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EIB Lends $116 Million to Lithuania's Klaipeda Port for Clean Energy, Defense Projects

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The European Investment Bank will lend 100 million euros ($115.5 million) to Lithuania's Klaipeda port for works to ready it to handle green hydrogen and offshore wind infrastructure, the bank said in a statement on Tuesday.

The loan granted to the Klaipeda State Seaport Authority will be put towards the cost of upgrades and expansion of infrastructure and also for adaptations enabling its use in military mobility, with the Baltic region bordering Russia, considered vulnerable after Russia's invasion of Ukraine.

The port's location makes it an important facility for NATO operations also and parts of a civilian cruise ship terminal are being adapted to accommodate the needs of the defense organization and members' naval vessels. Its civilian services will continue alongside NATO use.

The EIB loan will cover half the project's estimated cost of 201 billion euros. The other half will be provided by the EU, Lithuania and other institutions, the statement said. The works include shoreside power supply to ferries and green hydrogen production and refuelling infrastructure.

EIB Vice-President Karl Nehammer underscored the importance of the project for the European continent in remarks included in the statement.

"Few projects illustrate Europe's priorities as clearly as the Port of Klaipeda," he said.

"It is an investment that directly contributes to the missions of supporting European security and cohesion, while aligning with the green transition."

What else is happening in Commodities?

Commodities

US Natural Gas Update: Futures Continue to Rise on Warmer Weather Forecasts

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Commodities

US Crude Oil Inventories Rise, API Says

Data from the American Petroleum Institute revealed Tuesday that US crude oil inventories increased by 7.14 million barrels in the week ended Sept. 11, following a 300,000-bbl draw the previous week, and compared with analysts' estimate of a 1.8-mmbbl decline, according to a Bloomberg-compiled survey.The oil market now awaits the US Energy Information Administration's petroleum inventory report, scheduled for release on Wednesday.

Commodities

US Power Update: Prices Mostly Higher Tuesday Afternoon, With Natural Gas Leading the Generation Mix

US wholesale electricity markets were mostly higher Tuesday afternoon, with intraday prices ranging from a high of $372.39 per megawatt-hour to a low of -$102.90/MWh, according to GridStatus.io.Electric Reliability Council of Texas' real-time locational marginal price was $36.99/MWh at 4 p.m. ET. Net load reached 41.59 gigawatts, while solar accounted for the largest share of the generation mix at 36.6%.California Independent System Operator's real-time LMP was $27.25/MWh at 4 p.m. ET. Net load was 0.66 GW, with solar making up the largest share of the generation mix at 66.2%.Southwest Power Pool's real-time LMP stood at $92.93/MWh at 4 p.m. ET. Net load reached 36.68 GW, while natural gas represented the largest share of the generation mix at 38%. Prices climbed to an intraday peak of $233.61/MWh at 4:25 p.m. ET.PJM's real-time LMP was $66.99/MWh at 4 p.m. ET. Net load totaled 97.39 GW, with gas providing the largest share of the generation mix at 42.8%. Prices rose to an intraday high of $264.54/MWh at 4:10 p.m. ET.Midcontinent Independent System Operator's real-time LMP was negative at -$69.78/MWh at 4 p.m. ET. Net load was 86.07 GW, while natural gas accounted for the largest share of the generation mix at 33.1%.Prices reached an intraday high of $372.39/MWh at 5:20 a.m. ET, before falling to an intraday low of negative $102.90/MWh at 2:50 p.m. ET.New York Independent System Operator's real-time LMP stood at $51.66/MWh at 4 p.m. ET. Net load reached 15.82 GW, with dual fuel making up the largest share of the generation mix at 29.6%. Prices advanced to an intraday high of $245.16/MWh at 2:25 p.m. ET.Independent System Operator New England's real-time LMP was $31.83/MWh at 4 p.m. ET. Net load came in at 9.98 GW, while natural gas supplied the largest share of the generation mix at 37.1%.Independent Electricity System Operator's real-time LMP reached $32.76/MWh at 4 p.m. ET. Net load was 15.15 GW at 3:55 p.m. ET, with nuclear accounting for the largest share of the generation mix at 43.1%.The National Weather Service's Climate Prediction Center forecasts above-normal temperatures across most of the US from Sept. 23-29, with below-normal readings in parts of the West.