Latest Energy/Automotive news bulletin | March 21st
Investors Pile Into Buyers’ Market for Wind and Solar
London, March 21, 2025 (Oilandgaspress) –-Investors in energy transition businesses are enjoying a shift in market sentiment that has led to valuation slumps turning a lot of wind, solar, battery storage, and other companies from the area into great bargains.
Bloomberg reports that the recent crash in wind, solar, battery, and other transition-related stocks has whetted buyers’ appetite on the grounds that the fundamentals of these businesses remain sound. . Read Related News
POWWR, the respected energy software provider, announced the formation of a specific Industry & Commercial (I&C) Division to be headed up by Scott Barber. As Head of I&C, Barber will be responsible for strategic leadership and the overall management of the new team. He will play a pivotal role in expanding business opportunities for POWWR within the UK and beyond, particularly in the burgeoning renewable energy space.
A respected industry veteran, Barber has been with POWWR for over five years. Prior to joining the company, Barber held senior roles at the UK’s largest energy supplier British Gas and a well-known energy Broker Aggregator. In his role, he will oversee a team that has a combined 46 years’ experience within the energy industry, working for energy suppliers, broker aggregators and energy brokers such as British Gas, Opus Energy and Yu Energy.
As Head of I&C, Barber is tasked with ensuring smooth and effective operations across all functions. In this role, he and his team will conduct regular supplier and broker visits to help maintain the company’s strong relationships within the industry. They will also identify and capitalise on new market opportunities. Plus, look at enhancing POWWR’s existing service offerings to ensure optimal customer experiences so that its clients can meet changing market demands. . Read Related News
Audi of America releases full pricing and specifications for the 2025 Audi RS 3, reaffirming the compact sport sedan’s position as the attainable entry point to the Audi Sport portfolio. Featuring a combination of visual enhancements to both the interior and exterior, more standard equipment, and performance benefits of fine-tuning; the latest rendition of the RS 3 invites drivers to experience the progressive union of luxury with the track-proven performance demonstrated through the new record lap set in the compact vehicle class on the Nurburgring-Nordschleife with 7:33.123 minutes.
The legendary five cylinder engine
Powered by Audi’s legendary five-cylinder engine, the 2025 RS 3 arrives with 394 horsepower and 369 lb-ft of torque, and from a standstill reaches 60mph in just 3.6 seconds. When equipped with the Dynamic plus package, drivers unlock an increased top track speed of 180 mph (+25 mph from standard 155 mph top track speed). The uneven cylinder configuration and unique 1-2-4-5-3 firing order bellow a distinctly iconic sound and deliver unparalleled performance.
First introduced in the 1976 Audi 100 (C2), Audi’s five-cylinder engine has achieved hall-of-fame status as it relates to the brand’s storied history in motorsports and engineering. The RS 3 represents the closest production car to the legendary Sport Quattro S2; which was also powered by a five-cylinder engine and was the first Audi race car to use a dual clutch transmission.
Dynamic Driving: Emboldened by the RS Torque Splitter and RS sport suspension plus with dynamic chassis control
The innovative RS Torque Splitter enables active and fully variable torque vectoring between the rear wheels. This system utilizes electronically controlled multi-disc clutches on each driveshaft, with each clutch having its own electronic control unit. When cornering, the RS Torque Splitter increases drive torque to the outside wheel, significantly reducing understeer. For example, when cornering left, the system directs delivery of torque to the right rear wheel. Read Related News
RWE reduced its outlook and investment plans on Thursday, as it presented 2024 results that were less disappointing than analysts had expected. RWE, a specialist in electricity generation and energy trading, set lower 2025 earnings targets than expected and significantly cut investments planned through to 2030. The company’s operating profit fell by more than a quarter to around €5.7 billion ($6.1 billion) in 2024, but analysts had predicted an even sharper decline.
The DAX-listed company said its 2025 operating profit should be between €4.55 billion and €5.15 billion. RWE said it plans to invest €35 billion between 2025 and 2030, some €10 billion less than initially planned, citing regulatory uncertainties, supply chain bottlenecks, geopolitical risks and higher interest rates. It also raised the return requirement for new projects from 8% to 8.5%. Read Related News
Subsea 7 S.A. announced today the publication of the Annual Report containing the Consolidated Financial Statements for the Subsea7 Group and the Financial Statements of Subsea 7 S.A., the Parent Company, for the year ended 31 December 2024. The Annual Report – in PDF and European Single Electronic Format (ESEF) – is attached to this press release and also available on the Group’s website Read Related News
As we look forward amid an oversupplied product market toward 2025, we know that Europe is anticipating the loss of at least 300kbd of refining capacity in the second quarter, on top of the 80kbd already lost at the Gunvor Rotterdam refinery last November. CDU closures at the Wesseling (147kbd) and Grangemouth (150kbd) refineries provide upside potential for refined product imports from outside regions.
