Latest news with #sustainableaviationfuel
Yahoo
9 hours ago
- Business
- Yahoo
Finland's Neste tops earnings forecast on soaring SAF sales
(Reuters) -Finnish biofuel maker and oil refiner Neste reported stronger than expected core earnings for the second quarter on Thursday, citing soaring sales of sustainable aviation fuel (SAF) aided by increased production capacity. Neste's comparable quarterly earnings before interest, taxes, depreciation and amortization (EBITDA) rose 42% from a year earlier to 341 million euros ($401 million). Analysts in a company-provided consensus had expected 302.5 million euros on average. "Our sustainable aviation fuel sales increased close to 80% quarter on quarter, benefiting from additional SAF production capacity at our renewables refinery in Rotterdam," CEO Heikki Malinen said in a statement. The rise in SAF sales drove the sales volume in Neste's renewable products unit to a new quarterly record of 1,096 thousand tonnes. The unit's sales volume margin fell 5% to $361 per tonne, but exceeded analysts' forecast of $329 per tonne. "We saw positive developments in the biofuel regulation both in the US and EU, largely supporting long-term renewables demand," Malinen said. Hovever, he warned that the market environment was volatile and headwinds from global trade tensions were expected to continue. Neste has been battling an excess supply in the renewable fuels market, pressuring its sales volumes and leading to a reduction of around 510 jobs globally earlier in 2025. Alhough the group said it still expected its annual sales volumes to improve from 2024, it also forecast persisting oversupply in the renewable fuels market for the year. Oversupply, weak demand and high input costs had made Neste cut its forecast for the renewables sales margin three times in 2024. ($1 = 0.8500 euros) 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
Reuters
9 hours ago
- Business
- Reuters
Finland's Neste tops earnings forecast on soaring SAF sales
July 24 (Reuters) - Finnish biofuel maker and oil refiner Neste ( opens new tab reported stronger than expected core earnings for the second quarter on Thursday, citing soaring sales of sustainable aviation fuel (SAF) aided by increased production capacity. Neste's comparable quarterly earnings before interest, taxes, depreciation and amortization (EBITDA) rose 42% from a year earlier to 341 million euros ($401 million). Analysts in a company-provided consensus had expected 302.5 million euros on average. "Our sustainable aviation fuel sales increased close to 80% quarter on quarter, benefiting from additional SAF production capacity at our renewables refinery in Rotterdam," CEO Heikki Malinen said in a statement. The rise in SAF sales drove the sales volume in Neste's renewable products unit to a new quarterly record of 1,096 thousand tonnes. The unit's sales volume margin fell 5% to $361 per tonne, but exceeded analysts' forecast of $329 per tonne. "We saw positive developments in the biofuel regulation both in the US and EU, largely supporting long-term renewables demand," Malinen said. Hovever, he warned that the market environment was volatile and headwinds from global trade tensions were expected to continue. Neste has been battling an excess supply in the renewable fuels market, pressuring its sales volumes and leading to a reduction of around 510 jobs globally earlier in 2025. Alhough the group said it still expected its annual sales volumes to improve from 2024, it also forecast persisting oversupply in the renewable fuels market for the year. Oversupply, weak demand and high input costs had made Neste cut its forecast for the renewables sales margin three times in 2024. ($1 = 0.8500 euros)
CBC
19 hours ago
- Business
- CBC
Renewable energy megaproject on Eastern Shore prepares for environmental assessment
A proposed jet fuel megaproject on Nova Scotia's Eastern Shore is inching forward, with the proponents saying they plan to submit for environmental assessment before the fall. The proposal is to produce sustainable aviation fuel, or SAF, a lower-emission alternative to conventional jet fuel, and ship it by boat to distributors and airlines. The project would include two components in Guysborough County — a joint wind and solar farm in St. Mary's and a plant in the community of Goldboro. The plant would use the wind and solar energy, as well as wood chips, to power hydrogen production. The hydrogen, in turn, would power the production of SAF. Michael Galvin has been working on the idea for four years and said he's eager to make the project's first submission to the province. He expects the application for environmental assessment for the Goldboro plant will be made in early September. "It's really significant and it's also really significant for our investors to see that we have reached this milestone," he said in an interview. The project began with Irish firm Simply Blue Group, but changed hands this year. Galvin was chief operating officer at Simply Blue and moved, along with the project, to Octopus Energy Generation, which is now backing the project. A local entity, Nova Sustainable Fuels, was created