Colonial Pipeline's gasoline line likely shut until Friday
Colonial Pipeline's main U.S. gasoline artery is expected to be shut through Friday as the company continues to search for the source of a suspected leak in Paulding County, Georgia, the company said in a statement on Wednesday.Line 1, one of two mainlines on the more than 5,500-mile Colonial system, was shut on Monday night after Colonial received reports of a gasoline release and began investigating. The pipeline moves gasoline from Texas to North Carolina and was earlier expected to resume service on Tuesday night…
Equinor extends Norway LNG Outage by 10 Days
Equinor announced in a Wednesday regulatory filing that it has extended the outage of its Hammerfest LNG facility in Arctic Northern Norway by 10 more days, to January 19, as they continue to repair a faulty compressor. The Hammerfest plant (also known as Melkoeya LNG) has the ability to deliver approximately 6.5 billion cubic meters of gas each year. This is enough to provide about 6.5 millions European homes and accounts for about 5% of Norwegian gas exports. On Jan.
After gas cutoff, the breakaway region of Moldova faces prolonged blackouts
Local authorities reported that Saturday saw a longer period of rolling power outages in Transdniestria (the pro-Russian breakaway region of Moldova), which is now without Russian gas because it no longer transits through Ukraine. The flow of Russian gas through Ukraine into central and eastern Europe ceased on New Year's Day, after the transit agreement between the two warring nations expired and Kyiv refused a renewal. Transdniestria is a predominantly Russian-speaking enclave that has lived alongside Moldova since it broke away in the final days of Soviet rule.
Market uncertainty caused by Indonesian B40 palm oil delays
Indonesia is yet to implement the higher blend of biodiesel that was planned for January 1, as industry participants are awaiting technical details of the regulation. This has caused confusion among palm oil dealers. The government pledged that it would mandate a 40% blend of palm oil in biodiesel starting Jan. 1. This is known as B40. It will replace the current 35% blend. The benchmark March palm oil contract on the Bursa Derivatives Market closed at 4,336 Ringgit ($968.72), down 2.5%, amid uncertainty over B40 implementation.
Equinor's Hammerfest liquefied natural gas plant closed for a week due to compressor failure
Equinor announced on Thursday that its Hammerfest LNG facility in Arctic Northern Norway suffered an unexpected outage because of a compressor failure. The company said the plant's output was halted for a week. The Hammerfest plant (also known as Melkoeya LNG) has the ability to deliver approximately 6.5 billion cubic meters of gas each year. This is enough to provide about 6.5 millions European homes and accounts for about 5% of Norwegian gas exports. A spokesperson for Equinor said that an Equinor compressor…
Australia sues Exxon for falsely representing its local petrol brand
The Australian Competition Watchdog announced on Tuesday that it had taken Exxon Mobil’s local brand affiliate, which sells fuel at six of their branded petrol stations throughout Queensland, to court. Exxon Mobil, an American oil and gas company, owns and operates the Mobil brand. The Australian Competition and Consumer Commission alleges that Mobil misrepresented that "Mobil Synergy", its "Mobil Synergy", contained certain additives when it didn't. ACCC said…
SSE, a British utility, announces a $28 billion investment plan for grid infrastructure
The UK utility SSE announced on Tuesday that its power network arm SSEN Transmission will invest at least 28 billion dollars in grid infrastructure in a five-year span beginning April 2026. Britain wants to decarbonise the electricity sector in Britain by 2030. This will require an increase in renewable energy generation, and massive investments to connect these new projects to power systems. Network developers must submit project plans and expected costs under UK regulator Ofgem's Revenue=Incentives+Innovation+Outputs (RIIO) programme.
Vard Completes Conversion of IT Infinity PSV to Cable Laying Vessel
Norwegian shipbuilder Vard has delivered IT Infinity vessel to I.T. International Telecom Marine (IT), after completing its conversion from Platform Supply Vessel (PSV) to specialized Cable Laying Vessel (CLV).Built at Vard Brattvaag and delivered to Volstad Maritime in 2008 as the Volstad Princess, the vessel has changed ownership several times.SD Standard Drilling acquired the ship in 2017, before it was sold to IT in 2021 and renamed IT Infinity.In 2024, the vessel returned to VARD for an extensive conversion…
Sources say that BP is looking for buyers to buy its US Natural Gas Pipeline System stake.
Four people familiar with the matter have confirmed that BP is looking for buyers to take a stake in their U.S. Natural Gas Pipeline Network. Two people have said that the British energy company may be able to raise $3 billion through the sale. One of them added that BP could sell as much as a 49 percent stake in its business. Two other people confirmed that the sale is part of BP's CEO Murray Auchincloss’s efforts to reduce the debt levels at the company, which have risen in the last year. BP refused to comment.
Wind supply is expected to surge, prompting a reduction in wind levels.
