Finland's final active coal-fired heat and power plant closes
The last coal-fired heat and power plant in Finland will be permanently shut down on Tuesday. This will allow the Helsinki energy group Helen, which is based in Helsinki, to reduce its emissions, and end rising energy prices for its customers. The capacity of Finland to produce renewable energy and heat, including wind and solar power, has grown rapidly over the last few years. This has led to a dramatic decline in coal use after the previous government passed a coal ban law in 2019.
Shell warns that Australia's gas reservations plan could worsen shortages
Shell warned Tuesday that Australia's proposal to force more gas from export onto the domestic market would end up discouraging investment and worsening shortages. Energy has become a major issue in the campaign ahead of Australia's general election on May 3. The conservative Liberal-National Coalition pledged to lower power bills and avoid a shortage on the East Coast through a reservation scheme. Shell Australia Chair Cecile wake said that export controls are not the best solution.
Sources say that EU is targeting energy laws to reduce red tape.
Sources familiar with the matter said that the European Commission is examining changes to EU energy law as part of its next set of proposals to reduce the regulatory burden on struggling industries. Brussels has started a campaign to eliminate layers of bureaucracy, which European businesses claim puts them at a competitive disadvantage with China and the United States where the Trump Administration is aggressively rollingback regulation.
Sources say that EU is targeting energy laws to reduce red tape.
Sources familiar with the matter said that the European Commission is considering changes in EU energy laws to reduce the regulatory burden on struggling industries as part of its next set of proposals. Brussels has started a campaign to eliminate layers of bureaucracy, which European businesses claim puts them at a competitive disadvantage with China and the United States where the Trump Administration is aggressively rollingback regulation.
OPEC holds view that demand is not a concern, despite claims by Kazakhstan to lead the jump in OPEC+ production
OPEC announced on Wednesday that Kazakhstan was the country responsible for a significant increase in crude production in February by the wider OPEC+ group. This highlights a challenge facing the producer group to enforce adherence of agreed output targets. The Organization of the Petroleum Exporting Countries (OPEC) reported that OPEC+ - which includes OPEC, Russia, and other allies - increased its output in February by 363,000 barrels a day, to 41,01 million bpd. Kazakhstan was the leading producer.
CERAWEEK - IEA chief sees investment needed in existing oil and gas fields
Fatih Birol said that the International Energy Agency in Paris, which is headed by Fatih Birol himself, has a responsibility to invest in oil and natural gas fields for the sake of global energy security. After years of pressure from fossil-fuel advocates, the pro-drilling campaign was relaunched. He said, "I would like to be clear... that there will be a requirement for investment. This is especially true to combat the decline of the existing fields." At the CERAWeek conference on energy in Houston.
Baghdad seeks to replace Iranian gas after US action on Iraq-Iran energy trade
Baghdad, which has been unable to import electricity from Iran due to U.S. sanctions, is now looking at Qatar and Oman, should Washington also impose the same restrictions on their gas trade, according to the head of Iraq's South Gas Company. A spokesperson for the State Department said that President Donald Trump’s administration revoked on Saturday an exemption from sanctions which allowed Iraq since 2018 to pay Iran electricity. The move was part of its campaign of "maximum pressuring" against Tehran.
US Supreme Court dismisses state climate lawsuits against oil companies
The U.S. Supreme Court on Monday rejected a bid from 19 Republican-led state led by Alabama, to stop five Democratic-led state from pursuing lawsuits against major oil companies for deceiving public about the role that fossil fuels played in climate change. The justices refused to hear a case filed directly at the Supreme Court by Republican attorneys general. This case targeted cases filed against Exxon Mobil and other companies such as Chevron, ConocoPhillips Shell, BP, Shell, ConocoPhillips.
US oil licenses and authorizations for Venezuela
Since the United States first imposed sanctions against Venezuela's energy industry in 2019, it has granted licenses to certain oil companies, allowing them to export Venezuela's oil into specific destinations. Washington imposed sanctions after international observers reported irregularities at elections which have kept Nicolas Maduro on the throne repeatedly. Donald Trump, the U.S. president, announced on Wednesday that he would revoke a license for a U.S. oil producer Chevron Corp.
Indonesia will maintain the monopoly of electricity by state utilities, says the president's assistant
A close advisor to Indonesian President Prabowo said that he has decided to not change the monopoly of the state-owned power utility on the electricity markets despite calls to liberalise the market to encourage investment in renewable energy. Hashim Djojohadikusumo is the brother of the president and his adviser. He said that despite some conglomerates' requests, Prabowo had decided to keep PLN as a monopoly. During the election campaign last year…
As the price cap increases by 6.4%, millions of Britons will be paying more for their energy.
