Gas industry in Spain calls for better remuneration proposals
Sedigas, the Spanish gas industry's body, called on Monday for "significant" alterations to proposed remuneration regulations for gas-related businesses through 2032. They emphasized the need to ensure "a reasonable and sufficient remuneration structure". The energy and competition watchdog CNMC in the country released two sets of proposals late Thursday: one for remuneration rules of gas-related businesses through 2032, and another?for distribution operations. The first affects primarily grid operator Enagas which manages the country’s trunk gas network.
Residents and wildlife on Mexico's coastline bear the brunt from Pemex oil leak
Guillermo Risso, a community council president in Puerto?Ceiba, a coastal town near the refinery in Mexico's?southern?state of Tabasco, saw luminous flashes before dawn on the morning of March 17. He assumed that the Olmeca Refinery, owned and operated by Mexico's State Oil Company?Pemex was on fire. Risso is the president of the community council in Puerto Ceiba. The town is located near the refinery, which is located in Mexico's southern state of Tabasco. "We saw fires and were concerned," he said.
Zelenskiy calls on allies to continue pressure on Russia before talks with US
The Ukrainian president Volodymyr Zelenskiy urged his allies on Sunday to continue to exert sanctions and pressure on Russia. This comes ahead of the'second day' of talks between Ukrainian?and U.S.?delegations to discuss ways to end a four-year war that was sparked by Russia?s invasion of Ukraine. The latest talks in Florida, which began on Saturday, did not include any Russian participants. Originally, they were expected to attend the Abu Dhabi negotiations. The U.S.
Oil Prices Drop 8% Ahead of Possible Middle East Peace Talks
Oil prices dropped about 8% on Monday after U.S. President Donald Trump said he would postpone any military strikes against Iranian power plants for five days and cited constructive talks to resolve hostilities in the Middle East, hours before a deadline that threatened to escalate the four-week-old war.Brent futures fell $8.92, or 8.0%, to $103.27 a barrel at 12:31 p.m. EDT (1631 GMT), while U.S. West Texas Intermediate lost $7.17, or 7.3%, to $91.06.Extreme price…
RWE's US expansion plan of $20 billion includes gas-fired power stations
RWE, Germany’s largest power producer, announced on Thursday that it would invest in new gas-fired plants to expand more aggressively in the United States, a market where data centres are a major factor in power demand. The move is a major push from Germany's largest utility into a market where rapid construction of data centers,?as?well as the need for modernising ageing power infrastructure, has fueled a boom in the generation assets and network equipment. The 'hyperscalers', or big tech companies, are primarily responsible for this trend.
Shell sells Jiffy Lube for $1.3 Billion to Monomoy Capital
Shell announced on Monday that it would sell its Jiffy Lube chain of lubricant shops to an affiliate of private equity firm Monomoy Capital Partners for $1.3 billion. The oil major is continuing to divest non-core assets as part CEO Wael sawan's strategy. Premium Velocity Auto is also included in the sale, which is the second largest Jiffy Lube franchise. Pennzoil Quaker State Company is a 'wholly-owned subsidiary of Shell USA, that includes Shell's U.S. Lubricants Business. The agreement also includes a long term lubricants agreement.
Document shows EU is looking to reduce energy bills for industry
A document obtained by revealed that the 'European Union' is looking at energy?taxes and network charges, as well as?carbon _costs, to see if they can be used in short-term solutions for industries affected by high energy costs. Brussels is seeking quick fixes, after companies said they could not compete with their rivals from China and the U.S. – even before the recent surge in gas and oil prices triggered by the U.S. and Israeli war against Iran. Ursula von der Leyen…
Cornwall Insight predicts that Britain's energy cap will rise by about 10%.
Analysts from Cornwall Insight said on Wednesday that the UK's energy price cap will rise by about 10% this July due to an increase in wholesale prices linked to a war in Iran. The rise in energy prices would not be welcome news for the Labour government of Prime Minister KeirStarmer, who is under pressure to keep its promise to reduce household energy costs. This would also wipe out any savings from the decision to scrap the policy which forces energy providers to pay for measures like insulation and new heating systems.
carried Ukrainian and Russian oil before attack
The Druzhba pipeline exported some Ukrainian oil, as well as much higher volumes of Russian crude, before it was damaged a month ago by a Russian strike that has led to a halt in supply, three industry sources familiar with the matter said.Oil shipments to Hungary and Slovakia through the pipeline primarily operated by Russia have been suspended since January 27 following what Kyiv says was a Russian attack on pumping installations in western Ukraine, prompting…
Iberdrola's earnings are higher after the network business boosts results for 2025
Iberdrola, Europe's largest utility, expects its business of building and updating?power?networks in Britain and America to boost earnings this year, after it drove a 10% increase in 2025 adjusted Net Profit. The Spanish company will benefit from its strategic shift to the more regulated business of power grids and plans to spend over 100 billion Euros through 2031 in order to build on that. The company stated that results are progressing ahead of schedule. The company now targets an adjusted net profit of more than 6.6 billion euro ($7.8billion) this year…
Spot prices drop on increased renewable output
The European baseload contracts fell on Wednesday due to a forecasted sharp rise in 'wind power supply', while the demand was expected?to fall. LSEG data shows that the German baseload day-ahead contract dropped 20.6% to 88.41 euros per megawatt at 0929 GMT. The French equivalent contract dropped 30% to 21 Euro/MWh. Data from LSEG showed that German wind power production is expected to increase by 9.9 gigawatts on Wednesday to 23.8 GW. Meanwhile, French?wind energy is projected to grow by 1.6 GW up to 6.1 GW.
