FINWIRES · TerminalLIVE
FINWIRES

European Commission Announces $232.6 Million Greenland Funding for Clean Energy

By

European Commission President Ursula von der Leyen announced 200 million euros ($232.6 million) in funding for Greenland during her visit to Nuuk on Monday to deepen EU ties with the island, the Commission said Monday.

Von der Leyen announced the funding during a two-day visit to Nuuk on Monday, highlighting support for the semi-autonomous territory of Denmark, an EU member state.

The partnership package focuses on three strategic priorities: connectivity, clean energy and critical raw materials, the Commission said.

The EU plans to support new hydropower projects to expand Greenland's domestic energy supply, improve energy security and reduce reliance on external sources.

"The goal is to strengthen your energy security with homegrown energy supply, which gives you more independence, and also to develop strategic clean industries," von der Leyen said.

The funding also aims to help Greenland develop clean industries, including renewable hydrogen, as the bloc seeks to support the island's energy transition and industrial capacity.

The EU is also strengthening cooperation on critical minerals, renewable energy and satellite communications as it seeks closer strategic ties with Greenland.

Related Articles

Commodities

US Natural Gas Prices Rise for Fourth Consecutive Week Amid LNG Rebound, Weather Momentum

US natural gas prices ended their fourth consecutive week in the green, amid persistent heat, in-line storage build and a rebound in LNG export feedgas.In the futures market, the Nymex front-month contract ended the week at $2.939 per million British thermal units on Friday, up from $2.88/MMBtu on Aug. 28.Natural gas spot prices increased to $2.88/MMBtu on Wednesday, up $0.07/MMBtu, according to the US Energy Information Administration's Weekly Gas Storage Supplement, released on Thursday.This was primarily attributed to above-average regional temperatures across Central and Midwestern parts of the country, which kept cooling demand elevated.Besides this, LNG export feedgas flows surged by around 2.0 billion cubic feet per day, or 12% during the week, leading total gas demand to rise 2.5 Bcf/d, or 2%, according to data from S&P Global Energy.Gas supplies also rose by 1.6 Bcf/d, or 1%, driven by Canadian imports, which rose by 1.0 Bcf/d, and domestic dry gas output by 0.6 Bcf/d.The net injection into storage for the week ended Aug. 28 was 30 Bcf, doubling from last week's 15 Bcf, bringing total gas inventories to 3,214 Bcf, according to the EIA's weekly inventory data.The net build was in line with forecasts at 30 Bcf but below last year's 54 Bcf and the five-year average for this period of 37 Bcf, according to data compiled by Investing.com, making it a fairly mixed storage build.At 3,214 Bcf, inventories were 160 Bcf, or 5% above the five-year average for this period, but 50 Bcf, or 2% below the same time last year.Regional figures were mixed, with the East and Midwest regions reporting injections of 26 Bcf and 24 Bcf, respectively, while the South Central, Pacific, and Mountain regions reported withdrawals of 10 Bcf, 8 Bcf, and 2 Bcf, respectively.Pinebrook Energy Advisors noted that persistent heat had "slowed storage growth and narrowed the surplus," and expects widespread heat during the coming week to keep oncoming storage builds relatively small.A total of 32 LNG carriers departed US ports during the week, up by one from the prior week, with a total combined capacity of 123 Bcf, up 6 Bcf from last week.In international markets, European TTF gas prices averaged $23.88/MMBtu for the week ended Sept. 02, $1.18/MMBtu above the prior week. Meanwhile, the Japan-Korea Marker averaged $23.33/MMBtu, about $0.26/MMBtu above the prior week.

