Latest news with #AnnaHirtenstein
Yahoo
5 days ago
- Automotive
- Yahoo
Dutch car sharing firm adds Renault EVs capable of powering local grid
By Anna Hirtenstein and Gilles Guillaume LONDON/PARIS (Reuters) -Dutch car sharing firm MyWheels will plug in the first of 500 grid-connectable Renault EVs to its fleet in the Netherlands this week, expanding the number of vehicles in Europe capable of strengthening the power grid as the technology gains traction. Vehicle-to-grid technology, known as V2G, allows electric vehicles to store power and provide it to the electricity grid at times of peak demand. The technology has been available for several years but only recently became commercially viable after the introduction of smart charging technology and batteries able to sustain intensive usage. The rollout by MyWheels will be the largest V2G car-sharing scheme in Europe and the largest addition of V2G-enabled cars in the region. It follows growing concern about grid stability after a major blackout in Spain and Portugal this year, and sabotage to power supply in southern France during this year's Cannes film festival, which have triggered more interest in a technology that can help balance fluctuating supply and demand, said Kees Koolen, an investor in We Drive Solar, the Dutch producer of the special chargers used in the project. 'It feels like we're at a tipping point,' said Koolen, who estimated that the project in the Dutch city of Utrecht has cost around 100 million euros ($114 million) to develop. The global V2G market was worth $3.4 billion in 2024, according to Global Market Insights, and is expected to grow by 38% annually between 2025 and 2034 to reach $80 billion. The Netherlands is an early adopter of V2G technology due to ambitious plans to electrify its transport and heating systems while also moving to renewables. Japan's Nissan has also recently supplied dozens of V2G-enabled Leaf and Ariya models to France and Spain. MyWheels says 500 of Renault's V2G-compatible cars, including its electric R5, will be on the road by next year. When not driving, the cars will be plugged into We Drive Solar's bidirectional chargers and the scheme's operators will be paid for electricity absorbed and sold to the grid. Grids have become increasingly unstable with growing electrification and as more intermittent renewable energy is fed into the system. 'Our research shows that vehicle-to-grid technology could allow the growing electric vehicle fleet to become a significant asset to the grid, with vast storage potential locked up in electric vehicles,' said Madeleine Brolly, advanced transport analyst at Bloomberg New Energy Finance. A key challenge ahead will be standardisation across manufacturers, which will be needed for it to be adopted at scale, she added. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
5 days ago
- Automotive
- Yahoo
Dutch car sharing firm adds Renault EVs capable of powering local grid
By Anna Hirtenstein and Gilles Guillaume LONDON/PARIS (Reuters) -Dutch car sharing firm MyWheels will plug in the first of 500 grid-connectable Renault EVs to its fleet in the Netherlands this week, expanding the number of vehicles in Europe capable of strengthening the power grid as the technology gains traction. Vehicle-to-grid technology, known as V2G, allows electric vehicles to store power and provide it to the electricity grid at times of peak demand. The technology has been available for several years but only recently became commercially viable after the introduction of smart charging technology and batteries able to sustain intensive usage. The rollout by MyWheels will be the largest V2G car-sharing scheme in Europe and the largest addition of V2G-enabled cars in the region. It follows growing concern about grid stability after a major blackout in Spain and Portugal this year, and sabotage to power supply in southern France during this year's Cannes film festival, which have triggered more interest in a technology that can help balance fluctuating supply and demand, said Kees Koolen, an investor in We Drive Solar, the Dutch producer of the special chargers used in the project. 'It feels like we're at a tipping point,' said Koolen, who estimated that the project in the Dutch city of Utrecht has cost around 100 million euros ($114 million) to develop. The global V2G market was worth $3.4 billion in 2024, according to Global Market Insights, and is expected to grow by 38% annually between 2025 and 2034 to reach $80 billion. The Netherlands is an early adopter of V2G technology due to ambitious plans to electrify its transport and heating systems while also moving to renewables. Japan's Nissan has also recently supplied dozens of V2G-enabled Leaf and Ariya models to France and Spain. MyWheels says 500 of Renault's V2G-compatible cars, including its electric R5, will be on the road by next year. When not driving, the cars will be plugged into We Drive Solar's bidirectional chargers and the scheme's operators will be paid for electricity absorbed and sold to the grid. Grids have become increasingly unstable with growing electrification and as more intermittent renewable energy is fed into the system. 'Our research shows that vehicle-to-grid technology could allow the growing electric vehicle fleet to become a significant asset to the grid, with vast storage potential locked up in electric vehicles,' said Madeleine Brolly, advanced transport analyst at Bloomberg New Energy Finance. A key challenge ahead will be standardisation across manufacturers, which will be needed for it to be adopted at scale, she added. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
