EU Ministers call for a united front on the energy crisis
The European Union Finance Ministers will coordinate their response on Friday to the energy price surge caused by the Iran 'war. They will ensure that the measures help the most vulnerable and?move Europe away from fossil fuels while keeping fiscal costs and demand under control. Since the U.S. and Israeli strikes against Iran began on 28 February, oil and gas prices have risen dramatically.
Taiwan freezes its electricity rates to maintain the industry's competitiveness and stabilize prices
The economy ministry announced 'on Friday that Taiwan won't raise its electricity prices for the time being, despite the fact that energy prices are higher due to the Middle East war. This is to maintain price stability and to keep the industrial competitiveness. The government is trying to limit price increases for consumers across the board to help reduce the impact of rising energy prices internationally, including heavily subsidising energy.
As war disrupts LNG exports, Japan is considering increasing coal-fired energy
The Japanese industry ministry plans to propose increasing the use of coal-fired electricity generation in the fiscal year starting in April as the U.S.-Israeli conflict with Iran creates uncertainty about liquefied gas imports. Japan imports around 6% of all its LNG through the Strait of Hormuz, which is effectively closed because of the war. The Ministry of Economic, Trade, and…
India reduces special excise duty on petrol and diesel
India has slashed the special excise duty on 'petrol and diesel' as fuel prices remain volatile, with supplies being?stifled by the Iran war. The Indian Finance Ministry reduced the special excise tax on petrol from 13 rupees per litre to 3 rupees (US $0.0318) in a government order issued Thursday. The duty on diesel was also reduced to zero rupees from 10 rupees. The U.S. and Israeli war against Iran?has resulted in a near-closure of Strait of Hormuz.
India's auto industry is asked to optimize production due to the Iran war affecting energy supplies
A government memo obtained by shows that India has asked automakers to reduce production to save fuel amid fears of shortages due to disruptions in oil and gas imports from the Gulf because of the war with Iran. According to a?March 25, 2018 advisory, the heavy industries ministry also encouraged companies to switch from oil-based fuels into electricity. They were also encouraged…
The Iranian market is a catalyst and a slowdown for the European green energy race
Investors are wary of the market volatility and interest rate hikes expected in the future, as well as the slow permitting process. The 'war in Iran' and its associated surge in fossil fuel prices has prompted some politicians to push for more renewable energy. Nearly a month after the conflict in the Middle East that caused the "largest energy market disruption ever", countries that rely on oil and gas imports are looking for alternatives and scaling up green energy.
Philippines suspends spot electricity sales due to Middle East conflict
The Philippines announced on Thursday that it had suspended the sale of electricity at spot prices until further notice due to fuel supply risks and price volatility caused by Iran's war. The suspension was ordered by a decree declaring a national energy emergency in order to deal with fallout of the war, including disruptions in fuel procurement. The Energy Regulatory Commission…
India plans to reduce emissions intensity by 47 percent by 2035 compared to 2005 levels
Ashwini Vashnaw, India's Information Minister, said that the cabinet had?approved an objective to reduce emissions intensity by 47% from 2005 levels by 2035 as part of India's formal climate pledges under?the Paris Agreement. The intensity of emissions is the ratio between greenhouse gas emission and an economy's size. Vaishnaw, India's Minister of Energy, said that the country aims to increase the percentage of clean-energy capacity installed to 60% in the next decade…
Prices of EUROPE GAS fall amid tentative market expectations for an end to the Iran war
Dutch and British benchmark gas prices fell early on Wednesday to their lowest level in nearly two weeks, following news of the U.S. initiative to negotiate an end to the war with Iran which has stopped around a fifth?of global oil and natural gas supplies. Intercontinental Exchange data showed that the benchmark Dutch front-month contract for the TTF hub had fallen by 4,44 euros to 49,60 euros per megawatt at 0855 GMT.
Russell: The war fuel crisis in Iran gives electric vehicles a boost for the long term.
