Core Insights - Enbridge Inc. reported record financial results for 2025, reaffirming its financial guidance for 2026 and growing its secured backlog to $39 billion, a 35% increase since the last Enbridge Day [1][2][3] Financial Performance - Full-year distributable cash flow (DCF) reached $12.5 billion, up 4% from $12.0 billion in 2024 [1][2] - Adjusted EBITDA for 2025 was $20.0 billion, a 7% increase from $18.6 billion in 2024 [1][2] - GAAP earnings attributable to common shareholders for 2025 were $7.1 billion, or $3.23 per share, compared to $5.1 billion, or $2.34 per share in 2024 [1][2] Growth Projects - Enbridge sanctioned $14 billion of organic growth projects in 2025, including significant investments in renewable energy and gas transmission [1][2][3] - The company placed $5 billion of organic growth capital into service in 2025 [1][2] - Key projects include the Cowboy Phase 1 solar facility and the Easter wind project, both secured by long-term power purchase agreements [1][2][3] Dividend and Financial Guidance - The quarterly dividend for 2026 was increased by 3% to $0.97 per share, marking the 31st consecutive annual increase [1][2][3] - Enbridge reaffirmed its 2026 financial guidance for adjusted EBITDA between $20.2 billion and $20.8 billion and DCF per share between $5.70 and $6.10 [1][2][3] Debt and Financing - The company exited 2025 with a Debt-to-EBITDA ratio of 4.8x, providing significant financial flexibility [1][2] - In November 2025, Enbridge issued $1.5 billion in senior notes to pay down existing debt and finance capital expenditures [1][2][3] Business Segment Performance - Liquids Pipelines segment adjusted EBITDA for 2025 was $9.7 billion, reflecting increased demand and operational efficiencies [4][5] - Gas Transmission segment adjusted EBITDA increased to $5.4 billion, driven by favorable contracting and successful rate case settlements [4][5] - Gas Distribution and Storage segment adjusted EBITDA rose to $4.1 billion, supported by higher rates and customer growth [4][5]

中国国家能源局12日发布消息称,2025年全国新增风电、太阳能发电装机超4.3亿千瓦,同比增长22.0%,再 创历史新高。2025年,中国风电、太阳能发电发展取得新成绩。除新增风光装机规模创新高外,风电、太 阳能发电累计并网装机达到18.4亿千瓦,占比达到47.3%,历史性超过火电。中新 ...

Core Viewpoint - In 2025, China's wind and solar power generation will achieve significant advancements, with a total installed capacity exceeding 430 million kilowatts, marking a historical high and a year-on-year growth of 22.0% [2] Group 1: Installed Capacity Growth - The newly added installed capacity for wind power will reach 120 million kilowatts, while solar power will contribute 318 million kilowatts [2] - Cumulative installed capacity for wind and solar power will reach 1.84 billion kilowatts, accounting for 47.3% of total capacity, surpassing thermal power for the first time [2] Group 2: Renewable Energy Consumption - The "green content" of electricity consumption continues to improve, with wind and solar power generation increasing by 25% year-on-year, contributing to a 22% share of total electricity generation [2] - The share of renewable energy in total electricity generation will approach 40%, driven by the growth in wind and solar power [2] Group 3: Development Achievements - Since the 14th Five-Year Plan, the development speed of new energy represented by wind and solar has been unprecedented, with cumulative installed capacity reaching 3.4 times that of the end of 2020 [2] - The contribution of the energy transition has become increasingly prominent, with the share of electricity generation from renewables increasing by over 12 percentage points [2] - The successful completion of the 14th Five-Year Plan's targets lays a solid foundation for achieving carbon peak by 2030 and the self-contribution goals by 2035 [2]

Core Insights - ACEN has acquired complete ownership of its joint venture with UPC Renewables in India, enhancing its renewable energy platform with full control over a 1,059MW direct current portfolio [1][6] - The acquisition aligns with ACEN's strategy to expand its renewable energy footprint in key Asia-Pacific markets, particularly in India, which is seen as a core market for international growth [3][6] Project Details - The portfolio includes three renewable projects currently under construction and in advanced development stages located in Rajasthan and Karnataka, along with a pipeline of nearly 7GW of potential projects in India [2][5] - In July 2025, ACEN and UPC Renewables announced the development of two clean energy projects in India, comprising a 420MW solar farm in Rajasthan and a 120MW wind farm in Karnataka [7] Market Context - India's renewable energy sector is supported by strong policy backing, maturing market structures, and increasing demand for renewables, providing a solid foundation for sustainable growth [4][5] - The country aims to achieve 500GW of renewable energy capacity by 2030, with annual capacity tenders of approximately 50GW backed by long-term offtake contracts from the Indian Government [5]

