Turkey, Ethiopia to Cooperate on Energy Projects
Turkey and Ethiopia signed a memorandum of understanding on energy cooperation during a visit by President Tayyip Erdogan to Addis Ababa on Tuesday, the Turkish Energy Ministry said, adding the accord would lead to joint production and projects.Erdogan held a one-day visit to Addis Ababa on Tuesday upon Prime Minister Abiy Ahmed's invitation, his first to Ethiopia in 11 years.The accord was signed at a ceremony after talks between the two leaders. Turkish Energy Minister Alparslan Bayraktar said it would serve as a roadmap to deepen cooperation.The ministry said in a note that under the agreement…
Chevron and a consortium of companies sign contracts for gas exploration offshore Greece
On Monday, a consortium led by U.S. oil giant Chevron signed exclusive lease agreements to search for natural gas in southern Greece. This agreement expands the United States presence in the Eastern Mediterranean. The deal will double the amount of Greek marine acreage that is available for exploration. It's also the second time in recent months that a U.S. oil major has been involved. This is because the European Union wants to reduce its dependence on Russian gas and the U.S. wants to replace it. Exxon Mobil joined Energean in November to search for gas on another offshore block of Western Greece.
EDF's costs are higher due to oversupply of electricity
EDF, the French nuclear operator, said that it would have to increase its maintenance costs by around 1.5 million euros to 3.75 millions euros per year because it has to reduce power in 'its nuclear reactors' to a'respond to an increased electricity supply and a slow demand. Around 70% of French power comes from nuclear energy, which accounts for about half of the state-owned EDF revenue. However, the recent addition of solar power has changed the way nuclear reactors are operated. EDF stated that the increase in renewable energy led to a "fundamental" change in the way it modulates its production.
Chevron and a consortium of companies sign contracts for gas exploration offshore Greece
The United States has expanded its presence in the Eastern Mediterranean with the signing of exclusive lease agreements by a?consortium headed by U.S. major oil company?Chevron? to search for natural gas offshore southern Greece. This deal, the second to be signed in recent months by a 'U.S. company, doubles the amount available of Greek marine acreage for exploration. The European Union is phasing out Russian supplies and the United States is looking to replace them. The European Union is looking to replace them. Exxon Mobil joined Energean…
Contact Energy, NZ to raise $317 Million to fund renewable energy projects
New Zealand's Contact Energy announced on Monday that it will raise NZ$525m ($317m) in new equity to fund an array of renewable energy projects. The company is accelerating its growth as part of its long-term, "Contact31+" strategic plan. Contact stated in a press release that the fundraise included a fully-underwritten NZ$450,000,000 institutional placement as well as a non underwritten retail offer?of up NZ$75,000,000. Around 60 million new shares will be sold at NZ$8.75 each, which is an 8.8% reduction from Friday's closing price.
Modi's rooftop Solar push is slowed down by unwilling lenders, states
Vendors and analysts claim that despite the heavy subsidies, I ndian Prime Minister Narendra Modi is not able to achieve his targets due to loan delays and limited state support. These shortfalls are the latest "challenge" to India's efforts at nearly doubling clean energy capacity by 2030 to 500 gigawatts. The government is planning to suspend the clean energy tendering target amid an increasing backlog of projects that have been awarded but not yet built. India may continue to rely on coal because of challenges to its plans to increase the use of solar power.
Maguire: Maguire, China's renewables boom has boosted it to a rare clean-capacity club.
In 2025, the world's largest polluter will have crossed a crucial energy transition threshold by installing more clean power than fossil fuel production capacity for the first. Global Energy Monitor data shows that China will have 1,494 gigawatts (GW) of clean energy generation capacity operating in 2025. This compares to 1,420 GW?of fossil fuel-fueled capacity. China now draws 51% of its energy from clean sources, surpassing Brazil, France, and Germany, as the major economies that are primarily fueled by clean energy sources.
India looks at increasing gas usage during peak hours in order to guarantee power supply
India's top power official revealed on Friday that the country is looking at whether its under-used, gas-fired plants can be used during evening peak hours to provide flexibility in generation as renewable energy grows rapidly. Gas-fired power generation is usually only maximized during the summer peak months, because it's relatively expensive. It is still aiming to maintain its approximately 20?gigawatts gas-based capacity in order to balance the grid. The plants are cleaner than coal, and they offset the intermittent nature?of?wind and?solar power.
Maguire: Maguire, China's renewables boom has boosted it to a rare clean-capacity club.
In 2025, the world's largest polluter will have crossed an important energy transition threshold by installing more clean power generation capacity than fossil fuel generation capacity. Global Energy Monitor data shows that China will have 1,494 gigawatts (GW) of clean power generation in operation by 2025. This compares to the?1,420-GW capacity powered by coal, gas, and other fossil fuels. China has now a 51% share of its energy fleet that is derived from clean sources. It joins Brazil, France, and Germany as major economies that are primarily powered by clean sources.
