Alberta has eliminated the gas flaring limit in 2024.
Calculations show that energy producers in Alberta, Canada’s largest oil producing province, exceeded the self-imposed provincial limit for annual gas flaring by 2024, for the second consecutive year. Alberta's energy regulator announced late last week that it would be ending the flaring limit. The regulator, who quietly posted a bulletin to its website, is the first one to report this change. The regulator confirmed Monday that the limit had been removed and stated it was in response to the direction of the provincial government.
The new Texas wastewater regulations could increase costs for oil producers
The new guidelines for permitting wastewater disposal wells are likely to increase the costs of oil producers, as the crude price is low. This will be the latest challenge faced by an industry that has seen its output growth slow down as it matures. U.S. oil production has soared to a record 13,4 million barrels a day (bpd), thanks to technological advances that allowed companies to tap into its vast oil reserves. The growth is slowing down…
Mixed market trends amid tighter winds and slowing demand
The European power market was mixed on Wednesday, ahead of Ascension Day. This was partly due to the expectation of a sharply declining wind power generation that would be partially offset by an increase in solar power. The German power price was lower, and the French indicated were higher for today. LSEG Research also found that the availability of coal was a factor that would affect markets in the future. By 0825 GMT the German…
Ukraine Approves Gas Import Via Transbalkan Pipeline To Avoid High Transit Fees
Ukraine's energy regulator has approved a gas import mechanism that will avoid high transit fees when supplying gas through the Transbalkan pipeline from Greece to Ukraine, the Ukrainian energy ministry said on Tuesday.Ukraine has faced a serious gas shortage since a series of devastating Russian missile strikes this year, which significantly reduced domestic gas production.Ukraine now imports gas via Slovakia and Hungary, but does not use the southern route because of its higher transit tariffs…
There Is An Estimated 6 Billion Barrels of Shale Oil Reserve in Southeast Turkey
U.S. oil producer Continental Resources estimates there is a shale oil reserve of 6.1 billion barrels in Turkey's southeastern Diyarbakir Basin, the Turkish energy minister said.If confirmed, such reserves would place Turkey above some OPEC members such as Congo or Gabon, and other major producers such as the UK.Continental Resources and Turkish national oil company TPAO signed a joint venture agreement in March to develop shale fields in the basin."Turkey's current annual (crude) oil import amounts to 365 million barrels.
Minister: Estimated 6 billion-barrel shale oil reserves in southeast Turkey
The Turkish Energy Minister said that U.S. oil company Continental Resources estimated there to be a shale-oil reserve of 6.1 million barrels in Turkey’s southeast Diyarbakir Basin. If confirmed, these reserves would put Turkey ahead of some OPEC countries such as Gabon or Congo, as well as other major producers like the UK. Continental Resources and the Turkish National Oil Company TPAO signed a Joint Venture Agreement in March for the development of shale-fields in this basin.
Cornwall Insight reports that Britain's energy cap will fall by 7% in July.
Analysts at Cornwall Insight predicted that Britain's energy price cap would fall by 7% this July, due to lower wholesale prices. The government would welcome a drop in energy prices, as it is under pressure to keep its promise to reduce household costs. However, analysts predicted a larger fall, of 9%, last month. Craig Lowrey said that this was due to "an increase in energy wholesale markets, and updated assessments of various cost inputs, including policy costs, and network costs".
China's thermal energy generation fell 2.3% on an annual basis in April
Official data released on Monday showed that thermal power generation in China fueled primarily by coal fell by 2.3% in April. It also dropped 4.1% between January and April. This is in line with the expectation that China's fossil fuelled power production could drop in 2025, for the first dip in 10 years. The National Bureau of Statistics reported that China generated 449.1 billion Kilowatt-hours last month, and 1.98 trillion in total for the year.
Chilean regulator approves Codelco and SQM joint venture
Codelco announced in a Thursday statement that Chile's competition regulator had approved the deal between Codelco and SQM, the state-run copper company, to create a joint venture for the expansion of lithium production on the Atacama Salt Flats. In a statement, the FNE regulator in China has yet to approve the deal. This approval is expected to be incorporated into the decisions made by the European Union, Brazil and South Korea.
Prices to fall as demand falls ahead of the holiday
The German wholesale electricity price on Thursday was expected to fall over the four-day holidays due to low consumption. The indication for the next day's working day, which is April 22, was nearly half of the price paid for delivery on Friday. The week-ahead contract in France was priced below Wednesday's closing price. LSEG's research noted a reduction in demand during the holiday season, and that it outweighed the effects of a weakening of wind supply. At 0805 GMT, the German baseload electricity for day 5 was not yet traded.
