NW Europe Fuel oil Imports at 3-year High
A rush to replenish scarce supply of high-sulphur fuel oil (HSFO) pushed Northwest European imports of residual fuel oil to their highest in three years in November, analysts told Reuters.The Amsterdam-Rotterdam-Antwerp (ARA) area, Europe's main trading and refining hub, received around 450,000 barrels per day (bpd) of all types of fuel oil in November, the highest monthly volume since November 2021.That compared with an average of 332…
Greece announces new round of subsidies on household electricity bills
Greece announced on Friday a new round in subsidizing electricity bills to assist households struggling with the rising costs of electricity in December. Greece spent almost 10 billion euros ($10.58billion) on power bill subsidies to households and businesses between 2021 and 23. This is the largest amount of subsidies that an EU country had ever paid as a percentage of its GDP. In November, wholesale power prices in Europe reached their highest level in more than a year.
Greece Aims to Wean Tourist Islands from Fuel Imports
Greece signed a deal with the European Commission and the European Investment Bank (EIB) on Thursday to set up a fund that will help its tourism-reliant islands wean off fossil fuel and reduce power costs, the Greek government said.Greek Prime Minister Kyriakos Mitsotakis met EIB's Chair Nadia Calviño on Thursday. Mitsotakis then attended a ceremony for the signing of the agreement on the island…
PPA Platform reports that European renewable energy prices dropped in Q3, PPA platform.
The price of European power purchase agreements for green electricity dropped by 12.4% during the third quarter, compared to the same period in 2023. This was revealed on Thursday by the price tracking platform LevelTen. The report cited several factors, including the decline in inflation as well as the volatility of markets following COVID-19 and a 2022 energy shortage. The variety of PPA offtake opportunities is perhaps greater than ever before.
The new Climate Plan of Greece sets higher renewable energy targets
A revised energy and climate policy presented on Friday sets more ambitious goals for the expansion of solar and wind power in order to reduce greenhouse gas emissions by 2030. Athens will target an 82% share for renewables in the electricity generation in 2030, compared to a 66% goal in its previous plan for 2019. The plan is to be submitted for approval to the European Commission. The national…
Italgas expects double-digit growth in income by 2030 and increases minimum dividend
Italgas, Italy's largest gas distributor, expects double-digit increases in its net income and core profits under a new strategy to 2030. This comes after the signing of a 5.3 billion euros deal on Saturday to buy smaller rival 2iReteGas. The group announced on Monday that it will ensure that its dividends grow 5% per year until 2026. This is compared to the previous minimum of only 4%. It also confirmed it will pay out 65% adjusted net income for each share.
Cyprus and Greece sign an agreement on the 'world's largest' subsea cable
The energy ministers of Greece and Cyprus announced on Saturday that they had signed a Memorandum of Understanding (MoU), which will allow them to proceed with the construction of a submarine electric cable connecting continental Europe to East Mediterranean. The Great Sea Interconnector cable (GSI) will connect transmission networks in Europe with Cyprus, a project that costs 1.9 billion euro ($2.12 billion), later extending to Israel.
Hungary: EU is not doing enough to reduce Russian gas dependency
Hungary's chief energy security official on Wednesday criticised the European Union for failing to provide enough support in order to help smaller countries, which are landlocked, move away from Russian gas. Csaba Maresvari, Hungary’s deputy state secretary of energy security, said at the Gastech Conference in Houston that landlocked, smaller states like Hungary need more funding to reduce their reliance on Russian Gas.
Russian insurance boosts oil exports to India's top buyer
Data from sources in the shipping and trade industries shows that Russian insurers play a greater role in facilitating oil shipments by Russia to India, which is its largest buyer. This helps to protect Moscow's revenue through exports despite Western sanctions. According to calculations based upon the documents of the vessels, Russian firms insured 60% of Moscow’s oil cargoes bound for India in July. This is up from 40% last December.
Russian insurance boosts oil exports to India's top buyer
Data from sources in the shipping and trade industries shows that Russian insurers play a greater role in facilitating oil shipments by Russia to India, which is its largest buyer. This helps to protect Moscow's revenue from exports despite Western sanctions. According to calculations based upon the documents of the vessels, Russian firms insured 60% of Moscow’s oil cargoes bound for India in July. This is up from 40% last December.
