Top Energy/Automotive News As Reported; Rig Count: U.S. 720 Canada 85
London, 23 May, 2023, (Oilandgaspress) : IEA reportedly stated that new G7 Price Cap Pledge on Russian oil exports is unlikely to Impact the oil markets.
Survey: Sustainability needs dialogue
Environmental, Social and Governance – sustainable action has many facets. But what specific expectations do people around the world have of Porsche in this regard? On which topics does the company have the greatest influence and can make a significant contribution? To get answers, Porsche is launching an online stakeholder survey today, which will run until June 11.
Sustainability is a central aspect of Porsche’s Strategy 2030. Porsche strives to fulfil its social responsibility with the aim of promoting sustainable and value-creating growth while at the same time further reducing its own environmental impact.
Porsche’s business activities influence the lives and interests of many people. Porsche is therefore looking for a proactive and open exchange with its stakeholders and would like to continuously expand it. Read More
Mercedes-AMG E-Scooter
By the end of this decade, the brand known by its three-pointed star aims to become fully electric as it pursues its “electric only” strategy, and has a clear plan for the transformation to an emission-free future. In addition, the ambition is to introduce innovative mobility solutions that will make a significant contribution to improving the quality of life in cities. For mobility over the so-called “last mile”, another emission-free solution is now about to come onto the market in the form of the Mercedes-AMG E-Scooter. This combines performance, exceptional range and safety with high-quality components and sporty elegance. Folded simply and intuitively, the Mercedes-AMG E-Scooter fits easily into the boot of a car, while its low weight means that it can be carried conveniently on public transport. Which all makes it perfectly suited for the city, for commuters or even for longer distances.
In cooperationith the Swiss micromobility specialist Micro Mobility Systems AG, an e-scooter that is in a class of its own is coming onto the market. A 500 watt electric motor enables the matt black e-scooter to accelerate quickly to 20 km/h. Instead of a thumb throttle like most e-scooters have, it features a twist grip, which can be operated more intuitively and precisely to ensure even more riding fun. The powerful 9.6 Ah battery allows a range of up to 40 kilometres, ideal for example forthe last stretch in inner-city traffic to your own front door. The new Mercedes-AMG E-Scooter thus not only fulfils the customer’s desire for flexible, individual mobility solutions, but also offers the perfect complement to the sophisticated, urban lifestyle thanks to its stylish appearance.
In addition to performance and lifestyle, the focus here is naturally also on safety: thanks to a wide deck with anti-slip coating, a firm and secure two-footed stance is assured. The AMG rhombuses so characteristic of the brand further enhance the appearance of the footboard. Sturdy rubber wheels with a diameter of 20 cm, as well as the individually adjustable suspension front and rear, allow the rider to flit effortlessly over uneven terrain. Thanks to the ergonomically shaped handlebar with telescopic function, the e-scooter can be individually adjusted to any body size. The AMG logo adorns the handlebars on both right and left. An integrated bell allows users to alert others to their presence in city traffic, while the centrally positioned display provides information on speed, charging status and riding mode. The Mercedes star below the front light rounds off the harmonious design. The Mercedes-AMG E-Scooter is braked either by an electric motor brake on the twist grip, with a drum brake at the rear or via the foot brake on the mudguard. Turning the twist grip forward activates the kinetic recuperation system for braking and recharges the battery at the same time. The lights at the front and rear and the reflectors on the sides make even riding in the dark possible at all times. Read More
Hyundai Motor Company’s first-ever appearance at the prestigious Concorso d’Eleganza Villa d’Este this week in Lake Como, Italy, Hyundai Motor exhibited its N Vision 74 concept, catching the attention of the world-famous classic car and prototype show’s guests.
First unveiled in 2022, N Vision 74 is a hydrogen fuel cell-hybrid ‘Rolling Lab’ from Hyundai’s high-performance N brand, with a design inspired by the 1974 Pony Coupe Concept conceived by legendary Italian designer Giorgetto Giugiaro.
Hyundai Motor uses ‘Rolling Labs’ to test and verify advanced technologies for future production models, supporting its ambition to become a leader in the zero-tailpipe-emissions future. N Vision 74 is a culmination of Hyundai’s heritage design, state-of-the-art technology and N brand’s emotional high performance, representing Hyundai N’s long-term vision for a sustainable high-performance future beyond electrification.
N Vision 74 was developed around a unique hydrogen fuel cell hybrid architecture that combines the strengths of battery motor and a hydrogen fuel cell system. Developed with priority on high-performance, it is capable of stable power output without the power degradation exhibited by EVs in low state-of-charge conditions. Combined with the 5-minute recharge time, this unique hydrogen fuel cell hybrid architecture explores its high-performance potential as a fully functioning Rolling Lab.
