Carbon & Power Markets News

Feb 02 - Lower gas prices help bailed-out Uniper halve net loss to $21 billion
Uniper, Germany's biggest gas trader which was rescued by the government last year, expects a much smaller annual net loss than it feared in November after lower gas prices reduced the cost of replacing Russian supplies. The company, which nearly collapsed after Moscow cut and then stopped gas supplies to Germany, now sees a net loss of 19.1 billion euros ($21 billion) for 2022, it said on Wednesday.

Feb 02 - Indonesia 2023 gasoline demand, imports likely to exceed 2022 records
Gasoline consumption and imports in Indonesia, Asia's largest importer of the motor fuel, could hit records this year as the nation recovers from COVID-related travel curbs, although growth is expected to slow slightly along with its economy. A spike in Indonesian imports would tighten the regional gasoline market and likely boost Asian refinery margins for the fuel. It could also accelerate plans for adding methanol and ethanol to gasoline to reduced its reliance on overseas supplies, a biofuel initiative that would add to the country's already extensive adoption of biodiesel.

Feb 01  - Europe needs France to get its nuclear act together in 2023: Maguire
A steep drop in France's nuclear power output in 2022 exacerbated Europe's power crisis by forcing French utilities to flip from net power exporters to importers just as Russia's invasion of Ukraine snarled energy markets across the continent. A combination of planned maintenance shutdowns along with unplanned shortages of reactor cooling water forced French nuclear power operators to cut electricity generation by 23% in 2022 from the year before to record lows, data from think tank Ember shows.

Feb 01  - Fire-idled Freeport LNG seeks U.S. approval to start one unit

Freeport LNG asked U.S. regulators for approval to add natural gas to one of the three idled units at its liquefied natural gas (LNG) export plant in Texas, a milestone in efforts to restore production after a seven-month outage, according to a federal filing made available on Tuesday. The Freeport plant, the second-largest in the United States, shut after a fiery blast last June, cutting supplies as global LNG demand soared over Russia's invasion of Ukraine. Federal officials barred the producer from resuming production until they could complete an extensive safety evaluation.

Jan 31 - Japan's JERA raises FY22/23 earnings estimate on lower LNG procurement cost
JERA, Japan's biggest power generator, said on Monday it now sees a net profit of 100 billion yen ($769 million) for the year to March 31, against its previous forecast of a net loss of 200 billion yen, due to lower-than-expected fuel procurement cost. "We had assumed a tight global LNG market during the winter, but the market has eased thanks to warmer weather in Europe, improving our procurement environment in terms of volume and prices," Tetsuo Yoshida, the head of finance, told a news conference.

Jan 31 - Russian gas supply hit pushes India's GAIL to scout for long-term LNG
GAIL (India) Ltd is scouting for long-term gas import deals and hopes to sign one contract shortly to make up for disrupted supplies from a former unit of Russian energy giant Gazprom, its head of finance said on Monday. India's largest gas distributor reported a 93% decline in its December quarter net profit as it transmitted less gas locally due to a reduction in liquefied natural gas (LNG) supply from a deal with Gazprom Marketing and Singapore (GMTS).

Jan 31 - First Australian coal cargoes since end of ban to enter China in Feb

China is set to receive at least two cargoes of Australian coal in early February, according to traders and shiptracking data, the first since an unofficial ban on imports in place since 2020 was lifted earlier this month. Coal traders will be paying attention to how easily the shipments pass customs for signs that the informal ban is truly over and in the hopes of sending more Australian coal to China.

Jan 30 - India asks utilities to not retire coal-fired power plants till 2030
India has asked utilities to not retire coal-fired power plants till 2030 due to a surge in electricity demand, according to a federal power ministry notice reviewed by Reuters, just over two years after committing to eventually phase down use of the fuel. The energy-hungry nation said last May it plans to reduce power generation from least 81 coal-fired plants over the next four years, but the proposal did not involve shutting down any of its 179 coal power plants. India has not set a formal timeline for phasing down coal use. 

Jan 30 - Asia thermal coal prices slip as China, India buy less: Russell
Asia's seaborne thermal coal markets are losing heat, with both prices and volumes declining as winter demand passes and Europe's energy crisis eases. Prices of the main traded grades for coal used in power plants dropped to their lowest in months last week, and to the weakest in a year in the case of one of the major Australian varieties.

Jan 27 - Baltic states bought twice as much Russian LPG last year
Russian exporters more than doubled sales of liquefied petroleum gas to the Baltic states in 2022, some of which was sold on to Ukraine, according to data from three trading and freight-handling sources covering the region. The leap in purchases of Russian LPG came despite sharp condemnation of Moscow's actions in Ukraine from the three Baltic states, all NATO and European Union members, as Europe struggles to find fresh sources of the fuel in a tight global market.  

