Europe’s Green Energy Plans Stall As Leading Companies Reduce Expansion Plans
By P Gosselin | No Tricks Zone | July 3, 2024
Europe’s leading green energy producer, Statkraft, is drastically scaling back its plans for new wind and solar power plants – due to falling electricity prices and rising costs, so reports Germany’s online Blackout News, a leading site for independent German energy news.
According to company CEO, Birgitte Vartdal, market conditions have become more difficult as the company’s ambitious targets for wind energy and solar power are now being called into question.
The new Statkraft target is two to two and a half GW instead of an originally planned 4 gigawatts annually.
“In the offshore wind energy sector, the Group is now planning a total output of six to eight GW. The original target was ten GW,” Blackout News adds.
The scaleback follows other European countries’ plans to reduce expansion, including Danish energy company Orsted, which “has lowered its targets by more than ten GW” and has also “canceled two offshore wind projects in the USA and reported impairments amounting to 28.4 billion Danish kroner (approx. 3.8 billion euros).”
Portugal’s largest energy supplier, Energias de Portugal (EDP), has also reduced its investment plans – due to the “deterioration in market conditions.” Moreover, French energy supplier Engie earlier had postponed developing hydrogen projects.
Leading officials blame projects having become “much more challenging” and offering “no relative returns.”
As a result, solar and wind equipment manufacturers have seen their values plummeting and ESG equity funds have “recently suffered outflows of 38 billion dollars,” reports Blackout News.
Blackout News is operated by an independent and non-partisan small group of engineers with experience in energy management.
Turkey resumed oil imports from Iran in March after 4 years: data shows
Press TV – June 30, 2024
Figures by the European Union’s statistics agency, Eurostat, show that Turkey resumed importing oil from Iran in March this year nearly four years after it cut shipments to zero to comply with US sanctions on Tehran.
Eurostat data cited in a Sunday report by Iran’s official IRNA news agency showed that Turkey had imported 576 metric tons (mt) of oil from Iran in March and another 485 mt in April.
Turkey’s last oil shipment from Iran had been reported in August 2020 when the country bowed to US pressure and stopped the imports.
The figures are yet another sign that more countries have stopped complying with US sanctions on Iran and are taking delivery of oil shipments from the country.
Eurostat figures showed that Bulgaria and Poland were the two EU members that had imported oil from Iran this year.
Bulgaria raised its oil imports from Iran in the quarter to March by 113% compared to the same period last year to 314 mt.
Poland’s oil imports from Iran, a first reported in the past two years, was a 19 mt shipment that took place in March.
Georgia, an EU candidate country, imported 544 mt of oil from Iran in the March quarter, down from 974 mt reported in the same quarter last year.
Reports suggest more European countries are willing to ignore US sanctions on Iran and import oil from country now that Tehran is selling record volumes of oil to Asian markets.
Iran’s oil exports reached more than 1.6 million barrels per day (bpd) in some months of this year and in 2023, up from records lows of 0.3 million bpd reported in 2019 when the US toughened its sanctions Tehran.
Iran’s iron ore reserves estimated at over 5bn tons: Mine owner
Press TV – June 29, 2024
A mine owner in Iran says the country’s iron ore reserves are estimated at some 5 billion metric tons (mt), as he insists that official figures should be revised up to show the real state of iron mines in Iran and their potential for investment.
Mehrdad Akbarian, who also chairs Iran’s Association of Iron Ore Producers and Exporters (IROPEX), said on Saturday that figures announced by the Iranian government about unproven iron ore reserves, which is about 3.2 billion mt, do not properly represent a rough estimate of recoverable iron in the country.
“Unfortunately, the official figures do not match the realities on the ground,” Akbarian told the ILNA news agency.
“That comes as reserves can further expand with progress in technology, increased mining and investment in exploration,” he added.
The businessman said that the total iron ore mined in Iran since the industry was formed several decades ago has not exceeded 0.6 billion mt.
Akbarian insisted that increased supply of energy, including electricity and natural gas, to Iranian steel plants can lead to more activity in iron mines.
Iran has produced more steel in recent years mainly due to increased government support as part of a policy to diversify the economy away from oil exports.
Iranian steel exports have increased steadily since the US imposed sanctions on the country in 2018.
