Category Archives: Energy industry

Australia should abandon goal to limit global heating to 1.5C, says gas company eyeing Beetaloo Basin

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Tamboran Resources, which received $7.5m to explore Beetaloo Basin, argues target may hinder ‘climate improving’ gas projects

A gas company with interests in the Beetaloo Basin is calling on the federal government to rewrite its climate change legislation to abandon the “unattainable” objective of trying to limit global heating to 1.5C.

The call comes despite Australia being a signatory to the Paris agreement that aims to limit global warming to well below 2C – and preferably to 1.5C – compared to pre-industrial levels.

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Revealed: BP’s ‘greenwashing’ social media ads as anger over fuel costs rose

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Oil company spent £800,000 on social media influence ads after Labour proposed windfall tax

BP has spent more than £800,000 on social media influence ads in the UK this year that champion the company’s investments in green energy, it can be revealed.

On Tuesday, BP announced a 14-year high profit of £7bn for the second quarter of this year. In the previous eight days, the company paid about £570,000 to Facebook and Instagram for influence ads that reached tens of millions of viewers in the UK.

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Germany puts coal power plant back on network after gas supply cut

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Mothballed facility in Lower Saxony gets emergency permission to run until April

A coal-fired power plant that had been mothballed has become the first of its kind to be put back on to the network in Germany, as debate rages over how Europe’s largest economy will cope without Russian gas.

The facility in Lower Saxony, which is owned by the Czech energy company EGH, has received emergency permission to run until April in an attempt to boost energy production.

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Australian wholesale energy prices in June quarter tripled from last year, market operator says

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Aemo executive says need for renewables is ‘urgent’ as failing coal-fired power plants and global gas costs cause prices to surge

Wholesale electricity and gas prices tripled in Australia’s main grid in the June quarter compared with a year ago, as failing coal-fired power plants and soaring global gas costs combined to create “unprecedented” market disruptions, the Australian Energy Market Operator (Aemo) said.

Aemo’s quarterly market dynamics report found average spot prices for electricity in the national electricity market, which serves eastern Australia, averaged $264 per megawatt-hour across the quarter. That’s more than double the previous high of $130 in the first quarter of 2019 amid droughts and heatwaves, and a little more than three times the average price in the June quarter of 2021, which was $85.

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How does the EU plan to cut gas usage by 15% this winter?

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Industry to feel pinch first after all countries in bloc except Hungary agreed to voluntary reduction

The EU has agreed to cut its gas consumption by 15% in an attempt to stave off a winter crisis triggered by a sharp reduction or total shutdown of Russian gas supplies to the bloc.

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EU urges member states to slash gas use by 15% to counter ‘Russian blackmail’

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Call for voluntary cut until March 2023 with binding reduction targets possible when Moscow ‘likely’ halts supplies

The European Union’s executive body has urged member states to slash their gas consumption by 15%, as it warned that a complete shutdown of Russian supplies was “likely”.

The EU has been scrambling to wean itself off Russian gas since the invasion of Ukraine, but is alarmed about a potential energy crisis this winter.

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Germany worries about gas rationing as supply from Russia halted

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Temporary closure of Nord Stream 1 prompts fears for private consumers as well as industry

Germans are fretting about the coming winter freeze even while Europe sweats in record temperatures, amid uncertainty over whether a complete stopping of Russian gas deliveries would force energy rationing on private households as well as industry.

Germany, which has managed to reduce its reliance on Russian gas from 55% to about 35% of its demand since the start of the Ukraine war, is still heavily reliant on the Nord Stream 1 pipeline, which closed down for 10 days from 11 July due to scheduled maintenance works.

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Costs of Ukraine war pose tests for European leaders – and things may get worse

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Analysis: Vladimir Putin claims time is on his side, but he will have only one shot at making a gas cutoff count

Desperate efforts in Italy to prevent the fall of Mario Draghi’s government are only the latest political firestorm in Europe tied to Vladimir Putin’s tests of the west’s powers of endurance. Draghi’s foreign minister, Luigi di Maio, suggested it will be Putin who celebrated the fall of another western government if Draghi does not survive a confidence vote in parliament on Wednesday.

“A boat without a rudder goes adrift,” said Ferruccio Resta, the president of the Conference of Italian University Rectors – a metaphor that could apply, to Putin’s satisfaction, to much of Europe as governments come under growing pressure over the perceived domestic cost of the war in Ukraine.

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Europe could face energy rationing as ‘really tough winter’ looms, Shell boss warns

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Ben van Beurden says Ukraine war fallout means big rise in bills and possible need to ration supplies

European consumers could face the prospect of energy rationing this winter as costs continue to soar amid the risk of Russia cutting off gas supplies, Shell’s chief executive has said.

“It will be a really tough winter in Europe,” said Ben van Beurden, speaking at the Aurora spring conference in Oxford on Thursday. “We will all face very significant escalation in energy prices. In the worst case, Europe will need to ration its energy consumption.”

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Why is the euro doing so badly against the dollar?

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Analysis: Investors often turn to US currency in times of uncertainty and there are plenty of reasons for them to be jittery

It is two decades since the euro was last trading below $1.00 (£0.84) against the US dollar. Now the single currency is once again teetering on the brink of parity.

There are a host of reasons why, although the prompt for the most recent slide in the currency has been the fear Europe faces an energy crunch this winter.

