S&P upgrades Austria's credit ratings outlook to positive and sees improvements in energy supply
S&P Global Ratings, the credit rating agency, has upgraded Austria's outlook from stable to positive. The improvement in Austria's energy supply and its solid budget situation were cited as reasons for this change. S&P's statement on Friday night said that the positive outlook reflects Austria's potential to improve its energy supply position while its economy remains strong over the next 24 month.
Wintershall Dea Looks to Domestic Production as Russia has 'Destroyed' Trust
Germany's Wintershall Dea, a shareholder of the Nord Stream 1 pipeline and longstanding Gazprom partner, on Tuesday said it would look to increase domestic oil and gas output since Russia has lost its status as a reliable energy supplier.If Europe wants to reduce its dependence on imports it has to look at domestic energy supplies, Chief Executive…
Back to the Drawing Board: Analyzing Social Impact of Sustainable Energy
The future could be bright for small island nations. Cheap sustainable energy is the core component of the United Nations Sustainable Development Goals.Engineers like making things, but rarely think of the social impact that flows from their creations. Today, while we are standing at the threshold of sustainable energy, we should take a moment to reflect on the social impact of sustainable energy.
Centrica Pauses Spirit Energy Sale, Scraps Dividend. Shares Hit Record Low
Britain's largest energy supplier Centrica canceled its 2019 dividend and cut costs in anticipation of an increase in nonpayments by customers and a drop in demand due to the COVID-19 outbreak, sending its shares to record lows.The government has ordered sweeping measures to slow the spread of the new coronavirus, shutting down much of the…
BP Invests $6 Bln in Offshore Azerbaijan Project
The British multinational oil and gas company BP and its partners will lead a $6 billion development of the giant Azeri-Chirag-Deepwater Gunashli (ACG) oil-field complex offshore Azerbaijan.The supermajor said that the Azeri Central East (ACE) project includes a new offshore platform and facilities designed to process up to 100,000 barrels of oil per day.
One Select Ceases to Trade
A small British energy supplier, One Select, has ceased to trade, regulator Ofgem said on Monday, promising to find a new supplier soon for its 36,000 customers.This is the third small energy supplier to have ceased trading in as many weeks and Ofgem said last month it would introduce financial and customer service tests for new entrants to beef up their robustness."We have seen a number of supplier failures this year and
Yanbu South Terminal Boost Export Capacity
The oil giant Saudi Aramco has competed the rehabilitation and upgrade project of the Yanbu South Terminal (YST), which adds an extra three million barrels per day of crude oil to its West Coast export capacity.Yanbu South Terminal, which is located south of Yanbu City on the West Coast of Saudi Arabia, consists of a tank farm and offshore facilities to receive…
India to Buy $1 Billion of US Crude Oil
Following Indianan Prime Minister Narendra Modi’s June 2017 visit to the U.S., where President Donald Trump and PM Modi agreed to deepen the energy engagement between the two countries, India oil companies have started the process of procuring crude oil from the U.S. Now six weeks after the visit, the first orders for $1 billion of crude are being placed.
ENI, Anadarko to Build LNG Terminals in Mozambique
Italy's ENI and U.S. oil and gas firm Anadarko signed agreements with the Mozambique government on Thursday to build two liquefied natural gas terminals in the southern African country. The terminals will be built in Cabo Delgado province, where Mozambique has made massive gas discoveries that could transform it from a poor African country into a major energy supplier to Asia.
Virgina Offshore Wind Project Moves Forward
An offshore wind project in the U.S. mid-Atlantic is moving forward, as project owner Dominion Energy Virginia has signed an agreement and strategic partnership with DONG Energy to build two 6-megawatt turbines 27 miles off the coast of Virginia Beach. The two companies will now begin refining agreements for engineering, procurement and construction. Dominion Energy remains the sole owner of the project.