The European spot power price fell on Wednesday from its highs as there was more wind forecast in the coming days and the demand in the area eased.LSEG analyst Francisco Gaspar Machado talked about "higher outputs of wind energy, aided with lower consumption and greater solar outputs."LSEG data shows that French baseload power for the day ahead was down 27.5% at 108 Euros ($113.31), remaining at highs of several weeks, at 0925 GMT.The German equivalent contract…
German Cabinet approves $1.4 billion subsidy to reduce 2025 electricity network fees
The German cabinet approved a proposal to provide a subsidy of 1.3 billion euros ($1.37 billion) for electricity network fees that consumers will pay next year. This was announced by the Economy Ministry on Tuesday. High energy prices are straining household budgets in Europe's largest economy and affecting industrial production. The ministry stated that the subsidy would be funded by federal funds. It is expected to reduce the network charges, which make up approximately 20% of the electricity bill.
Philippines communities challenge dash for fossil gas
The government claims that LNG is an alternative to coal, and the capacity to generate it is required to meet the energy demands of Luzon Island, which is also home to Manila, the capital city, located 110 km (68 mi) north. Many people in Santa Clara, an area adjacent to the port's terminal, claim that respiratory illness has increased dramatically, even among children as young five years old. They attribute this to the LNG plants. Welita Abanil is a 69-year-old Santa Clara healthcare worker. Gas plants in the area have also reduced our fishing income.
German rates drop, while French prices increase amid weather changes
On Wednesday, the European power prices showed divergent trends. Germany's fell on account of higher wind generation, while France's went up due to colder weather forecasts, which will increase electric heating demand. LSEG's analysis cited the wind power supply in Germany as the guiding force that will lead to net exports from the country for the next day. LSEG noted a decrease in lignite and natural gas availability among other factors. LSEG data shows that German baseload power for the day ahead was down 21.8% at 97 Euros ($102.00 per megawatt-hour (MWh) as of 0940 GMT.
German Minister proposes subsidies for stabilizing electricity network fees
German Economy Minister Robert Habeck proposed Tuesday subsidies to stabilize fluctuations of electricity network fees. Consumers and businesses are bearing the brunt due to high energy costs, which have hindered investment and production. Habeck, speaking at a Berlin industry conference, said that the subsidies would be "a short-term measure" for 2025. They could be technically implemented by a 2024 supplementary budget. In Germany, the cost of using the electricity network accounts for around 20%.
German wind power supply is falling, resulting in a split of spot prices
The European spot prices for Wednesday were split from Tuesday. German spot prices rose due to a falling wind supply, and a rise in demand was expected. However, forecasts of strong French wind production affected the spot price for France. LSEG data shows that German baseload power for the day ahead was up 10% at 124 Euros ($130.44 per megawatt-hour (MWh) as of 1052 GMT. The French equivalent contract fell by 27.1% to 82 euros/MWh. Naser said that this is likely to be different in the afternoon. As a result, Germany will import during the morning and export the rest of it.
MSE Int'l Wins Funding for Port Recharging Project
MSE International has won funding from TRIG 2024 to lead a new project, PRIMET; Port Recharging Infrastructure for Maritime Energy Transition.The project will accelerate the roll-out of port and harbor infrastructure needed to support the rapid expansion in vessel recharging and shore-powering facilities which are essential to realize the government’s Clean Maritime Plan. PRIMET will develop outline solutions for supplying energy to shore power/recharging facilities…
Officials say that South Africa has a significant reworking of its long-term energy plan.
Officials said that a reworked long-term South Africa power plan would be soon presented to the cabinet. The plan is designed to put an end to the electricity blackouts which have plagued the country over the past decade. Only in January was the last plan released, which laid out scenarios for power supply up to 2050. The plan included a wide range of energy sources, including nuclear, renewables, and natural gas. Coal, the current dominant power source, was also covered.
Chinese giant CATL expands beyond batteries to power grids and EV platforms
Robin Zeng is the billionaire founder and CEO of CATL. He wants to transform the world's biggest battery manufacturer into a provider of green energy, as well as reduce the costs of developing electric cars, thus upending the economics that have driven the growth of the industry. Zeng said in an interview he expected the business of developing "zero-carbon" electric grids to be "ten times larger" than supplying batteries for electric vehicles, a sector CATL currently leads with 37% share.
EIP, a Swiss asset manager, increases its stake in Eni Plenitude from 10% to 10%
Eni announced that Swiss asset manager Energy Infrastructure Partners will increase its stake in Eni Plenitude to 10%. The deal values the group’s retail and renewable businesses at more than 11 billion euros, including debt. In a Monday statement, the Italian energy group EIP said that it had agreed to subscribing to a new issue of shares worth approximately 209 million euro. This deal is part Eni's "satellite" strategy. It aims to create separate units that can attract investments for their business growth.
US Extends Protections for CITGO to March 2025
The U.S. Treasury Department on Thursday extended a license protecting Venezuela-owned Citgo Petroleum from bondholders to March 2025, a key decision amid a seven-year-long legal case in which the refiner's parent might be auctioned to pay creditors.Citgo's parent, PDV Holding, was found liable by the court for Venezuela's debts from asset expropriations and debt defaults. The case has opened a route for creditors to fight for a piece of Venezuela's crown jewel - Citgo's 807…