After regulator reduces cap, energy bills for most Britons will fall
Energy regulator Ofgem announced a 7% price cap on Wednesday, allowing the government to reduce costs. The move follows the plans in last year's Budget to shift some costs of renewable energy to general taxes and to scrap a program requiring suppliers fund measures like insulation for low income households. Tim Jarvis said that the main reason for the reduction in today's prices is the new policy costs announced by Chancellor George Osborne. The new cap of 1,641 pounds ($2…
Spain's Endesa focuses on grid investments under new three-year plans
In a Tuesday strategy update, Endesa said it would 'increase investments in power network upgrades, primarily, and 'boost shareholder returns in the next three to four years based on increasing earnings. The massive blackout in Spain and Portugal that occurred on April 28, last year, has highlighted the necessity of spending more on the grid. However, utilities are also calling for higher guaranteed returns. Endesa announced that it would invest 10,6 billion euros (12,5 billion dollars) until 2028. 5.5 billion euro will be used to build and upgrade power networks.
SSE Partners to Invest in Scottish Subsea Cable Upgrade
British power firm SSE said on Tuesday its electricity distribution unit has selected five contract partners for an investment up to 950 million pounds ($1.28 billion) to upgrade subsea electricity network connecting Scotland's island communities.SSEN Distribution said the agreements with Briggs Marine, DOF Subsea UK, N-Sea, Enshore Subsea and Jan De Nul will run for an initial five-year period, with an option to extend for three more years.($1 = 0.7398 pounds)(Reuters)
Spanish grid blackout risks remain, Endesa CEO says
The widespread 'blackout' that affected Spain and Portugal last year could be repeated under similar circumstances, according to the CEO of Endesa, who blamed the Spanish grid operator REE, for the outage. On April 28, last year, Europe's biggest blackout in over two decades paralyzed cities and left passengers stranded aboard trains throughout Portugal and Spain. After the outage, grid operators increased the use of stable power generation, such as?gas plants. This helps better control voltage, but increases costs.
Sources say that Rio Tinto will ask for more time to consider the Glencore deal.
Three people with knowledge of the talks said that Rio Tinto and Glencore will announce a delay in the merger talks before a UK regulatory deadline this Thursday. This is to give Rio more time to evaluate the merits of the deal. Rio Tinto may walk away from the deal, despite pushback by some investors, including those in Australia. These investors want to be "assured" that a deal will generate value, and are opposed to Rio Tinto paying an extra premium. In January, both companies announced that they were in the early stages of a merger.
Knight Vinke's founder says that his fund cannot invest in the uncertain US under Trump
Eric Knight stated that his hedge fund could not invest in the United States with President Donald Trump as the risks were too high. However, profits can be made in Europe because there are clearer rules and policies regarding green energy projects. Knight Vinke Asset Management, based in Monaco, sold "the last" of its U.S. investments in August. This was revealed in an interview with its CEO and founder Knight. A letter sent to investors by the fund showed that it would return 17.9% by 2025.
Poland increases air defences by $1.7 billion with a Kongsberg drone-defence purchase
Norwegian defence company, 'Kongsberg Gruppen' announced on Friday that it has won a 16 billion crown order ($1.67billion) from Poland for a?drone defense system. This is part of a larger effort to upgrade Poland's air defence network. Poland is stepping up its efforts to improve air defences following a Russian drone invasion in September that exposed the vulnerability of the country to spillover effects from the conflict? in neighbouring Ukraine. "Poland is responsible for all expenses…
Kuwait Readies $7b Pipeline Deal as Gulf Turns to Foreign Investors
Gulf governments are stepping up infrastructure deals with foreign investors, with Kuwait set to launch an oil pipeline network stake sale as soon as February in a deal that could raise up to $7 billion, three sources with knowledge of the matter said.The shift comes as oil prices, down more than 25% in two years, sit below levels needed to fund the Gulf’s diversification plans. Governments are now offering investors access to assets once off limits - from pipelines to power plants - to bring in pension funds…
Halliburton makes a move towards possible Venezuelan return by posting vacancies on its job board
Halliburton, an oilfield services company, is looking for resumes to fill a variety of positions in Venezuela, including technicians and engineers, according to an advertisement on a job board dated 16 January. This could indicate a return to the South American nation. The posting comes just weeks after U.S. President Donald Trump urged oil companies to invest $100 billion in Venezuela, to dramatically boost production. Halliburton is collecting information from engineers…