16-05-2025
- Business
- Yahoo
Oil heads for weekly gain but remains under supply hike pressure
By Anna Hirtenstein LONDON (Reuters) -Oil prices edged up on Friday, heading for a second consecutive weekly gain on easing U.S.-China trade tensions, although the optimism was somewhat offset by higher supply expectations from Iran and OPEC+. Brent crude futures were up 42 cents, or 0.65%, at $64.95 per barrel at 1314 GMT, while U.S. West Texas Intermediate crude futures rose 41 cents, or 0.67%, to $62.03. The benchmarks were headed for a weekly gain of 1.6% and 1.7% respectively. The contracts fell by more than 2% in the previous session on the prospect of an Iranian nuclear deal, which could result in an easing of sanctions that could see Iranian crude return to the global market. "The enthusiasm resulting from progress in relations between the U.S. and China allowed the oil price to recover," said Harry Tchiliguirian, group head of research at Onyx Capital Group. "But OPEC+ accelerates the unwinding of its voluntary supply cuts and the U.S.-Iran nuclear talks are still ongoing, keeping the barrels of the latter still flowing to China." U.S. President Donald Trump said the U.S. was nearing a nuclear deal with Iran, with Tehran "sort of" agreeing to its terms. However, a source familiar with the talks said there were still issues to resolve. ING analysts wrote in a note that a nuclear deal lifting sanctions would allow Iran to increase oil output, resulting in additional supply of around 400,000 barrels per day. Investor sentiment was boosted this week by the U.S. and China, the world's two biggest oil consumers and economies, agreeing to a 90-day pause on their trade war during which both sides would sharply lower trade duties. The hefty reciprocal tariffs had raised fears of a sharp blow to global growth and oil demand. Analysts at BMI, a unit of Fitch Solutions, said in a research report, however, that "while the 90-day cooling off period leaves the door open for additional progress on lowering trade barriers on both sides, the uncertainty on longer-term trade policy will limit price upside." Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
08-05-2025
- Business
- Yahoo
Exclusive-US, Russia explore ways to restore Russian gas flows to Europe, sources say
By Anna Hirtenstein and Marwa Rashad LONDON/MOSCOW (Reuters) -With a frost covering Europe's energy relations with Russia, officials from Washington and Moscow have held discussions about the U.S. helping to revive Russian gas sales to the continent, eight sources familiar with the talks have told Reuters. Europe slashed its imports of Russian gas following Moscow's invasion of Ukraine in 2022, a move that saw Russian exporter Gazprom post a $7 billion loss the following year. U.S. President Donald Trump is pushing for peace in Ukraine, raising the prospects of a thaw in gas ties. Sources close to the bilateral discussions said carving out a renewed role for Moscow in the European Union's gas market could help cement a peace deal with Russian President Vladimir Putin. Though much of Europe has sought alternative supply, some buyers have remained, and industry officials say more could return once a peace deal is agreed. As for Russia, nothing has hit its economy harder than the loss of most of Europe's gas market three years ago. It now supplies 19% of Europe's demand, down from 40%, mainly consisting of liquefied natural gas (LNG) and some piped via Turkey along the TurkStream pipeline. Washington's involvement in restoring the gas sales could help Moscow navigate political opposition in much of Europe. U.S. involvement would also benefit Washington, giving it visibility, and possibly some control, over how much Russian gas returns to Europe, two diplomatic sources and a White House source said. Since 2022, Europe has turned to other gas providers, including U.S. exports of liquefied natural gas (LNG). U.S. envoy Steve Witkoff and Putin's investment envoy, Kirill Dmitriev, have held conversations about gas as part of Ukraine peace talks, two of the eight sources said. Witkoff's spokesperson declined to comment when asked if he discussed the issue of Russian gas exports to Europe. "Currently, there are no such discussions," Russia's Direct Investment Fund, headed by Dmitriev, said in a statement to Reuters. Gazprom would consider selling gas to Europe if a new owner took control of the gas network between Russia and Europe, Kremlin spokesperson Dmitry Peskov told French magazine Le Point in April. On the route crossing the Baltic Sea Gazprom controls the two twin pipelines of Nord Stream 1 and 2 backed by European firms which hold stakes. Moscow is ready to trade its gas and knows that some European countries still want to buy it, Peskov said in the Le Point interview. "There is a gas seller, there are potential buyers," Peskov told reporters in April. Countries still buying include Hungary and Slovakia which receive gas through the TurkStream pipeline. Belgium, France, the Netherlands, and Spain get LNG from Russia's Novatek under long-term contracts. Regarding how the Americans might get involved, five sources said talks to date have discussed U.S. investors taking stakes in the Nord Stream pipeline connecting Russia and Germany, or in the pipeline crossing Ukraine, or in Gazprom itself.U.S. firms could also serve as the buyers, purchasing gas from Gazprom and shipping it to Europe, including to Germany, the sources said. Two of the sources said diplomatic talks involving potential U.S. investors have also looked at the idea of a U.S. buyer taking Russian