Exxon freezes plans for major hydrogen plant amid weak customer demand
Exxon Mobil has halted plans to build one of the largest hydrogen production plants in the world due to low customer demand, CEO Darren Woods said in an interview with Business Insider on Friday. The project's suspension, which was already delayed, reflects the slowdown of efforts by oil and gas companies to switch to cleaner energy sources, as many initiatives are struggling to make a profit. Donald Trump, the U.S. president, had also cut funding for green projects to concentrate on fossil fuels. Exxon, the oil major, announced in 2022 plans to build a plant in its Baytown, Texas refinery and chemical complex.
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%.
China's first coal-to-chemicals project with green hydrogen begins commercial operations
According to a report by state-run CCTV, China's first project for coal-to chemicals that integrates green hydrogen began commercial operations on Friday. Cao Guoan, station manager at CCTV, said that the project, operated by state-owned energy producer Datang Group is expected to produce 70,59 million cubic meters of hydrogen per year. He didn't say how much coal the plant currently produces or if it will also produce other chemical derivatives. Coal chemical plants convert coal into syngas, which is a mixture of carbon monoxide with hydrogen. This can then be transformed into ammonia or olefins.
India's top solar regulator blocks 3.2 GW of coal power plant, citing clean-energy push
A filing revealed that the power regulator in Rajasthan, India’s largest solar producer, refused to approve a 3,200 megawatt coal project. The regulator said it was against clean energy goals, and lacked justification based on demand forecasts. In an order published Thursday, the Rajasthan Electricity Regulatory Commission announced that it had rejected a petition filed by state-run Rajasthan Urja Vikas and IT Services Ltd to obtain coal power through bidding for a period of 25 years. The utility claimed that the new capacity would be needed to meet the rising demand for electricity around-the-clock.
India's top solar regulator blocks 3.2 GW of coal power plant, citing clean-energy push
A filing revealed that the power regulator in Rajasthan, India’s largest solar producer, refused to approve a 3,200 megawatt coal project. The power regulator said it was against clean energy goals, and lacked justification based on demand forecasts. In an order published Thursday, the Rajasthan Electricity Regulatory Commission announced that it had rejected a petition filed by state-run Rajasthan Urja Vikas and IT Services Ltd to obtain coal power through bidding for a period of 25 years. The utility claimed that the new capacity would be needed to meet a growing demand for electricity around-the-clock.
US Natural Gas Futures Ease 1% on Ample Gas in Storage
U.S. natural gas futures eased about 1% on Thursday on near-record output and ample amounts of gas in storage despite near-historic flows to liquefied natural gas (LNG) export plants and forecasts for colder weather and higher demand over the next two weeks than previously expected.The price decline also came despite a federal storage report that showed energy firms pulled gas out of storage for the first time this winter during last week's cold weather.Front-month gas futures for December delivery on the New York Mercantile Exchange fell 3.7 cents, or 0.8%, to $4.513 per million British thermal units (mmBtu) at 10:33 a.m.
US Natural Gas Futures Climb 4% with LNG Flows, Cold December Forecast
U.S. natural gas futures climbed about 4% on Wednesday on near-record flows to liquefied natural gas export plants and forecasts for higher demand than previously expected as the weather turns colder than normal going into December.Front-month gas futures for December delivery on the New York Mercantile Exchange rose 17.9 cents, or 4.1%, to settle at $4.550 per million British thermal units (mmBtu).LSEG said average gas output in the Lower 48 states rose to 109.1 billion cubic feet per day (bcfd) so far in November…
Aramco signs preliminary US deal worth more than $30 Billion
Saudi Aramco, the oil giant, said that it signed 17 preliminary agreements with U.S. firms with a total potential value of over $30 billion during a trip to Washington by Saudi Crown Prince. In a press release, the company said that these projects include liquefied gas, financial services and advanced materials manufacturing, as well as procurement of materials and other services. Saudi Arabian and U.S. officials highlighted billions of dollars in new investments, and the growing financial ties that exist between the two nations on Wednesday. This coincided with Crown Prince Mohammed Bin Salman's visit to the White House.
INSIGHT- West scrambles fill the heavy rare earth gap, as China rivalry intensifies
Western efforts to create a domestic magnets supply chain in order to reduce their reliance on China, led by the massive U.S. support for Nevada-based MP Materials, are running into a major problem: a scarcity of heavy rare earth elements. United States and its allies are scrambling to find an alternative supply chain for super-strong rare earth magnetic components, which are essential in everything from electric vehicles and defence technology to electronics and windmills. MP Materials has ambitious plans for producing magnets in the next few years. This is backed by a deal signed with the U.S.
Malaysia's Sarawak Oil Palms focus on yield improvements amid land cap
Sarawak Oil Palms Berhad, a Malaysian palm oil manufacturer, is focused on maximising the yields of existing plantations. The state struggles with lower productivity than other regions in Malaysia. Sarawak's 1,62 million hectares of oil palm plantations (4 million acres), which account for 29% Malaysia's total palm acreage, produced only 21,6% of Malaysia's palm oil production, with yields falling behind the neighbouring Sabah Peninsular Malaysia. It is the second largest palm oil producer in the world. In an interview conducted on Wednesday, the CEO of Sarawak Oil Palms, Eric Kiu, said that there are no new land areas for expansion.
