Prices rise on increased demand for electricity and uncertainty about Russian flows
Dutch and British wholesale prices for gas rose on Friday, as a result of a surge in demand from power plants and a decrease in wind speed. There is also uncertainty over Russian gas supplies to Europe due to the imminent end of the Ukraine transit agreement. The benchmark contract for the Dutch TTF hub rose by 0.30 euros to 43.58 euro per megawatt-hour (MWh), which is $13.68/mmBtu by 0955 GMT. Meanwhile, the contract for the next day was up 0.75 euros at 43.40 euro/MWh. The day-ahead contract in Britain was 1.2 p higher, at 107.60 pence per therm.
Prices of EUROPE GAS are bound by range as stable supply caps gains
The Dutch and British wholesale gasoline prices were mostly range bound on Thursday morning, despite the colder weather. The benchmark contract for the Dutch TTF hub rose by 0.18 euros to 41.45 euro per megawatt-hour (MWh) at 0920 GMT. Meanwhile, the contract for February was up by 0.13 euro and now stands at 41.38 euro/MWh. The day-ahead contract in Britain was 0.80 pence more expensive at 100.00 pence a therm. The temperature in North-West Europe is forecast to be around 3 degrees Celsius below average on the day ahead…
Qcells claims that a new technology could reduce the space required for solar panels
Hanwha Corp.'s Qcells announced on Wednesday that it had made a significant breakthrough in a new solar technology. This has the potential of reducing the space needed by panels to generate electricity from the sun's light. The solar industry is facing a number of pressing challenges, including the need for more space. In some areas of the United States, large-scale projects that occupy vast tracts of land are being met with opposition. Qcells announced…
Oil Falls on Demand Worries, Market Awaits Fed Advice
Oil prices eased about 1% to a one-week low on Tuesday on demand worries following the release of negative economic news from Germany and China, while investors remained cautious ahead of a U.S. Federal Reserve decision on interest rates.Brent futures fell 90 cents, or 1.2%, to $73.01 a barrel by 1:36 p.m. EST (1836 GMT), while U.S. West Texas Intermediate crude slipped 86 cents, or 1.2%, to $69.85. That puts both crude benchmarks on track for their lowest closes since Dec.
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. It fell to 39.10 euros/MWh intraday on Monday, its lowest since November 6. The front-month contract in Britain firmed up by 3.85 pence, to 104 pence/therm.
China's CNOOC sold US assets to Britain’s INEOS
CNOOC Ltd, a Chinese company, has sold its U.S. subsidiaries, along with its upstream oil assets and gas assets, in the Gulf of Mexico to British chemicals group INEOS. This was announced by CNOOC on Saturday. CNOOC Energy Holdings U.S.A., a subsidiary of INEOS, has entered into a sale agreement with a subsidiary of CNOOC relating to CNOOC’s upstream oil-and-gas assets in the U.S. portion of the Gulf of Mexico. The deal includes non-operator interest in oil and gas fields such as Appomattox, Stampede and Stampede.
Oil rises by 1% in a 3-week period as sanctions on Russia and Iran increase
The price of oil rose by about 1% on Friday to a record high for three weeks, as a result of expectations that additional sanctions against Russia and Iran would tighten up supplies. Lower interest rates in Europe or the U.S. may also boost the demand for fuel. . U.S. West Texas Intermediate crude (WTI), which is a blend of oil from Texas and Louisiana, rose by 79 cents or 1.1% at $70.81. Both crudes were heading for their highest closings since November 22. Brent was on track for a gain of 4% and WTI, a gain of 5%.
Britain announces plan to encourage the development of clean energy projects
The UK launched on Friday a plan that will make it easier for developers and investors to build clean energy project, which they hope will help them meet their climate targets as well as create jobs. The UK has set a goal to decarbonise the power sector largely by 2030. This will reduce its dependence on gas-fired plants and increase its renewable energy capacity rapidly. Last month, the National Energy System Operator said that a new system of connecting projects to the grid and a restructured planning process would be required to meet the target.
Nordic countries debate energy policy after spikes in power prices
On Thursday, the hourly electricity prices in certain parts of Scandinavia reached record levels. They were tenfold higher in some cases than average, due to cold weather and lower wind power production. This prompted politicians to suggest a change in energy policy. In Denmark, the price per megawatt-hour (MWh) for an hour starting at 1600 GMT has risen to 936 Euros. South-western Norway and Southern Sweden have seen prices above 700 Euros/MWh. The German price has also risen due to the unusually low amount of wind and solar energy generation.
EUROPE GAS: Prices firm for cold weather, low winds and Norway outages
Dutch and British wholesale prices for gas were slightly higher on Wednesday morning, as a cold snap and low winds supported demand while unplanned outages reduced some Norwegian supply. At 0911 GMT, the benchmark front-month contract for the Dutch TTF hub had increased by 0.15 euros to 45.70 Euro per megawatt hour or MWh (or $14.08/mmbtu). The Dutch day-ahead contracts was up 0.30 euros at 45.80 Euro/MWh. The day-ahead contract in Britain gained 0.55 pence, to 113.25 cents per therm.
