Hungary's Orban calls on EU to lift Russian energy ban amid US/Iran conflict
Hungarian Prime Minster Viktor Orban urged on Sunday the European Union not to impose a ban on Russian Energy due to the expected increase in energy prices after the US bombings of Iran. The European Commission proposed on Tuesday a legally-binding ban on EU imports from Russia of gas and liquefied gas by 2027. Legal measures were used to ensure that EU members Hungary, and Slovakia could not block the plan. The proposals outline how the EU plans to put into law its pledge to end decades-old relations with Europe's former number one gas supplier following Moscow's invasion of Ukraine in 2022.
Fico: Slovakia can't support new EU sanctions on Russia without energy solutions
Robert Fico, Slovakia's Prime Minister, said that the country will not support the EU's 18th sanctions package against Russia until the European Commission offers a solution for the problems the country would face if the bloc were to phase out Russian energy according to plan. The Commission proposed a new set of sanctions on Tuesday against Russia, for its invasion of Ukraine over three years ago. These targeted Moscow's banks, energy revenues and military industry. Fico called the EU executive's plans…
Senior Taiwan official visits new Alaska LNG site
A senior Taiwanese government official revealed on Saturday that he visited this week the site of an enormous new LNG project in Alaska, which the Trump administration is pushing to its Asian allies as a possible supply option. Energy developer Glenfarne said that on Tuesday, 50 companies had expressed formal interest in contracts valued at more than $115 Billion from its Alaska LNG Project. This massive infrastructure project is championed and backed by U.S. president Donald Trump. Pan…
UN agency: Tech giants' indirect emission has increased 150% in the last three years, as AI grows.
A United Nations report on Thursday said that indirect carbon emissions from four of the world's leading AI tech companies increased by an average of 150% between 2020 and 2023 due to power-hungry data centers. According to the International Telecommunication Union, the U.N. agency responsible for digital technologies, the use of artificial intelligence in data centres by Amazon, Microsoft Alphabet, and Meta increased their indirect global emissions. Indirect emissions are those produced by the electricity, steam and heating/cooling that a company consumes.
UN agency: Tech giants' indirect emission has increased 150% in the last three years, as AI grows.
A United Nations report on Thursday said that indirect carbon emissions from four of the largest AI-focused tech firms, Amazon, Microsoft Alphabet, and Meta, increased by an average of 150% between 2020-2023 as they used more power to run energy-demanding servers. According to the International Telecommunication Union, the U.N. agency responsible for digital technologies, artificial intelligence increases global indirect emissions due to the huge amounts of energy needed to power data centers. Indirect emissions are those produced by the electricity, steam and heating/cooling that a company consumes.
Wall St Week Ahead: Fed outlook is in focus as US stock rally picks-up speed
Investors are hoping that the Federal Reserve will continue to lower interest rates over the next few months. The rally has erased the fall caused by President Donald Trump’s tariffs. S&P 500 has not changed much since April 2, when Trump announced his "Liberation Day tariffs" and sent the stock market into a tailspin. The Fed's monetary policy statement is expected to remain unchanged on Wednesday. However, the market prices indicate that the central banks could reduce borrowing rates as early as June. This expectation has dimmed after Friday's strong U.S. jobs report.
Wall St Week Ahead: Fed outlook is in focus as US stock rally picks-up speed
Investors are hoping that the Federal Reserve will continue to lower interest rates over the next few months. The rally has nearly reversed the decline caused by President Donald Trump’s tariffs. The S&P 500 has been down about 1% since the "Liberation Day", when Trump announced his tariffs. This led to some market volatility that was unprecedented in 50 years. The Fed is expected to keep borrowing rates the same when it announces its monetary policy on Wednesday. However, the market prices indicate that the central banks could reduce them as early as June.
Naftogaz, Ukraine's gas producer, says that the Russian attack has damaged its production facilities.
Ukraine's Energy Minister said that Russian forces had targeted Ukraine's gas and energy infrastructure with their latest drones and missile attacks, which took place on Friday. Rescuers and engineers work to minimize the effects. "All necessary measures are taken to stabilise the power and gas supply," he said. In a press release, Naftogaz said that the attack had damaged its natural gas production plants. "Production installations that ensure gas production have been damaged. Naftogaz reported that there were no fatalities via Telegram.
Hungary wants to remove eight people from EU sanctions against Russia
EU diplomats say that Hungary wants to remove 8 individuals from the European Union’s Russia sanctions list, and to receive new guarantees regarding Ukraine gas transit negotiations before it agrees to renew restrictions. EU sanctions against Russia, imposed because of Moscow's war on Ukraine, must be renewed by unanimous vote every six months. Budapest has used this renewal as a bargaining opportunity. Peter Szijjarto, the Hungarian Minister of Foreign Affairs, wrote on Facebook on Monday that Budapest "would not consent to moving forward" in extending sanctions against individuals.
Hungary declares that the issue of Russian gas payments has been resolved
Hungary's foreign minister announced on Friday that it had found a way to pay for Russian gas via the Turkstream pipe from Bulgaria, while avoiding the U.S. sanction. He did not provide any details about the agreement. The U.S. On Nov. 21, creating a barrier for European gas buyers. Gazprombank has been used by buyers to pay for their purchases, including a currency conversion scheme to roubles. Turkstream, which runs through Bulgaria from Turkey, is the main pipeline used by Hungary to receive its Russian gas, 7 billion cubic meters so far in this year.