The Japanese Governor is set to approve the restart of the world's largest nuclear plant
Kyodo reported that the Japanese governor who oversees the region which is home to the largest nuclear power station in the world is expected to approve its restart this week. The approval is one of the last remaining milestones for Tokyo Electric Power Co to bring back the Kashiwazaki/Kariwa power plant, which was shut down more than 10 years ago after the Fukushima disaster. Kyodo reported that Niigata Prefecture governor Hideyo Hanadazumi will announce his approval for a partial resumption of Kashiwazaki - Kariwa by Friday. This was based on multiple sources unnamed in the prefecture's government.
DTEK, a Ukrainian company, imports US LNG through Lithuania
The Ukrainian energy company DTEK said that it has imported its first cargo via Lithuania's Klaipeda Import Terminal of U.S. LNG in order to improve energy security for Ukraine as well as other Eastern European countries. DTEK’s trading arm imported cargo from Louisiana’s Plaquemines Plant aboard the GasLog Houston. The cargo was equivalent to 100 million cubic meters, or one terawatt-hour (TWh) of natural gas. Privately owned company says that the plan is to deliver gas to Ukraine and Baltic countries as well as Poland and other Eastern European markets.
Kuwait's latest tender invites bids on a new 0.5-GW Solar Project
Kuwait invited pre-qualified consortiums to submit bids for a new solar power project of 0.5 gigawatts, which aims to expand clean energy generation in the Gulf State. Kuwait Authority for Partnership Projects announced in its official gazette on Sunday that the second tender of the year will cover the Al Dibdibah Power & Al Shagaya Renewable Energy Phase III - a Zone 2 Solar Power PV Independent Power Project. KAPP said that the company will provide power to the Ministry of Electricity through a 30-year agreement for purchase of electricity.
China finds bigger role as US sidesteps Brazil climate summit
China has stepped into the spotlight as a leader of the global warming fight, with the United States missing the U.N.'s annual climate summit in New York for the first three decades. The country's pavilion dominates the entrance of the sprawling COP30 grounds in Brazil’s Amazonian city of Belem. Executives from its largest clean energy companies present their visions of a greener future in English to large audiences, while its diplomats work behind the scenes to facilitate constructive discussions. Washington used to play these roles. Now, they are played by Beijing.
Orplana CEO: Sugarcane farmers in Brazil's key region are feeling the pinch of low prices
Sugarcane growers in Brazil's central-south region feel the pinch due to low sugar prices. They do not want their crops to expand and may even reduce the area they plant with the crop. Jose Nogueira is the CEO of the cane growers association Orplana. He said this on Friday. Last week, raw sugar futures reached a low of 14,04 cents per lb. Prices had dropped to 14.96 cents a lb on Friday but were still subdued in comparison with recent highs. Nogueira added that the looming low returns on sugarcane investments would affect producers' investment in their fields, and could potentially impact output for the 2027/28 harvest.
Saudi Aramco to Sign US LNG Supply Agreements
Saudi Aramco is set to sign two U.S. liquefied natural gas supply deals with Woodside Energy and Commonwealth LNG when Saudi Arabia's Crown Prince Mohammed bin Salman visits Washington next week, sources familiar with the matter told Reuters.The world's largest oil exporter, Saudi Aramco, wants to become a major liquefied natural gas player, especially in the United States, where LNG capacity is set to almost double over the next four years. It has already signed deals with other U.S. players, including NextDecade's Rio Grande LNG.The firm targets 20 million tons per annum (mtpa) of LNG capacity…
COP30: Brazil seeks biofuel boom, but critics query climate impact
Timothy Searchinger is a senior research scholar from Princeton University. He said that when land produces fuel instead of food someone else will have to clear more land or eat less. Biofuels are counted at zero, so countries believe that they have cut emissions. He said that in reality, the pressure is shifted onto food and land systems. India has already shown signs of this pressure. It has increased the percentage ethanol in petrol, and saved $12 billion on oil imports over the last decade. It has also led to the destruction of engines and arable land.
Saudi Aramco will sign US LNG contracts during the crown prince's Washington visit, sources say
Saudi Aramco will sign two U.S. LNG supply agreements with Woodside Energy & Commonwealth LNG next week when Saudi Arabian Crown Prince Mohammed bin Salman is in Washington, according to sources with knowledge of the situation. Saudi Aramco wants to be a major player in liquefied gas, particularly in the United States where the LNG capacity will almost double within the next four-years. It has signed agreements with other U.S. companies, such as NextDecade Rio Grande LNG. Aramco's CEO and President Amin Nasser told analysts on a conference call in August that the company aims to produce 20 million tonnes of LNG per year (mtpa)…
French and German electricity prices will be affected by the diverging wind trends on Monday
French and German power rates are expected to diverge on Monday. Higher wind generation is expected to pressure German spot prices, while higher demand combined with lower wind supplies should lift French day-ahead contract prices. LSEG data shows that the German and French baseload power contracts for Mondays were not traded by 8:56 GMT Friday. LSEG analyst Xiulan Xiulan said that the European power market showed a bearish sign on Monday. This was mainly due to strong wind generation in Germany and Austria. Data compiled by LSEG shows that German wind power production is expected to increase by 6.2 gigawatts on Monday…
GERB leader: Bulgaria could receive a six-month delay in US sanctions
Local media reported that Boyko Borissov of the GERB, the leader of the coalition's leading party, could have secured a six-month delay of U.S. sanction against Lukoil oil refinery. Last month, the U.S. Treasury Office of Foreign Assets Control imposed sanctions against Lukoil, and Rosneft, Russia's largest oil companies. This increased pressure on Russian president Vladimir Putin to stop Moscow's war with Ukraine, and threatened their sprawling operations throughout Europe. The U.S. sanction, which is due to take effect on November 21, has raised concerns over fuel supplies in Bulgaria ahead of winter.