Iran is currently the 10th largest steel producer in the world with more than 30 million mt of annual output.
Increased production caused the country to move up to 7th in the global ranking of steel producers during some calendar months of last year.
Ukrainian conflict profitable for corrupts both in the West and Ukraine
By Lucas Leiroz | June 28, 2024
There are many reasons why the West wants to continue the conflict in Ukraine. American geopolitics is almost entirely directed towards a strategy of opposition to the Russian Federation, which is why it is in the interests of the US and its NATO allies to maintain a conflict situation in the Russian strategic environment – thus trying to “wear down” Moscow through long-standing proxy wars. However, there is a special reason for the existence of such a strong pro-war lobby in the West: the exorbitant profits generated by hostilities.
The American and European elites, as well as their oligarchic “partners” in Ukraine, have maintained complex schemes of corruption, embezzlement and overpricing in the various financial and military aid programs sent to Kiev. Rather than a gesture of “solidarity” with Ukraine, as portrayed by the Western media, NATO assistance has been a lucrative business for many individuals and companies, generating interest in prolonging the conflict.
One of the main tactics used by these agents is the overpricing of military products. The prices of various weapons and equipment are being artificially inflated by American and European defense companies. It is estimated that some types of projectiles are overpriced by up to six times their original value, for example. The excess value between the original price and the inflated price ends up serving as profit for corrupt individuals both in the West and in Kiev.
Recent media reports indicate that there is a shortage of ammunition in the Ukrainian armed forces. Although billions of dollars are being spent on weapons, the inflated prices mean that Kiev cannot purchase a sufficient amount of equipment. Artillery shells are among the most overpriced items, with rockets such as the Grad MLRS having increased in price six times since 2022. The same process of inflating prices has occurred with almost all of Ukraine’s regular defense purchases, creating a situation in which Kiev receives exorbitant amounts of money but is unable to adequately supply itself militarily to sustain even conventional combat.
Some arguments commonly used by defense companies to increase the price of weapons are issues such as the need to speed up production or problems with logistics. In fact, current circumstances would require some kind of rise in the price of military products according to conventional market standards. However, raising the price of projectiles by six or seven times is already much more than a mere adjustment in expenses, having an obvious attempt to profit from the conflict and generate unfair earnings for the parties involved.
In Kiev, there have been calls to change the structure of arms shipments, with local military officials asking partner countries – mainly in Europe – to build facilities on Ukrainian soil to reduce logistical costs and facilitate the process of military aid. Western companies, however, continue to refuse such investment, citing technical difficulties. Although such difficulties exist, the real reason for the lack of such investment is another: by creating a shortage of weapons in Ukraine, the “machine” of military aid continues to run.
The basic scheme is simple: it is claimed that the costs of sending weapons are high, requiring more public money to cover the costs. Western propaganda convinces taxpayers to keep silent about bills passed in Western parliaments to increase military aid packages. Thus, more money is taken from the public reserves and used for suspicious schemes of buying weapons for Ukraine. Ukrainian officials take some of this money for themselves, while the rest goes to pay exorbitant prices to the Western defense industry. Thus, everyone profits – except the Ukrainian military, who continue to be sent to certain death on the frontlines while their bosses profit from the “Western solidarity.”
Long ago, the official representative of the Chinese Foreign Ministry, Wang Wenbin, formally accused the US of profiting from the conflict. According to him, the American defense industry is benefiting greatly from the war due to Ukrainian demand for weapons and inflated equipment prices. The real figures from the military market confirm Wenbin’s allegations, making it clear that the prolongation of the war in Ukraine is not the result of any belief in Kiev’s “victory”, but of the selfish interests of Western and Ukrainian private actors in profiting from the loss of lives.
Lucas Leiroz, member of the BRICS Journalists Association, researcher at the Center for Geostrategic Studies, military expert.
You can follow Lucas on X (former Twitter) and Telegram.
Lavrov reveals BRICS expansion stance

RT | June 27, 2024
The BRICS group of nations has voted to temporarily suspend new membership applications and focus on integrating the countries which have joined most recently, Russian Foreign Minister Sergey Lavrov announced on Wednesday.