to manage the project. Interest in sustainable aviation fuel has been growing in recent years, particularly in Europe where some governments have set mandates and created subsidies for its use. Galvin said that means the list of proposed SAF projects — and competitors — got very long. But he said that's begun to change. "A lot of the hype has started to die down. And now you're seeing the really serious players and really serious investors have now stepped forward, and I think you're seeing the strongest projects and the most likely projects to run to completion." Galvin said completion for his project is still at least five years away, assuming it receives all the necessary approvals and raises enough capital. He wouldn't put an exact number on it, but said the cost will be in the billions of dollars. "It's costing more than I wish it was going to cost. These are big numbers and big infrastructure projects," he said. This is not the only major industrial project proposed for Guysborough County. Other companies are eyeing the remote eastern corner of mainland Nova Scotia for wind farms to power hydrogen production, a commercial spaceport and a gold mine. Paul Long, warden of the District of the Municipality of Guysborough, said the local government is hungry for economic development. "We're a small, small municipality — there's only 4,500 people or so in the municipality," Long said in an interview. "So we can't rely just on the tax base, the residential tax base, to do the things we want to do and provide the services for our residents." Some past proposals for big industrial projects in the area have flopped, such as the LNG export facility that was abandoned two years ago. The company behind it sold its land and building permits to Simply Blue. Long said past failures have left some residents "leery," but he thinks generally people are open to new proposals. Nova Sustainable Fuels is hosting a community event this week to court community buy-in. Long said they already have council's support. He believes there's a unique window open now for new projects to get underway. He pointed to Premier Tim Houston's push for more resource development, and Prime Minister Mark Carney's focus on major projects. "Everything seems to be falling in line," said Long. It will be years before Galvin is ready to say whether everything has, in fact, fallen in line. He said he expects a final investment decision in 2027. He said groundbreaking would happen no sooner than 2028, which could lead to an operational plant in late 2030 or 2031.
BBC News
2 days ago
- Business
- BBC News
Sheffield gets funding boost for green jet fuel research
The University of Sheffield will receive a share of government funding to boost its research into sustainable aviation fuel (SAF).The Translational Energy Centre is to receive £1.5m of the £63m funding package, which is being shared with 16 other UK groups working in SAF research and is an alternative to fossil jet fuel which reduces carbon emissions on average by 70%, according to the Department for Minister Mike Kane said: "From the labs of Sheffield to the runways of the future, this is how we kickstart economic growth, secure energy independence and make Britain a clean energy superpower." He said it was "absolutely critical" to decarbonise aviation - even though it currently only contributed to a small proportion of the country's transport pollution."The University of Sheffield has one of the leading research and development institutes in this area - it's so innovative," he said."I've been well impressed, as they would say in Manchester," the Wythenshawe MP added. Mohamed Pourkashanian, Professor of Energy Engineering and Head of the Energy Innovation Centre, said he was "delighted" by the Pourkashanian said: "More importantly, it is a clear indication of the UK government's commitment to both the environment and energy security."He said one of the main challenges for researchers was to negate the cost of SAF, which is more expensive than using fossil jet method being trialled is to capture carbon emissions created by other industrial processes, which can then be converted into said the next-generation technology being explored could reduce the price of producing SAF by "a minimum of 20%".Prof Pourkashanian said the team hoped Sheffield would be recognised at an international level, which would encourage companies to invest in the region's production of SAF and create local jobs. Listen to highlights from South Yorkshire on BBC Sounds or catch up with the latest episode of Look North.
Bloomberg
3 days ago
- Business
- Bloomberg
Airlines Trying to Reduce Emissions With Green Jet Fuel Face Reality Check
British Airways' parent company IAG SA surged ahead of other passenger airlines last year to consume the most sustainable aviation fuel, or SAF, according to a Bloomberg Green review of corporate filings from dozens of air carriers. The company acquired 55 million gallons of cleaner jet fuel, which is derived from lower-emitting sources such as used cooking oil and animal tallow. That number exceeded the amount used by all US passenger airlines combined.
