What does the 'Made-in-EU' law say and why should Britain be concerned?
British Prime Minister Andy Burnham announced on Tuesday that he will make a case for Britain being considered a "trusted" partner under the proposed "Made in EU "rules of the European Union. The European Commission's Industrial…
Three chemical plants to be closed by Ineos due to high energy costs
Ineos, the company owned by Jim Ratcliffe, announced on Tuesday that it was halting production at three chemical plants located in Hull. The reason given for this decision is because of the high European gas prices, which have made production too expensive.
Minister says Senegal should lower its electricity rates due to gas production
Senegal's energy ministry said that the country plans to use more natural gas produced domestically to lower electricity costs. This will reduce its dependency on imported fuels, whose prices rose sharply in this year. Senegal…
Markets are stagflation-prone due to rising oil prices, rates and yields
As a result, the Middle East war has pushed up energy costs and global borrowing rates. This is pushing markets and economies towards a period of potentially damaging high inflation and slow economic growth. Stocks are still near record levels…
Spain Foresees Higher Energy Prices Due to Iran War
Higher energy prices resulting from the Iran war could add nearly €7.4 billion ($8.5 billion) to Spanish manufacturers' costs through the end of 2026, an industry lobby group said on Wednesday.Of the extra costs stemming from current prices, gas would account for €4.2 billio
White House calls for additional refinery waivers in order to lower pump prices
According to two officials in the administration, the White House asked federal environmental regulators for permission to allow small oil refineries across the country to mix less biofuels than originally planned into their gasoline and Diesel.
The British cap on energy prices will rise by 4% due to the Iran war.
The majority of British households will see their energy costs?rise in October, after the energy?regulator?Ofgem announced an increase of 4% in its domestic price caps as wholesale prices are pushed up by the war in Iran.
Six countries are interested in EU discussions on windfall profits taxation of oil companies.
A 'letter from their finance ministers on Monday revealed that six European Union countries wanted the 27-nation EU to discuss in September how to tax the windfall profits of oil companies caused by Iran's blocking of the Strait of Hormuz.
VEGOILS - Palm flattens as El Nino worries counter rising stock levels. Still poised for a second weekly gain
Malaysian palm futures traded at a?tight range on Friday as concerns about El Nino and the impact of higher inventories on production were offset by concerns over a firmer crude oil price. By midday, the benchmark palm oil…
Australia commits $1.76 billion to keep Rio Tinto aluminium smelter open
Australia announced on Thursday that it will provide a?A$2.5billion ($1,76billion) to keep Rio Tinto's Tomago aluminum smelter - the largest in the country - open beyond 2028 with a more reliable and affordable power supply.
Ameresco wins new contracts worth $1.8 billion as demand for power remains high
Ameresco announced on Monday that it had added $1.8 billion to its backlog of projects in the second quarter. This is more than tripled from a year ago, amid a strong demand for programs promoting 'energy efficiency' and a reliance on renewable energy.
SABIC reports narrower quarter loss and revenue drops 18% due to disruptions in supply chains caused by the Iran War
Saudi chemicals giant SABIC reported on Wednesday a'sharply smaller second-quarter net loss, due mainly to the 'absence of large one-off expenses from last year. Revenue fell 18% as a result of war-related disruptions in supply chains.
Malaysia's fear of resources tests Asia's fastest-growing data centre
Malaysia, which has surpassed Singapore as the fastest-growing hub for data centres in the region, is now under increasing scrutiny due to the resource debate that's spreading to emerging Asia. The protests against a data center complex at the southern tip of Johor…
Rising heat, falling chips and sticking prices: the financial week in five charts
Open Interest (ROI), every Friday, distills the previous five days' financial activity into five charts that highlight the "major trends, surprises, and overlooked movements" of the week. 1. ANNA SZYMANSKI is the Editor in Charge of ROI.
Italian Business Lobby Calls to Speed up Roll-Out of Renewables
Italy's business lobby Confindustria has called for emergency action from the government to speed up the roll-out of renewable energy in the country, which is grappling with much higher power costs than in most of Europe.The…
Italy Business Lobby Calls for Emergency Action to Boost Renewables Rollout
Confindustria, the business lobby in Italy, has called on the government to take urgent action to speed up the deployment of renewable energy in the country. The country is currently grappling with higher electricity costs than most of Europe.
Siemens Gamesa CEO warns that capacity cuts will be made if Europe’s offshore expansion fails
Siemens Energy warned on Thursday of potential wind turbine capacity cuts in Europe, if governments fall behind in efforts to expand off-shore power. The company said a lack a determination could be an "existential danger" to the industry.
Bayer wants to accelerate biofuel production plan in response to the energy crisis caused by the Iran War
Bayer, a drug-making giant and crop science company, said that it hopes to accelerate a plan in order to facilitate the?North American production?of biofuel feedstocks such as camelina following the?Iran war. The war has caused a'surge' in fossil fuel prices…
New Zealand selects two LNG terminal bidders for energy security
New Zealand announced on Tuesday that it had selected 'two' providers for the proposed liquefied gas import facility. The terminal is a major part of government plans to ensure power supplies during the dry years, as domestic…
US judge overturns Trump's policy on wind and solar tax breaks
According to court documents, a U.S. Judge vacated the Trump Administration policy that was implemented last year and made it more difficult for wind and solar energy projects to receive federal tax subsidies. The ruling is the latest legal blow for U.S.