2025-07-22 07:32

MADRID, July 22 (Reuters) - Spain has increased the amount of gas it burns to produce electricity as its power grids rely more on conventional gas-fired plants since a major blackout on April 28, gas grid operator Enagas (ENAG.MC) , opens new tab said on Tuesday. Conventional power plants like gas-fired combined cycle plants provide more stability to the grid's voltage than renewable sources such as wind farms and photovoltaic panels. Sign up here. As a result, overall national gas demand rose 5.6% in the first half of the year, boosted by a 41.2% increase in demand to generate electricity, Enagas said. Gas exports also rose in the period, in particular flows to France to fill its underground storage. Spain does not produce natural gas but re-exports gas shipped from producers such as the United States, Qatar and Russia to other European countries. "Gas infrastructure plays a critical role in ensuring the security of the energy and electricity system and enabling the energy transition in Spain and Europe," Enagas Chief Executive Arturo Gonzalo said on Tuesday. Spain's own underground gas storage facilities are over 75% full, he said, adding that this is above the 64% minimum the European Commission set for July 2025. https://www.reuters.com/sustainability/boards-policy-regulation/spains-gas-demand-soars-power-plants-burn-more-since-blackout-2025-07-22/

2025-07-22 07:25

22 luglio (Reuters) - Il dollaro si muove in stretto range, dopo un breve calo all'inizio della settimana, con gli investitori in attesa di eventuali progressi nei colloqui in vista della scadenza del 1° agosto, che impone ai paesi di raggiungere accordi commerciali con gli Stati Uniti, pena l'imposizione di dazi doganali elevati. ** Lo yen mantiene per lo più i guadagni della sessione precedente, dopo che l'esito delle elezioni giapponesi per la Camera non si è rivelato peggiore di quanto già scontato. Sign up here. ** La valuta nipponica si è leggermente indebolita a 147,57 dollari, dopo essere salita dell'1% ieri. ** L'euro si è leggermente indebolito a 1,1689 dollari, con l'attenzione rivolta anche alla decisione sui tassi da parte della Banca Centrale Europea, prevista per giovedì, quando i policymaker dovrebbero lasciare i tassi invariati. ** Rispetto a un paniere delle principali divise, il biglietto verde è in modesto progresso a quota 97,882, dopo essere sceso dello 0,6% ieri. https://www.reuters.com/world/africa/dollaro-cerca-di-direzione-attende-maggiore-chiarezza-su-dazi-2025-07-22/

2025-07-22 07:20

Shares rise 3.5% on core profit beat Hydro slashes 2025 spending by NOK 1.5 bln Plans to cut 100 jobs at Hydro Extrusions July 22 (Reuters) - Norwegian aluminium producer Norsk Hydro (NHY.OL) , opens new tab cut its 2025 capital spending guidance by 1.5 billion crowns ($147.5 million) and froze external white-collar hiring on Tuesday, as input costs are volatile and demand uncertain due to U.S. tariffs. U.S. tariffs on aluminium have roiled trade flows and pushed physical market premiums to record highs, amplifying cost pressures for American buyers and redrawing global supply lines. Sign up here. The Norwegian firm plans to cut more than 100 jobs at its Hydro Extrusions division by 2025, prioritising operational efficiency and cost control. "We have so far not seen big changes to our operations from tariffs and potential trade wars. Our main concern is whether the uncertainty will lead to a global economic downturn," CEO Eivind Kallevik said in a statement. Hydro reported a 33.4% rise in second-quarter core profit, helped by higher aluminium and energy prices, and despite cost pressures from pricier raw materials, notably alumina, as well as forex rate impact. Its shares were up 3.5% in early trading in the pan-European 600 index (.STOXX) , opens new tab. Order bookings for some business areas showed early signs of improvement, especially for domestic producers benefiting from lower imports, the company said. The results beat expectations despite weakness at the bauxite and alumina and aluminium metal divisions, as the so-called other and eliminations segment bolstered earnings, analysts said. The U.S. remains heavily reliant on imports, with Canada alone supplying over two-thirds of its aluminium. The new 50% levies have made it costlier to bring in foreign metal into the world's largest economy. With Chinese smelters churning out record volumes of aluminium and looking to offload surplus abroad, barriers in the West have offered short-term relief to companies like Hydro by lifting regional premiums and curbing low-cost competition. Hydro's adjusted earnings before interest, taxes, depreciation and amortisation rose to 7.79 billion Norwegian crowns in April-June from 5.84 billion crowns a year earlier. Analysts on average had expected it to report a core profit of 7.30 billion crowns, according to a company-compiled consensus , opens new tab. The company's 2025 capital spending guidance now stands at 13.5 billion crowns. ($1 = 10.1730 Norwegian crowns) https://www.reuters.com/markets/commodities/aluminium-producer-norsk-hydro-trims-2025-spending-amid-global-trade-risks-2025-07-22/

