IEA: Global gas markets will remain tight due to rising demand
LONDON (Jan. 21) - The global natural gas market will remain tight in 2019 as the demand for gas increases and production grows slower than it did before the energy crises of 2022 and 2020-2021. This was revealed by a report released on Tuesday by the International Energy Agency. Political factors have exacerbated the volatility of gas prices, including the uncertainty surrounding the energy policy of U.S.
Prices lower in Europe due to softer demand and higher renewables
Dutch and British wholesale prices of gas fell on Thursday, amid forecasts for higher wind and solar production and a softer demand. However, prices may be affected by changes in energy policy as Donald Trump assumes the U.S. presidency next week. According to LSEG, the benchmark front-month contract for the Dutch TTF Hub dropped by 0.80 euros to 46.20 Euro per Megawatt Hour (MWh) or $13.94 per mmBtu by 0933 GMT.
Sekisui Chem will begin mass production perovskite cells in 2027
Sekisui Chemical, a Japanese company, announced on Thursday its intention to mass produce next-generation Perovskite Solar Cells (PSCs) by 2027. Scientists consider PSCs to be an alternative low-cost option to silicon cells. They can reduce the space needed for solar panels. Sekisui will, in partnership and with the Development Bank of Japan, establish a new firm in early January that will design…
Mexico's oil production drops to its lowest level of the year in November
Mexico's production levels of liquid hydrocarbons and natural gas fell in November to the lowest recorded all year, and were well below the averages for last year. Official numbers published by regulator showed. The country has missed its 1.8 million barrels per day crude oil and condensate production target twice in November. President Claudia Sheinbaum had promised to keep this goal for the six years of her term.
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 the world and a major buyer of Middle Eastern oil are attracting global attention from producers of oil…
Nordic countries debate energy policy after spikes in power prices
On Thursday, the hourly electricity prices in certain parts of Scandinavia reached record levels. They were tenfold higher in some cases than average, due to cold weather and lower wind power production. This prompted politicians to suggest a change in energy policy. In Denmark, the price per megawatt-hour (MWh) for an hour starting at 1600 GMT has risen to 936 Euros. South-western Norway and Southern Sweden have seen prices above 700 Euros/MWh.
Germany pushes 17-billion-euro gas power plan despite election uncertainty
According to sources in the government, Germany's Economy Minister pushed forward on Friday legislation that would provide billions of Euros to build gas-powered plants. However, the chances of this plan being approved by the parliament were slim. Robert Habeck, who was previously the head of the Economy and Energy Ministry, has been given a caretaker position ahead of the snap elections scheduled for February after the collapse of a governing coalition.
Edison CEO: US utilities want Trump and Republicans to save the inflation act
Pedro Pizarro said that the U.S. Utility Industry wants the incoming Trump Administration and the Republican-led Congress in Congress to maintain clean energy and EV Tax Credits in the Inflation Reduction Act. The 2022 IRA is a law that contains hundreds of billions in subsidies for clean power and was signed by outgoing president Joe Biden to combat climate changes. Donald Trump…
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.
Who would be the best person to run Trump's energy policy?
Donald Trump, the president-elect of the United States, has pledged to overhaul U.S. Energy Policy. He aims to maximize oil and gas production in this country which is already at record levels by rolling back regulations and accelerating permits. Who will he select to lead the departments and agencies that are critical to completing this task? These are some names that have been considered.
Trump's Victory Lifts Small-Caps, Banks
Donald Trump's second term as U.S. President on Wednesday lifted equity markets, on the back of bets on lower corporate taxes, favorable tariffs, and deregulation. This lifted shares of local small-cap companies, banks, and Trump Media.Elon Musk, the CEO of Tesla Motors, was appointed to head a government efficiency panel after Trump endorsed the billionaire during his election campaign.
Natural gas producers ask Harris for answers on the battleground state
Drillers from Pennsylvania, an energy-rich state, called on Democratic presidential nominee Kamala Harris this week to explain her stance on natural gas. The energy industry touts it as a clean fuel but climate activists claim that the fuel is a threat to global warming. In January, President Joe Biden froze new LNG export permits to examine their environmental impact. This…
How Trump will try to undo Biden's environmental legacy
Donald Trump, the presidential hopeful, has outlined an energy policy that focuses on maximizing U.S. power and fuel output. This includes dismantling Biden's main efforts to combat climate change. The Republican campaign for the former president has stated that President Joe Biden's efforts in supporting the adoption of electric cars while reducing the use of gas and coal poses a threat to the country's power grid during a time when energy demand is soaring.
UK energy prices rise 10% due to extreme weather and geopolitics
The British energy regulator Ofgem raised the price cap for household energy bills on Friday by 10%, from October 1, to a level of 2,250.64 pounds per year. This increase was blamed on extreme weather conditions and conflicts like the war in Ukraine. Brearley stated that the increase in price cap will be difficult for many families. The 10% increase for a dual-fuel household on Friday was slightly higher than analysts' expectations.
Report: China's declining coal plant approvals indicate a shift in energy policy
The sharp decline in the number of new coal plants in China indicates that the world's biggest builder polluting power stations is shifting its energy policy to more renewable development. However, coal will continue to play a major part, according a report on Thursday. China approved only 10 new coal-fired plants with a combined capacity of 9 gigawatts in the first six months of 2024, a drop of 83% from the previous year.
Harris' energy strategy is ambiguous from a strategic perspective, say her aides
Since Vice President Kamala Harris joined the White House race 25 days ago, she has been keeping energy executives on their toes. Was she the anti-pollution and climate change warrior Attorney General of California? Or was she the pragmatic number two in the Democratic Biden Administration that oversaw record U.S. production and exports of oil? Seven times in her speeches, she mentioned climate, but never energy, fracking, or oil.
The global oil demand must rise faster to absorb OPEC+'s hike
According to analysts, data and industry sources, the global oil demand growth must accelerate in the coming months, or else, the market may struggle to absorb a planned increase in oil production by OPEC+ starting in October. The United States and China, the two largest oil consumers in the world, failed to meet expectations for the growth of oil demand during the first seven-month period of the year. This was even before renewed fears about a U.S.
Has Green Hydrogen Sprung a Leak?
The green hydrogen express is gathering pace, but it may have a worrying problem with leaks.As governments and energy companies line up big bets on the much-touted fuel of the future, some scientists say the lack of data on leaks and the potential harm they could cause is a blind spot for the nascent industry.At least four studies published this year say hydrogen loses its environmental edge when it seeps into the atmosphere.
OPEC Sees Global Oil Demand Growth Slowing in 2023
World oil demand growth will slow in 2023, OPEC delegates and industry sources said, as surging crude and fuel prices help drive up inflation and act as a drag on the global economy.Fuel use has rebounded from the 2020 pandemic-induced slump and is set to exceed 2019 levels this year even as prices hit record highs. But high prices have eaten into growth projections for…
EU Energy Watchdog Sanctions Bosnia over Non-compliance with Rules
The European Union's energy watchdog has extended sanctions against Bosnia for another two years over the Balkan country's failure to comply with the body's gas and electricity sector regulations.Bosnia has been sanctioned for much of the period since 2015 due to its persistent failure to amend legislation in accordance with the Second Energy Package in the gas sector, the Sulphur in Fuels Directive…