Vortexa data shows that core Europe diesel imports from outside regions in the first quarter 2025 are down 5% y-o-y (Core Europe includes European Union, Norway, Switzerland and UK). Given expectations of permanent refining capacity loss and a surge of unplanned outages hitting the region, import levels have shown relative weakness. At the same time, ARA inventories remain well above last year’s levels (Argus), indicating that the extra imports in March, intended to cover domestic shortfalls, are not for immediate consumption. Meanwhile, LatAm diesel imports remain robust, with Vortexa data showing a 6% increase in the last four quarters relative to the same period last year. Brazil’s strong agricultural demand continues to attract cheaper long-haul Russian diesel shipments, while PADD 3 diesel continues to redirect toward the Panama Canal to supply Chile and Ecuador’s increasing demand in power generation. Read Related News
Global LPG supply and exports are looking ample heading into the seasonal spring demand lull and well into summer, as we have indicated in our recently released LPG special report. Indeed, preliminary March exports are looking robust from a y-o-y perspective with the major exporting regions firmly in positive territory. The second quarter of the year is likely to prove no different. Although refinery maintenance in both east and west of Suez will curtail refinery output of LPG, field production is apparently on the rise. OPEC+ is expected to begin slowly unwinding production cuts in April and North Sea planned gas plant maintenance looks relatively light through in the second quarter with the Kaarsto plant going down in late March through early April. In the US, producers will be gearing up for increased LPG export terminal capacity expansions in the summer.
Given the quarterly levels of export growth in recent years, Q2 2025 exports should average around 4.92 mbd mark, up by 4% y-o-y, largely from the US and Middle East; second quarter five-year averages are around 4.7 mbd, Vortexa data show. Read More
Vortexa, a leading provider of global energy and freight market analytics, has launched Anywhere Freight Pricing—the world’s first port-to-port freight pricing platform for energy trading. This groundbreaking solution provides instant, unlimited pricing for over 50,000 active and 70 million possible Clean Petroleum Product (CPP) freight routes, setting an entirely new standard for speed and scale in the global freight markets. The energy freight market has long struggled with highly inecient pricing mechanisms and significant information asymmetries. Anywhere Freight Pricing empowers traders, charterers and shipowners with unparalleled access and transparency, redefining how freight trading decisions are made:
● Instant access: Any vessel class, origin and destination ports to get the latest freight rate for the
specified route. Prices update daily, at 4:30PM UK time.
● Global coverage: 50,000+ active and 70+ million possible clean routes.
● Unlimited route comparison: Optimise pricing options by evaluating multiple routes, including breakdowns for port and canal fees.
● Historical data: 5 years of pricing data for all routes for seasonality and trend analysis, with optional vessel and cargo count overlay. Read More
Energean plc announced its audited full-year results for the year ended 31 December 2024 (“FY 2024”).
Operational Highlights
Strong 2024 Group and continuing operations5 production:
o FY 2024 production of 153 kboed (83% gas), a 24% increase year-on-year (FY23: 123 kboed). Production from the continuing operations for the period was 114 kboed (85% gas), a 28% increase year-on-year (FY23: 89 kboed).
o In Israel, FPSO uptime (excluding planned shutdowns) was 99%6 for the 12-months to 31 December 2024.
Continuing operations year-end 2P reserves of 911 mmboe, stable year-on-year before produced 2024 volumes and demonstrating material reserves life of >20 years7 . Group year-end 2P reserves were 1,058 mmboe.
Katlan (Israel) development progressing on schedule, with first gas on track for H1 2027:
o Post-period end, a drilling contract was signed with Saipem SpA for the Athena and Zeus development wells plus two optional wells.
Prinos CO2 project allocated close to EUR 120 million from the EU’s Connecting Europe Facility in January 2025, bringing the total secured grants up to around EUR 270 million.
Group Scope 1 and 2 emissions intensity of 8.4 kgCO2e/boe, a 10% reduction (FY 2023: 9.3kgCO2e/boe). Scope 1 and 2 emissions intensity for the continuing operations was 7.0 kgCO2e/boe (FY 2023: 6.3 kgCO2e/boe).
