The demand for US natgas is expected to reach a record high on Tuesday
The U.S. demand for natural gas is expected to hit a record on Tuesday as the extreme cold that has affected much of America puts pressure on power grids, and certain oil and gas operations. Last week, the February natural gas contract reached its highest price since December 30, 2022. The cold weather that accompanied the weekend had the potential to reduce output due to the freezing of gas wells and pipelines.
Spot prices drop on higher expected wind generation
The European power prices for the next day were lower than on Monday, as a result of a slight decline in wind energy supply. This was partially offset by an increase in electricity demand. LSEG data shows that the price of German baseload electricity for Tuesday at 0933 GMT was 169.75 Euros per Megawatt Hour (MWh), down 2% compared to Friday's Monday price. The French day-ahead electricity was at 156.25 Euros/MWh.
On Monday, temperatures and wind supply are expected to increase.
On Friday, European prompt power rates for Monday were not traded due to the expectation of a higher wind power supply in France and a lower demand throughout the region. LSEG data shows that the German and French baseload contracts for Monday did not trade by 0948 GMT. LSEG data indicated that German wind output is expected to increase by 10.4 gigawatts to 46.5 GW on Monday, while French output should gain 14.3 GW up to 16.6 GW.
Spot prices drop on strong renewable production
German and French power prices dropped on Monday morning, as a result of the strong production from wind and solar farms in the region. At 1030 GMT, the German baseload power day-ahead was trading at 58 Euros/MWh. LSEG data shows that this was a drop of more than 50% compared to the last traded level, 119.25 euro/MWh, on December 27. The LSEG data shows that the French baseload power for day-ahead was 82.50 Euros per megawatt hour…
Japan aims to reach 40-50% of its power needs from renewable sources by 2040
According to a draft version of the revised basic energy policy of Japan, it wants nuclear power to make up 20% of its mix of electricity by 2040, while renewable energy will account for 50%. This is part of a push to promote clean energy and meet rising demand. Japan's basic energy plans, as the second largest importer of natural gas liquefied in…
New York grid operator warns about undersupply by 2033
The state grid operator warned on Thursday that New York City could face power shortages in summer 2033 due to a growing electricity demand and a decreasing supply of fossil-fired generators. The New York Independent System Operator stated that the trend to shut down power plants more quickly than they can be replaced by clean, new sources of supply…
US natgas manufacturers chase AI-driven surge of power demand to weather low price
Shale gas producers are contacting data-center operators in the U.S. Permian Basin to build up the capacity needed to power an AI boom. They want to relieve the pressure of a two-year-old slump in prices. Devon Energy, Expand Energy Diamondback Energy and Permian Resources highlighted the potential of AI and data centres to drive gas consumption and said that they were in preliminary discussions with many operators.
TC Energy expects higher core profit in 2025 on natgas and electricity demand
TC Energy announced on Tuesday that it expects its core profit in 2025 to be between C$10.7 and C$10.9 Billion, higher than the C$9.9 to C$10.1 Billion forecast for 2024. This is due to an increase in demand for electricity and natural gas. In its most recent short-term energy outlook report, the U.S. Energy Information Administration predicted that…
RTE: French power exports to reach 22-year-high in 2024 due to abundant supply
French grid operator RTE stated on Wednesday that France's power output could be at its highest level in two decades, due to the abundance of gas for the winter months and the high availability of both nuclear and gas-powered power plants. The return of the nuclear fleet to the market at the start of this year and the heavy rains that boosted hydropower production helped lower the market prices…
Germany mandates open market sales of new wind and solar plants
The German cabinet approved Wednesday plans that will require the majority of operators of new solar and wind power plants to independently sell their electricity on the open markets. This is to improve the integration renewables in the country's system. According to a new energy policy, even small facilities of 25 kilowatts must self-market instead of selling their power to the grid with guaranteed prices.
Vattenfall invests 5 billion euros in Germany’s clean energy market
Vattenfall, a Swedish energy company, wants to invest in Germany five billion euros ($5.34billion) in climate-friendly products over the next few years. Robert Zurawski, German Finance Chief, said that the company plans to use the money to build wind and solar farms in the country as well as charging stations by 2028. He said that Germany is the fastest growing market in Europe for renewable energy.
German spot prices fall on the back of a wind forecast, while French prices increase on demand
On Thursday, the European spot electricity prices were mixed. Germany's fell on expectations of increased wind power generation, while French prices rose due to projected higher consumption. The LSEG report also identified the increased solar power and brown coal generation as factors affecting market. German baseload power fell 35.4% to 114.8 euros (123.50 dollars) per megawatt-hour (MWh) by 1035 GMT.
Spanish renewables warns against threats to investment
Renewables lobby APPA warned that the mismatch between an increasing supply of renewable energy and electricity demand, which is struggling to grow in tandem with low wholesale power prices threatens future investment in the sector. He said that, in terms of pricing, "By 2024 we expect to have about 10% of our hours at zero, or even negative, power prices." April was the lowest month of the entire historical series.
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 wind power production was expected…
McKinsey says that Europe's power consumption for data centres is expected to triple between now and 2030.
A McKinsey study showed that Europe's data center power consumption will almost triple by 2030. This will require an increase in electricity, mostly from low carbon sources, as well as grid infrastructure upgrades. In the last couple of years, data centre investment has increased as digitalisation (AI) and digitalisation have gained momentum. The…
GIC and Macquarie are interested in selling a $2 billion stake in EDC Philippines, according to sources
Two sources familiar with the matter have confirmed that Macquarie and GIC are considering selling their roughly 30% stake in Energy Development Corp. (EDC) of the Philippines, a deal which could bring in $2 billion. Sources who declined to identify themselves because the discussions are private said that they were in preliminary discussions with advisors, and that no decisions had been taken.
Southeast Asia must increase investments by five times to achieve climate goals by 2035, according to the IEA
International Energy Agency stated on Tuesday that Southeast Asia must increase its clean energy investment to $190 billion by 2035, or five times current levels, to achieve climate goals. The IEA stated in a recent report that increasing energy investments must be accompanied with strategies to reduce emissions at the relatively new fleet of coal-fired power plants.
Falling temperatures are expected to increase demand
As temperatures drop in the entire region, Tuesday is likely to see an increase in electricity demand. By 8:10 GMT on Tuesday, the German baseload electricity price was 98 euros per megawatt-hour (MWh), down 12.9% compared to Friday's price for Monday delivery. LSEG data shows that the equivalent French contract is now at 82.50 Euro/MWh, an increase of 42.2%.
China's rapid electricification is hurting oil producers, says Russell
O Ver-estimating China's desire for crude oil has played a role in the oil markets, particularly by OPEC. This theme is likely to continue into future years. China is the leader in the transition to electric cars, having already reached 50% of new sales. The rest of the globe is expected to reach this level by 2030. According to this forecast (which is what the IEA calls the Stated Policies Scenario…
Grid operators claim that Britain will have enough energy this winter to meet the needs of its citizens
The UK's electricity and Gas Grid Operators expect enough supplies this winter with more power imported and domestic production available than last season and high gas storage in Europe, said they on Tuesday. National Gas and Britain's National Energy System Operator, (NESO), publish annual reports on the supply and demand for the upcoming winter to assist businesses and governments in preparing.
