Colombia completes the exploratory phase for Ecopetrol's geothermal project
The Colombian environment ministry announced a decision on Wednesday to approve the environmental viability of an exploratory phase for the Nereidas geothermal project. This project is led by the state oil company Ecopetrol and the utility CHEC. This is Colombia's?first large-scale geothermal initiative. The Ministry said that it had granted a partial and conditional carving-out of a protected forest area outside national park, limited to exploration work, and subject to environmental safeguards, ecological restore and water-management requirements.
NextEra CEO feels "very good" about Dominion off-shore wind project
NextEra Energy's chief executive said that on?Monday, his company was pleased with Dominion’s investment in offshore winds. He has previously disparaged this technology. CEO John 'Ketchum' made the remarks during a conference call with investors about NextEra’s $66.8 Billion bid for Dominion. Dominion is building an offshore wind project worth more than $11 Billion off the coasts of Virginia. Ketchum stated that "as we look at it, we feel incredibly good about it" and noted that the facility was already sending electricity to the grid.
HSBC will lend $4 billion to China to scale up clean technology globally
HSBC launched a $4 billion credit facility on Monday to'support 'the global expansion of mainland Chinese firms involved in sustainable and transformation technologies such as clean power, data centers, electric vehicles, and AI. China is already the largest exporter in the world of solar and batteries technology. It has been a leader in the?deployment? of green technologies to reduce emissions and has taken a strategic approach to expand markets and influence worldwide. HSBC has created the Sustainability and Transition Credit Facility as the Iran War drives demand for renewable energy like wind and solar…
Exports of ethanol in the US and Brazil are on the rise as consumers look to increase fuel supplies
As the Strait of Hormuz Crisis continues, several countries are looking to increase their fuel sources. This will lead to a surge in the exports of the biofuel. Representatives from the biofuels industry said this week that the U.S. has seen a 20% increase in ethanol exports this year compared to last year's record-breaking shipments. Brazil, meanwhile, could see its sales abroad more than double in the upcoming trading season of 2026/27, which began in April. It would benefit corn growers, processors, and millers in Brazil as well as the U.S. as it would increase production, boost demand, and support prices in those markets.
Maguire: New models are needed to track China’s chaotic commodity transition.
China is the most energy-intensive country in the world and the top consumer of power. But analysts who monitor the raw material requirements for the country may need to adjust their models to take into account key structural changes to its economic makeup. Years of weakness in the real estate sector, historically the primary driver of economic expansion, has forced the country to re-calibrate how it generates demand and creates jobs. This has led to a contraction of?activity in the property sector. These developments have significantly altered China's energy and commodity intensity, as well as its output mix. With U.S.
Maguire: New models are needed to track China’s chaotic commodity transition.
China is the world's largest energy consumer and the most energy-intensive country, but analysts who monitor the country's raw materials needs may have to adjust their models in order to take into account key structural changes to its economy. Years of weakness in the property sector, historically the main driver for economic growth, has forced the country to re-calibrate how it generates demand and creates jobs. This has led to a contraction of activity in the property sector. These?developments? have changed China's economy in a material way.
Cuba runs out of diesel fuel and fuel oil due to US oil blockade
Cuba's energy and mines minister announced on Wednesday that the island has run out of diesel, fuel oil and other fuels. The capital Havana is experiencing its worst rolling power blackouts in decades due to a U.S. blockade which has deprived the island of fuel. "We have no fuel at all (oil) and no diesel," Energy minister Vicente de la O told state-run media. He added that the grid national was in "critical" condition. The?minister stated that blackouts had increased in the capital Havana this week and the last, with some neighborhoods without lights for up to 22 hours per day.
Fervo Energy is valued at $10.21 Billion in Nasdaq debut
Fervo Energy's shares rose 33.3% on Wednesday in its Nasdaq debut, giving the geothermal energy developer a value of $10.21 Billion. The Houston-based company's shares opened at 36 dollars, above the $27 offer price. The company sold 70?million?shares at $27 each, which was above the marketed price range, to raise $1.89 billion. The listing comes at a time when artificial intelligence, rapid expansion of data centres and surges in power demand are straining the U.S. grid. Electricity consumption is increasing due to the demand for electric vehicles, as well as domestic manufacturing.
Regulators warn of the risks associated with EU's increasing dependence on US gas
European energy regulators warned that the European Union's increasing reliance on U.S. natural gas poses risks, including a growing dependence on one supplier. Since 2021, EU countries have tripled their imports of U.S. LNG as they rush to replace Russian energy. The EU sourced 58% (or 25%) of its gas from the U.S. last year. In a recent report, the EU Agency for Cooperation of Energy Regulators stated that "the EU's dependence?on U.S. ACER stated that the disruption of energy markets due to the?war in Iran underscored the need for Europe to be less exposed to external shocks.
Gold prices fall as oil gains increase rate uncertainty
Gold prices were under pressure Tuesday, as the oil price rose due to fading hopes of an Iran peace agreement. This added to concerns over inflation and a possible rise in global interest rates. By 1601 GMT, spot gold had fallen 1.4% to $4669.33 an ounce. U.S. Gold Futures fell 1.1% to $4675.90. "Higher oil costs raise the risk that U.S. central banks and others may have to increase interest rate to combat what would certainly emerge as stagflation. Gold is reacting to 'that,' said Bart Melek of TD Securities. As?hopes of a peace agreement with Iran faded, U.S.