Financial Highlights
Strong financial performance, underpinned by core Israel operations.
o 2024 Group sales and other revenues of $1,779 million, representing a 25% increase (2023: $1,420 million). Continuing operations sales and other revenues was $1,315 million, representing a 34% increase (2023: $978 million).
o 2024 Group adjusted EBITDAX of $1,162 million, representing a 25% increase (2023: $931 million). Continuing operations adjusted EBITDAX was $885 million, representing a 33% increase (2023: $667 million).
o 2024 Group profit after tax of $188 million up 2% year-on-year (2023: $185 million), but impacted by $241 million impairment charge, both in relation to exploration in Egypt (Orion X1), Morocco, and Greece (Ioannina), as well as oil and gas assets in Greece (Prinos/Epsilon;
see Operational Update section for more details). Continuing operations profit after tax was
$116 million, representing a 14% increase (2023: $102 million).
Group leverage (net debt/adjusted EBITDAX) continued to decrease to 2.5x (FY 2023: 3x): o Group cash as of 31 December 2024 was $321 million, including restricted amounts of $85 million, and total liquidity was $446 million. This includes cash for the continuing operations of $268 million, including restricted amounts of $85 million, and total liquidity of $393 million.
Commercial Highlights
Q4 2024 dividend of 30 US$cents/share declared on 27 February 2025 and scheduled to be paid on 31 March 2025 8. Read More
British Gas has entered into a new partnership agreement with Panasonic Heating & Cooling Solutions, to provide servicing and maintenance for Panasonic Aquarea Air Source Heat Pumps installed across the UK.
This collaboration ensures homeowners benefit from a network of qualified, experienced engineers trained to keep Aquarea heat pumps running efficiently and reliably for households nationwide. With decades of experience in heating homes in the UK, Panasonic and British Gas combine their expertise, earning the trust of millions of homeowners.
As the UK makes significant progress towards net-zero emissions, homeowners require a reliable support system. This partnership merges innovation, scale, and expertise to ensure that Aquarea air source heat pumps remain the gold standard in home heating year after year. Partnering with one of the UK’s most trusted home servicing and maintenance providers, guarantees that homeowners have access to the highest quality servicing, instilling confidence in the transition towards sustainable heating.
British Gas engineers have completed comprehensive, hands-on training, equipping them with the skills necessary for maintenance, diagnostics, and repairs of the Panasonic Aquarea Heat Pumps. These engineers are dedicated to ensuring systems operate efficiently, enabling homeowners to reduce energy costs while also enhancing comfort within their homes. Read More
British Gas announced a strategic partnership with NIBE Energy Systems UK. This collaboration marks a significant step forward in strengthening NIBE’s service network, ensuring even greater support for the UK’s rapidly expanding heat pump market.
With over 40,000 NIBE heat pumps already installed across the UK, and ambitious growth plans to exceed projected market growth, demand for high-quality service and maintenance continues to grow. Through this partnership, British Gas will become an approved NIBE service partner, providing an expanded and more responsive support network for customers and installers alike.
NIBE will play a pivotal role in equipping British Gas engineers with the necessary expertise to service and maintain NIBE heat pumps, further enhancing the skill set of one of the UK’s largest energy service providers. This initiative aligns with the government’s drive towards sustainable heating and the Warm Homes Promise, ensuring homeowners benefit from a seamless, reliable service experience.
For NIBE customers, this partnership translates into faster response times for callouts and servicing, broader geographical coverage, and improved availability of spare parts for installers. Importantly, NIBE’s existing team of highly skilled field service engineers will continue to operate as usual, maintaining the premium service standards that customers expect. Read More
Eco-tech pioneer, Hive has expanded its smart home energy management platform allowing net zero technology from across the market, to be easily controlled through its app for the first time – potentially helping millions more households to unlock significant cost and carbon savings.
Through Works With Hive, third-party devices will be able to connect seamlessly to the Hive App, with eco-tech products initially integrated including EV chargers and battery storage solutions. Connecting eco-tech devices through the Hive App, will give more households access to real-time insights about their energy use, cost savings, and carbon footprint – all in one place.
The full list of eco-tech connected so far includes leading brands Fox ESS and Sunsynk batteries and EO EV Chargers. With Samsung heat pump and myenergi EV charger owners, also able to connect their devices shortly, Hive is aiming to rapidly expand and integrate 80% of the net zero device market to the app by the end of 2026. Read More
British Gas is giving its customers the chance to win free electricity for an entire year by switching off and saving energy this Earth Hour.
On Saturday, 22nd March, between 8:30pm and 9:30pm, millions across the UK will take part in the global movement by turning off their lights to reduce energy consumption and promote sustainability. To encourage even greater action, British Gas is rewarding 10 of its PeakSave customers who reduce their electricity usage during the hour with free electricity for a year, based on the average yearly electricity cost projection.
