New York grid operator warns about undersupply by 2033
The state grid operator warned on Thursday that New York City could face power shortages in summer 2033 due to a growing electricity demand and a decreasing supply of fossil-fired generators. The New York Independent System Operator stated that the trend to shut down power plants more quickly than they can be replaced by clean, new sources of supply, at the same time as electricity demand increases from electrification in buildings and transport, data centers, and chip makers, threatens the grid's stability.
Grid operator PJM faces a new complaint regarding power supply
Consumer advocacy group filed a complaint with PJM Interconnection. They claim that the U.S.'s largest grid operator unfairly awards record-high payments to power plants, driving up electricity prices for households and businesses. The Federal Energy Regulatory Commission received a complaint on Monday, the second in recent times regarding PJM Interconnection’s capacity market auction for 2025-2026. This auction set prices that were over 800% higher than those of the previous year.
Germany Preps for More FSRU Vessels
Germany is expanding its natural gas import options to replace Russian supply. Following are updates on key facilities and terminals being developed to host floating storage regasification units (FSRUs) to receive seaborne liquefied natural gas (LNG). Plans also include shore-based regasification terminals and facilities to import and produce ammonia and hydrogen.STADEState-owned Deutsche Energy Terminal (DET) has said in German media reports that FSRUs at both Stade and Wilhelmshaven 2 will start operations before the winter…
RTE: French power exports to reach 22-year-high in 2024 due to abundant supply
French grid operator RTE stated on Wednesday that France's power output could be at its highest level in two decades, due to the abundance of gas for the winter months and the high availability of both nuclear and gas-powered power plants. The return of the nuclear fleet to the market at the start of this year and the heavy rains that boosted hydropower production helped lower the market prices, which had spiked during the energy crisis of 2022. RTE reported that France's electricity demand will reach 450 Terawatt-hours in 2024.
Japex to invest in US tight-oil project as operator
A senior executive at Japan Petroleum Exploration (Japex), said that the company is interested in investing in the U.S. tight gas and oil sector with a view to becoming an operator. Yutaka Nishimura said at a press conference that Japex is exploring investment opportunities for the U.S. tight gas and oil sectors. We are looking to become operators. He added that Japan's second largest oil and gas company, which has invested in U.S. tight gas and oil projects for the past few years, is looking to use the experience and expertise it has gained.
Sources: Exxon will sell its older Permian assets for $1 billion to Hilcorp
Four sources with knowledge of the matter said that Exxon Mobil Corp, the top U.S. oil company, has agreed to sell its conventional oil drilling assets located in the Permian basins of Texas and New Mexico for a price around $1 billion to Hilcorp Energy. This deal is part of a growing trend among U.S. oil companies to sell off older properties after a wave of record-breaking acquisitions. Hilcorp, a private operator, has been one of the most active buyers. Exxon confirmed that the assets had been sold but refused to reveal the buyer or the valuation.
German power prices are falling while France's are rising
On Tuesday, the European wholesale power markets moved in different directions. Germany's spot fell from its near two-year peak due to calm and overcast conditions that reduced its wind and solar production. The French power price for the day ahead rose by 30.4%, to 131 euros per megawatt-hour (MWh), at 0920 GMT. This was due to an increase in demand after Monday's Armistice holiday. The German equivalent remained lower, reflecting Germany's current import dependence.
Inpex: Ichthys LNG Train 1 will resume full-scale operation in December
Inpex Corp, the operator of Australia's Ichthys LNG, said that Train 1 will resume full-scale operation at the start of December. This follows a reduction in its operating rate for inspections. In order to maintain safety, the Inpex spokesperson said that "Ichthys LNG Train 1" is currently operating at a slightly lower production level in order to inspect heat exchangers. In November and December, we expect approximately 10 LNG cargo shipments each month.
EUROPE GAS-Prices firm as temperatures drop
Dutch and British wholesale price rose on Monday morning due to the colder weather forecast. LSEG data shows that the benchmark front-month contract for the Dutch TTF Hub rose by 1.00 euros to 43.15 Euro per Megawatt Hour (MWh), which is $13.51/mmbtu by 0921 GMT. The British day-ahead contract increased by 3.00 pence to 109.15 cents per therm. The trader said that although wind power generation is also expected to decline, the recent price increase still looks overdone.
Texas voters elect conservative Craddick as oil regulator
Texas reelected Christi Craddick, a conservative incumbent in her third term as the state's chief oil regulator. This is a victory for the industry which has seen its production increase during her tenure. According to the most recent government statistics, Texas, which is home to the Permian basin, is the United States' largest oil producer, producing around 5.8 million barrels of crude oil per day. The Texas Railroad Commission, which Craddick is set to chair for six more years, regulates this industry.
