Latest news with #energyministry
Reuters
3 days ago
- Business
- Reuters
Russia to provide state support for ailing coal industry
MOSCOW, May 30 (Reuters) - The Russian government said on Friday it had agreed to support the struggling coal industry, including by deferring tax payments, as well as by limiting dividends and bonuses to top management. Russian coal producers face a number of challenges, including international sanctions over Ukraine. According to the government, the country's coal exports fell almost 8% to 213 million tonnes last year, while production rose 1.3% to 438 million metric tons. The European Union, which previously depended on Russia for around 45% of its coal imports, banned supplies from Russia in 2022. Under the government measures, Russian coal companies will be granted a deferral of mineral extraction tax (MET) and insurance contributions until December 1 2025. The possibility of debt restructuring is envisaged for indebted companies, taking into account the position of the Central Bank of Russia, the government added. Russia's NEFT Research consultancy said Russia's coal exports have been declining due to the international sanctions, rising transportation costs and weaker demand. It cited energy ministry data, which showed that the Russian coal industry had lost 1.2 trillion roubles ($15 billion) since 2022 due to the sanctions, including the loss of lucrative markets in Europe and difficulties in getting payment for supplies. ($1 = 78.5000 roubles)
Bloomberg
7 days ago
- Business
- Bloomberg
Indonesia Trims Gas and Backs Renewables in Latest Power Plan
Indonesia aims to boost the buildout of renewable energy in its latest national power plan, scaling back gas additions to the grid. Southeast Asia's largest economy will look to add roughly 60 gigawatts of power generation capacity over the next nine years, according to a presentation prepared by the energy ministry. About three quarters of that will be from renewable sources, with the rest supplied by gas and coal.
Reuters
19-05-2025
- Business
- Reuters
Denmark plans offshore wind tender with up to $8.3 bln subsidy
COPENHAGEN, May 19 (Reuters) - Denmark will launch an offshore wind tender with a capacity of three gigawatt (GW), enough to power three million homes, its energy ministry said on Monday, offering subsidies to developers of up to 55.2 billion Danish crowns ($8.32 billion). The offshore wind industry has grappled with skyrocketing costs, higher interest rates and supply chain bottlenecks, prompting governments to halt or postpone tenders due to a lack of interest from bidders. "We need more secure green power and energy to make Denmark and Europe independent of energy from Russia," Energy Minister Lars Aagaard said in a statement. The bids offered in the tender will determine the level of subsidy needed, with a cap set at 55.2 billion crowns over 20 years. "It is the bid price and the development of electricity prices that determine whether it will be necessary to support the projects, or whether money will come to the state," the ministry said. Denmark in January announced it would halt all ongoing offshore wind tenders to revamp its model, saying that a framework where no subsidies were offered did not work under existing market conditions. A month earlier, the Nordic country had failed to attract any bids in its biggest offshore wind tender yet, with analysts pointing to a rigid auction model and a failure to adapt to a changed economic reality for renewable energy projects. Denmark has been a pioneer in both onshore and offshore wind, and is home to turbine maker Vestas ( opens new tab and the world's largest offshore wind developer Orsted ( opens new tab. ($1 = 6.6318 Danish crowns)
