Capital

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Asset manager HMC Capital (ASX: HMC) said it had finalised its acquisition of Neoen Australia’s Victorian assets in a market update also confirming it continues to seek new investors in its business. Neoen sold the assets to HMC for $950 million last year, part of a competition regulator condition to allow Brookfield's acquisition of a majority stake in Neoen.

EnergyAustralia said it was investing in distributed energy solutions, such as household battery products and community batteries, as it reported a slight decline in half-year net profit to $61 million. The half saw several planned generation outages as part of maintenance on all four generation units at its Yallourn coal-fired power station, and a turbine upgrade at Tallawarra A power station.

Projects

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Fresh off the first stage of commissioning of the NSW Government’s Waratah Super Battery Project, Transgrid launched a $16 million Systems Integrity Protection Scheme (SIPS) control system to monitor 36 transmission lines across NSW in real time. Transgrid said the system could automatically detect potential line overloads and signal the Waratah Super Battery to discharge stored energy into the network, while at the same time signalling hydro, wind and solar-paired generators in the New England and Snowy regions to reduce output to balance supply across the grid.

Takeover target Santos signed an MOU with Engie for domestic gas supply from the controversial Narribri gas project. Under the proposal Santos would supply Engie with up to 20 PJ per year of natural gas from Narrabri for 10+ years from the commencement of operations. Santos is yet to make a final investment decision on the project, and under an approval condition by the Native Title Tribunal the gas must be used solely for domestic supply.

Oil major BP said it had made its largest global oil and gas discovery in 25 years in Brazil's Santos basin. Analysts said the find may see BP's upstream portfolio longevity extending well into the 2030s/40s. (Reuters)

QPM Energy (ASX: QPM) said it had successfully returned the Townsville Power Station to service after a major overhaul. The group expected to further increase production from its Moranbah Gas Project, with the energy markets team now able to optimise dispatch of the TPS to maximise electricity revenues using Moranbah gas supply and gas stored in the North Queensland Gas Pipeline.

Policy

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The Greens threw their support behind an ACTU proposal to scrap the Petroleum Resource Rent Tax and instead levy a 25% tax on coal and gas export revenue. Analysis by The Australia Institute found the tax would raise around $12.5 billion annually. Australia Institute executive director Richard Denniss said “This is precisely the sort of big, bold policy the productivity roundtable should be looking at”.

Regulation

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The Australian Energy Regulator invited submissions on a discussion paper kicking off the 2026 Rate of Return Instrument (RORI) review that determines a large portion of distribution network revenue. The AER is required to make a RORI every four years, and said for this period it would focus on two of the the most significant and contested issues in the 2022 review: equity beta and the potential use of a weighted trailing average for the return on debt. Submissions are due November 28.

Technology

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Clean-tech startup Endua secured $4.88 million through the Industry Growth Program to help further develop its hydrogen electrolyser technology. The company’s modular electrolyser is designed for on-site hydrogen production at point of use, helping organisations to decarbonise without having to rely on hydrogen being transported.

Google signed two new demand response-based utility agreements with Indiana Michigan Power (I&M) and Tennessee Valley Authority (TVA). The tech giant said this was the first time it had delivered grid flexibility by targeting machine learning workloads. Previous response capabilities involved shifting non-urgent compute tasks — like processing a YouTube video — during specific periods when the grid was strained.

Climate

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Climate scientist and energy systems analyst Zeke Hausfather explained how the US Department of Energy and EPA used and misused his research to support a preconceived narrative that minimises the risk of climate change. (The Climate Brink)

People

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China’s biggest solar firms shed nearly one-third of their workforces last year, company filings showed, as they grappled with overcapacity and tepid demand. (Reuters)

Random

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Thieves in the US have been stealing copper wire from streetlights, forcing city authorities to move to solar powered lights. (Canary Media)