EU Probes Chinese Subsidies and Imports
The European Commission proposed on Tuesday final duties up to 36.3% for imported electric vehicles manufactured in China. This is part of the most high-profile EU investigation into alleged Chinese subsidies, which has provoked threats from Beijing. The EU has also begun investigations to determine whether Chinese clean-tech producers are dumping subventioned goods onto EU markets, and whether Chinese owned companies receive unfair subsidies when operating within the European Union.
The Top 10 Offshore Wind Energy Trends to Watch in 2023
The drivers for global offshore wind growth look good for 2023. Global offshore wind is forecast to grow from over 60 GW at the end of 2022 to 240 GW by 2030 and over 410 GW by 2035. But the sunny outlook must be balanced with some building dark clouds. As we prepare for the new year, let us look at ten factors that will shape the offshore wind sector in 2023.1. Solid foundations: Optimism for…
MTR100: For USVs and AUVs, is it a Hydrogen Future?
Hydrogen has been making big headlines in the energy world. It’s one of the potential routes to deliver high density energy to transport and heavy industry – but also to marine applications, as well as a way to move and store renewable energy. Various uncrewed surface vessel (USV) developers, autonomous underwater vehicle (AUV) builders and even subsea power delivery system providers are taking…
Greece's Sole LNG Terminal Ramps Up Imports to Replace Russian Gas
Greece has cut Russian gas imports by more than half this year thanks to increased deliveries from other producers to its sole liquefied natural gas (LNG) terminal near Athens, the country's gas grid operator said on Thursday.Greece has relied on Russia for about 40% of its gas needs for years but it has ramped up LNG purchases from other countries in line with a European Union plan to cut dependence on Russian energy.
Greek Quest to Save on Energy Bills Spurs Island-owned Renewables
Even with his 35-room beach-front hotel on the Greek island of Tilos close to fully booked, owner Michalis Kipraios worries his business might not "survive" sky-rocketing electricity bills, as the war in Ukraine drives up energy prices around the world.Tilos, 360 km (224 miles) southeast of Athens, is affected even though in 2019 it became one of the Mediterranean’s first islands to generate enough wind and solar power to meet most of its needs…
2050 Not Achievable Without Carbon Capture, says ABS' Wiernicki
“Carbon capture is going to be a key transformational technology for shipping to achieve net zero emissions by 2050. It will be critical to addressing the challenge before us, which is the sheer gradient of the curve. At the moment we can only see the outline of a solution to get us to 2050. But it is clear already that net zero cannot realistically be delivered without efficient carbon capture and storage technology,” said Christopher J.
New Tanker Ship Design Reportedly Hits IMO 2050 Emission Targets Using Fossil Fuels
RINA issues an Approval in Principle (AiP) of Swedish designer FKAB Marine Design’s hydrogen powered MR Tanker, the first AiP of a design using currently viable technology and fuels that achieves IMO 2050 targets. Conceived by the class society and designed by FKAB, the propulsion is based on combining the ship’s fuel (LNG) with steam to produce hydrogen and CO2. The MR LNG/hydrogen-fuelled vessel…
Oil Slides 4% on China Virus Curbs, Climate Warning
Oil prices fell by 4% on Monday, extending last week's steep losses on the back of a rising U.S. dollar and concerns that new coronavirus-related restrictions in Asia, especially China, could slow a global recovery in fuel demand.A United Nations panel's dire warning on climate change also added to the gloomy mood after fires in Greece have razed homes and forests and parts of Europe suffered deadly floods last month.Brent crude futures fell by $2.82…
Offshore Oil Firm Eco Atlantic Launches Renewables Division
Eco Atlantic, an oil company with offshore oil and gas acreage in Guyana and Namibia, said Tuesday it had formed a new solar energy-focused company Eco Atlantic Renewables, citing, in part, a lack of oil and gas acquisition opportunities.Formed with Nepcoe Capital Partners Ltd. ("Nepcoe"), a renewable energy developer and investment company, the aim of Eco Atlantic Renewables is to source, acquire and develop an exclusive pipeline of potential high yield solar projects.
Greek Subsea Cable links Crete to the Peloponnese
Greece has linked the island of Crete to the power grid of the Peloponnese peninsula via an undersea cable, a major step in the country's drive to cut its reliance on imported fossil fuel and boost renewables, the country's power grid operator IPTO said.The southern island of Crete, a popular summer holiday destination for foreigners, has relied on polluting oil-fired power plants that will need to cut production or shut down in the coming years…
