2025-11-06 07:41
Nov 6 (Reuters) - North Sea-focused Harbour Energy (HBR.L) , opens new tab said on Thursday a review of its UK operations has led to about 250 job cuts, as Britain's windfall tax continues to weigh on the oil and gas producer's operations. North Sea producers have argued that the UK's Energy Profit Levy (EPL), introduced in 2022 after energy prices surged following Russia's invasion of Ukraine, has eroded profits and created uncertainty for future investments. Sign up here. Harbour, the largest British North Sea oil and gas producer, said it has cut about 600 roles since the levy was introduced. "(The reductions) align with significantly lower anticipated UK investment, driven by the continued punitive domestic fiscal regime," the company said in a statement. Separately, the company narrowed its 2025 production guidance upward to 465,000-475,000 barrels of oil equivalent per day (boepd), compared with its earlier projection of 460,000-475,000 boepd. https://www.reuters.com/sustainability/uks-harbour-energy-trims-250-jobs-amid-operations-overhaul-2025-11-06/
2025-11-06 07:34
FRANKFURT, Nov 6 (Reuters) - German utility Uniper (UN0k.DE) , opens new tab has sold sizeable quantities of its future hydropower and nuclear output as part of its hedging strategy, the company said in a presentation for analysts on Thursday. Uniper has sold 40% of its German hydropower output for 2026 at an average price of 92 euros ($107.29) per megawatt hour and 60% of the output in 2027 at an average of 86 euros/MWh, it said, discussing nine-month 2025 earnings and strategy. Sign up here. By comparison, the wholesale benchmark price for round-the-clock German power from all generation sources in 2026 closed at 90.4 euros on Wednesday, and at 86.9 euros for 2027, LSEG data showed. The discrepancies come from different fuel elements at the overall wholesale level, that also reflect gas and coal power, and the impact of support schemes and volatile weather patterns for hydropower generally. Producers use hedging to protect against price volatility and lock in forward production prices considered favourable at a certain point in time. The wholesale market uses the rates to track price trends and assess a utility's physical asset position. Uniper has sold 95% of its 2025 German output at 133 euros so far, after 2024 sales achieved an average price of 58 euros, the presentation also showed. The difference was mainly due to weather volatility. The company also operates coal, gas-fired and nuclear plants as well as wind and solar power generation units elsewhere in Europe that were not reflected in the slides. Regarding Nordic region prices, Uniper said it sold 60% of nuclear and hydropower for 2026 and 35% of output for 2027 at average prices of 37 euros/MWh and 38 euros/MWh respectively, having achieved 38 euros for 95% of 2025 output so far, and 43 euros in 2024. ($1 = 0.8575 euros) https://www.reuters.com/business/energy/uniper-sells-hydropower-2026-2027-part-hedging-strategy-2025-11-06/
2025-11-06 07:29
AMSTERDAM, Nov 6 (Reuters) - Computer chipmaker Nexperia expects to resolve a crisis over control of the company, it said on Thursday, but warned customers it cannot guarantee products made in China after October 13 are authentic and meet quality standards. The Dutch company's statement said that facilities in other countries are operating as normal. The Dutch government seized control of Nexperia on September 30 and the Chinese government blocked exports of its products from October 4, leading to a shortage of Nexperia chips widely used by carmakers. Sign up here. In a statement, Nexperia welcomed news that, under a U.S.-China agreement, it will not be subject to U.S. export restrictions for one year. China has also said it will allow exports on a case-by-case basis. Nexperia's Chinese parent firm Wingtech (600745.SS) , opens new tab is subject to U.S. restrictions and its founder Zhang Xuezheng was suspended from his role as Nexperia CEO by a Dutch court on October 7, Nexperia said, adding that reports to the contrary were "incorrect". While most of Nexperia's chips are made in Europe, 70% are packaged and sold to distributors in China. The company's Chinese arm has asserted its independence from Dutch control and says it has sufficient stockpiles to supply customers through the end of 2025, and will look for alternative ways to source its chips. "We remain fully committed to our operations in China," the Dutch company said, adding that it has teams working on other options to ensure "product availability in a sustainable manner" in the future. The other 30% of Nexperia's products are currently packaged and distributed from Malaysia and the Philippines. https://www.reuters.com/world/china/nexperia-cannot-guarantee-quality-chips-made-china-since-october-13-2025-11-06/
2025-11-06 06:55
MOSCOW, Nov 6 (Reuters) - A fire at the Naftan oil refinery in Belarus, one of the country's two biggest, has been put out and nobody was hurt, the country's emergency emergencies ministry said on Thursday. The state Belta news agency said earlier that the fire had been caused by an incident involving diesel fuel at a technological unit. Sign up here. The Naftan refinery, located in Novopolotsk in northern Belarus, has a processing capacity of more than 200,000 barrels per day. https://www.reuters.com/world/belarusian-oil-refinery-naftan-is-fire-blaze-under-control-belta-news-agency-2025-11-06/
2025-11-06 06:46
