Reduced wind output increases power prices
The European day-ahead electricity prices rose on Thursday, compared to the previous session. This is because wind generation in the region is expected decrease. Riccardo Paraviero, LSEG analyst, said that the fundamental outlook for Germany has changed again to a tighter one. This is primarily due to the decreasing supply of wind energy. He added that conditions are similar across the rest the region. The French and Dutch residual loads will rise dramatically.
By the end of this year, Ukraine will import 5 billion cubic meters of gas
Ukraine, which has lost more than half its gas production due to Russian missile attacks, had imported 4.4 billion cubic meters (bcms) by December, and planned to import a further 0.6 bcms by year's end, said state energy company Naftogaz on Wednesday. "Our current rate of import is 26 million cubic meters (mcm), compared to 21 mcm per month. "The increase is due to the growth of imports from Naftogaz as well as private companies," said he. Ukrainian authorities…
Snam Receives EU Backing for Hydrogen Pipeline, CO2 Storage
The European Commission on Monday included in its new priority list for cross-border energy projects two initiatives backed by Italian gas grid operator Snam, making them eligible for EU funding.The commission had already added the projects to a priority list in 2023, but their presence in this year's update makes it likely that they will be included in Snam's updated industrial plan, due to be presented early next year.Snam's projects, part of an EU list of 235, are a hydrogen pipeline linking Algeria, Italy, Austria and Germany dubbed the SoutH2 Corridor, and of
Spot prices increase on lower wind output
The European spot electricity prices rose on Tuesday as the wind generation output is expected to decline in France and Germany. LSEG data shows that the German baseload day-ahead power price at 0943 GMT was 102.50 Euros ($119.09 per megawatt-hour), up 9.7% on Friday's closing price for Monday delivery. Data showed that the equivalent French price for Monday delivery was 82.25 Euros/MWh. This is a 5.4% increase from the Friday price. LSEG data indicated that on the supply side German wind power output was expected to decline by 1.3 gigawatts…
Kurdish Prime Minister says Iraq's Khor Mor gas field will restart production in hours
Masrour barzani, the Iraqi Kurdish prime minister, said that the region of Kurdistan in Iraq had agreed to restart production at the Khor Mor field within hours, to restore electricity. This was announced on Saturday after the field suffered an attack. Khor Mor, the largest gas field in Kurdistan, supplies power to the region. Dana Gas, the joint field operator, announced on Thursday that a rocket struck a tank of gas late Wednesday night, causing a shutdown in production and widespread power outages.
Japan's Kashiwazaki-Kariwa nuclear plant could restart in January, Jiji reports
Jiji News Agency quoted the director of the Kashiwazaki Kariwa Nuclear Power Plant, Japan's largest nuclear plant. The restart could happen as early as January, pending the consent of regional authorities. Last week, a regional governor in Japan gave his approval for a partial restart at the plant. This is as Japan attempts to revitalize its nuclear sector while reducing fossil fuel imports. Niigata Prefecture Assembly is scheduled to vote on this decision in its regular session starting on December 2. The Unit No.
Energy operator warns of emerging risks to UK gas supply as demand declines slowly
The energy operator in Britain warned on Wednesday of possible shortages during the coldest months. In its first assessment of gas supply security since being established last January, the National Energy System Operator stated that while overall demand for gas will decrease as Britain decarbonises it will be slower at peak times. This could pose a risk if progress in cutting emissions stagnates or if major infrastructure is faulty. The report, which is a look ahead at winters 2030/31…
Ukraine increases gas imports via Transbalkan route amid intensifying Russian strikes
Import data from transit operators shows that Ukraine will dramatically increase its gas imports via southern Transbalkan route, which links it to Greece on Friday in order to replace supplies lost because of Russian attacks. In recent months, drone and missile attacks on Kyiv's infrastructure has forced it to import 4 billion cubic meters of additional gas to cover the gap. Operator data indicated that Ukraine anticipated to import 2,28 million cubic meters of gas via this route on Friday, compared with 1,28 million on Thursday.
Ghana wants to take over Springfield oil block as a state-owned company, says ministry
Ghana has begun talks to acquire Springfield Exploration's share in a block offshore that holds an estimated 1,5 billion barrels worth of oil. The energy ministry announced this as Ghana seeks to boost its economy by reversing the decline in production. The ministry announced on Wednesday that it would pursue a state-led acquisition of Springfield's interests in the West Cape Three Points Block 2 via state oil company GNPC. The potential takeover aims to unlock the long-term value of the block and protect Ghana's oil output, the ministry stated.
Sierra Club takes on fossil fuels in the US electricity grid
The Sierra Club announced on Tuesday that it is challenging the decision of a U.S. Federal Energy regulator to expedite connecting fossil fuel power stations to major electrical grids, at the expense renewable energy. The environmental group submitted a petition to the D.C. Circuit Court of Appeals will review the Federal Energy Regulatory Commission (FERC)'s decision to allow the Southwest Power Pool to accelerate the interconnection of mostly coal fuel generation. SPP is a 14-state region that stretches from North Dakota all the way to Louisiana.
