After 0.2% price cap increase, energy bills for most Britons are on the rise
The regulator Ofgem has announced that it will increase its domestic price caps by 0.2% in January, due to increased policy costs. The government will suffer a setback, even though the increase is small. It has promised to lower energy prices, and it faces pressure next week to unveil budget measures to help reduce household bills. The increase is due in part to an addition of nearly one pound per bill to pay for the new Sizewell nuclear plant, which is estimated to cost around 38 billion pounds ($50billion). This is despite wholesale energy prices falling by 4%.
Inox Green, India loses grid access to 300 MW of wind power project after regulators back revocation
Inox Green Energy Services, an Indian developer of clean energy, has lost grid connectivity after it failed to complete its 300 megawatts (MW) Gujarat wind project on time. In an order dated on Monday, the Central Electricity Regulatory Commission, (CERC), upheld the disconnection of the country's Grid Connectivity Authority, saying that the firm failed to achieve financial close or make significant advances despite multiple extensions. Central Transmission Utility of India Ltd.
Enbridge Approves $1.4b Project to Expand Canadian Crude Pipelines into US
Canadian pipeline operator Enbridge on Friday approved a $1.4 billion expansion of its Mainline and Flanagan South pipelines, adding new capacity for Canadian heavy crude into the U.S. Midwest and Gulf Coast.The project adds additional takeaway capacity for Canadian crude and broadens access to U.S. refineries, improving the flow of oil sands to major export outlets.This comes as Enbridge balances liquids growth with its push into natural gas utilities and low-carbon fuels.Enbridge said Mainline Optimization Phase 1 (MLO1) will add 150…
Swiss trader MET Group triples 2025 LNG cargoes, eyes global expansion, executive says
A Swiss energy trader, MET Group, has nearly tripled its liquefied gas cargo import volume so far this season. It expects even greater growth in the years to come as it prepares for expansion outside Europe and capitalises on global LNG demand. MET delivered LNG in 16 countries during the past year. Its most active markets were Germany, Belgium and the Netherlands. In Asia, MET delivered LNG to China (India), Japan, and South Korea. "We have already transacted 82 loads this year. In the previous year, we transacted 28 cargoes.
The UK's FTSE100 is down as energy and industrial shares weigh
The FTSE 100 index in London dipped on Wednesday, after two sessions of record-high levels. Losses in energy and industrial shares weighed heavily on the market. Blue-chip index fell 0.1% to 9,886 as of 1214 GMT. However, it is still nearing record levels and within striking range of the 10,000 point. The mid-cap index FTSE 250 rose 0.1%. The market sentiment improved this week as investors hoped for a resolution to the U.S. Government shutdown. Investors expect that the U.S.
A2A, Italy's data center investment company, has increased its investment plan by $27 billion.
A2A, an Italian multi-utility company, announced on Wednesday that it has increased its projected total investments for 2024-2035 from 23 billion euros to 27 billion dollars. 1.6 billion euro of this amount is earmarked to create and manage data centres. The updated business plan, which will be presented later to analysts, increases projected investments by 1 billion euro and raises financial targets in part three of the strategy. A2A has also confirmed a minimum dividend growth rate of 4%. At 0840 GMT the shares of A2A fell 6%, while Milan’s blue-chip index grew.
Plug Power will unlock $275 Million in data center power market
Plug Power said it expects to generate over $275 million through monetizing assets and releasing restricted funds, while reducing maintenance costs. The hydrogen fuel cell manufacturer is shifting its focus to high-return opportunities, and the rapidly growing data center market. The shares of the company rose over 10% during premarket trading. The company signed an non-binding letter to intent to monetize their electricity rights in New York, as well as another U.S. city. They also agreed to work with a data center developer who is expanding across the nation.
TC Energy misses its profit forecast due to weakness in US operations and power business
Canada's TC energy missed its third-quarter profit estimates on Thursday due to weakness in the company's U.S. operations, power and energy solutions businesses and pipeline operations. Natural gas consumption is increasing due to AI-driven power demands, industrial applications, and LNG exports. However, price pressures and the competition from coal are still a major market challenge. U.S. Natural Gas Futures declined over 4% sequentially. This is a continuation of a downward trend that began in the 2nd quarter, after four consecutive quarters with gains.
Nvidia joins India Deep Tech Alliance, adding new members and $850 million pledge
Nvidia joined Indian and U.S. Investors in supporting the deep-tech startups of South Asia on Wednesday. The group has added new members, and received more than $850 Million in capital commitments. The India Deep Tech Alliance has welcomed new investors including Qualcomm Ventures. Activate AI. InfoEdge Ventures. Chirate Ventures. In September, the program was launched with an initial $1 billion commitment to support industries like space, semiconductors and artificial intelligence.
Pakistan Cancels 21 Eni LNG Cargoes to Curb Excess Imports
Pakistan has struck a deal to cancel 21 liquefied natural gas cargoes under its long-term contract with Italy's Eni as part of a plan to curb excess imports that have flooded its gas network, according to an official document and two sources.The document from state-owned Pakistan LNG Ltd (PLL) to the country's Ministry of Energy dated October 22 said 11 cargoes planned for 2026 and 10 for 2027 would be cancelled at the request of gas distributor SNGPL.Only the planned January shipment in both years…
Wood Mackenzie warns that China's curtailment of renewable energy will present revenue risks over the next decade.
