European Commission to Propose Floating Price Cap on Russian Oil
The European Commission is expected to propose a floating Russian oil price cap this week as part of a new draft sanctions package in an attempt to overcome opposition from some member states, four EU diplomats said.The Commission proposed lowering the Group of Seven (G7) nations' price cap from $60 a barrel to $45 barrel in June in its 18th package of sanctions against Russia for its invasion of Ukraine.
Masdar and Iberdrola, both from the UAE, invest in a 1.4 gigawatt UK wind farm
Masdar, Abu Dhabi's renewable energy company owned by the government and Iberdola of Spain will invest together in a 1.4 Gigawatt (GW), wind farm in United Kingdom. This was announced in a Thursday statement from Masdar's parent firm TAQA. According to the statement, it is estimated that the project will cost approximately 5.2 billion euro ($6.10 billion) and that 24 international banks have signed agreements for project financing of around 4.1 billion euro.
Greece's DEPA signs out-of-court agreement with Gazprom on gas prices
DEPA Commercial, the Greek gas supplier, announced on Tuesday that it had reached an agreement outside of court in its dispute with Gazprom regarding gas prices. DEPA signed with Gazprom a contract in January 2022 for 2 billion cubic meters of gas annually through 2026. The price was 80% index to the Dutch TTF benchmark price, with the remaining 20% index to oil prices. DEPA, however, struggled to sell gas in 2022 after the Russian invasion of Ukraine.
The price of gas in the Netherlands and UK is falling as Norwegian supplies rise.
Dutch and British wholesale prices of gas fell on Monday morning, as the supply was strong and demand was rising due to warmer temperatures in much of Europe. However, this demand was offset by a weaker heating demand. LSEG data shows that the benchmark Dutch front-month contract for the TTF hub fell 0.55 euros to 32.35 Euro per megawatt-hour or $11.11/mmBtu at 0802 GMT. The Dutch August contract is down by 0.57 euros at 32.88 Euro/MWh.
Ukraine and Poland nearly double the capacity of their gas link
The Ukrainian Energy Ministry announced on Friday that the gas transmission system operators in Poland and Ukraine would double the capacity of the interconnector from 6.4 million cubic metres of gas per day to 12.4 mcm. After Russian shelling, Ukraine wants to import large quantities of U.S. Liquefied Natural Gas via Germany, Greece and Lithuania in order to prepare for the heating season. The Polish route is the main gas import destination for Ukraine.
Where is the money that the EU promised to workers in order to go green
The latest data available from the European Commission shows that the EU member states spent only EUR735 millions ($840 million US), the total amount of the fund, between March 2021 and March 2025. The Just Transition Fund is failing to provide adequate assistance for workers who are out of work, said Ciaran Mulooly. He was investigating the performance of the fund as a reporteur. "It's a total disaster from an employment standpoint." The towns are left with nothing.
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…
TurkStream gas pipeline may slow down EU-Russia decoupling
May 7 - While the European Commission has announced a revised plan to wean Europe off Russian energy completely by 2027, some parts of Europe have taken the opposite approach. The TurkStream pipeline is not only still operating, but has expanded its gas supply. Since the beginning of the conflict in Ukraine, Russian gas exports have dropped dramatically. They went from more than 155 billion cubic meters (bcm), in 2021, to less than 40 bcm by 2024.
Greece approves the tender for hydrocarbons in four offshore blocks
The energy ministry announced on Thursday that Greece had approved an international bid for hydrocarbon exploration of four blocks in Mediterranean Sea following expressions of interest from Chevron Energy and Helleniq Energy. The energy ministry announced that Greece issued a ministerial order this week to launch a tender international after accepting Chevron’s interest in two blocks south-west of Crete, and one block near the Peloponnese Peninsula.
Maguire: US LNG exports reach new heights due to strong European demand
The U.S. has exported more than 20% of its LNG this year compared to the same period last year, mainly due to purchases from European nations. These countries accounted for three-quarters of all U.S. orders. According to Kpler (a trade intelligence firm), the total U.S. LNG shipments from January to April reached 34.6 million tons. This was by far, the highest volume ever recorded for this period.
