South Korea plans to build two large nuclear reactors and increase the use of renewable energy in its energy mix
The South Korean industry ministry announced that the country finalised a new plan for its energy mix on Friday. It envisages building two large nuclear power plants as well as one small reactor, by the year 2038. In a statement, the ministry stated that it also aims to ensure renewable energy of an average 7 gigawatts per year. South Korea's nuclear power production is expected to increase from 180.5 Terawatt-hours (TWh), in 2023, to 248.3 in 2038.
Exxon to build large-scale gas projects in Guyana, a country dominated by oil
Exxon Mobil, the U.S. oil giant, announced a massive project on Wednesday to increase natural-gas production and supply in Guyana. This follows the government's request for more gas as fuel to power onshore projects and petrochemical ones. Alistair Routledge of Exxon Guyana, the head of Exxon in Guyana, outlined a "Wales Gas Vision" that will provide gas to produce fertilizers via a pipeline worth $1 billion completed last year.
Equinor will continue with the Rosebank oil and Gas Project in Britain
The UK manager of Equinor, the Norwegian oil and natural gas producer, said Wednesday at a conference on energy in New Delhi that the company will continue to develop its Rosebank oil field. Equinor, along with its partner Ithaca Energy, wants to develop the Rosebank Oil and Gas Field. However the plans to develop one of Britain's final major oil reservoirs have been a lightning-rod for climate activists who are calling for an end to fossil fuel production.
EEX gains new members with the addition of more OTC trading
The European Energy Exchange EEX is expecting a strong volume increase in 2025, as more market players join the exchange to hedge renewables or use the clearing functions. This was stated by its CEO at the E-World trade show. Peter Reitz, CEO of the exchange, said that in a recent interview, it had seen a 37% increase in its European power futures volumes in January. These have grown by 63% over 2024. Reitz stated that there are two main drivers for the growth of the exchange: new members…
ADNOC signs 5-year LNG deal with India's BPCL.
Sources with knowledge of the deal said that Bharat Petroleum Corporation in India will receive 2.5 million tons (LNG) of liquefied gas under a five-year contract. Sources said that the Indian state refiner would receive 40 cargoes of LNG per year under the five-year contract, with deliveries starting in April. One source said that the supply would be lower in the first two years and then gradually increase. Sources said that ADNOC and BPCL will sign a deal during the India Energy Week, a four-day conference.
Indian oil companies are in talks with U.S. LNG suppliers to purchase their supplies
Pankaj Jain, the Oil Secretary of India, said that Indian oil companies were looking to purchase U.S. LNG. This was boosted by Trump's administration lifting its ban on new export permits. India, the world's fourth-largest LNG importer, aims to increase its gas share in its energy mix from 6.2% to 15% by 2030. Jain stated that Indian oil companies were in talks with U.S. firms to source additional LNG. Among these companies, he said, were GAIL (India) Ltd., Indian Oil Corp. and Bharat Petrol Corp.
Israel urges the public to install solar panels on their roofs in order to generate electricity
Solar panels are being installed on roofs in Israel to harness the sun's power and help Israel meet its growing demand for electricity. Around 15% of Israel's electric production comes from renewable sources, while about 70% of it is natural gas. The Energy Ministry set a 30% target by 2030, which will increase dramatically by 2050, when the goal of net zero emissions becomes a reality. Ron Eifer is the head of the sustainable energy division at the Ministry.
Indonesia's plans for renewable energy may endanger forests
Indonesia, which is heavily dependent on coal for electricity, needs to move away from fossil fuels. It aims to generate 75 gigawatts from renewable sources over the next fifteen years. This compares with the 13 gigawatts it produces today. This push will be based on the use of biofuels that burn cleaner, i.e. organic material converted into liquid fuel. The government claims that biofuels will reduce Indonesia's dependence on costly fuel imports and greenhouse gases, while increasing palm oil production.
Net zero target needs $3.5 trillion in annual green energy investment, Wood Mackenzie says
Wood Mackenzie's report on Tuesday said that the investment in green energy must double every year to $3.5 trillion if we are to reach the Paris Agreement goal of net zero emissions by the year 2050. The consultancy's report said that, in addition to the investment gap, global efforts to switch to cleaner energy are under pressure due to concerns about energy security and tariffs and barriers to trade, which are stunting the electrification of growth globally.
