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While solar and wind power installations and power generation are booming in Europe, policymakers need to address the growing gap between baseload capacity and soaring intermittent renewable electricity. Europe still has a lot of work to do in providing flexible and reliable grids to handle the soaring share of renewables in electricity generation and consumption.   Last month, the European Union saw a record-low power generation from fossil fuels and a record-high share of renewables in the electricity mix, energy think tank Ember says.…
Over the past week, multiple stories have appeared in the media with headline phrases like “The U.S. is refilling the Strategic Petroleum Reserves.” However, this is misleading at best. To recap, the SPR is maintained by the U.S. Department of Energy, and its oil stocks are stored in huge underground salt caverns at four sites along the coastline of the Gulf of Mexico. The size of the SPR (authorized storage capacity of 714 million barrels) makes it a significant deterrent to oil import cutoffs and a key tool in foreign policy. After…
Via Metal Miner British Steel recently secured permission from the local authorities to build an electric arc furnace at its Scunthorpe site in Lincolnshire. In an April 30 announcement to steel news outlets, the London-headquartered company stated that the North Lincolnshire council approved its application to build a new EAF at Scunthorpe following a consultation. Officials at British Steel did not indicate a timeline for the new EAF to come on stream. However, a spokesman told MetalMiner that the furnace will have a capacity of 130 metric tons…
By John Kingston of FreightWaves With the benchmark diesel price used for most fuel surcharges down for the fifth week in a row, diesel consumers should be reveling in the fact that market trends appear to have completely thrown out concerns about the Middle East conflict and are focused on the markets for both diesel and gasoline as primary drivers. The Department of Energy/Energy Information Administration average weekly retail diesel price fell 4.6 cents Monday to $3.848 a gallon. The five consecutive declines have taken that price down 21.3…
Iceland is a world leader when it comes to renewable energy production, having long developed its natural resources to power a green revolution. The Nordic island nation is home to abundant geothermal and hydropower energy sources, and it has also significantly developed its wind power sector in recent years. Despite huge strides in its renewable energy development, putting it way ahead of most of the competition, the Icelandic government has big plans to develop even more clean energy by harnessing the power of its volcanoes in a first-of-a-kind…
London-listed Anglo-American has unveiled a "clear, compelling, and decisive plan to unlock significant value from its portfolio." This strategy involves selling its platinum and diamond business units while concentrating on copper, positioning itself to prosper off the 'Next AI Trade' as data centers and power grids will use an enormous amount of the base metal to 'power up' the digital economy. Also, it's a move to thwart a hostile takeover attempt from BHP Group.  Anglo was forced to radically transform itself into…
Russia has found huge oil and gas reserves in British Antarctic territory, potentially leading to drilling in the protected region. The reserves uncovered contain around 511bn barrels worth of oil, equating to around 10 times the North Sea’s output over the last 50 years. The discovery, per Russian research ships, was revealed in evidence submitted to the Commons Environment Audit Committee last week. The committee was assessing questions regarding oil and gas research on ships owned by the Kremlin’s Rosgeo, the largest geological exploration…
Back in March, S&P Global reported that a record 24 cargoes carrying nearly 1.6 million metric tons of U.S. LNG had reached Asia via the Cape of Good Hope in the first three months of 2024, with exporters choosing the much longer route and shunning the Panama and Suez canals due to various challenges. S&P reported that only 14 cargoes had reached Asia through the Panama Canal during the timeframe, a sharp drop from 40 cargoes recorded during the corresponding period in 2022 after low water levels occasioned by severe drought forced…
Countries around the globe are racing to decarbonise in pursuit of a green transition. Several governments have created national policies to encourage a shift away from fossil fuels towards renewable alternatives, in a bid to achieve their Paris Agreement climate pledges. Yet, some have been more successful than others at transitioning. The countries with the highest proportion of electricity coming from renewable energy are all endowed with abundant natural resources, such as geothermal, hydro, and wind power, and most have relatively small electricity…
While the west has had a considerable amount of success imposing energy sanctions on Russia in response to the ongoing war in Ukraine, Russian nuclear sector exports have proven harder to kick. But now, as more western nations get serious about cutting Russia out of their nuclear energy supply chains, they are pushing more and more economic and geopolitical power into the hands of China.  While it seemed impossible to wean Europe off of Russian oil and natural gas without devastating the economy and dangerously compromising European energy…
As Canada’s oil and natural gas production hit record high levels, the country is taking pains to amplify its status as a global oil and natural gas superpower. One part of this greater initiative includes an ongoing effort to transform the sector to be less reliant on U.S. markets and infrastructure through strategic expansion of its own industry at a time when the United States is taking a step back. Canada took a major step in that direction on May first when the Trans Mountain pipeline expansion project (TMX) finally became…
Exchange traded funds (ETFs) that invest in stocks related to the energy transition have outperformed the major funds tied to oil and gas firms over the past month as the decline in oil prices since mid-April dragged down shares of fossil fuel companies.   The rebound in clean energy ETFs has just begun. But it could stop in its tracks if investor sentiment sours again amid persistently high interest rates and the U.S. political debate and divisions over ESG investments. The rising interest rates of the past two years have been a major drag…