In a statement published on the ministry’s website, Lavrov revealed that the Group of Ten BRICS members had decided to “take a break with the accession of new members in order to process the new arrivals, who have doubled the composition of the group.”
BRICS was initially founded in 2006 by Brazil, Russia, India, and China, with South Africa joining the group in 2010. This year, five more countries officially joined the organization, including Egypt, Iran, Saudi Arabia, Ethiopia, and the United Arab Emirates.
In his statement, Lavrov said that while the new arrivals are being integrated into the group, a new category of “partner countries” would be formed as a “stepping stone” to full BRICS membership.
“We will certainly promote our Belarusian friends as well as a number of other like-minded allies,” the minister said.
This year, Russia holds the rotating chairmanship of BRICS and has announced a “special mission” to identify new members. According to Yury Ushakov, Russian President Vladimir Putin’s foreign policy aide, more than 30 countries have formally applied, including Thailand and Malaysia, the latest to have submitted bids. Earlier this month, Zimbabwe also announced a desire to join the group.
Russian Deputy Foreign Minister Sergey Ryabkov outlined that Moscow’s primary criteria for all aspiring BRICS members is “non-participation in illegal sanctions policies, [and] illegal restrictive measures against any BRICS participant, first of all of course against Russia.”
He said that all current members had expressed their “full understanding” of that position, which Moscow considers essential as the group’s growth continues.
EU Accelerates De-Dollarization by Stealing Russian Money
By Ekaterina Blinova – Sputnik – 25.06.2024
The EU will send €1.4 billion ($1.5 billion) in profits from the frozen assets of Russia’s Central Bank to the “European Peace Facility” in order to meet the Kiev regime’s military needs.
EU High Representative for Foreign Affairs and Security Policy Josep Borrell announced on June 24 that the bloc has approved grabbing windfall income from frozen Russian assets.
According to Borrell, €1.4 billion will be available in the course of the next month, and another €1 billion by the end of the year.
“The decision is shameful,” Gilbert Doctorow, an international relations and Russian affairs analyst, told Sputnik. “It is totally hypocritical to assign to a “Peace Facility” the role of financing arms and war. The ultimate goal of this ‘peace initiative’ is to prolong the war, at least till after the American elections in November for the sake of Mr Biden’s personal ambitions.”
Ninety percent of the revenues will be spent on arms and just 10 percent on construction projects in Ukraine.
Going against the usual requirement for unanimity between its members, the EU snubbed Hungary’s veto by using a legal “loophole”.
“New billions for Ukraine. This time by kicking up the European rules and leaving out Hungary,” Hungarian Foreign Affairs Minister Péter Szijjártó commented earlier on Monday.
He slammed the “shameless breach of common European rules,” stressing in a social media post that “This is a clear red line.”
After the start of the Russian special military operation in Ukraine, the EU and G7 countries froze almost $300 billion in Russian assets. Around $207 billion are held at Euroclear, a clearinghouse based in Belgium.
“The result will be to sharply reduce use of the Euro as a reserve currency by countries of the Global South, who all fear the kind of arbitrary and illegal confiscation of their national wealth by European governments whenever it suits their purposes,” Doctorow warned.
Brussels’ decision is “bad” in every respect, said Adriel Kasonta, a London-based foreign affairs analyst and former chairman of the International Affairs Committee at the Bow Group think-tank.
“First of all, it is illegal, if we take into account the violation of the principle of sovereign immunity of the sovereign country, which is the Russian Federation,” Kasonta told Sputnik.
“It exposes the western double standard when it comes to the rule of law and the application of the rules to the countries equally,” he continued.
That “is clearly detrimental because it serves as a boost to the de-dollarization movement,” the expert stressed. “It will… accelerate the movement of abandoning the currency of the dollar and euro in international transactions.”
Russia has repeatedly warned it will take retaliatory measures in response to any attempts to expropriate its financial resources by the West, and that it would perceive any form of grab as “theft”.
Any actions with Russian frozen assets will trigger a symmetrical response, Finance Minister Anton Siluanov told Sputnik in late February, adding that a similar quantity of foreign assets have been frozen in Russia.
Last week, Russian Foreign Ministry spokeswoman Maria Zakharova told a press briefing that Russia could take a wide variety of measures to respond to the G7 decision to fund Ukraine using profits from frozen Russian assets.