Sempra misses its profit forecast due to higher costs and lower utility earnings
Sempra, a U.S. energy company, missed Wall Street's third-quarter profit estimates on Wednesday due to higher interest costs and lower earnings in its utility businesses of Texas and California. Utilities are ramping up investments in their projects amid booming demand from data centers to power the artificial-intelligence wave, but elevated interest rates in the United States are eating into the companies' margins. Sempra, based in San Diego, California…
Drone crashes into oil depot in Russia’s Stavropol Region
Vladimir Vladimirov, the local governor of Stavropol in southern Russia, said that a drone had crashed on an oil storage depot. This was the second suspected Ukrainian strike in a row on Russian energy and fuel targets. It followed a period of seven weeks after a fuel station in Tula, Russia was attacked on September 10. Vladimirov, on Telegram, said that there were no injuries in the incident at Svetlograd Oil Depot. Baza Telegram, a channel close to Russia's Security Services, has posted a CCTV footage purportingly showing the attack at the oil depot.
Svendborg Brakes' Yaw Brake Solution Transforms Wind Turbine Maintenance
When damaged yaw brake discs were preventing numerous wind turbines from operating in optimum conditions, their operator was looking for an economical maintenance service that would ensure the turbines’ availability. Svendborg Brakes, a Regal Rexnord Brand, developed a new solution to quickly restore operations - cutting disc resurfacing activities and exchange pads to only 3 days, while requiring only a day and a half of true downtime. As the Wind Industry navigates short-term challenges and sustained growth potential…
China's CNOOC signs contract for oil development in Iraq's Block 7
CNOOC Ltd, a Chinese company, announced Wednesday that it had signed an Exploration, Development & Production Contract with Iraq's State-run Midland Oil Company for the exploration of oil and gas in the Block 7 Field. CNOOC Africa Holding Ltd, the state oil and gas company's fully owned unit, will hold 100% interests and act as the operator for the 6,300-square-kilometer Block 7, located in central Iraq's Diwaniyah province. CNOOC won the bid to explore the block as part of Iraq's licensing round…
US Governors push back against PJM following record-high prices for power plants
Five governors urged PJM Interconnection on Tuesday to change its process for determining the price of power plants, after the auction that saw record prices. Prices in the most recent PJM auction were almost 10 times higher than last year. This was largely due to a shrinking supply of electricity and an increasing demand for electricity. Prices were set at levels that raised concern about the cost of electricity for homes and businesses on PJM territory. Environmental groups filed a complaint to PJM over its pricing process.
ONEOK's Q3 profit rises on the back of strong demand and a narrower annual forecast
Pipeline operator ONEOK announced a 52.6% increase in its third-quarter profits on Tuesday. This was largely due to higher demand for natural gas in the Rocky Mountain Region, as well as higher volumes of natural gases and natural gas liquids. The company reported that raw feed volumes of natural gas liquids in the Rocky Mountain Region (NGLs) increased by 7%, and natural gas volumes in the Rocky Mountain Region processed by 5%. The petrochemical industry uses NGLs like ethane or propane as feedstock.
Low Carbon, a UK investment company, sells 6 GW of Dutch battery storage.
Low Carbon, a UK-based renewables energy investor, has announced that it sold a portfolio of 6 gigawatts of battery storage project in the Netherlands to S4 Energy. S4 Energy is owned by global commodities trader Castleton Commodities International. According to Low Carbon, the battery storage portfolio in the Netherlands is among the largest in development. It should help balance the supply and demand of energy on the grid, as the Netherlands aims to reach 39% renewables by 2030.
Petronas Indonesia plans major expansion, says country head
Petronas, the Malaysian state-owned energy company, plans to expand "aggressively" in Indonesia. It will create a hub in East Java for its operations and invest in exploration of Indonesia's remote eastern regions. The new government of Indonesian President Prabowo Subito, which came into office in this month, pledged to boost energy development and reverse a decade-long decline by the former OPEC country. Yuzaini Md Yusof is the head of Petronas Indonesia. She said that recent regulatory changes have made it easier for companies to develop energy projects.
Gas and Carbon Forward Contracts are on the Rise
The European power contracts for the year ahead rose on Friday as did gas and carbon contracts. LSEG data show that the German 2025 baseload price rose by 1.1% at 1041 GMT to 91.45 Euros ($98.99) for a megawatt-hour. Earlier, the price had been.05 euros short of the highest recorded in a month and a quarter on Thursday. The equivalent French position increased 0.2% to 75.35 Euro/MWh. The European CO2 allowances expiring in December 2024 rose by 0.1%, to 66.65 Euros per metric ton.
Sustech, a Japanese startup, has seen its valuation soar to over $800 million in the latest funding round
Sustech, a Japanese energy technology startup, is expected to raise $50m from investors. This will value the company at over $800m, according to people familiar with the matter. The Tokyo-based company wants to tap into the fast-growing global demand for cleaner energy. Sources said that the valuation of Sustech, which is 124 billion Japanese yen (816 million dollars), in its fourth fund-raising round, represents a 3.5 times increase from 35 billion yen last year. This brings it closer to the group of Japanese unicorns valued at over $1 billion.