N Vision 74 features left and right independent dual motors on the rear wheels, boasting a power output of 680 PS and acceleration of less than 4 seconds from 0 to 100 km/h. Power is provided by an 85 kW hydrogen fuel cell stack on the front, a 62 kWh lithium-ion battery between the driver and the passenger, and two 2.1 kg hydrogen tanks on the rear to provide a driving distance of nearly 600 km. Read More
CODESYS-based Motion Controllers
Delta Presents its CODESYS-based Motion Controllers and Extensive Drives for Smart Manufacturing at SPS Italia 2023 | Delta is exhibiting a wide range of smart, energy-efficient and highly integrated industrial automation hardware and software solutions engineered for Industrial Internet of Things (IIoT) applications at SPS Italia 2023. The demonstration includes Delta’s AX-3 series motion controller – which offers a host of features to meet customers’ diverse needs – and a new IIoT function card for the PLC series to enable various IIoT applications. Delta’s recently-launched fan, pump and compressor – the VP3000 Drive – will be present, along with the EB3000 Series, Delta’s third-generation elevator drive which offers a compact design. Read More
TAQA signs deal with Uzbekistan for 1.5GW greenfield power plant
Abu Dhabi National Energy Company PJSC (TAQA), one of the largest listed integrated utilities in the region, has announced a collaboration with the Government of Uzbekistan to explore strategic opportunities for investment in Uzbekistan’s power sector. These opportunities include new and existing power plants as well as associated power infrastructure and collectively could be worth more than USD $3 billion.
A strategic framework agreement and an implementation agreement were signed by His Excellency Azim Akhmedkhadjaev, First Deputy Minister of Energy and His Excellency Sarvar Khamidov, Deputy Minister of Investment, Industry and Trade. The agreements were signed on behalf of TAQA by Jasim Husain Thabet, TAQA’s Group Chief Executive Officer and Managing Director. The implementation agreement covers proposals for a greenfield combined cycle power plant with a capacity of approximately 1.5 GW. The new project is set to be developed adjacent to the existing Talimarjan power complex where TAQA has already announced plans to invest in the privatisation of two gas-fired power plants. The new partnership is expected to cover the design, financing, engineering, procurement, commissioning, testing, ownership and operation of the power plant by TAQA.
The agreements are also looking at opportunities to invest in existing and further greenfield gas-fired power generation plants with a combined capacity of more than 3GW along with electricity transmission and distribution infrastructure in Uzbekistan.
This strategic collaboration between TAQA and the Government of Uzbekistan is another significant milestone in TAQA’s international growth strategy. These agreements open the door for TAQA to bring its operation and maintenance expertise to Uzbekistan in support of new and existing power generation projects. The company will also support the Uzbekistan Government’s process of reform for the sector. In transmission and distribution, the company will bring in international best practice infrastructure development and operation to help the Uzbekistan Government achieve substantial improvements in transmission and distribution network performance, network asset modernisation, customer experience, and collection services. Read More
| Region | Period | Rig Count | Change from Prior |
| U.S.A | 19 May 2023 | 720 | -11 |
| Canada | 19 May 2023 | 85 | -9 |
| International | April 2023 | 947 | +17 |
Green hydrogen assets
Credit risks of project-financed green hydrogen assets are currently similar to those of thermal power for standalone assets, or potentially greater, according to a Fitch update. The ratings agency said the green hydrogen market is in its infancy, and technology and process developments will be evaluated and incorporated in ratings as the industry matures.Fitch said green hydrogen is likely to play an important role in the net zero transition, particularly in sectors where decarbonisation would otherwise prove challenging. UAE-based Masdar is among those harnessing the technology, announcing on Thursday that it had plans to double its clean energy capacity in two years, and plans to produce one million tonnes of green hydrogen by 2030. Read More
TAQA Group Reports AED 11.6 billion Net Income for Q1 2023
Abu Dhabi National Energy Company PJSC (“TAQA”, the “Group” or the “Company”), one of the largest listed integrated utilities in the region, reported a very strong first quarter for the period ending 31 March 2023. TAQA’s first quarter performance was driven by strong and stable returns from its long-term contracted utilities business and the one-off benefit of the transfer of its 5% stake in ADNOC Gas.
Financial highlights for Q1 2023:
Group revenues of AED 13.1 billion, 6% higher than the prior-year period, primarily due to higher pass-through bulk supply tariffs and transmission use of system within the Transmission and Distribution segment.
Adjusted EBITDA was AED 5.3 billion, down 5%.
Net income (TAQA share) was AED 11.6 billion, an increase of AED 9.6 billion, mainly driven by a one-off gain recognised on the acquisition of a 5% shareholding in ADNOC Gas, in part offset by a one-off AED 1.2 billion deferred tax liability associated with the introduction of UAE corporate income tax from 1 January 2024. Net income excluding these one-off items was AED 1.9 billion, overall in line with the prior year.
Capital expenditure was AED 1.1 billion, 26% higher than prior year.
Free cash flow generation was AED 4.3 billion, 31% higher compared to the previous year, despite the higher capital expenditure.