Malaysia Defies Western Sanctions on Iran
Malaysia only recognizes sanctions imposed by the United Nations and not by any individual country, Home Minister Datuk Seri Saifuddin Nasution says.
By Nguyen Kien Van – New Eastern Outlook – 25.06.2024
On May 16, a US delegation led by Brian Nelson, the Under Secretary of the Treasury for Terrorism and Financial Intelligence, visited Kuala Lumpur to discuss sanctions against Iran. The US accuses Iran of using Malaysian companies to finance militants in the Middle East.
What do we know about US accusations against Iran?
The US claims that trade between Malaysia and Iran has skyrocketed since the outbreak of the armed conflict between Israel and Hamas. Western nations allege that Iran financially supports Hamas and Hezbollah, opponents of Israel. The US highlighted the death of over 3,000 Israelis since October 7, 2023, in the ongoing conflict. 30,000 Palestinians killed in the Gaza Strip, however, do not seem to bother the US at all. Instead, the focus remains on Iran and its proxies, including Hamas, allegedly receiving funds through the Malaysian financial system.
The US is concerned that Iran can continue selling oil by transferring it from ship-to-ship in international waters to disguise its origin. Countries that do not adhere to US sanctions, or choose to ignore them, facilitate this process. Brian Nelson identified Malaysia as one such country, allegedly involved in transporting Iranian oil and raising funds for groups the US deems terrorist organizations.
What do Malaysian officials think in this regard?
Following the meeting with the US delegation, Malaysian officials reiterated that they would not comply with sanctions imposed by any country other than those from the UN Security Council. Home Minister Datuk Seri Saifuddin Nasution Ismail emphasized Malaysia’s commitment to combating terrorism financing. He acknowledged the US concerns about “illegal supplies” of Iranian oil through Malaysia, but reiterated Malaysia’s stance on adhering only to UN-imposed sanctions. The US delegation respectfully accepted Malaysia’s position.
Solidarity Among Muslim Countries
Malaysia, a Muslim-majority country, has consistently supported a two-state solution to the Israel-Palestine conflict and condemned Israel’s actions, which have resulted in numerous Palestinian casualties. Malaysia backed Iran’s use of drones and missiles against Israel on April 13, with Prime Minister Anwar Ibrahim calling it a legitimate response to Israel’s “barbaric attack” on the Iranian consulate in Damascus.
Back to Kuala Lumpur Airport
By the end of the meeting, the US delegation appeared to recognize their failure to sway Malaysia. Saifuddin Nasution Ismail reaffirmed Malaysia’s commitment to counter-terrorism financing at both ASEAN and global levels, stressing Malaysia’s adherence to the rule of law and expressing hope that the US would acknowledge this.
Once again, US efforts to intimidate Malaysia with sanctions over its economic relations with Iran have faltered, highlighting Washington’s persistent hegemonic ambitions. If other Southeast Asian nations were to similarly defy US pressure, ASEAN could emerge as a robust and independent force in the region.
Catching Up To Germany, The “Climate Leader”
By Francis Menton | Manhattan Contrarian | June 15, 2024
Here in New York, our leaders fancy us to be the “climate leader.” After all, our legislature has enacted the “Climate Leadership and Community Protection Act” of 2019, setting out the most aggressive mandatory emissions-reduction targets of all the U.S. states. Allegedly, 70% of our electricity will come from “renewables” by 2030. Nobody can top us!
But can we really catch up to Germany? Germany was in the “climate leadership” game before almost anybody else had even heard of it. It was all the way back in 1990 that Germany adopted its first emissions-reduction target — 25 to 30 percent fewer CO₂ emissions by 2005, compared to 1987 levels. In 2000, while New York was still in its climate diapers, Germany passed its Renewable Energy Act, granting large subsidies for the development of wind farms. In 2010 Germany adopted its “Energiewende” legislation with mandatory emissions-reductions targets of 80-95% by 2050. All along, the country has been on a crash program to build wind turbines and solar panels for well over 30 years.
So sorry, New York. Germany is the true “climate leader.” Perhaps we should check in on how it is going over there.
In a piece on January 3, Reuters provided the statistics from Germany for the most recent full year, 2023. The headline is “Renewable energy’s share on German power grids reaches 55% in 2023.”