Wood Mackenzie, a consultancy, said that if renewable energy is curtailed to balance China's grid during times of low or high demand it will pose a risk to investor revenues over the next decade. Wood Mackenzie predicts that solar curtailment rates will average over 5% in 21 provinces within the next decade. According to the latest data from the National New Energy Consumption Monitoring and Early Warning Center, this is an increase from only 10 provinces that experienced the same level of curtailment from January to August last year.
Bulgaria Temporarily Bans Fuel Exports to EU Following Lukoil Sanctions
Bulgaria's parliament temporarily banned on Friday exports of some fuels, mainly diesel and aviation fuel, to EU member states to ensure the stability of the local market following U.S. sanctions on Russia's Lukoil, which runs the country's biggest oil refinery.Last week, Bulgaria announced it would take measures to secure uninterrupted supplies of oil and oil derivatives after the U.S.
West Balkan energy producers should adopt carbon price as EU tax is looming, say campaigners
In a report published on Thursday, an environmental agency recommended that Western Balkans countries work to introduce their own carbon pricing for electricity generation in order to reduce the impact of EU new taxes on fossil fuel generated energy which will be implemented next year. Carbon Border Adjustment will be implemented on January 1, 2026. Importers of goods, including electricity, from outside the EU will be required to pay the carbon dioxide emissions that are associated with the production of their products in their country.
Prysmian will complete the study in 2026 on Sarawak-Singapore Power Export Project
A company official stated that the cable supplier Prysmian is expecting to finish next year the first-end engineering study for a hydropower project from Sarawak, Malaysia, to Singapore. Prysmian, a subsidiary company of Sembcorp Industries and Sarawak Energy Services, selected Prysmian as the preferred supplier in March for the project which will export approximately 1 gigawatts of renewable energy from Sarawak to city state by the year 2020. Detlev WAIMAN, CCO and SVP for Prysmian Transmission Unit…
Italgas announces investment plan for 2031 as it integrates Rete Gas 2i
Italgas announced on Thursday that it will invest $19.5 billion by 2031 to modernize its network and integrate 2i Rete Gas, the recently acquired competitor. The group announced a merger of 5.3 billion euros with 2i Rete Gas last year. It said that it expected the deal to bring efficiencies of up to 250 million euro by then, up from an earlier estimate of 200 millions. The company said that a digitalisation program for 2i Gas assets will generate additional revenues of more than 100 millions euros by 2031. This is up from an earlier estimate of 80million.
Source: Indian Oil and Vitol to join forces in global trading, says source
HYDERABAD (India), Oct. 29 - Indian Oil intends to sign a contract early next year with global trader Vitol to form a joint-venture as it seeks to increase its presence in the international crude and fuel trading market. This is according to a person with knowledge of the issue. This move represents a major strategic shift by India's biggest refiner. It is attempting to emulate global oil giants such as Exxon Mobil, Shell and others through Vitol’s global trading network and expertise.
Liberia's new mines minister replaces the previous one amid US investment talks
Liberia's office of President Joseph Boakai has announced that it has replaced the mining minister and top regulator in the country, as the West African nation, which is a producer of iron ore, pursues discussions with Washington about investments in its vital minerals sector. R. Matenokay Tingban was the deputy mining minister for former president Ellen Johnson Sirleaf. Wilmot J.M. was the former minister. Boakai's Office said in a Monday statement that Paye is part of a move to improve governance and efficiencies.
Source: Indian Oil and Vitol to join forces in global trading, says source
Indian Oil is planning to sign a contract early next year with the global trader Vitol to form a joint-venture as it seeks to increase its presence in the international crude and fuel markets. This comes after the state-run refiner sought to expand their footprint. This move represents a major strategic shift by India's biggest refiner. It is attempting to emulate global oil giants such as Exxon Mobil, Shell and others through Vitol’s global trading network and expertise.
ONEOK reports higher third-quarter profits as acquisitions payoff
ONEOK, the U.S. oil and gas pipeline operator, reported a higher profit in the third quarter on Tuesday. This was due to the robust volumes in Rocky Mountain Region as well as the effect of a number of acquisitions. ONEOK has diversified its portfolio over the last two years through acquisitions, including a Gulf Coast NGL pipe system from Easton Energy as well as Medallion Midstream, EnLink Midstream, and Medallion Midstream. ONEOK acquired the remaining 49.9% of NGP XI Midstream Holdings' stake in the Delaware Basin Joint Venture in June for $940 million.
After US sanctions, Bulgaria takes measures to protect its Lukoil refinery
Zhecho Stankov, Bulgaria's Energy Minister, said that the country is taking steps to ensure an uninterrupted supply of oil and derivatives following the U.S. sanctions imposed on Russia's Lukoil which operates the largest oil refinery in the country. U.S. president Donald Trump imposed new sanctions on Russia's biggest oil companies Lukoil, and Rosneft over Moscow's conflict in Ukraine. This sent shockwaves throughout Europe where Lukoil operates a network filling stations and stores, transports and refines crude. Lukoil, Bulgaria's largest crude importer.