Germany waives gas storage fees outside of the country starting Jan. 1, 2025
The German lower house of Parliament passed on Friday a change in energy law that will waive the domestic market storage fee at border points and virtual trading centers, effective Jan. 1, 2025. This will free foreign consumers from a costly element of price. Parliament approved the law change based on its incompatibility…
Putin is clear: there will be no Ukraine Gas Transit Deal
Vladimir Putin, President of Russia, said that it is now clear that no new gas transit agreement will be signed with Kyiv for Russian gas to be sent through Ukraine to Europe. However, Russia will survive. As the EU attempts to reduce its dependency on Moscow, Russia has lost nearly all its European clients. Before the Ukraine War, Russia was Europe's largest single natural gas supplier.
Prices for European gas rise as renewed Russian focus on gas is renewed
The Dutch and British wholesale gas price rose on Tuesday afternoon due to renewed concerns about Russian gas supplies to Europe starting in January. By 1505 GMT the benchmark front-month contract for the Dutch TTF hub had risen 1.87 euros to 41.83 euros/MWh, or $12.87/mmbtu. This was a continuation of the gains made in the morning.
Nuclear roadblock to EU's new renewable energy target
On Monday, pro-nuclear countries expressed their opposition to the European Union's plans for a renewable energy goal. They said they would not support a goal which excluded atomic energy. Nuclear power is a controversial energy source that has caused political disagreements among the 27 EU member states. These disputes…
Austrian legal expert believes OMV can end gas contracts with Gazprom
Austrian energy company OMV can legally cancel a contract with Russia's Gazprom that lasts until 2040, according to an Austrian lawyer who was given access the contracts on Wednesday. OMV had been one of the last European buyers of Russian gas after Russia invaded Ukraine on a full scale in 2022. But, on Nov. 16, Gazprom stopped supplies to OMV due to a contract dispute.
Sources: Austria's 50-year relationship with Gazprom is ended by the gas seizure
Five sources said that the Austrian group's seizure and payment of Russian gas to cover an arbitration award was what triggered the end of more than 50 years gas flow from Russian state energy company Gazprom to OMV this month. OMV is one of the last remaining gas buyers in Europe, after Gazprom lost most of its European customers in the aftermath of the Russian invasion of Ukraine.
Prices fluctuate in Europe due to colder weather forecasts despite constant Russia flows
Dutch and British wholesale gas prices fluctuated Monday morning due to colder weather forecasts, a decrease in Norwegian supplies and stable Russian gas flows through Ukraine. However, more LNG cargoes were heading towards Europe. LSEG data shows that the benchmark front-month contract traded at the Dutch TTF Hub at 45.90 Euro per megawatt hour at 1007 GMT…
Prices for EUROPE GAS are near their highest levels in a year due to supply concerns and storage drawbacks
Dutch and British wholesale gas prices were roughly flat on Friday, near their one-year-highs. Profit-taking was offset with ongoing concerns about Russian supply as well as cold weather reducing gas stocks. LSEG data show that the benchmark contract for the first month at TTF's Dutch hub fell by 0.60 euro to 45.75 Euros per Megawatt Hour by 0930 GMT.
German wind production falls, resulting in higher spot prices
The European immediate power prices increased on Thursday as the German wind power forecast is for a fall. LSEG data show that the German baseload electricity for Friday rose 6% to 109.40 Euros ($118.17 per megawatt-hour (MWh). The French equivalent contract rose 1.1% to 69 euro/MWh. LSEG data indicated that the German…
EU Energy Ministers Discuss Ukraine Energy Crisis and Russian LNG
Officials said that EU energy ministers met on Tuesday in Luxembourg to discuss the rising Russian LNG imports and Ukraine's energy shortages before winter, as well as how to balance energy costs across member states. In June, the EU approved a 14th set of sanctions including a ban of transhipments of Russian Gas as of March of next year. However, it did not impose a complete ban.
Document shows EU countries want more transparency about Russian gas imports
In a letter to the European Commission on Monday, a group of EU member states including France and the Baltic States asked for tighter reporting requirements across the EU on Russian LNG imports. In June, the EU approved a 14th set of sanctions that included a prohibition on the trans-shipment of Russian LNG in its ports.
Minister: German natgas supplies secure without Ukraine transit
The German Economy Ministry said on Tuesday that Germany's and neighbouring countries' natural gas supplies are safe even if the transit through Ukraine was cut off. The ministry stated that Germany's terminals for liquefied gas (LNG), even those without access to the coast, are an insurance against a natural gas shortage, including in countries outside of Europe.
Austrian election puts Russian gas habits and a sputtering economic in focus
After the general elections on Sunday, the government in Austria that comes to power will be under increasing pressure to diversify their energy supply and move away from dependence upon Russian gas. This is happening at a time when Austria's economy is in reverse. A majority is not expected from any party. Opinion polls show that the far-right Freedom Party (FPO)…
Vienna Power says it will phase out Russian Gas in 2025
Vienna's largest power company announced on Friday that it will phase out its use Russian natural gas by 2025. Austria is increasing its efforts to reduce its dependence on energy supplied from Russia after Moscow's invasion of Ukraine in 2022. Wien Energie has announced that clients, power plants, and district heating will be supplied with non-Russian natural gas.
Azerbaijani President confident about Ukraine gas route talks
Azerbaijani president Ilham Aliyev expressed Friday confidence in the outcome talks between Russia Ukraine, which his country facilitates to keep Russian Gas flowing through Ukraine into several European nations. Aliyev spoke at the TEHA forum in Cernobbio (Italy), which gathers policymakers and businessmen every September on the shores Lake Como for a discussion of the geopolitical outlook.
S&P upgrades Austria's credit ratings outlook to positive and sees improvements in energy supply
S&P Global Ratings, the credit rating agency, has upgraded Austria's outlook from stable to positive. The improvement in Austria's energy supply and its solid budget situation were cited as reasons for this change. S&P's statement on Friday night said that the positive outlook reflects Austria's potential to improve…
OMV Petrom Makes Largest Crude Oil Discovery in Decades
Romanian oil and gas group OMV Petrom, majority-controlled by Austria's OMV, said on Tuesday it discovered new crude oil and natural gas deposits equal to about three quarters of its overall 2022 production.The deposits are the largest crude oil discovery OMV Petrom has made in decades, it said, and were found in southern…
Energy Charter Treaty Talks: EU to Seek Fossil Fuel Phase-out
The European Union's executive will push for a 10-year phase-out of the protection for fossil fuels under an international energy treaty, following calls from some countries to quit the accord unless it can be aligned with Europe's climate goals.The more than 50 signatories to the Energy Charter Treaty will next month resume talks to update the agreement…
Innogy Shares to be Delisted as E.ON Completes Takeover
Shares in Innogy, once Germany's No.1 energy group by market cap, are expected to be delisted this week, as rival E.ON said it completed a buy-out of minority shareholders as part of a broader deal to break up the firm."In the months ahead, we'll focus on the practical integration of all former Innogy operations into our Group.
U.S. Tops List of Most Attractive Countries for Renewables Investments. Overtakes China
The United States has overtaken China as the most attractive country in the world for renewables investment and the global clean energy sector is expected to bounce back quickly despite the coronavirus pandemic, research showed on Tuesday.In an annual ranking of the top 40 renewable energy markets worldwide by consultancy EY…
