New Fortress Energy signs a gas supply agreement with Energiza
New Fortress Energy announced on Wednesday that it had signed an agreement with Energiza for the supply of natural gas to a combined-cycle power station in San Juan, Puerto Rico. The plant will be developing a 478 megawatt combined-cycle energy plant. This move coincides with the lifting of the ban on new export permits for liquefied gas by U.S. president Donald Trump, imposed in January 2024 by his predecessor Joe Biden. Biden has halted all new approvals until a study is completed on the economic and environmental effects of the export boom. The study was published in December. New Fortress Energy was granted permission by the U.S.
European firms exposed as Trump targets US offshore wind
U.S. President Donald Trump in his first day of office on Monday suspended new federal offshore wind leasing pending an environmental and economic review, saying wind mills are ugly, expensive and harm wildlife.Former President Joe Biden supported the offshore wind industry, setting a target for 30 gigawatts (GW) of projects by 2030, up from 42 megawatts at the end of 2023, prompting many European project developers to acquire leases and plan wind farms in the United States.Trump's executive order is not expected to stop existing U.S. offshore wind projects from being advanced.Below are some of the European companies involved in the U.S.
Can Trump reverse Biden's offshore oil drilling ban?
In an executive order issued on Monday, President Donald Trump revoked the ban placed by former Democratic president Joe Biden against new offshore oil-and-gas development along most of America's coasts. Trump will face legal challenges regarding his authority. What did BIDEN and Trump do? Biden used his authority, granted by the Outer Continental Shelf Lands Act of 1970, to stop oil and gas drilling in federal waters along the East and Western coasts of the United States as well as the eastern Gulf of Mexico. He also halted the drilling of portions of the northern Bering sea of Alaska. Biden said that the move was in line with his efforts to fight climate change.
Prices rise for low LNG storage and concerns about prices
The wholesale gas prices in the Netherlands and Britain rose mostly on Tuesday morning as withdrawals from storage sites for gas and uncertainty about LNG supply continued to support. According to LSEG, the benchmark front-month contract for the Dutch TTF Hub increased by 0.78 euros to 48.50 euro per megawatt hour, or $14.70/mmBtu by 0914 GMT. The Dutch contract for the month of March was 0.93 euros higher, at 48.58 Euro/MWh. However, the contract for the day-ahead was 0.12 euros lower, at 49.48 Euro/MWh. The front-month contract in the British market gained 2.00 pence, to 123.50 p/therm. Meanwhile, the day-ahead contracts was up by 1.00 pence, at 130.00 p/therm.
Trump lifts the freeze on LNG export permits
The U.S. President Donald Trump ordered on Monday that the U.S. resume processing applications for export permits for new liquefied gas (LNG). This is part of his effort to increase U.S. energy production and to dismantle climate policies from his predecessor. The Republican executive order was expected and reverses the pause that Joe Biden, former president, had put in place for permits to be issued for new projects in early 2024. Biden, a Democrat from the United States, halted the approvals to allow U.S. National Laboratories to study the economic and environmental effects of the booming industry. The United States will be the largest LNG exporter in the world by 2023.
What is known about Trump's Executive Orders after the swearing-in?
Donald Trump, the U.S. president, issued a series of executive orders on Monday to stamp his mark on his administration. These included directives on immigration and criminal pardons to energy. Trump pardoned around 1,500 people on Jan. 6, 2020, who stormed into the U.S. Capitol. This was a massive gesture of support for those who attacked police officers as they attempted to stop lawmakers from certifying Trump's defeat in the 2020 elections. He announced that six defendants' sentences would be shortened. Trump signed an order declaring illegal immigration on the U.S.
Trump announces end of new US wind energy leasing
Donald Trump, President of the United States, announced on Monday that windmills will no longer be supported by the government, claiming they are expensive, ugly and harmful to wildlife. Trump told an audience at a post-inauguration event that he would not be doing the wind thing. In a press release issued by the White House earlier that day, Trump said he intended to stop new leasing of "massive" wind farms. It said that "President Trump’s energy policies" would end leasing of massive wind farms, which degraded our natural landscapes and failed to serve American consumers.
What we know about Trump’s executive orders following his swearing-in
Donald Trump will issue a series of executive orders and directions after his inauguration as U.S. President on Monday, to stamp his mark on his new administration in matters ranging between energy and immigration. Two sources familiarized with the plan said that more than 100 orders and directives would be issued on Day One, in a move known as "shock-and-awe". Trump's transition advisers are preparing drafts from which he can choose. It is still unclear which drafts will be released Monday and which ones in the following days. Trump's first-day…
Republican-led states file suit against Biden administration for offshore drilling ban
A group of Republican states filed a suit on Friday to challenge a ban on offshore oil and natural gas development announced earlier this month by the outgoing Democratic U.S. president Joe Biden. According to a court document, the lawsuit is seeking a reversal Biden's prohibition with declaratory and judicial relief. The filing argues that Biden does not have the authority or power to impose a such a restriction and that this authority belongs to the U.S. Congress. Biden's announcement on January 6 was largely symbolic as it won't impact areas where oil-and-gas development is already underway. It will mainly cover zones where drillers don’t have any important prospects.
SLB's Russia business aligns itself with US sanctions as revenues drop
SLB, an oilfield services provider, said on Friday that its current business in Russia aligns with the U.S. sanctioned this month but revenue is declining in Russia. After the 2022 invasion of Ukraine, one of only a few Western companies that will remain in Russia is the world's largest oilfield services company. SLB faces pressure to leave Russia following the U.S. Treasury Department's new sanctions on Jan. 10. These included an executive order that cut off Russia’s access to U.S. Services related to the production and extraction of crude oil, and other petroleum products. According to the sanctions, companies have until February 27 to cease operations. Both parties of U.S.
