EUROPE GAS - European benchmark gas hits new intraday low of 18 months on milder outlook
As the milder weather has lowered demand for heating, and as markets await any progress in U.S. led Russia-Ukraine talks, the European benchmark contract reached its lowest intraday price in over 18 months on Sunday morning. LSEG data shows that the benchmark Dutch front-month contract was at its lowest intraday price since May 15, 2024, at 28.05 Euro per megawatt hour or $9.55/mmBtu. The Dutch February electricity price fell by 0.53 euros to 28.22 Euro/MWh.
Spot prices increase on lower wind output
The European spot electricity prices rose on Tuesday as the wind generation output is expected to decline in France and Germany. LSEG data shows that the German baseload day-ahead power price at 0943 GMT was 102.50 Euros ($119.09 per megawatt-hour), up 9.7% on Friday's closing price for Monday delivery. Data showed that the equivalent French price for Monday delivery was 82.25 Euros/MWh. This is a 5.4% increase from the Friday price.
Kurdish Prime Minister says Iraq's Khor Mor gas field will restart production in hours
Masrour barzani, the Iraqi Kurdish prime minister, said that the region of Kurdistan in Iraq had agreed to restart production at the Khor Mor field within hours, to restore electricity. This was announced on Saturday after the field suffered an attack. Khor Mor, the largest gas field in Kurdistan, supplies power to the region. Dana Gas, the joint field operator, announced on Thursday that a rocket struck a tank of gas late Wednesday night…
China is preparing for a record-breaking winter in terms of power and gas consumption.
An official of the National Development and Reform Commission said that the peak demand for electricity in China and the peak gas consumption will both be at their highest levels ever recorded this winter. The winter and summer are the peak seasons for electricity demand due to heating and cooling. Shanghai's grid experienced record demand this summer as temperatures spiked. The…
French prompts to be cut by more than half due to forecasted weaker demand
The French spot electricity prices fell on Friday on the back of forecasts for higher temperatures and a stronger wind supply. Germany's prices, however, were not traded but were bid lower. LSEG’s day-ahead analyses cited a lower residual load overall in Germany, which meant fewer thermal plant requirements, with some intraday variations. LSEG data indicated that the electricity demand for the day ahead will probably fall by 1.8 gigawatts to 63.4 GW in Germany…
After drone attack, operations at major Iraqi gas fields are suspended
Field engineers reported on Wednesday that a drone attack caused the suspension of operations in the Khor Mor Gas field, which is one of the largest fields of gas in Iraqi Kurdistan. The Natural Resources and Electricity Ministries said in a statement that all gas supplies to power plants in Kurdistan were stopped following the attack. Security sources reported that the attack on field storage tanks started a fire, and injured some workers.
Energy operator warns of emerging risks to UK gas supply as demand declines slowly
The energy operator in Britain warned on Wednesday of possible shortages during the coldest months. In its first assessment of gas supply security since being established last January, the National Energy System Operator stated that while overall demand for gas will decrease as Britain decarbonises it will be slower at peak times. This could pose a risk if progress in cutting emissions stagnates or if major infrastructure is faulty.
Orsted and ESB won 900 MW of offshore wind tenders in Ireland
Orsted announced on Wednesday that Ireland had awarded the rights to build a 900 Megawatt (MW), offshore wind farm, to a joint-venture between Denmark's Orsted utility and Irish utility ESB. The Tonn Nua project was awarded with a 20-year contract-for-difference (CfD) secured at a strike price of 98.72 euros ($114.32) per megawatt hour. Developers are guaranteed a fixed electricity price.
Abu Dhabi's GSU launches $1 billion energy project in Yemen
On Wednesday, the United Arab Emirates announced that it would launch energy projects in Yemen worth $1 billion to help rebuild its energy sector. These will be implemented through Abu Dhabi-based Global South Utilities. GSU announced in a press release that the agreement would see the company develop a portfolio of projects including solar and wind energy, as well as distribution networks throughout the country.
EDF considers selling the US renewable unit in full to concentrate on French nuclear
EDF, the French state-owned utility, is looking at selling all of its U.S. Renewable Energy business, according to its CEO on Wednesday. The company has a focus on developing its nuclear operations in France, while U.S. wind and solar support has been reduced. Bernard Fontana, who spoke on the sidelines at the Adopt AI Conference in Paris, said that the company was considering selling between 50% and 100% of its U.S. Renewable unit.