Commodities

US Power Update: Prices Mostly Higher Friday Afternoon as Natural Gas Tops Generation

US wholesale electricity markets were mostly higher Friday afternoon, with New York Independent System Operator prices reaching an intraday peak of $280.72 per megawatt-hour, according to GridStatus.io data.Electric Reliability Council of Texas' real-time locational marginal price was $30.38/MWh at 4 p.m. ET. Net load reached 49.33 gigawatts, with natural gas providing the largest share of the generation mix at 39.7%.California Independent System Operator's real-time LMP stood at $37.24/MWh at 4 p.m. ET. Net load was -1.96 GW, with solar making up the largest share of the generation mix at 72.9%.Southwest Power Pool's real-time LMP came in at $68.55/MWh at 4 p.m. ET. Net load reached 46.47 GW, with natural gas making up the largest share of the generation mix at 40.9%. Prices reached an intraday peak of $140.75/MWh at 11:40 a.m. ET.PJM's real-time LMP was $64.45/MWh at 4 p.m. ET. Net load totaled 128.15 GW, with gas providing the largest share of the generation mix at 43.5%. Prices climbed to an intraday high of $149.05/MWh at 11:40 a.m. ET.Midcontinent Independent System Operator's real-time LMP was $38.40/MWh at 4 p.m. ET. Net load reached 93.58 GW, with natural gas providing the largest share of the generation mix at 34.6%.NYISO's real-time LMP came in at $54.50/MWh at 4 p.m. ET. Net load stood at 22.02 GW, with dual fuel accounting for the largest share of the generation mix at 32.6%. Prices rose to an intraday high of $280.72/MWh at 4:35 p.m. ET.ISO New England's real-time LMP was $94.12/MWh at 4 p.m. ET. Net load totaled 14.99 GW, with natural gas accounting for the largest share of the generation mix at 54.1%.Independent Electricity System Operator's real-time LMP stood at $37.05/MWh at 4 p.m. ET. Net load was 19.39 GW at 3:55 p.m. ET, with nuclear providing the largest share of the generation mix at 41.9%.The National Weather Service's Climate Prediction Center forecasts temperatures to remain above normal across much of the central and eastern US from Sept. 12 to Sept. 18, with below-normal and near-normal readings across most of the West.

Commodities

US Natural Gas Update: Futures Rise on Hotter US Weather Forecasts

Natural gas futures pared gains in after-hours trading Friday but ended the day higher as forecasts shifted hotter across parts of the US, supporting near-term demand expectations.The front-month Henry Hub contract and the continuous contract both rose 0.89% to $2.939 per million British thermal units.The October 2026 NYMEX contract moved closer to $3.00/MMBtu in early trade as weather forecasts turned warmer, but ample supply continued to cap gains and caused prices to retrace gains late in the trading day, Pinebrook Energy Advisors said.Barchart, citing weather forecaster Vaisala, said forecasts turned warmer across the western half of the US for Sept. 9-13 and trended slightly hotter across the central and southern US for Sept. 14-18.US demand was estimated at 80.6 billion cubic feet per day Friday, up 7.3% from a year earlier, BNEF data showed. Pinebrook said widespread late-summer heat was driving power-sector gas demand to nearly 50 Bcf/d, well above year-ago levels.Estimated LNG net flows to export terminals were 19.1 Bcf/d Friday, down 1.8% from a week earlier, BNEF said. Firm demand from LNG export facilities nevertheless supported the market.LNG feedgas flows were nearing a two-week high, Gelber & Associates said. Corpus Christi Stage 3, which is operating at commercial rates, also raised the potential ceiling for winter LNG feedgas demand, the firm said.On the supply side, natural gas production was estimated at 114.3 Bcf/d, up 5.1% from a year earlier, according to BNEF. Trading Economics said output averaged a record 111.5 Bcf/d in August, up from 110.7 Bcf/d in July, keeping the market well supplied and limiting upside potential for prices.The latest US Energy Information Administration storage report showed utilities injected 30 Bcf of natural gas into storage during the week ended Aug. 28, the largest weekly build in three weeks.Working gas in storage stood at 3,214 Bcf, down 50 Bcf, or 1.8%, from the same period last year but 160 Bcf, or 5.2%, above the five-year average, the EIA said.