Eni LNG Seal Raises Hopes of Mozambique Gas Boom
Italian energy company Eni signed a deal on Thursday to develop a huge gas field offshore Mozambique, the first of a series of projects that could transform the poor African nation into a major energy supplier to Asia. The Coral South field, discovered in May 2012, is within Area 4 of the Rovuma Basin and contains approximately 450 billion cubic meters (16 TCF) of gas in place.
Centrica CEO's Annual Remuneration Package Rises Nearly 40%
Iain Conn, chief executive of Britain's largest energy supplier Centrica, received a nearly 40 percent rise in annual remuneration to more than 4 million pounds, the company's yearly report showed on Wednesday. Conn, who joined Centrica in January 2015 after a career at oil major BP, will take home 4.151 million pounds ($5.2 million) for his work in 2016, up from 3.025 million pounds for 2015.
UK Energy Market Watchdog to Review Supply Licences This Year
Britain's energy market regulator Ofgem will review the way it awards supply licences and financial requirements on energy suppliers later this year, it said, following calls for firms to undergo stricter financial stress tests. In a speech on Thursday, Ofgem Chief Executive Dermot Nolan said there had been a lot of interest in the energy sector's financial stability due to the increasing number of suppliers…
British Gas, E.ON to Freeze UK Energy Prices This Winter
Centrica owned British Gas and E.ON, two of Britain's "big six" suppliers, have frozen their standard energy prices this winter, adding to pressure on rivals to do the same. British wholesale gas and electricity prices have risen about 30 and 40 percent respectively since June, along with a rebound in other commodities such as coal, leading to speculation that some electricity suppliers could raise prices.
ENGIE, Mitsubishi, NYK Tie-up for LNG Bunkering
ENGIE, Mitsubishi Corporation and NYK Line have launched Gas4Sea, a new brand for their joint marketing of liquefied natural gas (LNG) as a marine fuel around the world. Gas4Sea aims to lead innovation through the ship-to-ship supply of LNG for the maritime sector. In 2014, ENGIE, Mitsubishi Corporation, and NYK concluded a framework agreement for a partnership to develop LNG bunkering services.
Brexit Could Provide Boost for Britain's Shale Gas
Britain's shale gas industry could get a helping hand from a falling pound and a supportive new prime minister just as it is gearing up for its first production this year, after facing economic and political challenges that slowed its start. The British pound's weakness since the Brexit vote has made it more expensive to import gas, helping…
Dutch Government: Dong Energy Wins Borssele Offshore Wind Contract
The Dutch government said on Tuesday it had awarded two wind farms with a capacity of 350 megawatts (MW) each to Denmark's Dong Energy <IPO-DONG.CO>. Dong's bid was selected out of 38 offers for Borssele I and Borssele II, including Anglo-Dutch oil major Shell in partnership with Dutch energy supplier Enerco and contractor Van Oord NV. Dong will build the wind farm by 2020…
Dutch Offshore Wind Tender Attracts Bids
Some of Europe's biggest energy companies, including Shell, RWE and Vattenfall, are competing in a Dutch offshore wind tender seen as one of the biggest green energy projects on offer in Europe this year. The Dutch government has an ambitious target to more than quadruple its offshore wind energy capacity by 2023 to lower climate-harming carbon emissions from energy production.
Centrica to Relocate Most Trading Staff to Central London
Britain's largest energy supplier, Centrica, will relocate most of its energy trading staff to a central London location from its Windsor headquarter this year, a spokesman said on Thursday. About 150 of Centrica Energy Marketing and Trading's (EM&T) 250 staff will move to an office on London's Oxford Street as the company aims to cut travelling costs, the spokesman said.
Britain's Wholesale Gas Will Remain Cheap
UK gas prices to fall further into summer; Gas to oust coal as leading power plant fuel. British utilities are set to benefit from low wholesale gas prices this summer and beyond even if power companies opt to do a lot more switching from coal to gas to fuel their plants. British wholesale gas prices have fallen over 40 percent in the past year…
