55 billion. The sale is “far lower in terms of dilution” and “far higher in terms of the issuance price” than expected, says analyst Michael Parker at Sanford C. Bernstein & Co.