Trump ends US vehicle emission standards, revokes climate regulations
On Thursday, the administration of President Donald Trump announced that it had repealed a scientific conclusion that greenhouse gasses endanger human life and removed federal tailpipe emission standards for cars and trucks. The administration has rolled back its climate change policies in the most dramatic way possible, following a series of regulatory changes and other actions designed to promote fossil fuels and to impede the development of "clean energy". Trump stated that the EPA had just finished a process to 'terminate the endangerment findings…
Carbon weighs down on prices for the front year but spot prices are up because of less wind
German and French spot electricity prices rose Thursday morning, amid predictions of a?lower wind power generation. Meanwhile, a steep?drop in the European Carbon Market weighed on long-term prices. The French 'day-ahead' baseload power contract rose by 39.70 euros, to?54.25 euros per megawatt (MWh), at 1007 GMT. Meanwhile, the German contract had risen 3.50 euros, to 107 euros/MWh. He added that wind power production is expected to drop from a peak of 35 gigawatts at the beginning of the day down to 10?GW by the end of the day. This will increase the demand for more expensive, alternative generation.
Australia's Origin Energy raises earnings forecast for energy markets, shares rise 8%
Australia's Origin Energy increased its full-year earning?outlook? for its energy retail division, citing higher electricity margins that helped the firm exceed market expectations. The shares of the electricity retailer and gas retailer jumped 8.1% intraday to A$11.970. This was their largest intraday percentage increase in almost three years. The slow rollout of solar and wind on both coasts, coupled with tight gas markets, is forcing Australia's states to run coal plants longer than they planned. This, despite the fact that demand for renewable energy has shifted and policies have been changed.
Norway Wealth Fund seeks investment in battery storage as the market matures
Norway's sovereign fund announced on Wednesday that it hopes to make its initial investments in battery storage systems. This reflects the increasing importance of batteries for stabilising increasingly intermittent electricity markets. Since 2021, the $2.2 trillion sovereign fund, 'the largest in the world,' has invested in renewable energy infrastructure that is not listed, with a focus on offshore wind farms, as well as solar and wind assets located both onshore and off-shore. It became an investor in German transmission grid operator Tennet last year.
MVM purchases 10% of BP's Shafag Solar Project
The oil giant announced Wednesday that it had sold a 10% share in its Shafag Solar?project? in 'Azerbaijan? to MVM Energetika Zrt of Hungary. BP?said that BP owns 40.01 % of the project. SOCAR owns 39.99% and MVM and Azerbaijan?Development?Fund each own 10 %. BP announced the news a day before, after it reported that it had taken about $4 billion of impairments in its renewables and?biogas?assets. This included its?solar unit Lightsource Bp. Lightsource bp and its joint venture partners are building the Shafag Project. British Oil Major said it made a decision in June to invest final funds on the project.
France Slashes Renewable Energy Targets in New Law
France set out a new energy law after years of wrangling on Thursday which slashes its wind and solar power targets and drops a mandate for state-run firm EDF to shutter nuclear plants."We need to stop our internal family squabbling. We need both nuclear and renewables," finance minister Roland Lescure told reporters.The law, to be pushed through by decree on Friday after almost three years of bitter disagreement among lawmakers, also reverses a previous legal mandate to shut 14 reactors.That was a 2017 campaign promise of President Emmanuel Macron…
EIA: US power consumption will surpass records in 2026 and '27
The Energy Information Administration's Short-Term Energy Outlook released on Tuesday said that the U.S. electricity consumption will continue to rise in 2026-2027. This is after it reached its second consecutive record?high in 2025. The EIA predicted that power demand would rise from 4,195 billion kilowatt hours in 2025, to 4,268 in 2026, and 4,372 in 2027. The demand for electricity is increasing, in part because of data centers dedicated to artificial?cryptocurrency and artificial intelligence. Also, homes and businesses are using less fossil fuels to heat and transport their vehicles and use more electricity.
Maguire: Australia's renewable energy boom will deliver a coveted price for power
Australia's wholesale power prices dropped to their lowest level in four years by 2025. This bucking of rising prices elsewhere, and proving that renewables-intensive power systems can lower power costs for consumers. The increased battery storage capacity, and the solar farms could allow utilities to reduce operating costs. These savings may be passed on to businesses and households as early as this year. According to Ember, an energy think tank, Australia's electrical system has been undergoing 'one of the most aggressive' overhauls in the last decade. The clean electricity production has more than doubled since 2019.
Britain invests up to $1.4 Billion in Community Energy Projects
The UK announced on Tuesday that it would invest up to one billion pounds ($1.4billion) in community energy projects such as solar panels for libraries and public buildings. This will help the country meet climate targets and reduce local energy costs. Britain wants to decarbonise the power sector largely by 2030. This will require an increase in renewable energy capacity. Local Power Plan launched on Monday aims to help local communities and public buildings implement clean energy projects. Great British Energy will provide the funding, which is part of the 8.3 billion pounds that GBE has committed over the course of the current parliament.
Draft law shows that Germany wants renewable energy firms to pay for grid connections.
According to a draft of a law, the German government intends to charge renewables companies for connecting to the electric grid in order to meet 'the rapid?demand? for expansion. The move, which was first reported by Spiegel magazine, would replace the current ?system where companies are allowed to connect to the ?grid on a first-come-first-served basis. This is due to the sheer volume of grid connection requests facing grid operators in Germany. Germany is one of the European countries that are pushing forward with a green agenda despite increasing criticism from U.S. president Donald Trump.
TotalEnergies will provide solar energy to Google's Texas Data Centres
TotalEnergies, a French oil major, signed two long-term deals on Monday to supply solar energy to Google's Texas data centres. The company is looking to meet the rising demand for electricity driven by artificial intelligence. Two Texas sites owned by the group are expected to start construction in the second quarter. Total will be able to deliver 1 gigawatt - or?28 terawatt hours of renewable energy over 15 years. The company is bucking the trend of oil majors and investing in renewable energy alongside gas fired power?plants.