Biden prevents clawback of 84% of IRA Clean Energy Grants
A White House official confirmed on Friday that the administration of U.S. president Joe Biden has protected around 84% or $96.7 billion worth of clean energy grants made by its signature climate legislation from being clawed back by any future administration. The Inflation Reduction Act grants have "been obligated" meaning that contracts have been signed by U.S. agencies with recipients. The incoming administration hopes that this will continue to help the deployment of clean energies even after Donald Trump's inauguration on Monday, a climate-change skeptic and pledge to rescind any unspent IRA money. These are some examples of programs which have been committed.
Utility chief says that increased US LNG exports will benefit Japan under Trump
The head of Japan's utilities union said that a potential increase in U.S. fossil-fuel production and exports of liquefied gas under Donald Trump’s new presidency could lead to lower fuel prices for Japan. Trump has stated that he plans to lift the moratorium on new LNG permits, imposed by the administration of President Joe Biden. His advisers believe this could happen as soon as his inauguration day on January 20. Japan is the second largest LNG buyer in the world after China. The United States accounts for less than 10%. Kingo Hayashi is the chairman of Japan’s federation for electric power companies. He said at a press conference that the U.S.
Biden administration protects more Alaska refuge from drilling
The administration of President Joe Biden moved on Thursday to restrict oil and gas drilling in more areas of Alaska's Arctic National Wildlife Refuge. This was a last minute move to frustrate President-elect Donald Trump’s plans to increase drilling in this area. The Interior Department which manages ANWR said that it had identified certain areas of refuge to be protected in order to preserve the fish and wildlife used there by subsistence hunter. Laura Daniel-Davis, Interior's Acting Deputy Secretary, said: "Fish, wildlife, and the land have been a source of food for Alaska Natives in this area for millennia.
Trump's nominee for Interior Department says that boosting energy is key to US security
Doug Burgum, Donald Trump's nominee to lead the Interior Department said on Thursday that he would vigorously pursue President-elect Trump's goals to maximize energy production from U.S. Public Lands and Waters, calling it a key to national security. Burgum's remarks to lawmakers at his nomination hearing indicate a sharp change in policy. For years, President Joe Biden tried to limit oil-and-gas drilling by reducing federal leasing auctions and prohibiting future development in certain offshore waters in order to combat climate change. "America produces cleaner…
Oil Dips on Larger US Crude Draw, Russia Sanctions
Oil prices fell back slightly on Thursday, a day after settling at multi-month highs on U.S. President Joe Biden's latest sanctions targeting Russia and a larger than forecast fall in U.S. crude stocks.Brent crude futures were down 12 cents, or 0.15%, to $81.91 per barrel at 1415 GMT, after rising 2.6% in the previous session to their highest since July 26.U.S. West Texas Intermediate crude futures were down 18 cents, or 0.22%, to $79.86 a barrel, after gaining 3.3% on Wednesday to their highest since July 19.The Biden administration on Wednesday imposed hundreds of sanctions targeting Russia's military industrial base and evasion schemes…
Trump's nominee for Interior supports drilling on federal land
Doug Burgum, the nominee for Secretary of Interior by Donald Trump, will tell Congress during his nomination hearing Thursday that he is committed to maximizing energy production on America's public land and waters. He will call this a key element of national security. The comments are a sign of a policy shift that is about to occur. President Joe Biden tried for years to limit oil and gas drilling in federal waters by reducing federal auctions and prohibiting future development. This was part of his strategy to combat climate change. "Today, America is producing energy cleaner…
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. The Dutch day-ahead contracts was lower by 0.88 euros at 46.40 Euro/MWh. The day-ahead contract in Britain was 1.50 pence more expensive at 118.00 cents per therm.
Sources say that Trump will end the need to renew some LNG export permits
According to two sources familiar with the plan, Donald Trump, the U.S. president-elect will eliminate the requirement that some LNG producers renew their export permits. Sources said that Trump would likely include this change in his executive order on LNG, which he will issue during his first day of office. Trump, who will take office on Monday has stated that he will issue an executive order on LNG on his first day in office. This would allow him to end the pause in approvals of new LNG projects put in place by outgoing president Joe Biden in January last.
Trump's Energy Department pick calls for increased LNG and nuclear energy
Chris Wright, the nominee of Donald Trump to lead the U.S. Energy Department told U.S. Senators during his confirmation hearing that his top priority was expanding domestic energy production, including liquefied gas and nuclear power. Wright, 60 believes that fossil fuels will end world poverty and is a bigger problem than the "distant threat" of climate change, according to an article he wrote in his capacity as CEO of Liberty Energy, a company providing oilfield services. Protesters interrupted the hearing several times, with one protester shouting about the fires that have killed so many people in Los Angeles as well as the role fossil fuels are playing in global warming.
What we know about Trump’s executive orders following his swearing-in
Donald Trump will issue a series of executive orders and directions after his inauguration as U.S. President on Monday to stamp his presidency in everything from immigration to the energy sector. Two sources with knowledge of the plan said that Trump was preparing an avalanche of executive orders and directions, which could number more than 100 on day one. This is part and parcel of what Trump calls his "shock-and-awe" strategy. Transition advisers are preparing a list of orders that Trump can choose from. It is still up to Trump's transition advisers to decide which orders will be issued on the first day, Monday. Others will follow in the following days.