Jan 27 - Full EDF takeover suspended by market watchdog pending minority shareholder lawsuit
The AMF market watchdog has put the French state's full takeover of energy giant EDF on hold until a Paris court decides on the merits of a lawsuit challenging the deal brought by minority shareholders, EDF confirmed on Thursday. The French government, which intends to fully nationalise its debt-laden nuclear champion, last Friday cleared the bar needed for triggering squeeze-out proceedings when it announced it controls around 93% of voting rights, but later said it would not push ahead with the buyout until the court ruling.

Jan 26  - Qatar in talks to join TotalEnergies' $27 bln Iraqi energy project - sources
Qatar is in talks to acquire a stake from French company TotalEnergies' $27 billion cluster of energy projects in Iraq, three sources told Reuters, as Baghdad hopes to stem efforts by Western energy companies to exit the country. A major investment by a Gulf state would mark an important win for Iraqi Prime Minister Mohammed al-Sudani, who took office last October following more than a year of political turmoil, and would also be considered a step towards countering Iranian influence.  

Jan 26  - Russia's Sakhalin 2 may double LNG revenue as top buyers stay despite Ukraine crisis
Russia's Sakhalin 2 liquefied natural gas (LNG) project could generate twice the revenue this year that it did before the Ukraine conflict thanks to long-term deals with Asian buyers and higher prices, according to analysts and Reuters calculations. State-run top shareholder Gazprom stands to benefit from the boost which comes as Russia ramps up its military spending almost a year after sending troops into neighbouring Ukraine.

Jan 25  - Woodside Energy sees European winter, Chinese recovery clouding gas price outlook
Woodside Energy Group Ltd's chief executive said European winter temperatures and Chinese economic recovery are among factors clouding the near-term outlook for gas prices, which have dropped from the historic highs of last year. Australia's biggest independent gas producer on Wednesday posted a 78% jump in fourth-quarter revenue on record output, slightly ahead of analysts' forecasts, benefiting from strong LNG prices and its takeover of BHP Group's petroleum assets, completed in June.  

Jan 25  - U.S. issues license to Trinidad and Tobago to develop Venezuela offshore gas field
The Biden administration has granted a license to Trinidad and Tobago to develop a major gas field located in Venezuelan territorial waters, U.S. and Trinidad officials said on Tuesday, marking a further easing of some sanctions on Venezuela. The license, issued by the U.S. Treasury Department at Trinidad's request and intended to enhance Caribbean regional energy security, means the island nation can do business related to the Dragon gas field with Venezuela's heavily sanctioned state-run oil company PDVSA.

Jan 24  - UK's National Grid to pay people to use less power as cold snap bites
Britain's National Grid said it would pay customers to use less power on Monday and Tuesday evenings this week, the first time it has used a new scheme designed to help prevent power shortages. More than a million households and business are signed up to the Demand Flexibility Service (DFS), which rewards people, usually via money off their bills, for turning off appliances such as ovens and dishwashers during a specific period when electricity demand is high.

Jan 24  - EU's planned reforms aim to better protect power bills from market swings
European Union proposals to overhaul its electricity market will attempt to better protect consumer energy bills from short-term swings in fossil fuel prices, the European Commission said on Monday. The EU is reforming its power market to attempt to avoid a repeat of last year, when cuts to Russian gas supply drove European electricity prices to record levels, hiking bills for households and forcing some industries to close.

Jan 23 - Pakistan suffers major power outage after grid failure
Pakistan suffered nationwide power outages on Monday morning due to a "major breakdown" of the national grid, the power ministry said, with factories, hospitals and schools impacted in all its major cities. The breakdown began at 7:34 am (0234 GMT) when a voltage fluctuation in the grid occurred between the cities of Jamshoro and Dadu in southern Sindh province, power minister Khurrum Dastagir. 

Jan 23 - UK's National Grid to pay people to use less power amid cold snap
Britain's National Grid said it would pay customers to use less power on Monday evening and that it had asked for three coal-powered generators to be warmed up in case they are needed as the country faces a snap of cold weather. The group said that it would activate a new scheme called the Demand Flexibility Service where customers get incentives if they agree to use less power during crunch periods.