An international team including researchers from the University of Würzburg has succeeded in creating a special state of superconductivity. The discovery could advance the development of quantum computers. The paper discussing the research has been published in Nature Physics titled “Magnetically tunable supercurrent in a dilute magnetic topological insulator based Josephson junctions.” Superconductors are materials that can conduct electricity without electrical resistance – making them the ideal base material for electronic…
The Federal Trade Commission last week gave the green light to Exxon’s acquisition of Pioneer Natural Resources. There was one condition attached to the approval of the $60-billion deal: that Scott Sheffield, the former CEO of Pioneer, does not join the combined company’s board. The FTC alleged that Sheffield had colluded with OPEC and OPEC+ members to limit production and increase oil prices. The allegations shook the shale oil world, where several large consolidation deals are awaiting the trade watchdog’s approval. Now, the…
The United States says Russia is violating UN-imposed limits on total shipments of fuels to North Korea, signaling it is preparing more sanctions against entities involved in facilitating Pyongyang's access to petroleum products above the UN-mandated levels.    The UN Security Council has imposed a limit of 500,000 barrels of annual supply of all refined petroleum products to the Democratic People's Republic of Korea (DPRK), as North Korea is officially known, in an effort to curb its nuclear weapons program.    Russia,…
The United States, the UK, Italy, France, Japan, Germany, and Canada this week struck an agreement to end the use of coal for power generation by 2035. The news was lauded by some in the green lobby while others, namely Greenpeace, called it “too little, too late”. Now, the biggest question is whether the G7 will turn words into actions—or rather, can it? Coal as a source of power generation across the G7 economies accounted for about 15% of the energy mix, according to data from climate nonprofit Ember cited by Reuters’…
Despite indicating they would refill the Strategic Petroleum Reserve (SPR) by the end of this year, the Department of Energy has now canceled solicitations offered last month. Citing rising oil prices, the DOE said, “We will not award the current solicitations for the Bayou Choctaw SPR site and will solicit available capacity as market conditions allow.” Three million barrels of oil had been slated for delivery to the Bayou Choctaw SPR site in August and September. The SPR is the world’s largest supply of emergency crude oil.…
A wide range of organisations and communities are battling against oil majors and winning, as governments worldwide start putting the environment first. In the last few years, the number of lawsuits against oil and gas companies has risen significantly, as more judges rule in favour of indigenous communities and grassroots organisations when it comes to stopping the development of fossil fuel projects and protecting the environment. This trend is likely to continue, with governments and consumers putting increasing pressure on companies to improve…
The future of the global energy sector is caught up in a messy and misleading ideological debate. Depending on which politically informed echo chamber one inevitably finds themself confined to on social media, they are either told that the energy transition is a dangerous myth that will end in economic disaster and permanent rolling blackouts, or that clean energy is going to save the world overnight – as soon as conservatives get out of the way. As usual, the truth lies somewhere in between.  The energy transition is strictly necessary.…
On a global level, rich nations have a greater capacity to transition toward clean technologies and leave cheap and abundant fossil fuels in the ground. Nevertheless, the richest countries are also responsible for the lion’s share of greenhouse gas emissions, while the poorest communities are left the most vulnerable to the impacts of climate change. Now, it’s more urgent than ever for all of humanity to jump on the clean energy bandwagon, but that’s much easier for those with the means to adopt often pricey…
The pictures didn't necessarily say a thousand words, but they might have gotten at least that many laughs. One showed British Foreign Secretary David Cameron bursting birdlike through the entrance of a traditional Turkmen yurt at a museum in Ashgabat. Another, shared by the British Embassy in Kyrgyzstan, featured Cameron gazing thoughtfully down a concrete irrigation channel in Kyrgyzstan. And from Uzbekistan, there was a snap of Cameron marveling over a giant pot of "plov," the nation's favorite dish. "David Cameron is having an absolute blast…
The world’s biggest refiner, China Petroleum & Chemical Corporation, or Sinopec, is accelerating plans to build its first fully-owned refinery outside China.    Sinopec is set to complete a feasibility study in June to build one or two refineries in Sri Lanka as China looks to capitalize on its foreign investments. China Merchants Port Holdings has developed and operates the Hambantota port in Sri Lanka, an island very close to India. Both China and India are vying to boost their energy presence in Sri Lanka to deliver fuel…
For decades, when people discussed space travel they thought of NASA. After all, the National Aeronautics and Space Administration accomplished the first moon landing in 1969 and has achieved many more feats since. However, over the last few years, several billionaires have been investing in space travel in a bid to offer passenger flights to space and enhance satellite technology. But where can these billionaires’ ventures take us and what does it mean for just a few players to be holding so much power? In 2021, two world-renowned billionaires…
As the global oil market eagerly anticipates the upcoming OPEC(+) production decision—a potential shift in the current production cut strategy—most eyes are on Saudi Arabia or Aramco leaders. However, there's a new player in town, already hinting at a dramatic strategy change without OPEC's approval. Sources in Abu Dhabi suggest the Emirate is no longer convinced of the necessity of OPEC+ production cuts, given the current volatile oil markets and increased demand. Simultaneously, ADNOC sources indicate an imminent production increase.…

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