Enbridge Approves $1.4b Project to Expand Canadian Crude Pipelines into US
Canadian pipeline operator Enbridge on Friday approved a $1.4 billion expansion of its Mainline and Flanagan South pipelines, adding new capacity for Canadian heavy crude into the U.S. Midwest and Gulf Coast.The project adds additional takeaway capacity for Canadian crude and broadens access to U.S. refineries, improving the flow of oil sands to major export outlets.This comes as Enbridge balances liquids growth with its push into natural gas utilities and low-carbon fuels.Enbridge said Mainline Optimization Phase 1 (MLO1) will add 150…
Bloomberg News reports that Repsol is considering merging its upstream unit with APA.
Bloomberg News, citing sources with knowledge, reported Thursday that Repsol SA, Spain's largest refinery operator, is considering a reverse merge of its upstream division with potential partners. This includes U.S. energy company APA. APA shares rose 7.1% to $25.59. In 2022, Repsol entered into an agreement to sell 25% of its upstream division to the private equity firm EIG Global Energy Partners. The entire business was valued at around $19 billion in that period including debt.
German spot prices jump on plummeting forecast wind
German spot contracts for Friday rose on the back of an anticipated sharp decline in wind power supplies, while French contracts fell. By 1030 GMT, the German baseload day-ahead contract was up 46.5% to 102.55 euro ($119.59). The French equivalent contract fell 16.1% to 26 euros/MWh. LSEG data revealed that German wind power production was expected to drop by 15.7 gigawatts, to 14.3 GW. French wind power output is projected to increase by 2.7 GW, to 12.4 GW.
Australia shares are up as lithium miners shine but tech stocks hold gains.
The benchmark index of Australian shares rose a little bit on Wednesday, as lithium stocks led the rally in commodities stocks. A slump in technology stocks dampened the gains. By 2352 GMT, the S&P/ASX 200 Index rose by 0.2% to 8,836.90. The benchmark index ended Tuesday 0.2% lower. Copper prices have pushed domestic miners to their highest levels since October 22. Mineral Resources, a lithium miner, also gave the sub-index a boost. Its stock rose 10.8% and reached its highest level since 10 October 2024.
TotalEnergies and Petronas get the green light for exploration in Guyana
TotalEnergies and Petronas are oil producers who have signed an agreement for five years with the Guyana government to explore shallow-water blocks, officials and executives of both companies said on Tuesday. Guyana is struggling to diversify its industry. Its energy sector is currently dominated by an Exxon Mobil-led consortium, which controls all oil and gas production since Guyana became a producer of crude oil in 2019. Block S4, which is located between 50 and 100 km (between 30 and 60 miles) off the coast of Guyana…
Gulf Interconnection Authority invests $3.5 billion to become regional hub for electricity export
The GCC Power Grid, which connects six Gulf States, will invest over $3.5 billion in the next 10 year to strengthen the grid and integrate renewable resources, as well as to open up new export opportunities for neighbouring countries. This was revealed by the head of GCCIA, the grid operator, on Tuesday. Ahmed Al-Ebrahim CEO of the Gulf Cooperation Council Interconnection Authority said that the GCC grid will connect to Iraq in April next year, which is its first external connection outside the region.
Spot price expected to be affected by strong German wind output
The European spot electricity prices are expected to drop on Tuesday as the wind power supply is expected to increase and demand in France will fall during Armistice Day, November 11. The French and German contracts remained untraded as of 0846 GMT. According to LSEG, the French contract had a range of bids and offers between 15 euros ($15.16), and 24 euros, per megawatt hour. The data revealed that the closing prices for Monday in France were 49.10 euro/MWh and in Germany 109.90 euro/MWh.
ExxonMobil to join gas exploration project in the Greek Sea
ExxonMobil, a U.S. oil company, has signed an agreement with Energean Energy and Helleniq Energy for the exploration of natural gas off Greece's coast. The companies announced this on Thursday. ExxonMobil's global exploration head, John Ardill, said that if everything goes according to plan, it expects the first gas to be produced from Block 2 in western Greece by the early 2030s. He said that the Exxon project would require between $50 and $100 million in investment. Exxon will own 60% of the project, and become operator in case test drilling is successful.
Targa Resources beats profit estimates on record Permian volumes, boosts dividend
Targa Resources, the pipeline operator, beat expectations for its third-quarter core profit adjusted on Wednesday. This was boosted by record volumes of natural gas and liquids from the Permian Basin. The company announced that it would increase its dividends by 25%, to $5 per share, in 2026. Midstream companies in the United States, such as Targa, and Kinder Morgan, are benefiting by a boom in oil and natural gas production, as well a rising demand for natgas from LNG export facilities…
Chevron is nearing a final greenlight on the expansion of Israel's Leviathan Gas Field
Chevron said that it is close to making a final decision on a possible capacity expansion for the Leviathan field, located off Israel's Mediterranean Coast. NewMed, Chevron’s partner in this field, said that in August partners in the Leviathan gas field signed a $35 billion deal, the largest in Israel’s history for gas exports to Egypt. This was mainly done via new pipelines. The deal will ease Egypt's energy crisis. Egypt has spent billions on imported liquefied gas because its own supply fell short of the demand.