More people than ever are looking for smarter ways to use energy to reduce their environmental impact. Research from British Gas reveals that Brits are increasingly focused on sustainability, and 8 in 10 homeowners are willing to make changes around their homes to lessen their carbon footprint Read More
| Oil and Gas Blends | Units | Oil Price | Change |
| Crude Oil (WTI) | USD/bbl | $67.73 | Down |
| Crude Oil (Brent) | USD/bbl | $71.57 | Down |
| Bonny Light 20/03/25 CBN | USD/bbl | $74.04 | Up |
| Dubai | USD/bbl | $71.72 | Up |
| Natural Gas | USD/MMBtu | $3.96 | Down |
| Murban Crude | USD/bbl | $73.29 | Down |
| OPEC basket 20/03/25 | USD/bbl | $74.25 | Up |
Shell Brasil Petróleo Ltda. (Shell Brasil), a subsidiary of Shell plc, has taken the Final Investment Decision (FID) for Gato do Mato, a deep-water project in the pre-salt area of the Santos Basin, offshore Brazil.
The Gato do Mato Consortium includes Shell (operator with a 50% stake), Ecopetrol (30%), TotalEnergies (20%) and Pré-Sal Petróleo S.A. (PPSA) acting as the manager of the production sharing contract (PSC). The development plan includes the installation of a floating production storage and offloading (FPSO) vessel and is designed to produce up to 120,000 barrels of oil per day. Current estimated recoverable resource volumes of the Gato do Mato development are approximately 370 million barrels. “Gato do Mato is an example of our ongoing investment in increasingly efficient projects,” said Zoë Yujnovich, Shell’s Integrated Gas and Upstream Director. “The project contributes to maintaining stable liquids production from our advantaged Upstream business, and expands our leadership as the largest foreign producer in Brazil as we continue working to provide for the world’s energy needs well into the future.”
The consortium anticipates that the Gato do Mato field will commence operations in 2029. Read More
Xpeng Motors released its strongest financial report in history: 91,507 units were delivered in Q4, and revenue reached 16.11 billion yuan, up 59.4% from the previous quarter, with many figures reaching new highs 2024 Fourth Quarter Operational and Financial Summary:
l In the fourth quarter of 2024, Xpeng Motors’ total deliveries were 91,507 vehicles, up 52.1% from 60,158 vehicles in the same period of 2023, setting a new record for quarterly deliveries and exceeding the upper limit of the fourth quarter’s delivery guidance of 87,000-91,000 vehicles. Xpeng Motors’ average monthly deliveries in the fourth quarter reached more than 30,000 vehicles, breaking the milestone of 90,000 vehicles delivered in a single quarter.
Total revenue in the fourth quarter of 2024 was RMB 16.11 billion (US$2.21 billion), an increase of 59.4% from the third quarter of 2024.
l Automobile sales revenue in the fourth quarter of 2024 is RMB 14.67 billion, an increase of 66.8% from the third quarter of 2024.
l In the fourth quarter of 2024, the automotive gross profit margin returned to double digits at 10%, an increase of 5.9 percentage points from the same period in 2023, and achieved six consecutive quarters of growth.
l Total revenue for the full year of 2024 will reach RMB 40.87 billion, up 33.2% year-on-year; gross profit margin for the full year will be 14.3%, up 12.8 percentage points year-on-year.
As of December 31, 2024, cash and cash equivalents, restricted cash, short-term investments and time deposits were RMB 41.96 billion (US$5.75 billion), a net increase of more than RMB 6 billion from the third quarter of 2024.
lAs of December 31, 2024, Xpeng Motors’ sales network continues to expand, with a total of 690 stores covering 226 cities.
