Wednesday, January 22, 2025

Utilities News

If elected, German opposition leader promises to build 50 gas-fired energy plants

The t-online newspaper reported that the opposition leader Friedrich Merz has pledged to build 50 gas-fired plants if the conservatives win in the snap elections on February 23. In November, Germany's gas-fired electricity output jumped a record 79% from the previous month as utilities…

Portugal is keen to create an offshore wind cluster that could reach up to 10 gigawatts

Portugal's Government said on Friday that it is keen to create a cluster wind farms off the coast of its Atlantic Ocean. The total power of these wind farms could reach around 10 gigawatts. Lisbon approved last week four areas where offshore wind farms could be installed. This is…

Beware of Egypt's smokestack reshoring as Cement Exports Soar: Maguire

North Africa's second largest natural gas producer and its largest economy have increased the production and exports of several energy-intensive commodities in an effort to boost the growth of their industrial sector. Egypt's exports of chemicals, fertilizers, and cement doubled from 2022 to 2024.

Utility chief says that increased US LNG exports will benefit Japan under Trump

The head of Japan's utilities union said that a potential increase in U.S. fossil-fuel production and exports of liquefied gas under Donald Trump’s new presidency could lead to lower fuel prices for Japan. Trump has stated that he plans to lift the moratorium on new LNG permits, imposed by the administration of President Joe Biden.

Beware of Egypt's smokestack reshoring as Cement Exports Soar: Maguire

North Africa's second largest natural gas producer and its largest economy have increased the production and exports of several energy-intensive commodities in an effort to boost the growth of their industrial sector. Egypt's exports of chemicals, fertilizers, and cement doubled from 2022 to 2024.

Are price movements a result of structural shifts? China's commodity imports are bifurcated: Russell

China's imports in 2024 of major commodities were a mixed bag. Iron ore, coal, and natural gas volumes reached record levels, while crude oil was weak. Raw data from the largest buyer of natural resource in the world suggests that some parts of the economy perform well, while others are struggling or are undergoing structural changes.

Toronto stock market edge higher as mining shares rise

The main Canadian stock index closed higher on Thursday. Metal mining shares led the way, but gains were limited. Investors awaited the employment data from both sides of border, and prepared for a potentially volatile financial year. The S&P/TSX Composite Index ended the day up 21,68 points or 0.1% at 25,073.36, adding on to yesterday's gains.

Chevron CEO: Chevron targets a growth of $6-8 billion in free cash flows next year.

Michael Wirth, CEO of Chevron, said on Wednesday that the company is in a position to increase its cash flow from free to $8 billion and to reduce expenses "by a couple of billion dollars". The U.S. oil producer No.2 expects to benefit from the start of new or expanded oil production projects in Kazakhstan, U.S. shale and offshore Gulf of Mexico.

Hess CEO gives upbeat forecast on oil demand, but says Guyana has only scratched the surface of its potential

HOUSTON, January 7 - Hess Chief Executive John Hess said on Tuesday that he believes the oil market is closer to being in balance than it is oversupplied, despite concerns about China's demand and increased production by non-OPEC and U.S. producers. In remarks made to investors at Goldman Sachs Energy…

California sets clear course to close Aliso Canyon Gas Storage Facility

California's utilities regulatory agency on Thursday set out a clear path to potentially close SoCalGas Aliso Canyon's gas storage facility. The regulator prioritized energy reliability and affordability, as the state moves towards cleaner energy. In a press release, the California…

AI's hunger for energy fuels geothermal startup but rivalry over natgas clouds the future

The number of geothermal energy startups is on the rise, as Big Tech companies look to power their AI data centers with natural gas. However, long-term investment remains uncertain because oil majors are doubling down on natural gases. Meta and Alphabet’s Google are two of the tech…

US LNG Rises 2% on LNG Plant Volume Data

U.S. natural gas futures climbed about 2% on Wednesday on rising flows to the nation's liquefied natural gas (LNG) export plants and expectations utilities pulled more gas out of storage than usual to heat homes and businesses during extreme cold for a second week in a row last week.Analysts…

US offers PG&E a conditional loan of up to $15 billion for climate resilience

The Department of Energy announced on Tuesday that the United States had offered PG&E, a California-based utility, a conditional $15 billion loan to upgrade its electrical grid and support climate resilience. PG&E is a natural-gas and electric utility and the parent company of Pacific Gas and Electric Company.

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…

Pakistan delays LNG contract with Qatar by a year: Petroleum minister

The contract between Qatar and Pakistan for the supply of liquefied gas (LNG), announced by Petroleum Minister Musadik Malik on Wednesday, has been deferred an additional year. Qatar will now deliver LNG cargoes to Pakistan in 2026, instead of 2025. The power minister of Pakistan…

Pakistan Pushes Qatar LNG Contract with Qatar for a Year

Copyright aerial-drone/AdobeStock

Pakistan has deferred its liquefied natural gas (LNG) contract with Qatar for a year, Petroleum Minister Musadik Malik said, adding that the country will now get LNG cargoes from Qatar in 2026 instead of 2025.Annual power use in Pakistan, which gets over a third of its electricity from natural gas, has declined 8-10% year-on-year over the past thre

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.

Blockchain enables firms to offer physical uranium for sale to small investors

On Tuesday, a blockchain platform and an uranium company launched a market to allow small investors buy physical uranium. They hope to increase spot liquidity for the niche commodity. Uranium prices have risen in recent years due to a rise in investor interest and the reduction of miner output.

Tauron, a Polish utility, has seen its third-quarter profit increase by 65% due to lower costs

The Polish energy utility Tauron reported on Thursday that its net profit for the third quarter of 2014 increased by 65% compared to last year, due mainly to lower coal and material costs. The group's net profit was also boosted by the increase in distribution costs. Tauron is looking for funding to support its renewable energy investments.

LNG can solve Europe's gas problems, but it comes at a cost: Russell

The fears that Europe will face a shortage of natural gas this winter are exaggerated. The liquefied gas (LNG), market has already taken steps to prevent any shortage, although at higher prices.The price of natural gas in Europe reached its highest level in over two years on November 22…

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