India's energy regulator is considering auctioning grid slots if renewable projects fail.
According to a paper posted on the website, India's regulator of power is considering auctioning off transmission connectivity that was left idle due to renewable energy developers failing to sign power purchase contracts. According to the Central Electricity Regulatory Commission, approximately 31.8 gigawatts were granted as grid access for projects based on award letters. The connectivity is still unused, as no power purchase agreements were executed.
Lower demand and rising green energy production curb spot prices
The European power prices fell on Wednesday due to a combination forecasts of higher wind and solar production and rising temperatures that weighed on the demand. LSEG's analysis noted a lower residual load, which would mean that thermal plants do not need to be boosted to match renewable energy output. LSEG data indicated that the electricity demand for the day ahead will probably fall by 2.1 gigawatts to 65.9 GW in France, and by 200 MW to 65.4 GW in Germany.
Oil Prices Fall as Ukraine Signals Support for Peace Deal
Oil prices fell over 2% on Tuesday after Ukraine hinted that an intense diplomatic push by the U.S. administration to end Russia's war against it could be yielding fruit.An end to the war in Ukraine could pave the way for the unwinding of Western sanctions against Moscow's energy trade, potentially adding more supply at a time when prices have been battered by expectations of a glut next year.Brent crude futures fell $1.45, or 2.3%, to $61.92 a barrel by 11:19 a.m.
German prices are still high, but they have fallen in France.
The cold weather boosted the prices of France's power contracts, which are based on prompt delivery, in wholesale trading Tuesday. Germany's prices, however, fell, but remained nearly twice as high as their French equivalents. In recent days, low temperatures and a decline in wind power have increased electricity prices and caused them to be volatile. This is due to the weather-driven fluctuations in renewable output.
Analysis finds that China's coal plant permits will be at a four-year low by 2025.
A new Greenpeace report showed that China's coal plant permits will fall to their lowest level in four years. This is due to the growing demand for renewable energy sources. Greenpeace has found that China allowed 41.8 gigawatts to be added to coal plant capacity during the first quarter of 2025. If the current pace is maintained, the 2025 permits will be the lowest since 2021.
Shell and Ferrari Sign Long-Term Green Power Supply Deal
Shell announced on Tuesday that it had signed a long-term agreement to provide Ferrari with renewable energies until 2034. This will help the luxury automaker reduce its carbon emissions. In recent years, power purchase agreements have become more popular in Italy as a means for manufacturers to lock-in energy costs and secure renewable power. Shell will provide 650 gigawatt-hours of electricity over a period of 10 years…
X-energy raises $ 700 million for nuclear reactor expansion projects in the US
X-energy, a developer of nuclear reactors, announced on Monday that it had completed a $700m financing round led Jane Street. The funding will be used to expand the company's supply chain and its commercial pipeline. After years of stagnation the U.S. Nuclear industry is experiencing a renaissance, driven primarily by the surging demand for power from so-called Hyperscalers who operate massive cloud computing infrastructure to manage increasing AI processing.
Russell: COP30 agreement is not important in the battle between renewables and fossil fuels.
It was not realistic to expect anything better from the COP30 Climate Summit than a weak statement that omitted all mention of fossil fuels. It was never going to be easy to bring nearly 200 countries together with vastly different perspectives and make a statement of commitment to fight climate change. After the Belem summit, the question that needs to be asked is, does what the final statement says and doesn't state, really matter?
German spot price drops by 200 Euros on cold, still weather
German spot power prices for Tuesday increased on the expectation of a sharp decline in wind power supplies, while colder temperatures will increase demand for heating. The French baseload electricity price dropped over the weekend, despite the increase in nuclear power. The spot power price is much more volatile now than it was before the energy crisis of 2022, and the average is higher than the prices in 2019. Nic Goldberg, partner at Colombus Consulting, said that.
Russell: COP30 agreement is not important in the battle between renewables and fossil fuels.
It was not realistic to expect anything better from the COP30 Climate Summit than a weak statement that omitted all mention of fossil fuels. It was never going to be easy to bring nearly 200 countries together with vastly different perspectives and make a statement of commitment to fight climate change. After the Belem summit, the question that needs to be asked is, does what the final statement says and doesn't state, really matter?