Jan 20  - China's coal imports from Russia fall in Dec, but up 20% in 2022
China's coal imports from Russia dropped in December as logistics issues and inclement winter in Russia curbed shipments and Chinese demand weakened amid surging COVID infections. Some 6.89 million tonnes of Russian coal reached China last month, down from 7.16 million tonnes in November, data from the General Administration of Customs showed on Friday.  

Jan 20  - Aviation leaders hail green fuel as carbon saviour, but wonder who will pay
Greener fuel is the only way airlines will meet strict global carbon emission targets, executives meeting in Dublin this week agreed, but there's little consensus on who should foot the hefty bill to ramp up production. Sustainable aviation fuel (SAF), which uses feedstocks like cooking oils to reduce emissions by up to 80% from conventional fuel, is seen as the carbon saviour for an aviation sector often cast as a villain in the fight against climate change.

Jan 19 - FERC chairman says U.S. must boost power reliability amid energy transition
The United States must focus on power reliability as it transitions away from fossil fuels to cleaner energy sources, Willie Phillips, acting chairman of the Federal Energy Regulatory Commission (FERC), said on Wednesday. Electric power transmission, which FERC has identified as a top areas hindering the energy transition, will be key to stabilize the grid, said Phillips, who spoke at the District of Columbia Clean Energy Summit.

Jan 19 - Europe's gas price plunge churns up global coal markets
Thermal coal markets were a prominent beneficiary of Europe's power sector turmoil in 2022, with prices surging more than 250% through mid-March as utilities and trading firms scrambled to replace lost supplies of Russian natural gas with other fuels. Benchmark European thermal coal prices remained close to historic highs throughout 2022 on sustained higher use across the continent, averaging roughly $285 per tonne for the year, compared with about $115 a tonne in 2021.

Jan 18  - Coronado sees coking coal enquiries tick up as China eases unofficial ban
Coronado Global Resources, which has not typically sold Australian coking coal to China, has received enquiries for long term supply as Beijing lifts its unofficial ban on coal imports from Australia, its chief executive said on Wednesday. Thawing diplomatic relations between Australia and its biggest trading partner led China to allow three power utilities and the country's largest steelmaker to resume Australian coal purchases this month for the first time since 2020. 

Jan 18  - Japan's JERA signs ammonia supply MOUs with Yara, CF Industries
Japan's biggest power generator JERA signed ammonia supply memorandums of understanding (MOUs) with CF Industries of the United States and Norway's Yara Clean Ammonia Norge AS, as it aims to co-fire ammonia to reduce emissions, it said on Tuesday.  JERA plans to use a 20% ammonia fuel mix at all its coal-fired power plants by 2035, and to develop technology to use 100% ammonia in the 2040s, as Japan - among top CO2 emitters globally - targets carbon neutrality by 2050.

Jan 17  - China coal output in Dec slips on COVID; rises to record in 2022
China's daily coal output in December fell from November's record as the country's rapidly expanding COVID-19 outbreak has sickened miners and slowed demand from industrial users. China produced 402.69 million tonnes of coal last month, data from the National Bureau of Statistics (NBS) showed on Tuesday, equivalent to 12.99 million tonnes per day.

Jan 17  - India to boost coal imports to cope with harsh weather, freight snags
India's power utilities will likely boost coal imports this year to cope with surges in demand, made worse over the past year by extreme temperatures, and with freight bottlenecks that are disrupting domestic coal supplies, analysts and officials said. A steady rise in industrial electricity use in recent years has left utilities in India, one of the world's fastest growing major economies and the second-largest coal consumer and importer, with limited leeway to confront extraordinary demand or hiccups in supply.

Jan 16  - German hard coal importers able to replace Russian supply - industry body
German importers of hard coal for power generation plants and steelmaking have found new supply sources, enabling them to end reliance on Russia after a European Union ban, their association said on Friday. "Traders have found new focal points: United States, South Africa and Colombia," industry association VDKi said in a statement.

Jan 16  - U.S. climate envoy Kerry outlines carbon offset initiative for developing nations
U.S. climate envoy John Kerry on Sunday outlined core principles for a "high-integrity" carbon offset plan meant to help developing nations speed their energy transition, and next steps including establishing a consultative group. The Energy Transition Accelerator (ETA), first announced at last year's COP27 climate conference, is being developed by the United States with the Bezos Earth Fund and the Rockefeller Foundation to mobilise private capital.

Jan 12 - NATO, EU to boost protection for pipelines, key infrastructure
NATO and the EU are launching a task force to boost protection of critical infrastructure in response to last year's attack on the Nord Stream gas pipelines and Russia's "weaponising of energy," the organisations' leaders said on Wednesday. European Commission President Ursula von der Leyen said the sabotage of the Russia-to-Germany pipelines in the Baltic Sea last September showed the need "to confront this new type of threat". 