lAs of December 31, 2024, Xpeng Motors’ self-operated charging station network has further expanded to 1,920 charging stations, including 928 Xpeng S4 and S5 ultra-fast charging stations. Read More
Xpeng Motors ( NYSE: XPEV/HK.9868) announced its fourth quarter and full-year financial report for 2024, with many financial data exceeding expectations. Xpeng Motors’ revenue in the fourth quarter was 16.11 billion yuan, a year-on-year increase of 23.4% and a month-on-month increase of 59.4%, setting a record for the best performance in a single quarter; total deliveries reached 91,507 units, setting a record for single-quarter deliveries; automobile gross profit margin reached 10.0%, an increase of 5.9 percentage points year-on-year, achieving six consecutive quarters of growth; net losses continued to narrow. Total revenue for the full year of 2024 reached RMB 40.87 billion, a year-on-year increase of 33.2%; the full-year gross profit margin was 14.3%, an increase of 12.8 percentage points year-on-year. As of the end of the fourth quarter, Xpeng Motors had cash reserves of 41.96 billion yuan (US$5.75 billion), a net increase of more than 6 billion yuan month-on-month. In the first quarter of 2025, Xpeng Motors expects total deliveries to reach 91,000-93,000 vehicles, an increase of approximately 317.0% to 326.2% year-on-year; total revenue is expected to reach 15 billion yuan to 15.7 billion yuan, a year-on-year increase of 129.1%-139.8%. Read More
Another milestone has been achieved in the long-standing collaboration between Mercedes‑Benz and Rethmann Group: the 15,000th vehicle was handed over to the company at the Mercedes‑Benz Trucks Customer Centre in Wörth. The robust and powerful Arocs 3243 L will now strengthen the REMONDIS fleet and play an important role in waste disposal along Germany’s transport arteries.
The key handover ceremony took place in the presence of Dr Andreas Bachhofer, Head of the Wörth site and Mercedes-Benz Trucks Production, and attended by Norbert Rethmann, Honorary Chair of the Supervisory Board of Rethmann Group and pioneer of the circular economy, Bernhard Heiker, CFO of REMONDIS SE & Co. KG, and other representatives from Daimler Truck AG, the customer REMONDIS, and the responsible contractual partners. The handover marks another highlight in a partnership that began in 1959 with the first Mercedes-Benz truck waste collection vehicle for Rethmann and has since been characterised by consistency and trust. Norbert Rethmann on the handover: “Mercedes-Benz Trucks and our company have a solid, long-standing partnership. And I am certain that we will continue this partnership into my children’s generation.”
The group of companies is one of the largest customers of Mercedes‑Benz Trucks and focuses on the further development of its vehicle fleet, constantly laying important foundations for the future. Read More
Bentley Motors has laid the ground on its new BEV assembly line located in the oldest building at the Pyms Lane site while announcing its sixth consecutive year of profitability with record levels of personalisation. Both help to self-finance a record site investment underlining a long-term commitment to UK manufacturing as Bentley prepares to introduce its first BEV to the market in 2027.
Balancing the site investment expenditure, record levels of personalisation – with 70 per cent of customers choosing a Mulliner bespoke option – resulted in the highest ever revenue per car, increasing 10 per cent in the past two years. This generated a revenue of €2.648 billion, and operating profit of €373 million. A return on sales of 14.1 per cent – one of the best across the automotive industry – reflected upfront expenditures for future products and planned reduced volumes due to lifecycle effects.
Bentley’s latest financial performance support the company’s industry-leading Beyond100+ strategy, as it drives towards self-funding its ambition of being exclusively electric by 2035 and introducing a new hybrid or electric model every year for the next decade.
2024 was a year of transition for Bentley’s brand-defining Continental GT model. The third generation gave way for the fourth meaning the end of W12 engine production in Crewe and the introduction of all new ultra-performance V8 hybrid powertrain. This was also introduced in the Flying Spur four-door sedan towards the end of the year. Both were launched initially in highly positioned Speed and Mulliner derivatives. Lower powered derivatives follow in 2025. Read More
Tata Motors, India’s leading automotive manufacturer, announced its association with Bollywood actor Vicky Kaushal for its Passenger and Electric Vehicle range. Known for his versatile roles and dedication to breaking conventions, Vicky’s journey aligns perfectly with Tata Motors’ values of innovation, excellence, and progress. Vicky’s rise to stardom has been driven by perseverance, authenticity, and a willingness to take on challenging roles—qualities that align perfectly with Tata Motors’ vision of shaping the future of mobility. As Tata Motors continues to push the boundaries of automotive design, performance, and technology, Vicky’s partnership underscores their shared commitment to breaking norms. From his modest beginnings to becoming one of Bollywood’s most celebrated actors, Vicky’s journey mirrors Tata Motors’ own evolution and innovative spirit. Together, Tata Motors and Vicky Kaushal are elevating India’s presence on the global stage—Tata Motors by setting new industry standards and Vicky by showcasing Indian talent to the world stage. While Vicky will play a key role across multiple brand initiatives, this collaboration will kick off with a campaign for the all-new Tata Curvv, this IPL season. Titled ‘Take the Curvv’, the campaign showcases how the Curvv is more than just a car—it’s a statement of boldness, self-belief, and following your heart. It’s about embracing life’s twists and turns. In a market dominated by predictable, feature-focused messaging, the boldest move is to take the curve when everyone else is driving straight. Read More
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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