gas and then exporting it on to Europe as a way of alleviating European political opposition to resuming supplies. BlackRock, Vanguard and Capital Group each hold stakes of 1-2% in Gazprom. BlackRock, Vanguard and Gazprom did not respond to requests for comment. Capital Group declined to comment. The European Commission declined to comment. Commission President Ursula von der Leyen has expressed her opposition to returning to Russian energy supplies. "Some are still saying that we should re-open the tap of Russian gas and oil. This would be a mistake of historic dimensions and we would never let it happen," she told a European Parliament session on May 7. "Russia has proven, time and again, that it is not a reliable supplier." Brussels wants to ban new Russian gas deals by the end of 2025 and ban imports under existing deals by the end of 2027. The plan, to be debated next month, would require approval from the European Parliament and a majority of member states. Hungary and Slovakia have expressed their opposition to the move. Trump has said he hopes for a Ukraine peace deal soon and expects this to pave the way for both Russia and Ukraine to do big business with the U.S. Russia is ready to restart gas exports to Europe immediately if there is political will to do so, Putin has said. Kyiv and Washington signed a U.S.-Ukraine minerals deal on April 30 to include all Ukrainian government-owned natural resource assets and infrastructure but did not explicitly mention the pipeline. "If this level of engagement between Russia and the U.S. continues, it's very likely that there will be a resumption of Russian gas flows... involving U.S. intermediaries," said a person who is familiar with the discussions. Gazprom, keen to resurrect its European sales, is considering offering German clients short-term 24-month contracts and steep price discounts, two sources said. Traditionally it has asked buyers to sign contracts lasting decades, two sources noted. HURDLES Yet the EU remains broadly opposed, and there are other hurdles to overcome. There are numerous legal cases hanging over breaches of legacy contracts. The Nord Stream pipelines were damaged in a sabotage attack in September 2022. Three of the four pipes were ruptured, leaving just one still able to pump gas. The war in Ukraine has also changed the situation, with Russian attacks damaging pipelines crossing Ukraine, though the key transit route remains in working order. A more technical matter is that Nord Stream 2 also never received German government approval to begin sending gas to Germany, a spokesperson from Germany's economy and energy ministry noted, declining to comment further.
Yahoo
21-04-2025
- Business
- Yahoo
Oil falls on signs of progress in U.S.-Iran talks amid more market stress
By Anna Hirtenstein LONDON (Reuters) -Oil prices fell more than 2% on Monday on signs of progress in talks between the U.S. and Iran while investors remained concerned about economic headwinds from tariffs which could curb demand for fuel. Brent crude futures slipped $1.51, or 2.2%, to $66.45 a barrel by 1115 GMT after closing up 3.2% on Thursday. U.S. West Texas Intermediate crude was at $63.11 a barrel, down $1.57, or 2.4%, after settling up 3.54% in the previous session. Thursday was the last settlement day last week because of the Good Friday holiday. "The U.S.-Iran talks seem relatively positive, which allows for people to start thinking about the possibility of a solution," said Harry Tchilinguirian, group head of research at Onyx Capital Group. "The immediate implication would be that Iranian crude would not be off the market." Markets also have lower liquidity due to the Easter holiday, which can exacerbate price moves, he added. In the talks, the U.S. and Iran agreed to begin drawing up a framework for a potential nuclear deal, Iran's foreign minister said, after discussions that a U.S. official described as yielding "very good progress." The progress follows further sanctions by the U.S. last week against a Chinese independent oil refinery that it alleges processed Iranian crude, ramping up pressure on Tehran. Markets also came under stress on Monday, after U.S. President Donald Trump last week made criticisms about the Federal Reserve. Gold prices rose to another record, with jitters rippling into energy markets due to concerns about demand, according to analysts. "The broader trend remains tilted to the downside, as investors may struggle to find conviction in an improving supply-demand outlook, especially amid the drag from tariffs on global growth and rising supplies from OPEC+," said IG Market Strategist Yeap Jun Rong. OPEC+, the group of major producers including the Organization of the Petroleum Exporting Countries and allies such as Russia, is still expected to increase output by 411,000 barrels per day starting in May, though some of that increase may be offset by cuts from countries that have been exceeding their quotas. A Reuters poll on April 17 showed investors believe the tariff policy will trigger a significant slowdown in the U.S. economy this year and next, with the median probability of recession in the next 12 months approaching 50%. The U.S. is the world's biggest oil consumer. Investors are watching for several U.S. data releases this week, including April flash manufacturing and services PMI, for direction on the economy. "This week's series of PMI releases could further underscore the economic impact of tariffs, with both manufacturing and services conditions across major economies expected to soften," IG's Yeap said, adding oil prices face resistance at the $70 level.