Jan 12 - Global LNG volumes hit record high as Europe crowds out poorer Asia
The world imported more liquefied natural gas (LNG) in 2022 than ever before, but the war in Ukraine has meant that the growth was concentrated in wealthy European countries and away from poorer Asian countries. Total global LNG imports rose to 409 million tonnes last year from 386.5 million tonnes in 2021, according to data from Refinitiv, while figures from commodity analysts Kpler showed a slightly lower 400.5 million tonnes, up from 379.6 million tonnes.

Jan 11 - Shell energy transition prompted talks to sell Norway business
Shell held talks with Harbour Energy to sell its Norwegian oil and gas fields last year but could not reach a deal due to gas price volatility and uncertainty over the long-term outlook, three company sources told Reuters. London-based Shell has said it will focus its oil and gas operations in nine basins around the world, triggering a growing internal competition among assets as it aims to gradually reduce its oil and gas output and grow renewables and low-carbon operations to cut its greenhouse gas emissions. 

Jan 11 - Russian gas transit via Ukraine lower amid warm weather in Europe
Russian gas transit to Europe via Ukraine has been some 16% lower in the past week from previous levels amid mild weather in Europe, a source familiar with the data said on Tuesday, and as the region remains well supplied with gas from other sources. Kremlin-controlled gas giant Gazprom has said that Russian daily gas deliveries via the Sudzha entry point through Ukraine to Europe have been at 35.5 million cubic metres (mcm) for the past five days, down from more than 40 mcm in the past few months.

Jan 10  - Norway expects jump in oil output and gas near record highs
Norway's oil output is expected to rise by 6.9% this year as the huge Johan Sverdrup field ramps up production while gas volumes are predicted to remain unchanged near record highs, the Norwegian Petroleum Directorate (NPD) said on Monday. Production of crude oil and other petroleum liquids such as condensate is likely to increase to 2.02 million barrels per day (bpd) in 2023 from 1.89 million last year, NPD's forecasts show.

Jan 10  - UK slashes energy subsidies for businesses in 2023/24
Britain announced plans on Monday to scale back energy subsidies for businesses for the next financial year by about 85% to 5.5 billion pounds, after the government described the currnt level of support as "unsustainably expensive". The current six-month programme of energy support that will expire at the end of March was predicted to cost 18.4 billion pounds when the government's budget watchdog published forecasts in November.

Jan 09 - China boosts coal output, eases Australia ban to bolster energy security
The increasing need to secure energy supplies after easing COVID-19 restrictions has pushed China to gradually resume Australian coal imports and urge domestic miners to boost their already record output. The lifting of the unofficial ban on Australian coal imports, which were halted in 2020 in a fit of Chinese pique over questions on COVID's origins, is the clearest sign yet of the renewed ties between them.  

Jan 09 - Shell LNG trading to lift quarterly profits despite output drop
Earnings from Shell's liquefied natural gas (LNG) trading operations are likely to have been significantly higher in the fourth quarter of last year despite an output drop caused by plant outages, it said on Friday. Europe's largest oil and gas company's update ahead of its full-year results on Feb. 2 also flagged a $2 billion accounting hit in 2022 as a result of European Union and British windfall taxes on the energy sector.

Jan 06 - Even in crisis, Germany extends power exports to neighbours
Germany exported more electricity to its neighbours than it imported in 2022, even with an energy crisis at home, thanks to more more weather-driven renewable power and greater demand from France. While Switzerland and Austria were the main export destinations, in a notable shift Germany exported more to France than it imported as the nuclear-reliant country grappled with technical problems at its reactors that curtailed production. 

Jan 06 - Czech firm Net4Gas missing latest payments from Gazprom
Czech natural gas transmission system operator Net4Gas (N4G) has not received the latest monthly contracted payments from Russia's Gazprom, a government minister said. Net4Gas's revenues from the contracts accounted for three quarters of total 2021 revenue, the company said in a filing late on Wednesday.

Jan 05 - U.S. poised to regain crown as world's top LNG exporter
The United States is on track to become the world's biggest exporter of liquefied natural gas (LNG) this year - ahead of current market leader Australia - once a fire-idled Texas plant is restarted, according to Reuters data. A June fire sidelined Freeport LNG, the second biggest U.S. export facility, and cut U.S. exports of the fuel by about 2 billion cubic feet per day (bcfd).  