2025-07-22 07:18

ECB's policy decision due on Thursday Fed policy meeting scheduled for next week July 22 (Reuters) - Gold prices eased on Tuesday from their highest level in more than a month, pressured by profit-taking and a slight rebound in the dollar, while investors looked for progress in trade talks ahead of an August 1 deadline. Spot gold was down 0.3% at $3,384.49 per ounce, as of 0656 GMT. Earlier in the session, bullion hit its highest level since June 17. Sign up here. U.S. gold futures also slipped 0.3% to $3,397. "Gold's move on the upside has been pretty much supported by positive technicals and as well as reinforced by a broad base of dollar weakness," OANDA senior market analyst Kelvin Wong said. The dollar index (.DXY) , opens new tab edged 0.1% higher after falling to a more than one-week low on Monday, making greenback-priced gold more expensive for other currency holders. The European Union is exploring a broader set of possible countermeasures against the United States as prospects for an acceptable trade agreement with Washington fade, according to EU diplomats. U.S. President Donald Trump has threatened 30% duties on imports from Europe if no agreement is signed before the August 1 deadline. "There could be a possibility that U.S. and the respective trading partners may not agree to the terms and condition and that potentially could see a bit of uncertainty and there could be some hedging activities by market participants going forward," Wong said. Also on radar, the European Central Bank is expected to hold interest rates steady at 2.0% following a string of cuts at the end of its policy meeting on July 24. The U.S. Federal Reserve's monetary policy meeting is scheduled for next week. Traders are pricing about a 59% chance of a rate cut by the Fed in September, according to the CME FedWatch Tool. Gold tends to perform well in a low-interest-rate environment. Spot silver dipped 0.1% to $38.86 per ounce, platinum added 0.6% to $1,447.53 and palladium gained 0.2% to $1,266.95. https://www.reuters.com/world/china/gold-eases-one-month-high-firmer-dollar-profit-taking-2025-07-22/

2025-07-22 07:15

OSLO, July 22 (Reuters) - Norway's combined oil and gas production exceeded an official forecast by 2.3% in June, the Norwegian Offshore Directorate (NOD) said on Tuesday. Norway is Europe's largest supplier of natural gas and a major producer of oil, but output varies from month to month depending on maintenance needs and other stoppages at more than 90 offshore fields. Sign up here. Overall oil, condensate, natural gas liquids and gas output stood at 0.587 million standard cubic metres per day, equivalent to 3.69 million barrels of oil equivalent, a decrease of 10.9% year-on-year driven primarily by greater maintenance levels. Natural gas production in June fell to 292.3 million cubic metres (mcm) per day from 345.9 mcm a year earlier, but exceeded a forecast of 283.6 mcm by 3.1%, the regulator said on its website. Crude oil output fell to 1.68 million barrels per day (bpd) in June from 1.73 million bpd in the same month last year, but came in above a forecast of 1.62 million bpd, NOD's preliminary data showed. https://www.reuters.com/business/energy/norways-overall-oil-gas-output-beats-forecast-june-2025-07-22/

2025-07-22 07:12

OSLO, July 22 (Reuters) - Norway's biggest utility, state-owned Statkraft, reported a deeper quarterly net loss on Tuesday, as lower expectations for Nordic power prices and an ongoing restructuring of the group prompted it to write down the value of a number of assets. The net loss for the April-June period widened to 6.5 billion Norwegian crowns ($638.56 million) from 992 million crowns in the second quarter of 2024. Sign up here. Statkraft, which has continued to scale back its growth ambitions this year amid rising costs, said on Tuesday it will prioritise investments in near-term profitable opportunities. "Given the current market situation and geopolitical realities, combined with Statkraft's recent high activity and investment level, we are adjusting our strategic ambitions," CEO Birgitte Ringstad Vartdal said in a statement. Ratings agency Fitch this month cut Statkraft's credit rating by one notch to BBB+, citing weakening performance and financial metrics. The company booked impairments of 6.3 billion crowns in the second quarter, of which 2.5 billion crowns related to Swedish wind power assets and 0.5 billion to Norwegian wind farms. Other impairments related to battery energy storage systems investments in Britain, joint venture hydropower plants in Chile and the group's corporate development portfolio, Statkraft said. Underlying earnings before interest, tax, depreciation and amortisation (EBITDA) fell to 4.5 billion crowns, from 6.5 billion a year ago as lower power prices outweighed higher production. Nordic power prices averaged 26.5 euros per megawatt hour (MWh) in the quarter, down from 35.3 euros/MWh a year ago, Statkraft said. ($1 = 10.1791 Norwegian crowns) https://www.reuters.com/sustainability/climate-energy/norway-utility-statkraft-books-640-million-quarterly-loss-after-impairments-2025-07-22/