The year 2022 is the “year of records” in electricity generation from wind energy, Turkish Wind Energy Association (TÜREB) head Ibrahim Erden said Sunday, and that their priority for next year “will be the subject of strong investment together with the industry.”
“We are declaring the 100th anniversary of our republic the year of investment for the wind industry,” he said.
Erden said that a very active year in which the power, visibility and efficiency of the wind energy sector in Türkiye came to the fore was completed.
Pointing out that Türkiye is Europe’s most reliable partner in the wind energy supply chain with an export volume of 1.5 billion euros ($1.60 billion), Erden said that as TÜREB, they had the opportunity to demonstrate this vitality in the sector in the international arena through events in Europe.
Pointing out that exceeding the 10,000-megawatt threshold in Türkiye’s installed wind power in 2021 is an important milestone, Erden said: “We declared last year as the year of industry. The year 2022 was a year in which wind-installed power approached the level of 12,000 megawatts. In terms of the Turkish wind industry, it was a year in which broke production records one after the other, and the wind-powered generation on a daily basis increased to 25%-27%.”
“We predicted that energy supply security would become one of the most important topics on the world agenda in the post-pandemic period. With such a perspective,” Erden went on to say, stressing that Türkiye’s wind industry will benefit from its world-class production capabilities, well-trained human resources, and logistics and cost advantages stemming from the country’s geographical location.
Erden said that, “With an investment of 3.6 billion euros … it is possible to install 3 gigawatts of wind power per year.”
“In 2023, our priority will be the subject of strong investment together with the industry,” he said.
“We have a very serious wind investment potential.”
Saying that approximately 33 terawatt-hours of the electricity produced in Türkiye come from wind,” Erden noted: “Last year, we brought a newly installed power of around 1,700 megawatts to our country, but considering our potential, our industry is capable of realizing at least 3 gigawatts of newly installed power per year.”
“Our 2023 target is to further pave the way for investments.”
Erden said new areas such as energy storage, hydrogen and offshore wind are essential topics in the sector’s agenda.
Pointing out that there are many license applications for wind energy storage, Erden said: “The energy storage projects, which we believe will be the subject of investments in the coming years, will be an area that will expand not only the wind but the entire renewable energy sector.”
“We think the topics of hydrogen and offshore wind will occupy an important place in our agenda next year. We anticipate that … will announce some investment plans in these areas in 2023.”
TORONTO – Canada’s main stock index was down more than 200 points in late-morning trading, weighed down by losses in the technology, base metal and energy sectors, while U.S. stock markets also fell.
The S&P/TSX composite index was down 239.24 points at 22,749.04.
In New York, the Dow Jones industrial average was down 312.36 points at 40,443.39. The S&P 500 index was down 80.94 points at 5,422.47, while the Nasdaq composite was down 380.17 points at 16,747.49.
The Canadian dollar traded for 73.80 cents US compared with 74.00 cents US on Thursday.
The October crude oil contract was down US$1.07 at US$68.08 per barrel and the October natural gas contract was up less than a penny at US$2.26 per mmBTU.
The December gold contract was down US$2.10 at US$2,541.00 an ounce and the December copper contract was down four cents at US$4.10 a pound.
This report by The Canadian Press was first published Sept. 6, 2024.
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in technology, financial and energy stocks, while U.S. stock markets also pushed higher.
The S&P/TSX composite index was up 171.41 points at 23,298.39.
In New York, the Dow Jones industrial average was up 278.37 points at 41,369.79. The S&P 500 index was up 38.17 points at 5,630.35, while the Nasdaq composite was up 177.15 points at 17,733.18.
The Canadian dollar traded for 74.19 cents US compared with 74.23 cents US on Wednesday.
The October crude oil contract was up US$1.75 at US$76.27 per barrel and the October natural gas contract was up less than a penny at US$2.10 per mmBTU.
The December gold contract was up US$18.70 at US$2,556.50 an ounce and the December copper contract was down less than a penny at US$4.22 a pound.
This report by The Canadian Press was first published Aug. 29, 2024.
The crypto market has recently experienced a significant downturn, mirroring broader risk asset sell-offs. Over the past week, Bitcoin’s price dropped by 24%, reaching $53,000, while Ethereum plummeted nearly a third to $2,340. Major altcoins also suffered, with Cardano down 27.7%, Solana 36.2%, Dogecoin 34.6%, XRP 23.1%, Shiba Inu 30.1%, and BNB 25.7%.
The severe downturn in the crypto market appears to be part of a broader flight to safety, triggered by disappointing economic data. A worse-than-expected unemployment report on Friday marked the beginning of a technical recession, as defined by the Sahm Rule. This rule identifies a recession when the three-month average unemployment rate rises by at least half a percentage point from its lowest point in the past year.
Friday’s figures met this threshold, signaling an abrupt economic downshift. Consequently, investors sought safer assets, leading to declines in major stock indices: the S&P 500 dropped 2%, the Nasdaq 2.5%, and the Dow 1.5%. This trend continued into Monday with further sell-offs overseas.
The crypto market’s rapid decline raises questions about its role as either a speculative asset or a hedge against inflation and recession. Despite hopes that crypto could act as a risk hedge, the recent crash suggests it remains a speculative investment.
Since the downturn, the crypto market has seen its largest three-day sell-off in nearly a year, losing over $500 billion in market value. According to CoinGlass data, this bloodbath wiped out more than $1 billion in leveraged positions within the last 24 hours, including $365 million in Bitcoin and $348 million in Ether.
Khushboo Khullar of Lightning Ventures, speaking to Bloomberg, argued that the crypto sell-off is part of a broader liquidity panic as traders rush to cover margin calls. Khullar views this as a temporary sell-off, presenting a potential buying opportunity.
Josh Gilbert, an eToro market analyst, supports Khullar’s perspective, suggesting that the expected Federal Reserve rate cuts could benefit crypto assets. “Crypto assets have sold off, but many investors will see an opportunity. We see Federal Reserve rate cuts, which are now likely to come sharper than expected, as hugely positive for crypto assets,” Gilbert told Coindesk.
Despite the recent volatility, crypto continues to make strides toward mainstream acceptance. Notably, Morgan Stanley will allow its advisors to offer Bitcoin ETFs starting Wednesday. This follows more than half a year after the introduction of the first Bitcoin ETF. The investment bank will enable over 15,000 of its financial advisors to sell BlackRock’s IBIT and Fidelity’s FBTC. This move is seen as a significant step toward the “mainstreamization” of crypto, given the lengthy regulatory and company processes in major investment banks.
The recent crypto market downturn highlights its volatility and the broader economic concerns affecting all risk assets. While some analysts see the current situation as a temporary sell-off and a buying opportunity, others caution against the speculative nature of crypto. As the market evolves, its role as a mainstream alternative asset continues to grow, marked by increasing institutional acceptance and new investment opportunities.