Jan 05 - Europe's gas prices slump to moderate storage build
Europe’s gas prices are slumping as the combination of mild weather and reduced industrial consumption has produced an unusual seasonal increase in inventories which threatens to overwhelm the storage system. Inventories in the European Union and the United Kingdom (EU28) are at the second-highest for the time of year in the last decade and on course to end the northern hemisphere winter at an exceptionally high level.

Jan 04 - Tokyo Gas unit nears $4.6 billion deal to buy U.S. natgas producer
A unit of Tokyo Gas Co Ltd is in advanced talks to buy U.S. natural gas producer Rockcliff Energy from private equity firm Quantum Energy Partners for about $4.6 billion, including debt, people familiar with the matter said on Tuesday. If consummated, the deal would be the latest move by a Japanese entity to secure gas in jurisdictions perceived as friendly, the importance of which has risen for the import-dependent Asian nation after supply markets for the commodity were roiled by Russia's invasion of Ukraine. 

Jan 04 - Bulgaria signs long-term gas deal with Turkey
Bulgaria's state gas company Bulgargaz on Tuesday signed a long-term deal with Turkish state gas firm Botas, giving it access to neighbouring Turkey's gas network and liquefied natural gas (LNG) terminals to help bring in supplies. Bulgaria was almost fully dependent on Russian gas, but is seeking alternatives after Moscow cut off deliveries in April over Sofia's refusal to pay in roubles.

Jan 03  - Indonesia approves $3 bln development plan for South China Sea gas block
Indonesia has approved the first plan of development for the Tuna offshore gas field with total estimated investment of $3.07 billion up to the start of production, upstream oil and gas regulator SKK Migas said on Monday. The Tuna field, located in the South China Sea between Indonesia and Vietnam, is expected to reach peak production of 115 million standard cubic feet per day (MMSCFD) in 2027, SKK Migas spokesperson Mohammad Kemal said.  

Jan 03  - Britain opens nuclear fuel fund with aim to cut reliance on Russia
Britain said on Monday its 75-million-pound fund aimed at helping boost domestic production of nuclear fuel for power plants and cutting reliance on Russian uranium supplies was now open for applications. The fund, announced in July, will award grants to businesses involved in uranium conversion, a key stage in the process of creating nuclear fuel from the metal.

Dec 23 - JPMorgan sets 2030 emissions targets for polluting industries

 JPMorgan said on Thursday it had set targets to cut emissions tied to its finance and dealmaking in the iron and steel, cement and aviation sectors, as those emissions linked to oil and gas usage rose. As the largest U.S. bank and major funder to the fossil fuel industry, investors and campaigners keenly watch JPMorgan's climate efforts as the world shifts to a low-carbon economy. 

Dec 23 - Uniper says working with UAE's Masdar on hydrogen project
German utility Uniper on Thursday said it was involved in a project with the United Arab Emirates (UAE) clean energy company Masdar to produce green hydrogen, confirming a report on Bloomberg. The Berlin government this week completed a 34.5 billion euro ($36.55 billion) bailout of Uniper, following European Commission approval, a nationalisation made necessary because of Uniper's exposure to surging gas prices following Russia's invasion of Ukraine.

Dec 22 - Has green hydrogen sprung a leak?
The green hydrogen express is gathering pace, but it may have a worrying problem with leaks. As governments and energy companies line up big bets on the much-touted fuel of the future, some scientists say the lack of data on leaks and the potential harm they could cause is a blind spot for the nascent industry. 

Dec 22 - India to bolster carbon trading market with stabilisation fund
India is planning a stabilisation fund to keep prices of credits in its planned carbon market above a certain threshold, ensuring that they remain attractive for investors and that the market succeeds in cutting emissions, two government sources said. Money in the fund would be used by a market regulator to buy carbon credits if prices fell too low, one of the officials said.

Dec 21 - French winter power supply risk cut to 'medium', says RTE
The risk to French power supply from the start of January through the rest of winter has been reduced to 'medium' because of higher nuclear and hydropower availability as well as reduced demand from consumers, French grid operator RTE said on Tuesday. Nuclear power utility EDF has faced an unprecedented number of reactor outages this year owing to delayed maintenance and stress corrosion, reducing nuclear output to 30-year lows just as Russia's war in Ukraine hit Europe's energy supplies. 

Dec 21 - U.S., Canada natgas output could hit growing pains in 2023
U.S. and Canadian natural gas production is expected to hit new records in 2023, but growth may be slow due to weakened demand, pipeline bottlenecks and a lack of new liquefied natural gas (LNG) export plants. Gas demand surged worldwide after Russia cut off Europe's primary supply, and the United States and Canada are expected to feed copious demand for exports in coming years, bolstered by high prices. The two countries produced a record combined 116 billion cubic feet per day (bcfd) in 2022.