Core Insights - The report highlights the increasing issue of renewable energy curtailment in Europe, with technical curtailment expected to exceed 10 terawatt-hours (TWh) in 2024 and approach 22 TWh by 2030 in the UK, Spain, and Italy [1][2] Group 1: Renewable Energy Capacity and Investment - Over the past decade, Europe's renewable energy installed capacity has grown by 150%, with projections indicating a tripling of capacity from 2026 to 2050 [1] - To support the ongoing expansion of renewable energy, approximately €600 billion in new investments will be needed by 2030, with total investments required to reach €1.5 trillion by 2050 to meet climate goals and replace fossil fuel generation [1] Group 2: Approval and Market Challenges - The slow progress in grid connection approvals is contributing to rising levels of renewable energy curtailment, with some projects facing approval delays of up to 10 years despite EU regulations mandating a two-year approval process [2] - The number of renewable energy projects awaiting grid connection approval in Europe exceeds 1,000 gigawatts (GW) [2] Group 3: Pricing and Auction Challenges - Power Purchase Agreements (PPAs) remain the primary means for renewable energy projects to connect to the grid, but PPA prices have dropped below €40 per megawatt-hour (MWh) for solar in Germany and Spain [3] - Auction challenges have emerged, particularly for offshore wind projects, with recent auctions in Germany, the Netherlands, and Denmark failing to attract bidders, and only one bid received in Lithuania's latest auction [3] - Factors such as supply chain pressures, policy uncertainty, and poorly designed auction mechanisms are undermining investor confidence [3]

Core Insights - Aemetis, Inc. announced that its Universal Biofuels subsidiary in India has secured approximately $24 million for the supply of over 27 million liters of biodiesel to three government-owned Oil Marketing Companies (OMCs) until March 2026 [1][2] Group 1: Company Overview - Aemetis is a diversified renewable natural gas and biofuels company headquartered in Cupertino, California, focusing on innovative technologies to lower energy costs and reduce emissions [5] - The Universal Biofuels subsidiary has been operational for over 17 years and is one of the largest biodiesel producers in India, with a production capacity of 80 million gallons per year [3][6] - The company is also involved in the production of high-quality biodiesel and refined glycerin at its East Coast facility in India [6] Group 2: Industry Context - The Indian government aims to increase biodiesel blending from 1% to a targeted 5%, which requires significant expansion of biodiesel production [2] - Universal Biofuels has a successful track record in producing renewable fuels and is exploring opportunities to diversify into other renewable fuels such as dairy biogas, ethanol, and sustainable aviation fuel [4] - The company is preparing for an Initial Public Offering (IPO) to sell a minority equity stake to public investors on the Indian stock exchange, contingent on favorable market conditions [4]

Core Insights - TerraForm Power has announced the acquisition of Steward Creek Solar, a 1.56 gigawatt (GW) solar project in Lee County, Illinois, from Hexagon Energy, enhancing its renewable energy portfolio [1][2] Company Overview - TerraForm Power is a leading renewable energy company in North America, controlled by Brookfield Asset Management, with a portfolio of 2,600 megawatts (MW) of utility-scale wind, solar, and battery storage facilities across 16 U.S. states and Ontario, Canada [5] - The company has a development pipeline of approximately 7,000 MW, positioning it well to meet increasing electricity demand [5] Project Details - Steward Creek Solar is one of the largest solar PV projects in the U.S., expanding TerraForm's pre-construction pipeline to nearly 7 GW, primarily in the PJM and SERC regions [2] - The project will be developed in two phases, each expected to generate around 1.3 gigawatt-hours (GWh) of energy annually once operational [4] - Phase 1 construction is expected to begin in 2027, with commercial operation in 2029, while Phase 2 is set to start construction in 2028 and achieve commercial operation in 2030 [4] Strategic Importance - The acquisition highlights TerraForm's capability to deliver renewable energy at scale amid rising power demand and grid constraints, as emphasized by CEO Mark Noyes [3] - A significant milestone for the project includes a 600 MW interconnection agreement executed between TerraForm, Commonwealth Edison, and PJM Interconnection [3]

