MOL Calls On JANAF to Allow Russian Oil Transit to Hungary
Croatian pipeline operator JANAF must allow transit of Russian seaborne oil to Hungary and Slovakia, refiner MOL Group said in an emailed statement on Thursday, adding that such imports were not under EU sanctions."MOL Group calls on JANAF to immediately guarantee that it would let through maritime Russian crude shipments not under sanctions," MOL said, adding that it expected a rep
The impact of renewable energy on spot prices
The European spot electricity contract for Friday was cancelled on the assumption that "demand" would continue to decline while "renewable generation" is expected to increase. By 0923 GMT, the German baseload for the day ahead was down 12.9% to 66.75?euros ($78.47). The French equivalent contract fell?37.3% to 12.85 euros/MWh.
EU delays 'Made in Europe' plan after disagreements over scope
The European Commission announced on Monday that it had 'delayed announcement of a new policy to prioritise industrial products and parts made in Europe by a week due to disagreements over the scope of the program. Thursday was the date set for the announcement of these measures, which would establish minimum…
Enel to invest $63 billion by 2028, with a focus on Europe and the US
Enel, the Italian energy?utility, plans to increase its capital expenditures over the next three years. It will also shift its focus towards renewables in Europe and America. In a press release, the state-controlled 'group' said it would invest about 63?billion dollars (53?billion euro) between 2026-2028, with half going to grids and 38% to renewables.
Sweden and other countries oppose the calls to delay the new EU carbon market
A joint?paper of the countries revealed that Sweden, Denmark and Finland have resisted calls from other European governments to postpone the EU's forthcoming?carbon markets, as political pressure increases for the bloc reduce?energy prices. The paper focuses on the second carbon market in the European Union…
What's in the EU's proposed 'Made in Europe' law draft?
Next week, the European Commission will introduce a new law requiring a minimum percentage of products to be "made in Europe" when using public money to support 'key strategic technologies. Why do it? Why do it? Prioritizing European-made products in public contracts will allow the EU to leverage the financial power of public procurement…
MOL Orders Alternative Oil to Supply Hungary, Slovakia Refineries
Hungary's MOL group has ordered tankers delivering Saudi, Norwegian, Kazakh, Libyan and Russian oil to supply its Hungarian and Slovak refineries and halted diesel supplies to Ukraine as it scrambles to overcome an outage of the Druzhba pipeline, officials said on Wednesday.MOL's refineries, the last in the EU to receive Russian oil through Druzhba, have struggled since a supply hal
EU: Hungary, Slovakia to See No Short-Term Oil Supply Risk
The European Commission sees no short-term risk to the security of oil supplies in Hungary or Slovakia following the disruption of Russian oil flows via Ukraine because both EU countries have ample emergency stocks, a Commission spokesperson said on Tuesday.Slovakia's government also said its domestic fuel supply was not under threat…
EU is ill-prepared to deal with climate change as it worsens, say experts
Independent advisers on Tuesday said that the European Union was 'not prepared for a worsening of climate change' and should increase its 'investments to protect infrastructure and people from increasing floods, wildfires, and severe heatwaves. According to the World Meteorological Organization (WMO), climate…
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…
EUROPE GAS - European prices rise ahead of weekend temperatures drop
Dutch and British gas wholesale contracts traded within a small?range Friday morning. A possible?increase ahead of the temperature drop that is expected this weekend. By 0826 GMT, the benchmark Dutch 'front-month contract' at the TTF hub was nearly flat at 32.29 Euros per Megawatt Hour (MWh), which is $11.22/mmBtu.
EU's von der Leyen defends carbon market after leaders' criticism
Ursula von der Leyen, President of the European Commission, said that the European Union's emissions trading scheme has "clear benefits" and safeguards in place to reduce the price of?carbon? if the price rises too much. Leaders of Germany, Italy, and the Czech Republic said this week that the EU should reconsider its ETS.
Draft document reveals EU plans to boost investment in energy infrastructure
A draft document seen by?by revealed that the European Union, and its lending arm European?Investment?Bank, are developing a new suite of?funding mechanisms to support energy infrastructure investment. Plans are being developed to help reduce the cost of energy for European households and industries, who claim that high bills make it impossible to compete in global markets.
Data shows that Yamal LNG has resumed transhipments in the vicinity of Murmansk.
LSEG data showed on 'Thursday that Yamal LNG has resumed ship to ship?liquefied gas operations near a port in the Arctic called Murmansk. This could mean a possible resumption for the first time of this winter of fuel exports into Asia. Ship-to-ship allows the company to optimize the use of expensive ice-class tankers during the winter when the Northern Sea Route…
EU meets in Belgian castle for economic rivalry with US and China
Leaders of the European Union gather at a castle in Belgium on Thursday to discuss how they can compete with a global competitor like China, and a less reliable allie like the U.S. as the rules-based order is thrown into disarray. Over the past two decades, EU growth has been consistently lower than US growth…
Executives warn that Europe could lose its nascent green hydrogen industry to China
The fledgling green hydrogen industry in Europe is calling on the EU to introduce "made-in-Europe" requirements for spending public money on the sector. They warn that without the support needed to scale up quickly, the domestic producers will be overtaken by their Chinese competitors. In 2025, the industry…
EU considers a revamp of the industry's free allowances in Carbon Market Reform
As part of a redesign of its carbon market, the European Union may overhaul its system of free "CO2 permits" for industries. Brussels is redesigning its Emissions Trading System (ETS), the EU's most important policy on climate change, which requires power plants and industry to purchase CO2 permits when polluting.
French spot power falls on the back of gains in regional wind supplies
The French baseload electricity contract dropped sharply on Tuesday, as the region was expecting warmer temperatures and more wind. LSEG data showed that the French baseload day-ahead power contract fell 80% at 0858 GMT to 11?euros (13.10) per Megawatt Hour. The German contract was not traded. The LSEG compilation shows gaps in German day-ahead prices data for recent sessions.
Oil Prices Rise After US Urges Caution for Vessels Traveling Near Iran
Oil prices rose more than 1% on Monday after the U.S. Department of Transportation issued an advisory to U.S.-flagged vessels to stay as far as possible from Iranian territory while voyaging through the Strait of Hormuz and Gulf of Oman.Brent crude oil futures were up 89 cents, or 1.3%, at $68.94 a barrel by 11:24 a.m. EST (1624 GMT). U.S.
The EU's new sanctions plan is designed to target Russian crude exports more severely
The European Commission proposed on Friday a ban on all services that "support" Russia's crude oil exports by sea. This is a far more comprehensive measure than previous EU sanctions, and goes beyond the piecemeal approach in an effort to "stunt" Moscow's main source of revenue for its war against Ukraine. With the assistance of Western shipping…