Dec 20 - EU countries agree gas price cap to contain energy crisis
European Union energy ministers on Monday agreed a gas price cap, after weeks of talks on the emergency measure that has split opinion across the bloc as it seeks to tame the energy crisis. The cap is the 27-country EU's latest attempt to lower gas prices that have pushed energy bills higher and driven record-high inflation this year after Russia cut off most of its gas deliveries to Europe. 

Dec 20 - Shareholders of gas group Uniper approve German bailout
Shareholders in Uniper on Monday approved a state bailout that has so far cost the German government more than 50 billion euros ($53 billion), paving the way for a de facto nationalisation of the struggling gas giant. Uniper Chief Executive Officer Klaus-Dieter Maubach earlier on Monday told a virtual extraordinary meeting that the disarray caused by the loss of gas supplies from Russia could leave shareholders with nothing if they did not accept the German proposal.

Dec 19  - EU countries make final push for gas price cap deal this year
European Union countries' energy ministers meet in Brussels on Monday to attempt to agree a cap on gas prices - their latest idea to tame Europe's energy crisis but one that countries are still split over. Country leaders last week urged their ministers to approve the cap on Monday, in a bid to finalise a measure that countries have debated for months and held two emergency meetings on. 

Dec 19  - Back bailout or risk losing it all, Uniper boss tells shareholders
The CEO of Uniper has asked shareholders to approve a planned bailout by Berlin that will cost more than 50 billion euros ($52.91 billion), warning that the stricken German gas trader will otherwise have to consider filing for insolvency. Ahead of Monday's extraordinary shareholder meeting in Duesseldorf, Chief Executive Klaus-Dieter Maubach said the disarray caused by the loss of supplies from Russia could lead to shareholders walking away with nothing if they did not accept the proposal to take Uniper into German public ownership.

Dec 16 - Global coal consumption to reach all-time high this year
Global coal consumption is set to rise to an all-time high in 2022 and remain at similar levels in the next few years if stronger efforts are not made to move to a low-carbon economy, a report by the International Energy Agency (IEA) said on Friday. High gas prices following Russia's invasion of Ukraine and consequent disruptions to supply have led some countries to turn to relatively cheaper coal this year.  

Dec 16 - California reduces rooftop solar incentive it says favored the rich
California households with solar panels will receive lower credits for exporting surplus power to the grid, utility regulators decided in a vote on Thursday, saying the move would be fairer to low-income ratepayers and would still maintain a healthy solar industry. For decades, Californians with rooftop panels have been credited for excess power at or near the full retail electricity rate. The unanimous vote by the five-member California Public Utilities Commission (CPUC) has lowered the rate, which will be determined by the cost the utility would have spent to buy clean power elsewhere. The rates vary by utility and time of day.

Dec 15  - EU countries plan for gas deals to replace Russian fuel – draft
European Union countries intend next year to push for more gas deals - including long-term contracts - to replace Russian supplies, draft conclusions for an EU leaders' summit on Thursday showed. The draft, seen by Reuters, said the EU should move quickly to start jointly buying gas - an idea suggested by the EU last year to use the bloc's heft as the world's biggest gas market to negotiate lower prices, but which it has yet to put into practice. 

Dec 15  - China's daily coal output hits record high in November to meet heating demand
China's daily coal output hit an all time high in November as miners increased operations to meet higher demand for heating despite the logistics problems and resulting stock builds caused by Beijing's heavy-handed zero-COVID curbs. China churned out about 390 million tonnes of coal last month, data from the National Bureau of Statistics (NBS) showed on Thursday, equivalent to 13.04 million tonnes per day.

Dec 13 - EU unity at stake as countries try to break gas price cap impasse
European Union countries will try on Tuesday to agree an EU-wide cap on gas prices, after months of talks that have so far failed to break the deadlock between governments at odds over whether the measure will ease Europe's energy crisis. Energy ministers from 27 member countries meet in Brussels to attempt to approve a price cap proposed by the European Commission last month - the latest EU response to an energy crunch caused by Russia slashing gas deliveries to Europe this year, leading to severe price spikes. 

Dec 13 - Gas producers warn Australian supply at risk under price cap plan
Australia's biggest natural gas producers on Tuesday warned that the government was putting supply at risk, escalating an outcry after the government landed a surprise proposal to control prices beyond a one-year cap. In the first move that could hit supply, global major Shell paused accepting bids for gas under a plan to boost supply for Australia's populous east coast in 2023 and 2024 while it assesses the government's proposal.