Maguire: US LNG exports reach new heights due to strong European demand
The U.S. has exported more than 20% of its LNG this year compared to the same period last year, primarily due to purchases from European nations. These countries accounted for three-quarters of all U.S. orders. According to Kpler (a trade intelligence firm), the total U.S. LNG shipments from January through April was 34.6 million tons. This is by far, the highest volume ever recorded for this period.
Masdar, a UAE renewable energy company, has completed the purchase of Terna Energy in Greece
Masdar, the renewable energy company of the United Arab Emirates, announced on Thursday that it had acquired a 100% stake in Terna Energy Greece, following its purchase of a majority share last year. This is a step further in their international expansion strategy. Masdar has increased its presence on European markets over the past few months, in an effort to capitalize on opportunities in a market that is being hit by rising interest rates and debt costs.
UAE renewables firm Masdar weighs possible IPO, sources say
Three people familiar with the situation have confirmed that Masdar, Abu Dhabi's state owned renewables company, is considering a public offering. Two sources said that the company was considering a dual listing, one in New York and another in Abu Dhabi, to raise funds for renewable projects. A third person confirmed that Masdar had held informal discussions with banks. Two people have said that an IPO will not happen before 2026.
UK's Energean terminates Carlyle deal
Energean, a UK-based gas company, announced on Friday that it had terminated its agreement with Carlyle to sell some of its assets because regulatory approvals were still pending in Italy and Egypt. In June 2024, the two companies struck a $945 million deal that would allow Carlyle to establish a new Mediterranean-focused oil and gas company, led by former BP CEO Tony Hayward, by utilizing Energean's assets in Egypt, Italy, and Croatia.
Energean reports a rise in its annual profit and flags exploration costs
Energean, a UK-based gas company, reported a 2% increase in its annual profit after taxes on Thursday. However, it also flagged $241 million in impairments relating to assets located in Egypt, Morrocco, and Greece. The company reported a profit of $188 millions for the year ending December 31, 2024. This is up from $185 in 2023. The company stated that the increasing demand for electricity and…
Ukraine purchases US LNG from Poland's Orlen
Naftogaz, the state-owned energy company in Ukraine, announced on Tuesday that it had purchased 100 million cubic meters (mcm), of U.S. LNG. This month, a senior Ukrainian energy official said that Ukraine could import large volumes U.S. Gas this year via terminals located in Germany, Greece and Lithuania. The fuel will be a shipment from the United States. "After regasification, gas will be transported from Poland to Ukraine…
Ukraine invests in US LNG to meet its rising gas import requirements
The state gas company of Ukraine said that it may import large quantities of U.S. natural gas via terminals located in Germany, Greece and Poland this year, as Kyiv continues to struggle with the effects of Russian attacks against its infrastructure. The White House is leading the talks to end more than three long years of war following Russia's invasion in Ukraine. Kyiv announced on Tuesday that it would accept a ceasefire offer, but Moscow is yet to agree. The importation of U.S.
Aurora increases its European battery capacity 2050 forecasts by 30%
Aurora Energy Research increased its forecast of 2050 battery storage in Europe by nearly 30%, to 128 gigawatts. It highlighted Italy as the most appealing market for investors. The demand for battery storage is driven by the desire to counter the intermittent nature that wind and solar have taken on, which now makes up about a third or more of Europe's total energy mix. As countries strive to reduce emissions and achieve climate targets…
Lightsource bp has secured 10 power purchases totaling 1.3 GW in the last 12 months
The firm reported on Wednesday that Lightsource bp - a renewable energy developer and a subsidiary of British oil giant BP - secured 10 power purchase agreement (PPA) in the last year, totaling 1.3 gigawatts of renewable energy capacity worldwide. Lightsource bp stated that the PPAs have been contracted in Europe, Americas and Asia Pacific for solar power. Microsoft, Google and LyondellBasell, a chemicals company, are among the customers of Lightsource bp.
Minister: Greece will launch gas exploration bid on Friday
The Greek energy minister announced that Greece will hold a tender on Friday for new rights to explore gas in its southwest waters after a U.S. oil company, Chevron, expressed interest. Chevron has submitted its non-binding expression of interest in exploring for energy on a deep sea block located south of the Peloponnese Peninsula in the Mediterranean Sea. Theodore Skylakakis, Energy Minister of Greece, told Greek Radio that the tender process would begin today.
