Senator: US energy prices will spike due to Trump's decision to cut grants
The Trump administration’s plans to cancel nearly eight billion dollars in Energy Department grants is illegal, because contracts were already signed. It will also cause consumer energy costs to skyrocket. The Energy Department cancelled $7.56 billion of funding for clean energy project earlier this month because it did not believe that the projects would provide enough return to taxpayers. Senator Martin Heinrich from New Mexico stated that these projects would have increased energy and flexibility to the grid. "The administration is limiting the amount of energy we can put onto the grid.
Australia is set to earn more gold than any other resource
Australia announced on Tuesday that it expects gold to be its second-most valuable resource export this financial year after iron ore, dislodging the liquefied gas. Concerns over geopolitical instabilities fuel demand for safe-haven metal. The Department of Industry's September quarterly report stated that Australia's gold imports will increase by A$12 Billion ($7,9 Billion) to A$60 Billion in the current financial period ending June 2026 as it exports more gold for higher prices. This would be a huge increase in Australia's LNG export earnings…
New Zealand Government to support energy companies' investments in critical infrastructure
The New Zealand Government announced on Wednesday it will financially support investments by energy companies to build critical electricity infrastructure. The government owns 51% of the former state-owned power generators Genesis Energy Mercury and Meridian. New Zealand's energy prices are rising as the supply is tightening. This has put energy generators on the radar. In a press release, Finance Minister Nicola Willis stated that she wrote to three electricity generators informing them that the government was prepared to fund capital requests for investments that are strategic and commercially logical to promote energy security.
New Zealand opens up applications for oil and Gas Exploration Nationwide
New Zealand's Government announced on Thursday that it has opened applications for new permits for oil and gas exploration, following a ban in 2018 on new exploration of fossil fuels. In a press release, the government announced that it would not only invite applicants to bid for licences for oil exploration but also introduce a "new open market" which will allow companies to apply at any time for exploration permits. In a statement, Minister of Resources Shane Jones stated that the open market application system better balances the need to increase gas supply while maintaining robust competition.
Due to economic and regulatory conditions, Salzgitter has delayed the later stages of its green steel project.
Salzgitter, Germany's 2nd largest steelmaker, announced on Thursday that it had decided to postpone the expansion of a crucial green steel project for three years. The CEO also noted the deterioration in conditions in recent years. Salzgitter spends around 2,5 billion euros, including 1 billion euro in grants, for its Salcos project. This will allow it to produce steel from 2027 that emits less CO2 with the aid of hydrogen. The first phase of the project, consisting of 100 megawatts electrolyser, direct reduction plant, and electric arc furnaces, is proceeding as planned.
Alaskans fear higher energy prices as Trump drills
Alaskans spend nearly two times as much on electricity as the national average. Matt Goodnow, financial counselor at a hospital located in Homer, Alaska, a fishing village on the Kenai Peninsula, said that higher energy costs would be detrimental to the community. The Trump administration is not only planning to eliminate federal funding for renewable energy projects and to remove tax breaks, it also proposes to lift the limits set by former president Joe Biden regarding oil and gas drilling in Alaska. Renewable energy projects in Alaska have been halted or cancelled by leading companies.
EU Targets Power Grid Bottlenecks to Lower Prices, Improve Security
The European Union will prioritise fixing eight power grid bottlenecks, the Commission President said on Wednesday, in an effort to lower the bloc's uncompetitive energy prices and improve energy security."I am presenting today a new initiative called Energy Highways. We have identified eight critical bottlenecks in our energy infrastructure. From the Oresund Strait to the Sicilian Canal," European Commission President Ursula von der Leyen said in her State of the Union address in Strasbourg."We will now work to remove…
After US pressure, the EU is considering a faster Russian gas and oil exit.
Ursula von der Leyen, the head of the European Commission, said that new sanctions would include a quicker phase-out of Russian fuels. This comes after U.S. demands to stop buying Russian crude oil. EU officials are currently in Washington, DC to discuss the coordination of further sanctions against Russia. The EU and U.S. are considering tougher measures to cut Moscow's revenues, but internal divisions, and the need for international support, raises questions about how effective these steps will be at isolating Russia.
After US pressure, EU looks to accelerate Russian oil and gas withdrawal
Ursula von der Leyen, the head of the European Commission, said that new sanctions would include a quicker phase-out of Russian fuels. This comes after U.S. pressure for an end to Russian oil purchases. EU officials are in Washington, D.C. to coordinate new sanctions against Russia with the Trump administration. A White House official revealed that Trump, in an effort to end Russia’s war against Ukraine, had told European leaders to stop purchasing oil from Russia last week. Trump has also asked the EU to impose tariffs of up to 100% on China and India to put pressure on Moscow.
New Zealand's Transpower plans to upgrade the North-South Islands Power Link with $653 million.
Transpower announced on Tuesday that it has applied to the New Zealand Commerce Commission to approve its NZ$1.1bn (US$653,40m) plan to upgrade high voltage direct current (HVDC), the electricity link between New Zealand's North Island and South Islands. The project consists of replacing three old submarine cables, adding a new cable to increase transfer capacity, and building new cable terminations on both sides Cook Strait. Surveys have shown that the cables will deteriorate as expected by early 2030s and need to be replaced.
The price of gas in Europe is stuck in a sideways trend due to the lack of a new impetus.