After Ofgem announced that its domestic price cap will rise by 6.4% in April due to the soaring wholesale prices of energy, millions of Britons are expected to pay more for their energy. This is the third consecutive quarter that the price has risen. It's a major blow to the government which has set reducing energy costs as one of its goals. This comes on the heels of higher than expected inflation numbers for January. Ofgem has increased its cap for electricity and gas usage to 1…
Taiwan sends officials to the US to discuss possible Trump Tariffs
Kuo Jyh Huei, the Economy Minister, said that Taiwan sent officials to Washington, D.C., to discuss potential U.S. Tariffs by President Donald Trump. The government has also made preparations in case they are imposed. The possibility exists that Trump, who accused Taiwan of stealing American semiconductor business during his campaign last year, will actually follow through with his threats to impose tariffs on imported chip imports.
OPEC and Saudi Arabia spare oil production capacity
A U.S. official stated on Tuesday that U.S. president Donald Trump would restore his "maximum-pressure" campaign against Iran and bring its oil exports down to zero. This would increase oil prices, and force others to pump even more. Saudi Arabia, the United Arab Emirates and Iraq, along with other members of the Organization of the Petroleum Exporting Countries (OPEC), hold the majority of the world's spare production capacity. This is the idle oil that can be turned on in the event of a war or natural disaster. How much is there?
Russell: China's impact on US energy trade is minimal at first.
China responded to the tariffs imposed by President Donald Trump with its own measures, effectively killing off trade between the United States in crude oil and liquefied gas as well as coal. China, which is the largest importer of these three commodities in the world, imposed import duties on Tuesday of 15% for U.S. coal and LNG, and 10% for crude oil and farm machinery. Beijing made its move after the Trump Administration imposed an extra 10% tariff on all Chinese imports into the United States.
In Davos European executives support Trump's call to action on deregulation
Davos business leaders joined President Donald Trump in calling on the European Union (EU) to increase its efforts to reduce regulations and boost competition so that the EU does not fall further behind other developed countries. Trump said via videoconference to the business elite in Davos at the World Economic Forum annual meeting, that the European Union was unfair and made it hard for the U.S. to import products into Europe.
Stocks in the US react differently to Trump's first official day as president
Tesla, prison operators, and other "Trump trades", were volatile Tuesday as investors analyzed a flurry of executive orders issued by President Donald Trump just hours after taking his oath. Trump announced his plans to increase oil production, reduce immigration and impose tariffs on Monday as he began his second term as president of the United States. Investors braced themselves for increased volatility under Trump 2.0 as some "Trump Trades", or bets about what the president will say, rose on Monday while others fell.
What is known about Trump’s executive orders following his swearing-in?
Donald Trump, the U.S. president, began issuing what was expected to be an avalanche of executive orders and directions on Monday as he tried to stamp his mark on his new government on issues ranging from immigration to energy. Sources familiar with the plans say that more than 200 orders and directives may be issued in a "shock and awe" campaign. Trump revoked Monday, at a rally in a sports stadium, 78 executive orders from the previous administration.
What is known about Trump’s executive orders following his swearing-in?
Donald Trump, the U.S. president, said on Monday that he will issue what is expected be a flurry executive orders and directions as he seeks to stamp his new administration in matters ranging between energy to immigration. Sources familiar with the plans say that more than 200 orders and directives may be issued in what's known as an "escape-and-shock" campaign. In his inaugural address, shortly after being sworn into a second term at the White House…
What we know about Trump’s executive orders following his swearing-in
Donald Trump, the U.S. president, said on Monday that he will issue a series of executive orders and instructions to stamp his mark on his administration. These directives and orders are expected to cover a wide range of issues from immigration to energy. Sources familiar with the plans say that more than 200 orders and directives may be issued in what's known as an "shock-and -awe" campaign. In his inaugural address, shortly after being sworn into a second term at the White House…
What we know about Trump’s executive orders following his swearing-in
Donald Trump, the U.S. president, said on Monday that he will issue what is expected be a flurry executive orders and directions as he seeks to stamp his new administration in matters ranging between energy and immigration. Sources familiar with the plans say that more than 200 orders and directives may be issued in a "shock and awe" campaign. In his inaugural address, shortly after being sworn into a second term at the White House…