Dec 12  - EU at odds over gas price cap as 12 countries criticise latest proposal
A dozen countries including Belgium, Italy, Poland and Slovenia have made a push to "significantly" lower a planned European Union cap on gas prices, as the bloc struggles to strike a deal on the measure. Gas prices in Europe have soared this year after Russia slashed gas deliveries following its invasion of Ukraine, pushing up fuel costs and stoking inflation. 

Dec 12  - China shipyards feast on record LNG tanker orders as S.Korea builders are full up
China is making fast inroads in the market for newbuild liquefied natural gas (LNG) tankers as local and foreign shipowners turn to its shipbuilders for the specialty vessels because long dominant yards in South Korea are fully booked. Three Chinese shipyards - only one of them having experience building large LNG tankers - won nearly 30% of this year's record orders for 163 new gas carriers, claiming ground in a sector where South Korea usually captures most of the business.

Dec 09 - EU's gas price cap scheme could backfire, raise volatility
Proposed European Union rules aimed at tempering natural gas price spikes may actually jeopardize financial stability and need to be redesigned, the European Central Bank said on Thursday in a formal opinion. The EU proposed a "market correction mechanism" last month aimed at tempering natural gas prices and market volatility after a spike in energy costs pushed inflation to record highs and raised financial market stress in energy derivatives trading. 

Dec 09 - Shell injects $1.5 bln into UK retail power business to help it weather volatility
Shell has injected nearly $1.5 billion in cash and credit into its British energy retail business this year to help it weather huge volatility in power prices that caused the collapse of several rival UK power utilities, Shell Energy said in a filing on Thursday. Britain's power utilities have been rocked by huge fluctuations in energy prices since the end of 2021 due to a shortage in natural gas supplies, which was exacerbated after Russia sharply reduced supplies to Europe following its invasion of Ukraine in February.

Dec 08 - Europe's much-debated plan to cap gas prices
European Union countries are negotiating a proposal by the European Commission to cap gas prices if they exceed 275 euros ($289) a megawatt hour (MWh) and meet other conditions. The aim is to shield European households and businesses from the kind of gas price spikes experienced since Russia's invasion of Ukraine. High energy prices in Europe have fuelled the highest inflation in decades. 

Dec 08 - European energy firms capture most leases in California offshore wind auction
The U.S. government's first-ever sale of offshore wind development rights off the coast of California drew $757.1 million in high bids, mainly from European companies seeking a foothold in the U.S. wind-power industry's expansion to the Pacific Ocean. The auction began on Tuesday and ended Wednesday, the offshore wind industry's first chance to snag leases in waters off the U.S. West Coast. It was a milestone in the global expansion of floating wind, a fledgling technology necessary in deep waters like those off the coast of California.

Dec 06 - Netherlands proposes EU gas price cap for state-backed buyers
The Netherlands has weighed into the European Union's debate on whether to cap gas prices with an alternative proposal that would cap gas prices but only for government-owned or state-supported buyers. EU countries are negotiating a European Commission proposal for a cap to limit gas price spikes as countries attempt to pull down high energy costs in their economies, and are racing to reach a deal by Dec. 13. 

Dec 06 - Global renewables capacity set to double over next five years, says IEA
Global renewable power capacity is set to double over the next five years, driven by energy security concerns in the wake of Russia's invasion of Ukraine, the International Energy Agency (IEA) said on Tuesday. In an annual report on the outlook for renewables, the IEA said capacity worldwide is expected to grow by 2,400 gigawatts (GW) - equal to the entire power capacity of China today - to 5,640 GW by 2027.

Dec 05 - Germany to force energy providers to justify future price hikes
The German government plans to allow energy providers to raise prices next year only if objectively justified, the economy ministry said on Saturday, denying a media report that Berlin planned a ban on all energy price hikes for consumers. "Not every price increase is automatically illegal," an economy ministry spokesperson said, but added that the ban would apply to unjustified price hikes that exploited consumers. 

Dec 05 - Macron says "no panic" about possible French power cuts
French President Emmanuel Macron said there was no reason to panic about possible power cuts this winter, but he called on citizens to use less energy and on state utility EDF to restart nuclear reactors to prevent outages in case of cold weather. In an interview with French TV station TF1 recorded during his state visit to the United States this week, Macron denied that the risk of rolling blackouts was due to inadequate management of EDF's nuclear reactor restart programme.