The Dutch and British gas price were not much different on Friday morning. They continued to trade within a narrow range, despite the lack of any news that could affect the market. There was also no change in the overall supply and demand balance. LSEG data shows that the benchmark Dutch front-month contract for the TTF hub fell 0.08 euros, or $11.11/mmBtu to 32.45 Euros per megawatt hour at 0855 GMT. The Dutch day-ahead contracts was up by 0.30 euros to 31.78 Euros/MWh. The British day-ahead contracts fell 1.50 pence, to 78.60 cents per therm.
As the price cap increases by 2%, millions of Britons will see their energy bills increase.
After Ofgem raised its price cap to 2% in October, millions of British households who are already struggling with tight budgets will be faced with higher energy bills. This is despite the fact that the government is trying to reduce energy costs. The regulator, which is a non-ministerial department of the government, has raised prices after the inflation rate reached its highest level in 18 months, in July, and as the government faces increasing pressure regarding the affordability of the net zero plan. The cap has been increased by 35 pounds for the period July-September.
EUROPE GAS-Prices rise after fresh Ukraine infrastructure attacks
After initially trading in a sideways direction, Dutch and British wholesale prices of gas rose on Thursday after Russia attacked the key storage infrastructure of gas in Ukraine. This comes at a time when there is growing concern about the rapid filling of European gas storages. LSEG data shows that the benchmark Dutch front-month contract was up by 1.18 euros to 32.95 Euro per megawatt hour or $11.21 per mmBtu at 1507 GMT. The British contract for the front month rose 3.34 pence to 82.35 cents per therm. Meanwhile, the price of the day-ahead contract was up 1.70 penny at 81.90 cents per therm.
Polish President vetoes Bill to ease rules on building wind farms
Karol Nawrocki, the Polish president, vetoed on Thursday a bill that would have eased rules for onshore wind farm construction. He said that the government's decision to combine it with a price freeze on energy was "blackmail". The accusation is a new salvo in the battle against the centre-right government of Donald Tusk. He is an arch rival to the allies of the president in the nationalist Law and Justice party (PiS). It would have reduced the distance between residential areas and planned installations, but kept permitting restrictions for projects near protected natural areas.
Orlen's Q2 profits jump as upstream gains and write-downs offset each other
Orlen, a Polish energy company, reported on Thursday a nearly 74% increase in its second quarter profit. A strong performance upstream helped to offset the effects of lower refining and asset writedowns. EBITDA LIFO (core profit adjusted for changes to the value of oil inventories) reached $7.72 billion ($2.12 billion), and this was achieved despite 1.49 billion in writedowns mainly in upstream and downstream. Oil refiners' upstream business has reversed a massive year-ago loss, thanks to a windfall tax imposed by the government in order to fund energy prices freezes.
Trade groups and companies warn that Trump's America First policy on biodiesel could be costly to US businesses, consumers and trade groups.
According to some trade groups in refining and biofuels, the Trump administration's efforts to discourage the use foreign feedstocks for domestic biodiesel may lead to higher prices and a reduction of domestic production. The warning is a reflection of the ongoing tension between the Environmental Protection Agency under President Donald Trump and its traditional allies, the energy and agricultural industries. Trump has promised that he will lower consumer energy prices, but he is also trying to advance the America First agenda by supporting domestic production via trade protectionionism. This can sometimes lead to higher costs.
Naturgy's net profit for the first half of 2010 increases 10% due to higher energy prices
The net profit of Spanish power company Naturgy for the first half rose by 10% compared to the same period last year, exceeding some analysts' expectations as cold weather and international tensions boosted energy prices. Naturgy's shares fell by 1.2% at mid-morning after the Spanish lower chamber rejected a bill that was proposed by the Spanish government on Tuesday to strengthen the market for electricity following the massive blackout in April. In the first half, net sales totaled 9.96 billion euro and the company's profit increased to 1,15 billion euros.
US Natural Gas Prices Rise to Two-Week High Amidst Hot Weather
U.S. natural gas futures edged up about 1% to a two-week high on Wednesday as hot weather boosts the amount of gas power generators must burn to keep air conditioners humming and on near-record flows of gas to LNG export plants.Front-month gas futures for August delivery on the New York Mercantile Exchange rose 2.8 cents, or 0.8%, to settle at $3.551 per million British thermal units, their highest close since June 27 for a second day in a row.The U.S. National Hurricane Center said a tropical system off the west coast…
UK rejects zonal energy pricing
The British government is not moving to a zoned system of wholesale energy prices, but will instead try to gain greater control over the planning process in order to determine where to build clean energy infrastructure. The UK, with some of the world's highest electricity prices, struggles to find a way to build wind and solar farms, as well as transport them to the various parts of the country. The government had looked at dividing the country into zones with a pricing system based on demand and supply, hoping to encourage businesses to move closer to renewable sources of energy, and potentially reduce the cost for transmission.
Gas prices in the Netherlands and Britain are stable with warmer weather forecast
The Dutch and British wholesale prices of gas traded within a narrow range Wednesday morning, amid the expectation of warmer weather conditions and stable supplies. LSEG data shows that the benchmark Dutch front-month contract was up 0.07 euros to 34.65 Euro per megawatt hour or $11.92/mmBtu at 0818 GMT. The Dutch day-ahead contracts was down 0.17 Euro at 34.17 EUR/MWh. The British day-ahead contracts was up 0.25 cents at 82.50 pence/therm. In a daily note, LSEG analyst Wayne Bryan stated that he expects TTF day-ahead price to remain within its recent range without any significant deviation based upon current fundamentals.