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. The warning…
Saudi Aramco CEO calls on a reset in energy policies for developing countries
The head of Saudi Aramco, who called for a reset to policies in developing countries, said that progress in Asia's energy transition is slower, less equitable, and more complex than many had expected. Aramco CEO Amin Nasser said that even with the transition as economies expand and standards of living rise, the Global South will likely see significant growth in the oil demand for a very long time. While this growth will eventually stop, it is likely that a plateau is to follow.
Egypt reduces renewable energy targets to 40% by 2040, but keeps natural gas as the main focus
The Egyptian government has revised the renewable energy goal for 2040 from 58% to 40%, said Petroleum Minister Karim Badayi on Sunday. He also stressed that natural gas would remain an important part of Egypt's energy mix in years to come. Egypt committed to increasing renewable energy production by 42% to its energy mix before hosting the COP27 summit in 2022. Later, this target was advanced to 2030. Then-Electricity minister Mohamed Shaker announced in June 2024 an ambitious plan for this to reach 58% by the year 2040.
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, or STEPS), the growth of EVs will displace around 6,000,000 barrels of crude oil per day.
Chugoku's nuclear reactor restart plan shows Japan's commitment to the sector
Chugoku Electric Power Company, Japan, said Tuesday that it plans to restart the 820 megawatt (MW), No.2 nuclear reactor at Shimane Nuclear Power Plant in December and resume its commercial operations in January. The restart shows that Japan is committed to bringing more nuclear power plants back into operation. Shigeru Shiba, the new prime minister, has changed his initial opposition due to energy security concerns. Japan currently has 11 reactors in operation with a combined capacity of almost 11 gigawatts.
Official: Uganda wants to increase hydropower capacity by 1,600 MW
An energy official announced on Wednesday that Uganda was seeking funding to build three hydropower stations, which would increase the country's power capacity by over 1,600 Megawatts (MW). Wamala Julius Nmusanga is a junior official in the Ministry of Energy and Mineral Development. He said that the East African nation has identified three possible sites along the Nile River, with the largest being the 840MW Ayago Hydropower Plan.
New Industry Minister: Japan will keep nuclear but boost renewables as part of its energy mix
Japan will continue to restart nuclear power plants safely and use as much renewable electricity as possible, said Industry Minister Yojimuto on Wednesday. This indicates that the policy of newly appointed Prime Minister ShigeruIshiba is not likely to change significantly. Ishiba had promised to eliminate nuclear power before he was elected leader of the Liberal Democratic Party. He was sworn into office on Tuesday. He was the sole candidate who opposed nuclear power in Japan.
Austrian election puts Russian gas habits and a sputtering economic in focus
After the general elections on Sunday, the government in Austria that comes to power will be under increasing pressure to diversify their energy supply and move away from dependence upon Russian gas. This is happening at a time when Austria's economy is in reverse. A majority is not expected from any party. Opinion polls show that the far-right Freedom Party (FPO), which is friendly to Russia, has a slight lead. This could affect the speed of energy transition.
Oil Minister: India will continue to buy cheap Russian oil
Hardeep Singh puri, the oil minister, said that India was willing to continue buying oil from Russian companies who are permitted to sell oil at such low prices. Puri said in an interview given at the GasTech Conference in Houston that Western sanctions against Russia for its war in Ukraine have limited the price Russia could charge for its crude. India, he added, is willing to buy oil and natural gas from anyone at the lowest prices possible. He said that European countries as well as Japanese companies buy from Russia.
Brazil's fossil drive undermines Lula’s green ambitions
Brazil's government has invested heavily in fossil-fuels and plans to make the country the fourth largest oil producer by 2030. This month, President Luis Inacio Lula da Silva signed a law regulating the green hydrogen industry in the country. He will be hosting the United Nations COP30 Climate Summit next year. Which country can compete against us in energy transition? He asked this question at the signing ceremony. Lula said…
Officials in Indonesia have reduced the local content requirement of solar power plants from 50% to 20%.
Indonesia announced on Monday that it had reduced the local content requirement of solar power plants from 40% to around 20%. The country is looking to attract investment into projects which receive at least 50% of their funding through foreign multilateral and bilateral lenders.Jisman Hutajulu said at a press briefing that "we evaluated the rules so that renewable energy power stations, particularly hydro, wind, and solar, could be immediately installed in our system...