Equinor, BP and TotalEnergies invest in Britain's carbon-capture projects
They announced on Tuesday that Equinor, BP, and TotalEnergies have made the final investment decisions for two of Britain's first projects to capture and store carbon in the north. The Northern Endurance Partnership Project, which is a joint venture between the three companies, will store carbon dioxide permanently for an initial amount of 4 million tonnes per year. Equinor holds 45% of NEP. BP has 45%, and TotalEnergies 10%. Equinor, BP and BP are also partners on the Net Zero Teeside Power Project.
EUROPE GAS - Prices stable on warmer temperatures forecasts and strong LNG supply
The wholesale gas prices in the Netherlands and Britain were not much different on Tuesday morning, despite warmer temperatures and strong LNG imports. By 0955 GMT, the benchmark front-month contract for the Dutch TTF hub had increased by 0.09 euros to 45.10 Euros per Megawatt Hour (MWh), which is $13.91/mmbtu. The Dutch day-ahead contracts rose by 0.10 euro to 45.05 euros/MWh. The day-ahead contract in Britain rose by 0.80 pence to 112.00 pence a therm.
SSE, a British utility, announces a $28 billion investment plan for grid infrastructure
The UK utility SSE announced on Tuesday that its power network arm SSEN Transmission will invest at least 28 billion dollars in grid infrastructure in a five-year span beginning April 2026. Britain wants to decarbonise the electricity sector in Britain by 2030. This will require an increase in renewable energy generation, and massive investments to connect these new projects to power systems. Network developers must submit project plans and expected costs under UK regulator Ofgem's Revenue=Incentives+Innovation+Outputs (RIIO) programme.
British Business – Dec 10,
These are the most popular stories in the British business pages. These stories have not been verified and we cannot vouch for the accuracy of these reports. BP will spin off its offshore wind business and form a joint venture worth $5,8 billion with Jera, a Japanese energy company. Vivendi's shareholders approved the separation of Canal+ and Vivendi, with the aim to list the Paris-based firm in London on Monday. Sky UK has signed a multi-year agreement with Warner Bros Discovery.
Prices of EUROPE Gases drop on forecast for warm weather
Dutch and British wholesale prices of gas were lower on Monday due to a forecast for warmer weather and the market ignoring the geopolitical developments that have taken place in Syria. By 0948 GMT, the benchmark front-month contract for the Dutch TTF hub had fallen 0.81 euros to 45.56 Euro per Megawatt Hour (MWh), which is $14.38/mmbtu. The day-ahead contract in Britain fell by 1.4 cents to 113.5 pence per therm. On Sunday, Syrian rebels announced that they had overthrown President al-Assad.
Equinor sells assets worth up to $2 billion in Nigeria and Azerbaijan
Equinor announced on Monday that it had completed the sale of its assets located in Nigeria and Azerbaijan, for up to a $2 billion total. This marked the end of the Norwegian oil company's presence in the two countries, which lasted more than 30 years. The group stated that the divestments announced in 2023, and completed recently, would boost cash flow for the fourth quarter. They were also in line with Equinor’s strategy of optimising its international portfolio.
Winds of Change Blew Through Offshore Wind, and Denmark Missed It
Analysts said that the failure of Denmark to receive any bids for an offshore wind energy tender this week is due to a rigid auction system, a failure adapt to a changing economic reality and increased competition.It was a major blow for Denmark, the home of turbine manufacturer Vestas, and offshore developer Orsted. Both companies have been pioneers in both onshore and offshore wind power.The Danish North Sea tender, for a minimum of 3GW of capacity, did not offer any subsidies.
Developer: Five investors bid for UK Sizewell C nuclear stake in the bidding process
The project developer said on Thursday that five investors were involved in the bid to buy stakes in Sizewell C, the nuclear plant being constructed in Britain by EDF and the British government. The Labour Party in Britain has stated that nuclear plants are important to help the country achieve its climate goals and decarbonise their electricity sector. The project is looking for investors to invest in the Sizewell-C nuclear plant. It hopes to make a decision on the financial investment next year.
Prices for EUROPE GAS are down slightly after the previous session's dip
The Dutch and British wholesale prices of gas were slightly lower Thursday morning. They traded in a narrow band after a steep decline the previous session. This was due to the revised weather forecast for the end week, which is now warmer and more windy. It is possible that prices will rise as the cold weather expected for next week may increase gas demand. By 1001 GMT, the benchmark front-month contract for the Dutch TTF hub had fallen by 0.13 euros to 46.93 euro per megawatt (MWh) or $14.85/mmbtu.
Equinor and Shell form UK Oil and Gas Joint Venture
The Norwegian group announced on Thursday that Equinor, a Norwegian oil company, and Shell would combine their British offshore assets in order to form a new entity owned by each party at 50%. The joint venture is expected to be the largest independent producer in the British North Sea by 2025, Equinor stated in a press release. Equinor announced that the company would be based in Aberdeen in Scotland and be established to maintain domestic oil and natural gas production as well as energy security in Britain.
