Globally, governments are taking measures to mitigate the impact of Iran's war on energy prices for consumers
Fuel subsidies, price caps and emergency commodity releases are just some of the measures that governments from Asia to Europe have taken to protect consumers from rising fuel and food prices - a result of the U.S. and Israeli war against Iran. The conflict in the Middle East has caused a halt to a fifth of world oil and gas supplies.
South Korea is considering energy vouchers and boosting coal, nuclear power
The government of South Korea said that it is looking at providing energy vouchers for vulnerable households to help'subsidise' them if global fuel prices rise in the wake the Middle East Crisis, which will increase electricity costs. In the event of high oil prices and disruptions in LNG supplies, Asia's 4th largest?economy?
Iranian strikes burn oil tankers, despite Trump's claims to have won war
Two oil tankers caught fire in an Iraqi harbor on Thursday, after being hit by a boat suspected to be laden with explosives. This was a new attack that has cut off Middle East oil and defied Donald Trump’s claim of having?won' the war launched two weeks earlier. Images that were verified as having "been filmed"…
Mike Dolan: ECB hawks want a rematch in 2021/22 after the Iran oil shock
Hawks at the European Central Bank are eager to change history. The energy price shock this month may not be as severe as the fallout of Russia's invasion in Ukraine, but officials seem to be wary of repeating their'slow' post-pandemic tightening policy that left them scrambling back in 2022. There will be intense…
Sources say that Bangladesh has secured diesel supplies amid major disruptions in energy supply
After the U.S. - Israel war 'on 'Iran, which disrupted shipments to garments and other industries, Bangladesh began receiving diesel from suppliers such as?China, India, officials said. The country has enough fuel for about a?month worth of demand. As the Middle East oil trade is severely disrupted by the war against Iran…
Iran War threatens to hit global energy markets for a long time
Even if the U.S. and Israel's war against Iran ends soon, consumers and businesses around the world could face weeks or even months of higher fuel costs as suppliers deal with damaged facilities and logistics and increased shipping risks. This outlook is a threat to the global economy and to President Donald Trump's political position as he heads into midterm elections.
Document shows EU is looking to reduce energy bills for industry
A document obtained by revealed that the 'European Union' is looking at energy?taxes and network charges, as well as?carbon _costs, to see if they can be used in short-term solutions for industries affected by high energy costs. Brussels is seeking quick fixes, after companies said they could not compete with their rivals from China and the U.S.
The Iran War threatens to have a long-lasting impact on global energy markets
Even if the conflict with Iran ends soon, consumers and businesses could face weeks or even months of higher fuel prices. This is because suppliers are dealing with damaged facilities, disrupted logistic, and increased risks in shipping. This outlook is a greater threat to global economic stability and a political vulnerability to U.S. president Donald Trump as we approach the midterms.
Peru taps its fuel reserves to fight worst energy crisis in 20 years
Denisse Miralles, the Prime Minister, said that 'the Peruvian government will use its fuel reserves to safeguard the domestic supply.' This comes after a gas pipeline rupture triggered what has been described as the worst energy crisis for 20 years. She added that the government will encourage public and private sector employees to work remotely…
Source: India wants US marine coverage for Middle East energy cargoes
India and the United States are in discussions to secure marine coverage for vessels that ship oil from the Middle East. New Delhi is seeking to protect buyers from possible supply disruptions due to the Gulf crisis. The official who didn't want to be named said that "so far, we are?comfortable." He added that the oil ministry was in talks with major producers and dealers to secure oil…
The number of forward contracts on the U.S./Iran conflict has increased by more than a month
European forward power contracts hit multi-month highs 'on Tuesday. They tracked higher natural gas prices and oil as the U.S. - Iran conflict intensified following the 'Tehran targeting of ships passing through the Strait of Hormuz. Some energy infrastructures were closed. Around 20% of all liquefied gas in the world transits the Strait of Hormuz.
Acciona Energia cuts dividends, targets disposals to protect credit ratings
Acciona Energia, the Spanish renewable energy company, announced late Thursday that it would reduce dividends and investments to save its credit rating. It also hoped to generate around 2 billion euro ($2.36 billion), from asset sales, as well as reduce a portion of a debt. Acciona Energia is owned by the Spanish company Acciona SA, with a stake greater than 90%.
The US AI boom is facing an electric shock
The race for artificial intelligence dominance by Big Tech may hit a snag soon as U.S. power grids struggle to keep up with hyperscalers who spend a lot of money. Microsoft, Amazon Alphabet, and Meta are among the technology giants in America that have announced in recent months plans to spend over $600 billion in AI by 2026.
Junior minister: Austria looks to renewables and African gas to reduce US LNG dependency
PARIS, February 18 - Austria wants to increase renewable energy and import more?gas from Africa in order to avoid becoming too dependent on U.S. Liquefied Natural?Gas? as Europe changes its energy supply. As a result of Moscow's invasion of Ukraine in 2022, European countries struggle to maintain affordable electricity prices. Donald Trump, the U.S.
Junior minister: Austria looks to renewables and African gas to reduce US LNG dependency
PARIS, February 18 - Austria is looking to increase renewable energy and gas imports from Africa in order to avoid becoming too dependent on U.S. Liquefied Natural Gas as Europe reshapes its 'energy supply. As a result of Moscow's invasion of Ukraine in 2022, European countries struggle to maintain affordable electricity prices. Donald Trump, the U.S.
German spot prices are affected by the sharp increase in wind power supply
On Wednesday, the German baseload contract fell on a forecast for a sharp increase in wind energy supply. The French contract rose on a slight rise in demand. LSEG data shows that the German baseload day-ahead power contract dropped 17.6% at 0850 GMT to 91.50 Euros ($108.29 per megawatt hour). The French equivalent contract increased 0.6% to 41 Euro/MWh.
Hungary, Slovakia Turn to Croatia to Secure Russian Oil
Hungary and Slovakia have asked Croatia to help them secure Russian oil and Hungarian company MOL initiated the release of strategic crude reserves after disruption to flows via Ukraine that the two countries have blamed on Kyiv.Kyiv's foreign ministry last week said a Russian attack on a Ukrainian pipeline was…
Rosneft Oil Refinery Warns of US Sanctions
Management at a Russian-owned oil refinery in Germany have privately warned Berlin that U.S. sanctions are hurting its business and threatening fuel supply for the country's capital and the region, according to correspondence seen by Reuters.In a January letter, management of the PCK Schwedt refinery, controlled by Rosneft…
Germany's Uniper stresses diversification and downplays the increasing reliance on US Liquefied Natural Gas
DOHA, February 4 - The top executive of a German utility Uniper played down European concerns about the growing dependence on liquefied gas from?the United States while he emphasized the need for diversification in supply sources. The pursuit by President Donald Trump of "energy dominance", has increased European concerns over the heavy reliance on U.S. LNG.
French spots are affected by the warmer temperatures and increasing wind supply
The French spot electricity price for Thursday dropped as the wind energy supply was expected to increase and demand to drop due to warmer weather. By 0942 GMT, the French 'day-ahead' baseload had fallen 12% to 77 euros ($91.01). LSEG data show that the German day-ahead basisload was not traded with a bid of 105.50 euro/MWh.