Engie third-quarter EBIT excluding nuclear falls 18% Gas earnings 12.8% lower, renewables fall 6.9% US power market uncertain due to tariffs, permits -CEO PARIS, Nov 6 (Reuters) - Engie (ENGIE.PA) , opens new tab on Thursday reported an 18% tumble in its third-quarter earnings, missing forecasts, as lower hydropower output and a drop in gas prices took their toll on the French utility. Although Engie sold more gas, the benchmark European price for the third quarter was 9% lower than the same period in 2024, with lower volatility leading to lower sales and trading profits. Sign up here. "The normalisation of energy prices penalised us this year, but we have made good progress on our improved performance plan," Engie CFO Pierre-Francois Riolacci told reporters. Engie's earnings before interest and tax (EBIT), excluding nuclear, fell to 1.2 billion euros ($1.4 billion) from 1.47 billion euros in the third quarter last year and missed a 1.4 billion euro analyst consensus forecast from Visible Alpha. JP Morgan analyst Javier Garrido said the results were solid, noting Engie had signed long-term U.S. power deals with companies such as Meta (META.O) , opens new tab as data center demand booms and the company's shares were up 0.38% at 21.03 euros at 0951 GMT. Engie's earnings from gas generation dropped 12.8% year on year for the first nine months of 2025, despite an increase in the volumes of gas sold. Lower hydropower output in France resulted in a 6.9% drop in earnings from renewables generation, even as Engie started up new projects in North America and Latin America. Engie's networks business saw a 47% rise in earnings for the first nine months from operations in France, Brazil and Mexico. The company also benefited from a $101 million arbitration award following a dispute with French oil major TotalEnergies (TTEF.PA) , opens new tab over undelivered liquefied natural gas cargoes. Meanwhile, Engie's net financial debt rose by 2.7 billion euros as it made a final payment to the Belgian government to transfer the ownership and liability of two nuclear reactors. U.S. MARKET GROWING UNCERTAIN While the U.S. power market allows Engie to get sizeable premiums over forward market prices through long-term supply deals, uncertainty due to tariffs and policy reversals on renewables had led to caution on future projects, said CEO Catherine MacGregor. "It is too uncertain for us to build out as much as we would like to," MacGregor added. Two U.S. renewable projects are awaiting permit approval, which has been frozen by the ongoing government shutdown. However, Abu Dhabi was a promising renewables market that met Engie's investment criteria, MacGregor said. ($1 = 0.8575 euros) https://www.reuters.com/business/energy/engie-nine-month-earnings-down-11-lower-power-gas-sales-2025-11-06/
2025-11-06 06:36
Hundreds of thousands evacuated, military on standby Trees, power lines downed as Kalmaegi hits coastline 127 missing in Philippines, teams race to feed homeless Fears that new storm could turn into typhoon HOI AN, Vietnam, Nov 6 (Reuters) - Typhoon Kalmaegi slammed into Vietnam on Thursday, forcing authorities to cancel hundreds of flights and order people to stay indoors, two days after the storm started sweeping across the Philippines, killing at least 114 people. Kalmaegi - packing winds of up to 149 kph (93 mph), according to the national weather forecaster - blew roofs off houses and downed trees and telegraph poles. It whipped up waves as high as 10 metres (30 feet) as it hit the central region's coast, the agency added. Sign up here. Officials closed six airports and the government said more than 260,000 people in Gia Lai province had been moved to safety. Kalmaegi is the 13th storm to hit Vietnam this year, and among the most powerful. The government said it had placed more than 268,000 soldiers on standby for search and rescue operations. It warned of floods in low-lying areas and impacts on agriculture, including in the Central Highlands, the main coffee-growing region. FARMERS FEAR FOR CROPS As the storm approached, hotels and homes along Cua Dai beach near the ancient UNESCO-listed town of Hoi An were shuttered. Near the coastal city of Hue, farmers were still recovering from floods this week that killed 47 people. Rice farmer Nguyen Van Rin, 42, said the last floods had drowned his livestock and poultry. "Kalmaegi will flood us for the fourth time and I am afraid it will be quite bad," he said after guiding his boat across a road as vehicles moved slowly through the water. HOMES FLATTENED, VEHICLES OVERTURNED In the Philippines, the scale of the Kalmaegi's destruction became clearer on Thursday as floodwaters receded in its hardest-hit province of Cebu, revealing flattened homes, overturned vehicles and streets choked with debris. There were 127 people still reported missing as of late on Thursday and attempts to distribute aid and find bodies were hampered by the scale of the damage left by Kalmaegi, the 20th storm to hit the Philippines this year. "The challenge now is debris clearing ... These need to be cleared immediately, not only to account for the missing who may be among the debris or may have reached safe areas but also to allow relief operations to move forward," Raffy Alejandro, a senior civil defence official, told DZBB radio. The typhoon's devastation in Cebu comes just over a month after a magnitude 6.9 earthquake struck the holiday island, killing dozens and displacing thousands. Forecasters were also tracking a brewing storm east of the Philippine island of Mindanao that could strengthen into a typhoon and hit the country early next week. 'MY CHILDREN HAVE NOTHING' Some people in Cebu returned to find their homes destroyed on Thursday, while others started the arduous cleanup, scraping mud from their houses and streets. "Everything was destroyed. Only the flooring remained. Everything was washed out. We have no belongings," said Liza Becus as she returned to what was left of the shack she had built in Talisay City in Cebu. She gathered metal and iron sheets to sell so she could buy rice to feed her seven children. "My children have nothing," she said. "Their uniforms, bags, and all of our things are gone." https://www.reuters.com/business/environment/typhoon-kalmaegi-death-toll-hits-114-philippines-storm-rebuilds-strength-it-2025-11-06/