Energy assets affected due to sanctions and standoff between Russia and the West
On Tuesday, the United States and Russia reached separate agreements to stop attacks on energy and maritime targets. Washington also agreed to press for the lifting of some sanctions against Moscow. In the event that a peace agreement is reached between Russia and Ukraine, the potential for a relaxation of U.S. sanctions and EU sanctions has led to the question of what will happen to the disputed assets which were affected by international sanctions.
German Gas Storage Group urges clarification on summer filling policy
Storage operators' group INES warned on Thursday that if the German government does not decide to fill up gas caverns in time for winter, there may be shortages. The ongoing discussions over the formation a new government and the fact that the summer prices are higher than the winter prices complicate the task. Some market participants bet that Germany will need to subsidise feed-in. INES 16 members control about 25% of the gas storage in the European Union.
Ofgem: UK power group Drax does not breach sustainability obligations
LONDON, 12 March - British energy regulator Ofgem announced on Wednesday that its review of audit reports prepared by KPMG had found no evidence of Drax's breach of sustainability obligations. Renewable electricity generators can sell certificates of renewable obligation (RO), which they can use to sell to their customers, to energy suppliers. To qualify for the certificate, biomass power plants must prove that at least 70% their biomass fuel is sourced from sustainable sources.
German contracts untraded
French spot power fell on Thursday as the weather warmed up and demand decreased. German spot power, however, was traded at a premium to France due to lower green energy production. LSEG analyst RiccardoParviero stated that the expected losses in German Wind Power Generation remained a positive factor for the area, even though usage is also declining and thermal availability has strengthened. At 0840 GMT, the French baseload price for the next day was down 18.4% to 62.0 euros (66.96 dollars) per megawatt-hour (MWH).
RPT-PowerChina Unit Sues Laos Utility for $555 Million
A review of an arbitration document shows that Nam Ou Power, part of the state-owned Power Construction Corp of China has sued Laos utility Electricite du Laos for $555m in unpaid hydropower dues. According to a source with knowledge of the case, EdL has not yet responded to the filing. The source also stated that this was the first time an entity run by the Chinese government had filed a claim against a Laos-owned firm. As the case is private, it was not possible to identify the person.
PowerChina Unit Sues Laos Utility for $555 Million
A review of an arbitration document shows that Nam Ou Power, part of the state-owned Power Construction Corp of China has sued Laos utility Electricite du Laos for $555m in unpaid hydropower dues. According to a source with knowledge of the case, EdL has not yet responded to the filing. The source also stated that this was the first time an entity run by the Chinese government had filed a claim against a Laos-run company. As the case is private, it was not possible to identify the person.
The US natgas price is rising due to concerns about Canada tariffs
U.S. Natural Gas Futures rose 10% on Tuesday to a 26 month high, on record flows into liquefied gas export plants. There was also concern that Canadian gas exports could be affected by the tariffs placed on Canada and Mexico by U.S. president Donald Trump. Canada provides about 8% total U.S. demand for gas, including exports. Some of these return to Canada. The U.S. will consume approximately 90.2 billion cubic foot per day (bcfd), and export another 21.1 bcfd as LNG or via pipelines in 2024 to Mexico, Canada and other countries.
The US natgas price is rising due to concerns about Canada tariffs
U.S. Natural Gas Futures rose 10% on Tuesday to a 26 month high, on record flows into liquefied gas export plants. There was also concern that Canadian gas exports could be affected by the tariffs placed on Canada and Mexico by U.S. president Donald Trump. Canada provides about 8% total U.S. demand for gas, including exports. Some of these return to Canada. The U.S. will consume approximately 90.2 billion cubic foot per day (bcfd), and export another 21.1 bcfd as LNG or via pipelines in 2024 to Mexico, Canada and other countries.
Equinor's trading arm and the French energy regulator fined Equinor $12.5 million
The French energy regulator CRE fined Equinor of Norway and its trading subsidiary Danske Commodities 12 million euros ($12.5million) for violating wholesale gas market regulations. The Norwegian group announced that Equinor, Danske and the other companies fined 4 and 8 millions euros, respectively, would appeal the decision. In its announcement of Thursday, the CRE said that it had fined two regulators in relation to the bookings…
Researchers say that China's coal power construction in 2024 is at a 10-year high.
Researchers said that China has begun construction of 94,5 gigawatts in coal-fired energy in 2024. This is the largest number of new projects since 2015. It will hinder the country's move away from fossil fuels. Since 2023, power shortages have prompted a surge in new coal projects. The country is the world's largest coal consumer and greenhouse gas emitter. Qi Qin is a researcher at CREA's Centre for Research on Energy and Clean Air. The report's main author, Qi, said that this could present challenges to global climate efforts.