Hungary asks for an exemption from US sanctions on gas payments to Gazprombank
Hungary's Foreign Minister said that the United States should exempt Russia's Gazprombank when it comes payments for natural gases, as these sanctions could adversely affect some U.S. Allies. On Nov. 21, President Joe Biden stepped up measures to punish Moscow before he leaves his office in January. The sanctions prohibit the state-controlled bank from handling new transactions involving energy that are part of the U.S. Financial System. Szijjarto cited Anthony Blinken, the U.S. Secretary for State, as having said that he would "be willing to consult with any allies who had problems due to sanctions".
Wall St. ends lower than expected as Meta and Microsoft highlight AI costs
The major U.S. indexes ended lower on Thursday, after Microsoft and Meta Platforms pointed out that artificial intelligence costs could impact their earnings. This dampened the enthusiasm for megacaps which have been driving this year's market rally. Microsoft and Meta Platforms, which own Facebook, saw their shares fall despite the fact that both companies beat earnings expectations in results announced after Wednesday's bell. The other so-called Magnificent 7 megacap technology companies also fell.
Min says that seismic work will begin on gas fields shared between Trinidad and Venezuela.
Stuart Young, Trinidad and Tobago's energy minister, said on Facebook on Friday that seismic work is expected to begin in the next few days at the offshore gas fields shared between Venezuela and Trinidad and Tobago. Venezuela issued a license in July allowing for the development of the Cocuina Field, its side of reservoir. In early 2014, the U.S. also approved this project. It will be developed by Britain’s BP and Trinidad’s National Gas Company. Cocuina and Manakin, whose Venezuelan part belongs to the Plataforma Deltana offshore gas project…
Meta Platforms signs geothermal energy agreement with Sage Geosystems for US data centers
Meta Platforms, the owner of Facebook, announced on August 26 that it had struck a deal with Sage Geosystems for up to 150MW of geothermal energy to power its U.S. Data Centers. The company is racing to develop infrastructure to support massive investments in artificial intelligence, which consumes a lot of energy. According to the social media firm, the first phase of the project is expected to be operational in 2027. It will "significantly" increase the use of geothermal energy in the United States. Meta's announcement was made at a U.S. Department of Energy geothermal event.
India's Reliance Cuts Pay of Oil & Gas Division's Execs
India's Reliance Industries has cut the pay of some top oil-and-gas division employees by up to 50%, according to six sources and a letter seen by Reuters, as it battles lower profitability because of the coronavirus epidemic.Reliance, headed by India's richest man, Mukesh Ambani, has decided that employees earning more than 1.5 million rupees ($20,000) a year will face a 10% salary cut, while the cuts will be 30% to 50% for senior executives, the sources said.The pay cuts, first reported by Reuters…
Oil Giants Set Health Checks, Work-from-home Rules
Major energy companies in the United States imposed work-from-home rules for office staff and began health checks for remote or critical workers as coronavirus spread and threatened an industry reeling from falling demand and profits.BP, Exxon Mobil, Kinder Morgan, Motiva Enterprises and Royal Dutch Shell told most office staff to work from home starting Monday. Federal regulators on Friday were pressed by companies to ease work rules for pipeline operators and to limit visits to some sites. Shell and Chevron began health checks of workers and visitors at some key U.S.
Libyan Oil Revenues Fall to Zero as Ports Blocked
Libya's vital oil revenues fell to zero in January, the central bank said on Monday, after forces and tribesmen allied to eastern commander Khalifa Haftar blocked major oil ports.Haftar is embroiled in a conflict with the internationally recognized government in Tripoli and has been trying to seize the capital by force since April.Tribesmen and forces loyal to him closed all eastern ports and major fields last month in a power play, part of chaos in Libya since the overthrow of Muammar Gaddafi in 2011.The oil shutdown has caused losses exceeding 2.5 billion Libyan dinar ($1.78 billion)…
Google to Tap the Power of Offshore Wind
Google invests $700 mln in Danish data center, secures green energyGoogle will invest almost $700 million in a Danish data centre, the latest investment in the Nordic region which is known for its abundant renewable energy.Google said it would match the new centre's use of energy made from fossil fuels with green energy generated through so-called power purchase agreements (PPAs).The Nordic countries, which can generate electricity relatively cheaply from renewable sources such as hydropower and wind…
Google Buys into New Finnish Wind Energy in Renewables Search
Google said it has signed a 10-year deal to buy renewable energy from three new wind farms that are being built in Finland and which will power one of its data centers.Big companies have rushed to secure cheap renewable energy to manage costs and reduce their carbon footprint through so-called corporate power purchase agreements (PPAs), which allow firms such as Google, owned by Alphabet Inc, Facebook and Microsoft to buy directly from the energy generator.Google said on Tuesday that the Finnish deal is the first where it is buying power from European projects that will not receive any government subsid
Wind Farms Boost Tax Base for Local US Governments
Wind farms have boosted local tax bases and generated new revenue as they expand across the United States, especially for rural areas, Moody's Investors Service said in a report on Monday."What we're seeing is wind farms generate new operating revenues, lower the tax burden for local residents," Moody's analyst Frank Mamo told Reuters. "In many cases, local governments are using this new money to address what was a growing backlog of deferred capital expenditures."In Adair County, Iowa…