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Norway halts strike that threatened gas supplies to Britain

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Norwegian government intervenes in pay row because of ‘great social consequences for whole of Europe’

The Norwegian government has stepped in to end a strike that had threatened supplies of gas to Britain.

The labour dispute had shut down oil and gasfields and was expected to cut Norway’s gas supplies by almost 60% by the weekend.

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Floating windfarms could be hosted off Cornwall and Wales, crown estate says

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Five ‘areas of search’ in the Celtic Sea could be developed and offered to businesses by 2023

Floating windfarms could be built off the coasts of Cornwall and Pembrokeshire after the Queen’s property manager identified a clutch of sites in the Celtic Sea that could host them.

The crown estate, which generates money for the Treasury and the royal family, has published five “areas of search” that will be narrowed into development plots to host wind power generation.

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Bulb boss Hayden Wood to step down from collapsed energy firm

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CEO and co-founder will leave at end of July, having still received £250,000 salary despite taxpayer bailout

The chief executive and co-founder of the collapsed energy firm Bulb will leave at the end of July, having continued to receive a six-figure salary while the firm was being propped up by billions in taxpayer loans.

Hayden Wood is leaving Britain’s seventh biggest energy supplier, which has about 1.5 million customers, as the government continues to seek a buyer to save Bulb.

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Concerns that India is ‘back door’ into Europe for Russian oil

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Volume of Russian crude bought and then exported by India suggests some of it may end up in European petrol stations

The huge blue and red hull of the SCF Primorye came into port at Vadinar, western Gujarat, India, earlier this month. The 84,000-tonne oil tanker, built in 2009 and sailing under the Liberian flag, had arrived from the port at Ust-Luga, a settlement in Russia near the border with Estonia.

Until 2017, the Vadinar oil refinery was controlled by Essar – the Indian owner of the Stanlow refinery in Ellesmere Port. Since then a consortium including the sanctioned Russian state-owned oil firm Rosneft and the commodities trader Trafigura, which holds a 24.5% stake, have owned Nayara Energy, which runs the refinery.

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Biden calls on US oil refiners to raise gas and diesel production to tackle prices

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President notes that companies’ profits have tripled during time of war and calls for ‘immediate action’

Joe Biden on Wednesday called on US oil refiners to produce more gasoline and diesel, saying their profits have tripled during a time of war between Russia and Ukraine as Americans struggle with record high prices at the pump.

“The crunch that families are facing deserves immediate action,” the president wrote in a letter to major oil refiners. “Your companies need to work with my Administration to bring forward concrete, near-term solutions that address the crisis.”

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Africa must forgo gas exploration to avert climate disaster, warn experts

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Call comes after former UN climate envoy urged African countries to exploit their natural gas reserves

Africa must embrace renewable energy, and forgo exploration of its potentially lucrative gas deposits to stave off climate disaster and bring access to clean energy to the hundreds of millions who lack it, leading experts on the continent have said.

Their call came as the UN secretary general, António Guterres, warned that exploring for gas and oil anywhere in the world would be “delusional”.

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UK ramps up gas and oil exports to EU amid Russia’s war in Ukraine

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Britain’s goods exports to EU a record £16.4bn in April despite impact of Brexit

The UK has drastically increased the volume of natural gas being pumped to the EU amid Russia’s war in Ukraine, powering a record monthly rise in goods exports to the continent despite Brexit.

Figures from the Office for National Statistics show EU goods exports rose for the third consecutive month to £16.4bn in April, the highest monthly level in current prices since comparable records began in 1997.

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Power firms must ‘up their game’ after Storm Arwen failures, says Ofgem

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Regulator berates network operators for ‘unacceptable’ time taken to restore power to thousands of homes

Power companies must “up their game” after thousands of households in Britain faced “appalling conditions” when they were left without power for more than a week after Storm Arwen hit last year, the industry watchdog has said.

Publishing its full report into the response of power distributors to the storm, Ofgem said they were underprepared and provided an “unacceptable service” to customers, with nearly 1m homes losing power and 4,000 of those cut off for longer than a week.

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Russia cuts gas supplies to Netherlands and firms in Denmark and Germany

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Gazprom raises stakes in sanctions war after EU move to embargo most Russian oil imports and companies miss deadline to pay in roubles

Russia has further cut off gas supplies to Europe, after state energy giant Gazprom turned off the taps to a top Dutch trader and halted flows to some companies in Denmark and Germany.

The intensification of the economic battle on Tuesday over Russia’s invasion of Ukraine follows the EU’s overnight decision to place an embargo on most Russian oil imports as part of its financial sanctions against the Kremlin.

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Could a cartel of large energy consumers cut oil and gas prices?

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Italy’s PM Mario Draghi suggests big consumers club together to limit how much is paid and raises idea of EU gas price cap

Energy prices are skyrocketing as the world confronts the economic ramifications of Russia’s invasion of Ukraine, supply chain bottlenecks and the lingering effects of Covid-19 lockdowns. But Italy’s prime minister, Mario Draghi, has a plan.

The celebrated former European Central Bank president recently broached the idea of creating a “cartel” of oil consumers at a meeting with Joe Biden. Just as the biggest oil-producing nations club together through Opec to agree annual oil production quotas, Draghi has suggested big energy consumers join forces to increase their bargaining power.

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