Syrian president, Chevron discuss cooperation in oil, gas exploration, state news agency says
The Syrian state news agency reported on Tuesday that President Ahmed al-Sharaa of Syria met with representatives from U.S. oil giant Chevron and Syrian Petroleum Company in order to discuss the cooperation between the two companies for oil and gas exploration on Syrian shores. The state-run news agency didn't provide any further details about the discussions. Chevron didn't immediately respond to an inquiry for comment.
Saudi Finance Ministry says Aramco Jafurah Gas Plant has begun production
Saudi Finance Ministry announced on Tuesday that the first phase of Aramco’s Jafurah Gas Plant is completed and production with a capacity 450 million cubic foot per day has started. The ministry included the achievement in its budget statement for 2026. Jafurah could be the largest shale-gas project outside of the U.S. It is expected to achieve sustainable production levels of 2 billion cubic foot per day by 2030.
Tetra is considering a magnesium project in Arkansas with Pentagon-backed Magrathea
Tetra Technologies said on Tuesday that it may form a joint-venture with the Pentagon-backed startup Magrathea in order to build America's first magnesium refinery, and increase domestic supplies of this metal. U.S. Magnesium, a privately owned company, closed its Utah operation in 2022 due to environmental concerns. According to the U.S. Geological Survey, China produces 95% of all magnesium in the world.
Prices spike on demand and supply decreases
The European power price rose sharply on Tuesday, thanks to a combination of lower forecasts for wind and solar energy generation and higher consumption as temperatures in the region declined. Demand is slightly higher. In a research note on the day ahead, LSEG said that wind supply was dropping. It also added that thermal power was more available. LSEG data shows that the French baseload day-ahead traded at 91 Euros ($105.68 per megawatt hour) at 855 GMT…
Merafe starts layoffs after proposal for electricity tariff fails to save South African Smelters
Merafe Resources announced on Tuesday that its chrome joint venture, with Glencore, has started formally laying workers off after a proposal for an electricity tariff failed to ensure the viability of two South African ferrochromesmelters. According to Glencore's estimates, South Africa has approximately 80% the known world chrome ore reserves. This makes the country a major player in the global ferrochrome industry.
India's November electricity output drops due to weak cooling demand and slower industrial activity
India's electricity output dropped for the second consecutive month in November, as a milder weather pattern and a slower pace of industrial activity kept demand for electricity low. Calculations based on data daily from the federal grid regulator Grid India showed that total electricity production in November decreased about 1% compared to last year, after a 6% drop in October.
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.