The U.S. president Donald Trump is known for his support of fossil fuels. However, the war on Iran will likely result in an acceleration of energy transitions, particularly in Asia. Retail fuel prices have risen rapidly in the world's fastest-growing and most populous region since the U.S.-Israeli aerial campaign against Iran began on February 28. In Australia, for example, the cost of a litre?diesel has reached a record high of A$3 ($2.09)…
Investors predict that the war in Iran will increase Chinese demand for renewable energy
Investors rush into Chinese renewable stocks betting that the oil shock caused by the Iran War will increase?global green energy demand, a sector China dominates. This 'portfolio' trend in Asia is a result of growing concerns about energy security in Asia and a growing distrust for Washington. It contrasts with the United States, which has shifted back to oil and gas. Aaron Costello…
Russell: The war fuel crisis in Iran gives electric vehicles a boost for the long term.
The U.S. president Donald Trump is known for his support of fossil fuels. However, the legacy of war against the?Iran will likely be an acceleration in the energy transition. This is especially true in Asia. Retail fuel prices have risen rapidly since the U.S.-Israeli aerial campaign began on February 28, causing the world's fastest growing region to be hit by the fallout. In Australia…
Investors predict that the war in Iran will increase Chinese demand for renewable energy
Investors rush into Chinese renewable stocks, betting that the oil shock caused by the Iran War will boost global demand for the green energy sector, which China dominates. This portfolio?trend, spurred by?heightened concerns about energy security?and 'growing distrust of the U.S.'s reliability contrasts with the United States returning to oil and gas. "As you step back and the dust settles, or the price of crude oil begins to drop,...
NextEra CEO: NextEra has secured land in Texas to build a giant gas plant that will power data centers
NextEra Energy secured land in?Texas to build a gas-fired power plant that will be used to power a massive data?center. The project is backed by a U.S.Japan agreement. Last week, the power provider revealed that President Donald Trump's administration had approved the construction of two gas plants totaling 10 gigawatts in Texas and Pennsylvania. This will help to meet the exploding electricity demands of data centers.
Iran denies talking to US after Trump delays strikes on power grid
Iran denied on Monday that it was in negotiations with the United States after President Donald Trump backed down from a threat to attack Iran's electricity grid due to?productive talks he had with unidentified Iranian officials. An official from Europe said that although there were no direct talks between the two countries, Egypt, Pakistan, and Gulf states "were relaying" messages. An official from Pakistan and a second person told?
Total CEO: Iran war disruption that goes beyond 3-4 months is a systemic threat to the global economy
Patrick Pouyanne, CEO of TotalEnergies, said that a 'disruption in global energy supply from the U.S. and Israeli?war against Iran? lasting beyond three to four months would pose a serious systemic risk for the global economy. Pouyanne, speaking at the CERAWeek conference in Houston, said that the disruption of global fuel supplies was worse than disruptions to crude oil supply?because they were exacerbated by an export ban from China on products such as diesel…
UAE shares fall on Iran's warning of retaliation against Gulf water and energy infrastructure
The stock markets of the United Arab Emirates fell on Monday, 'after Iran warned that it would attack energy and water infrastructure in the Gulf region if U.S. president Donald 'Trump followed through with a threat to attack its electricity grid. Trump threatened on Saturday to "obliterate", Iran's nuclear power plants, if Tehran does not reopen the Strait of Hormuz in 48 hours.
Iran threatens to retaliate after Trump's ultimatum against Gulf water and energy
Iran has warned that it will strike water and energy infrastructure in the Gulf region if U.S. president Donald Trump follows through with his threat to "attack" its electricity grid. This is raising fears about a massive disruption of drinking water for a region heavily reliant on desalination. Trump gave a deadline of 7:45 pm EDT (2345 GMT) on Monday, warning late Saturday that…
Cuba Reconnects Electrical Grid, Millions Remain Powerless
Cuba has reconnected its electrical grid across much of the island, the Energy and Mines Ministry said early on Tuesday, just hours after U.S. President Donald Trump escalated his rhetoric against the communist-run island, saying he could do anything he wanted with Cuba.Cuba's national electric grid collapsed on Monday, leaving about 10 million people without power amid a U.S.-imposed…
EU scrambles for energy cost reductions as Iran war hits the markets
Energy ministers from the European Union will meet on Monday to discuss options for reducing 'energy costs. Officials are drafting emergency plans to temper the 'impact of surging gas and oil prices caused by war in Iran. According to EU officials who are familiar with the discussions, the European Commission is developing emergency measures to protect consumers from rising energy costs.