Core Insights - The CO Bar Complex is one of the largest renewable energy projects in the U.S., with a total capacity of approximately 1.2 GW of solar generation and 4.0 GWh of energy storage [1][2] - The project is expected to generate around USD 270 million from electricity sales in its first full year of operation [1][3] - Enlight Renewable Energy has secured significant agreements, including a 1 GW Interconnection Agreement and 20-year tolling agreements for additional energy storage capacity [1][4] Project Details - The CO Bar Complex consists of five stages, with CO Bar 1 contributing 258 MW of solar generation and 824 MWh of energy storage, while CO Bar 2 and CO Bar 3 add 480 MW and 473 MW of solar generation, respectively [2] - CO Bar 4 and CO Bar 5 are dedicated to energy storage, providing 1,600 MWh and 1,576 MWh of capacity [2] - The total investment for the Complex is estimated between USD 2,860 million and USD 3,010 million, with a net investment of approximately USD 1,550 million to USD 1,630 million after tax benefits [3] Strategic Importance - The completion of the CO Bar project marks a significant milestone for Enlight in the U.S. market, following the financial closing of another large-scale project, Snowflake [5] - Enlight's strategy focuses on leveraging large interconnections to develop multiple components, which reduces development risks and enhances return on investments [5] - The project is expected to provide enough clean energy to power over 215,000 homes in Arizona [3] Construction Timeline - All five stages of the CO Bar Complex were safe harbored in 2025, with construction at CO Bar 1-2 progressing to the next phase [6] - Full mobilization of construction at CO Bar 3-5 is anticipated within the next 12 months, with initial commercial operations expected to begin from the second half of 2027 to the first half of 2028 [6] Leadership Statements - The CEO of Enlight emphasized that the CO Bar project represents a major advancement for the company's U.S. platform and demonstrates their capability to execute large-scale renewable energy projects [7] - The CEO of Clēnera highlighted the project's significance in building large utility-scale solar facilities that support regenerative land management principles [7]

Core Insights - Europe is intensifying efforts to reduce reliance on imported energy, achieving partial success through demand destruction due to high prices [1] - Nine European countries plan to construct 100 GW of offshore wind power capacity to enhance local electricity sourcing, reducing dependence on imported natural gas [2] - The U.S. is experiencing severe winter weather, leading to increased electricity generation from oil, highlighting the importance of reliable baseload energy sources [3][5] Group 1: European Energy Strategy - Nine European countries, including the UK, Germany, and France, are collaborating to build large-scale offshore wind projects to generate 100 GW of power [2] - The initiative aims to collectively utilize the electricity produced, thereby decreasing reliance on imported energy commodities [2] - Germany's coal power plants have been ramped up in response to unexpected winter weather, despite the country's limited production of baseload generation fuels [6] Group 2: U.S. Energy Response - New England has seen a significant increase in oil-generated electricity, with reports indicating that oil contributed up to 40% of the region's electricity mix during harsh winter conditions [3] - Texas's grid operator prepared for minimal wind generation due to the storm, anticipating that frigid weather could take offline up to 60% of its 40.6 GW capacity [4] - The situation in the U.S. underscores the critical role of baseload electricity sources like gas, coal, nuclear, and oil during emergencies, contrasting with the intermittent nature of wind and solar energy [5]

Core Insights - China's renewable energy development has achieved a milestone with the average cost of electricity for wind and solar projects decreasing by 60% and 80% respectively over the past decade [4] - By the end of 2025, the cumulative installed capacity of wind and solar power exceeded 1.84 billion kilowatts, accounting for 47.3% of the total installed capacity [1][2] - The installed capacity of solar power reached 1.2 billion kilowatts, marking a year-on-year growth of 35.4%, while wind power capacity reached 640 million kilowatts, with a year-on-year increase of 22.9% [1] Installed Capacity Growth - In 2025, the cumulative installed capacity of wind and solar power surpassed that of thermal power by over 300 million kilowatts [2] - The average utilization hours of power generation equipment in plants with 6,000 kilowatts and above decreased by 312 hours compared to the previous year, totaling 3,119 hours [3] - The new installed capacity for solar power in 2025 was 315.07 GW, while wind power added 119.33 GW, both achieving record highs [3] Policy and Market Position - Since the 14th Five-Year Plan, 80% of new installed capacity has come from renewable energy sources, solidifying China's position as the largest market for wind and solar power globally [4] - China has established a comprehensive energy production and consumption framework, focusing on a "wind and solar dominant, multi-energy complementarity" development path [3] - Various policy documents, including the "14th Five-Year Plan for Renewable Energy Development," have been issued to promote the rapid development of renewable energy, reducing reliance on fossil fuels [3]