Gold prices fall as oil prices rise and rate uncertainty increases
Gold prices fell on Tuesday, as oil prices rose due to fading hopes of an Iranian peace deal. This was in addition to worries about inflation and higher interest rates. By 1320 GMT, spot gold had fallen 1% to $4685.99 per ounce. U.S. Gold Futures fell 0.7% to $4693.90. "Higher oil costs raise the risk that U.S. central banks and others may have to raise interest rates in order to combat what would certainly emerge as stagflation. Gold is responding to this," said Bart Melek. He's the global head of commodity strategies at TD Securities. Oil prices rose by over 3% after hopes of a peace agreement with Iran faded. U.S.
Commissioner says EU carbon trading reform will boost revenue to industry
Wopke?Hoekstra, EU climate commissioner, said?on?Tuesday that the European Commission's re-design?of the bloc’s carbon emission trading system is aimed?at ensuring more revenue is returned?to industry as an 'incentive' for it to 'decarbonise'. In Lisbon, he said that Europe needs to produce more energy itself, especially renewable energy. However, nuclear power is still needed. The EU's emissions-trading system, launched in 2005, is the main tool for cutting CO2 emissions. It requires?thousands? of factories and power plants to purchase permits.
Colombia asks Glencore to talk with the locals about the closure of Cerrejon coal mining
The Ministry of Mines and Energy in Colombia said that it would ask Glencore to hold a meeting with the authorities of La Guajira, a northern province, as well as community representatives, to discuss the closing of the Cerrejon open-pit mine. This mine is one of the largest coal mines in the world. Glencore is the concessionaire for the Cerrejon mine, which will expire in 2034. The Cerrejon mining operation consists of a large mine site, a railway line that stretches 150 kilometers, and a port on Colombia's Caribbean Coast.
Trump's crackdown against solar companies linked to China stalls U.S. manufacturing boom
Solar companies, banks, and insurers stopped doing business at least half a dozen newly built U.S. panels factories due to uncertainty about whether their ties to China would disqualify them for clean-energy subsidies. Industry executives and documents examined by have confirmed this. This shift is a result of new policies from the Trump administration and threatens to undermine more than one-third of U.S. capacity for solar panels in factories originally built by Chinese companies. The policy uncertainty has not previously been reported as a factor driving installers and insurance companies away from U.S. factories that have ties to China.
Bolivia announces energy sector reforms in order to attract foreign investment and end state control
Bolivia's government announced on Thursday a proposal for a renewable energy and electricity law that aims to 'attract international investment' and reduce 'the 'country's dependency on natural gas. This could be the end of years of state control in this sector. Hydrocarbons Minister Marcelo Blanco announced at a press event that the law would allow for private companies to be involved in energy production, export, and import, thus ending ENDE's monopoly. The law that has been in place since 1994 would be replaced by the new legislation. This requires approval from Congress. This is a historic shift in the energy policy of the country.
Bloomberg News reports that Microsoft may abandon its 2030 clean energy goal as AI increases power consumption.
Bloomberg 'News' reported on Wednesday that Microsoft may delay or abandon its 2030 goal to match its hourly electricity consumption with renewable energy. The report was based on people familiar with the matter. Microsoft's ambitious climate targets that were set before the AI age and ranked among the industry's most challenging are now no longer feasible because of the expensive and energy-intensive push to build data centers, according to the report. Bloomberg News reported that the discussions are ongoing and no final decision has yet been made. Microsoft didn't immediately respond to our request for comment.
Bangladesh switches to solar energy as Middle East crises drive energy risks
Bangladesh has issued tenders for solar power of 495 megawatts, as it aims to reduce its dependence on imported fuels. The?Iran war? is driving a global rise in energy prices. The Bangladesh Power Development Board invited bids on 10 grid-connected projects ranging in size from 25 MW up to 100 MW. Private investors are expected to develop the plants. They will be located near existing'substations' in order to reduce grid strain and support grid stability. BPDB officials?said that the deadline for final bids is June 28. Although Bangladesh had previously set targets for renewable energy expansion, progress was slow.
Guyana President: Energy Supply-Demand Gap Widens Further
The gap between supply and demand is widening as global energy systems face strain, Guyana's President Irfaan Ali said on Monday, as the Iran warenters its third month and continues to drive up oil and gas prices amid supply shortages.Energy markets have been reeling since the start of the war, which has caused damage to infrastructure across the Middle East and led to the effective closure of the Strait of Hormuz, a key trade chokepoint. Oil prices have climbed above $100 a barrel and global trade flows have shifted as some nations scramble to secure supply.
Chinese solar manufacturers report fresh losses despite optimism over Iran War-driven boost in overseas demand
A major Chinese solar manufacturer?said this week that the U.S./Israeli war 'in Iran' is boosting interest overseas?in renewable energies. However, weaker domestic demand is weighing down on the outlook of the sector. Oil and gas prices have soared as a result of the two-month conflict in the Middle East. This has led to countries looking for alternative energy sources and trying to protect their economies from future shocks. The overall global demand for solar panels will likely decrease by 5-10% in 2026 as a 20% decline in China…
After Middle East turmoil, oil majors are looking to resurrect Canadian energy.
Shell's $16.4billion agreement to purchase ARC Resources is the most obvious sign of the change. TotalEnergies, ConocoPhillips and Equinor are all companies that have been re-evaluating their Canadian competitors. According to interviews conducted with 12 people who were familiar with these discussions, companies have asked investment banks to create lists of potential acquisition targets. Foreign companies have been dumping fossil fuels in Canada for the past decade. Since the election of Prime Minister Mark Carney, Canada's leaders have become more pro-oil and gas. The war in Iran has also caused investors to seek safer environments.