Gross debt was AED 59.8 billion, down from AED 61.7 billion at the end of 2022, further improving the Group’s credit metrics. Read More
Nexergy acquisition of green electricity company
Nexergy has made a strategic decision to prioritize the acquisition of a green electricity company, recognizing its alignment with Nexergy’s objectives and aspirations. This acquisition is crucial for Nexergy’s pursuit of becoming a leading energy provider in Europe and Britain, with a strong emphasis on delivering cost-effective and sustainable energy solutions to a wide range of consumers.Through this acquisition, Nexergy will indirectly provide electricity to regions in Europe, with the ultimate goal of extending its reach throughout the entire continent. It is important to note that the funds allocated by Nexergy for purchasing shares in the green energy company will be specifically designated for organic business growth. This strategic allocation enhances the value of the acquisition as the invested funds will directly contribute to the expansion of the electricity company.
During 2023, the electricity company will allocate all acquisition funds towards organic growth initiatives, utilizing profits from its turnover to further invest in the company’s expansion. Nexergy anticipates receiving its first dividends in 2024, and the exact dividend amount is yet to be determined. Nexergy remains committed to providing market updates on the development of the electricity company. Read More
Bentley Motors to work alongside Dezeen
Bentley Motors is to work alongside Dezeen to launch a global design competition to define ‘The Future of Luxury Retail’ both in and out of the automotive world and in both physical and digital forms.
The contest is designed to invite architects and designers to explore and define innovative ideas and enriching experiences to drive the luxury retail industry forward in a sustainable way.
Entrants are free to imagine any retail experience – real world, digital or hybrid for any luxury sector; architecture, automotive, fashion, furniture, hospitality, interiors, real estate, speciality travel, wellness or any other luxury product or service that Bentley could expand into in the future.
Steven De Ploey, Bentley’s Global Head of Marketing, said: “The automotive industry is undergoing a profound transformation. Car brands are electrifying their product lines en masse and rethinking the traditional car dealership model which has been the bedrock of automotive retail for generations. Read More
Bentley Bees’ colony is being expanded to house over one million bees by installing seven new hives
To celebrate World Bee Day, Bentley announced the expansion of the Excellence Centre for Honey Production in Crewe, increasing the colony size of the famous ‘Bentley Bees’ from 600,000 to over 1 million through the installation of seven new bee hives.
As part of the company’s Beyond100 strategy, Bentley is focusing on making its historic Crewe campus even more environmentally friendly as the company aims towards becoming the leaders in sustainable luxury mobility. In a further move, Bentley is encouraging its colleagues to enhance local biodiversity by handing out wildflower seeds for them to plant in their communities.
Welcoming the new bees into the Bentley team, Andrew Robertson, Head of Site and Facilities Planning, comments: Read More
Bugatti legacy at Villa d’Este
The W16 Mistral is the latest in a legacy-defining series of iconic roadsters designed and developed throughout the ages by Bugatti. This year at Concorso d’Eleganza Villa d’Este, a rare Type 57S Roadster coachbuilt by Corsica also competed – in the Class B ‘Grande Vitesse: Pre-War Weekend Racers’ series. Between 1933 and the outbreak of the war, the Type 57 was the only production vehicle from Bugatti. At the Paris Auto Salon in 1935, Jean Bugatti launched his masterpiece with the presentation of the Type 57S. Bugatti produced a total of 40 Type 57S roadsters between 1936 and 1938. The car presented at the Concorso d’Eleganza Villa d’Este, whose first owner was the famous British racing driver Nicky Embiricos, and is now in the stewardship of only its third owner and many of the essential components are still original today. As a true jewel of Bugatti’s legacy, the Type 57S combines the same principles that today are at the core of the W16 Mistral: freedom, elegance and performance. Read More
Volkswagen of America and National Day Calendar® mark June 2nd as worldwide day of celebration for the iconic Volkswagen Bus
On June 2nd, 2023, Volkswagen—in conjunction with The National Day Calendar—will celebrate the first ever International Volkswagen Bus Day. Paying homage to a global automotive icon, the inaugural celebration takes Type 2 (VW Bus) fans for a ride into the future with the debut of the three-row version of Volkswagen’s all-electric ID. Buzz in Huntington Beach, California.
This combined media- and public-facing global reveal event will include new product showcases, live entertainment and streamed programming, plus a “Cars & Coffee” style gathering for classic Volkswagen Bus owners. Adding the International Volkswagen Bus Day designation commemorates a major milestone in the brand’s journey to electrification and creates a day for worldwide VW Bus and ID. Buzz fans to celebrate for years to come.
The ID. Buzz will be the latest addition to Volkswagen of America’s growing fleet of all-electric vehicles. Already available in Europe in two-row and cargo vehicle configurations, the three-row model is planned for sale in the North American market starting in 2024. The zero-tailpipe emission ID. Buzz transfers the design of one of the greatest automobile icons—the Microbus—to the era of electric mobility. Its short overhangs, spacious interior and available two-tone color palette pay homage to the past, while the high-tech interior, progressive design features, and EV technology marks it clearly as a vehicle of the future. Read More
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