The share of renewables on Germany’s power grids rose by 6.6 percentage points to 55% of the total last year, the sector’s regulator said on Wednesday, as Europe’s largest economy moves closer to its 2030 target. . . [of] 80% of its [electricity generation].
The achievement elicited some self-congratulatory happy talk from Environment Minister (and Green Party member) Robert Habeck:
“We have broken the 50% mark for renewables for the first time,” Economy Minister Robert Habeck said in a statement. “Our measures to simplify planning and approvals are starting to take effect.”
Read a little farther, though, and you find out that only 43.2% of the 55% came from wind and solar generators. Most of the rest (8.4%) came from “biomass,” otherwise known as wood chips imported from the U.S. — probably not what you were thinking of as the supposedly emissions-free “renewables.” (The remaining 3+% consists of hydro and some unspecified “other renewables.”).
Perhaps you are wondering, despite Habeck’s happy talk, how can it be that after 30+ years of a crash program, with enormous subsidies, to build wind and solar generators to provide electricity, Germany is only up to getting 43% of its electricity from those sources? Is there maybe some problem? If you are wondering about those things, you will not find the answer here.
And then there’s the question of whether a huge build-out of wind and solar electricity generation might have any collateral consequences for a modern industrial economy. For example, might wind and solar generation be more expensive than electricity generation by fossil fuels? Here are the latest consumer electricity price data from Eurostat, covering the second half of 2023. Key quote:
For household consumers in the EU (defined for the purpose of this article as medium-sized consumers with an annual consumption between 2 500 Kilowatt hours (KWh) and 5 000 KWh), electricity prices in the second half of 2023 were highest in Germany (€0.4020 per KWh), Ireland (€0.3794 per KWh), Belgium (€0.3778 per KWh) and Denmark (€0.3554 per KWh).
Somehow, great “climate leader” Germany has the very highest consumer electricity prices in all the EU. The 40.2 euro cents per kWh is equivalent to 43 U.S. cents at the recent exchange rate of 1.07. The latest data from the U.S. EIA gives the average U.S. consumer electricity price as 16.68 cents per kWh for March 2024. That makes the German electricity price more than two and a half times the U.S. price.
Aren’t wind and solar generation supposed to be cheaper than fossil fuels? Somehow that doesn’t seem to be working out. Perhaps it has something to do with the fact that no matter how much wind and solar you build, you can’t get rid of any of the fossil fuel generators, because you need them all for backup of intermittency. So you end up paying for two redundant systems.
Then there is the effect of high energy prices on economic growth. How’s that going in Germany? Here’s a February 23 report from Euronews, with the statistics from Germany for the 2023 year:
Year-on-year GDP growth was -0.2% in Q4 2023, a notch better than Q3 2023’s -0.3% and also in line with market expectations. For the full year 2023, Germany’s GDP shrank 0.3%.
U.S. GDP growth for 2023 was reported as 2.5% by the Bureau of Economic Analysis.
A guy named Theodor Weimer, head of the Deutsche Börse, gave a speech in April to a group of Bavarian business leaders. The speech became public when it was released on YouTube last week, and it was then covered by the Telegraph. Key quote:
The coalition government led by Chancellor Olaf Scholz was, [Weimer] argued, a “catastrophe,” Germany was “economically on the way to becoming a developing country” and “one thing is clear: our reputation in the world has never been so bad.”
And finally, in the European elections just held last week, the German Green Party has been reported one of the biggest losers, going from 21 seats to just 12, a loss of 9, or almost half of the prior total.
Well, maybe being the “climate leader” is not so great after all. At least, maybe, the people are starting to catch on. Here in New York, it will take a while longer.
Debt Disaster: Why Global South Increasingly Sidelines the US Dollar
By Ekaterina Blinova – Sputnik – 22.06.2024
Soaring US national debt may translate into a real disaster when supercharged by internal political fighting or de-dollarization among top emerging economies, US observers warn.
The Congressional Budget Office (CBO) forecasts that the US national debt will hit $50.7 trillion by 2034, but the true figure “surely will be much bigger,” wrote William Pesek, an award-winning journalist and author, for the Asia Times.
