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Germany is expected to phase out its coal-fired power stations earlier than the legally mandated date of 2038 due to declining economic conditions for coal plants, German climate envoy Jennifer Morgan told Reuters. The country reached a EUR 2.6 bn agreement with energy firm RWE back in 2022 to close its coal plants by 2030, but Germany failed to secure a similar agreement with fellow energy firm LEAG, which supplies about 10% of Germany's lignite-fired power. The G7 pledged to phase out coal power during the first half of the 2030s earlier this month, but still left leeway for a later date.
Italian energy group Eni plans to complete a minority stake sale of its biofuel unit Enilive by the end of the year, Chief Executive Claudio Descalzi said, Reuters reports. The sale is part of Eni’s strategy to create separate specialized entities called satellites with the support of investors. As part of the strategy, Eni also began efforts to sell its 10% stake in its retail and renewable unit Plenitude for USD 800 mn last year and completed the sale in March.
OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-
- Exxon Mobil + Air Liquide to collaborate on hydrogen production: Air Liquide has agreed to support Exxon Mobil’s production of low carbon hydrogen and ammonia in its Texas facility — expected to be the world’s largest. Air Liquide will construct and operate four large modular air separation units to supply some 9k metric tons of oxygen and 6.5k metric tons of nitrogen to Exxon’s hydrogen facility, which will produce 1 bn cubic feet of low carbon hydrogen daily and over 1 mn tons of ammonia annually. (Statement)
- Opec Fund contributes USD 150 mn to Colombia sustainability: The Opec Fund for International Development has agreed to finance Colombia’s Climate Action and Energy Transition Policy Programme with a USD 150 mn loan. The money aims to increase climate resilience, improve the economy, and promote the energy transition in Columbia, while using natural resources sustainably. (Wam)