The CBO projected on June 18 that US debt would reach 122 percent of the gross domestic product (GDP) by 2034, far surpassing the nation’s record-high public debt-to-GDP ratio of 106 percent in the aftermath of World War II. The watchdog also expects that interest costs for maintaining the debt will climb to $892 billion in 2024 (from $352 billion in 2021).
Pesek named defense funding, social safety net outlays and tax cuts unmatched by revenue increases as being the major drivers behind the debt growth, adding that they would become even costlier in the future.
He also quotes Goldman Sachs economists as predicting that the US debt-to-GDP ratio will hit 130 percent by 2034, i.e. 8 percentage points higher than the CBO estimates. Judging by the present dynamics, it could be far higher than that, according to the journalist.
The Wall Street Journal’s Gerald F. Seib appears to share Pesek’s concerns: “Over the centuries and across the globe, nations and empires that blithely piled up debt have, sooner or later, met unhappy ends.”
The Washington Post’s Jacob Bogage echoes his counterparts in referring to the spending spree under the Trump and Biden administrations, which included huge tax cuts, various social programs and increasing defense expenditures.
“[Most recently], besides the annual appropriations, lawmakers approved a $95 billion foreign aid bill to support Ukraine, Israel and Taiwan and make investments in the US industrial base, and Biden announced plans to forgive billions of dollars in student loans,” the correspondent noted.
When it comes to Ukraine, Congress has approved nearly $175 billion of funding and military assistance to support the Kiev regime and allied nations since 2022, as per the Committee for the Responsible Federal Budget. This spending has been repeatedly questioned by some US lawmakers, who referred to Kiev’s corruption, non-transparency and military failures. To complicate matters further, American lawmakers are complaining about US primary defense contractors tremendously overcharging the US government.
Meanwhile, Ukraine funding constitutes a fraction of the US growing military spending that rose by 2.3 percent from 2022 to reach $916 billion in 2023, or 68 percent of total NATO military spending, according to the Stockholm International Peace Research Institute (SIPRI). These expenditures only add to America’s bloated national debt.
According to Pesek, “this slow-motion economic disaster” related to Washington’s inability to balance its spending “could be sped up by political squabbling or by de-dollarization efforts among top emerging markets.”
He particularly refers to Biden’s economic policies and protectionist measures which are not making the US economy more resilient. According to the journalist, the White House’s latest 100 percent tariffs on China-made electric vehicles have hurt “global faith in the dollar or US Treasury securities” (of which the People’s Republic holds around $700 billion).
He warns that Global South countries are “viewing the US less and less as an adult in the room when it comes to economic and geopolitical affairs.”
“The most obvious example of disillusionment over US fiscal excesses is the pivot away from the US dollar,” Pesek notes, adding that there is no sign that the US government is ready to overhaul its economic approach.
“Nor is it safe to bet on the US debt only rising to $50 trillion a decade from now. As the real figure exceeds even the worst expectations, global markets could be in a world of hurt. And Washington will make it easy for Global South nations hoping to sideline the dollar,” he concludes.
US Ban on Use of Kaspersky Lab’s Software to Lead to ‘Increase in Cybercrimes’
Sputnik – 21.06.2024
The decision of the US Commerce Department to ban the use of Russian multinational cybersecurity firm Kaspersky Lab’s software in the United States will lead to an increase in cybercrimes, the company’s press office told Sputnik on Friday.
On Thursday, the US Commerce Department issued a new rule prohibiting information and communications technology and services (ICTS) transactions with Kaspersky Lab effective September 29, imposed new export restrictions on Kaspersky and blacklisted Kaspersky Lab, Kaspersky Group and Kaspersky Labs Limited for their alleged cooperation with Russia’s military and intelligence authorities.
“First of all, this decision will promote cybercrimes. International cooperation among cybersecurity experts is necessary to effectively counter cyber threats, but it is now limited. Moreover, users and businesses in the US will not be able to protect their devices from malware with industry-leading technology, according to independent tests. Our current customers in the US will face significant challenges as they will now be forced to urgently seek replacements for technologies they have relied on for years,” the company said in a statement.
The company added that Kaspersky Lab will continue protecting the world from cyber threats and its business “from actions that are aimed at wrongfully damaging the company’s reputation and commercial interests.”