Dec 02 - Australia court rejects Santos bid to resume Barossa gas drilling
Australia's Federal Court rejected on Friday an appeal by Santos Ltd to resume drilling on its $3.6 billion Barossa gas project off northern Australia after indigenous groups raised objections, potentially delaying other offshore projects. Three Federal Court judges ruled that Santos had not consulted all the indigenous people on the Tiwi Islands that should have been consulted for its environmental plan, backing a challenge brought by a member of the Munupi clan. 

Dec 02 - France may be at risk of 'some days' of power cuts this winter
France may face "some days" of power cuts this winter, the head of French power grid operator RTE said on Thursday, as the government briefed local authorities on how to manage any possible outages. "The situation entails risks, but one must not think power cuts are inevitable," Xavier Piechaczyk told France Info radio.

Dec 01 - British Gas launches 'Peak Save' energy reduction plan
British Gas is launching an energy reduction plan for this winter that will pay customers for every unit of electricity they save compared to their normal usage, the company said on Thursday. The plan, called "Peak Save", will run between December 2022 and March 2023, and could save customers 100 pounds ($119.92) over the course of the winter, British Gas said in a statement. 

Dec 01 - Uniper seeks billions of euros in compensation from GazpromGerman utility Uniper has launched an arbitration process in the hope of securing billions of euros in compensation from Russia's Gazprom over undelivered gas volumes, Uniper CEO Klaus-Dieter Maubach said on Wednesday. Gazprom's export arm denied it was in breach of contract regarding gas supplies to Uniper and said it did not accept the legality of the company's claims. 

Nov 30 - Germany to get new Qatari LNG flows through QatarEnergy, ConocoPhillips deal
Germany is set to receive new flows of Qatari liquefied natural gas (LNG) from 2026 after QatarEnergy and ConocoPhillips on Tuesday signed two sales and purchase agreements for its export covering at least a 15-year period. Since Russia's invasion of Ukraine in February, competition for LNG has become intense, with Europe in particular needing vast amounts to help replace Russian pipeline gas that used to make up almost 40% of the continent's imports. 

Nov 30 - Russia discussing 'gas union' with Kazakhstan and Uzbekistan
Russia is discussing a possible "gas union" with Kazakhstan and Uzbekistan to support shipments between the three countries and to other energy buyers, including China, senior Russian officials said on Tuesday. Russian Deputy Prime Minister Alexander Novak, who mentioned shipments to China, provided no details of the plan.

Nov 29 - India panel to favour linking local gas prices to local crude basket
The panel reviewing natural gas prices in India is set to recommend linking the price of most local output to an Indian crude basket, and also suggest a price cap that would be about 25% lower than current rates, industry sources told Reuters. The panel, which is likely to submit its report to the oil ministry as early as Tuesday, could also suggest a road map to end the government's role in gas pricing from 2026, said the sources, who are familiar with the content of the report but who declined to be named because they are not authorised to speak to the media. 

Nov 29 - Europe on course to end winter with plenty of gas
Europe's gas inventories are on course to end the winter of 2022/23 at one of the highest levels on record - if prices stay high and provided pipeline deliveries from Russia continue. European Union and United Kingdom (EU28) stocks amounted to 1,061 terawatt-hours (TWh) on Nov. 26, a record for the time of year, storage data from Gas Infrastructure Europe (GIE) shows.

Nov 28 - UK to launch new billion-pound home insulation programme
Britain's government intends to make 1 billion pounds ($1.2 billion) of public funding available for home insulation projects from early next year, widening access to assistance that was previously only available to poorer households. The government said the proposed scheme would run from early 2023 until March 2026 and would help meet a recent target to reduce energy consumption by 15% by 2030. 

Nov 28 - Seaborne thermal coal returns to pre-Ukraine invasion 'normal'
The global thermal coal market has returned to where it was before Russia's attack on Ukraine, with prices for most seaborne grades dropping back to pre-invasion levels while volumes remain steady. Seaborne thermal coal prices spiked after the Feb. 24 assault on Ukraine, reaching record highs amid concerns over the loss of exports from Russia and Ukraine, as well as higher demand in Europe on fears of a shortage of natural gas for power generation.

Nov 25 - EU countries unhappy with 275 euro gas cap proposal
European Union energy ministers locked horns on Thusday over a proposed gas price cap at 275 euros per megawatt hour (MWh), grappling over its effectiveness at that level and the impact on supplies and incentives to cut consumption. The long-standing disagreements were holding up other policies to alleviate the acute energy crisis, such as the launch of joint EU gas purchases and a quicker permit process for renewables.  

Nov 25 - Hong Kong exchange carries out first carbon credit trades
The Hong Kong stock exchange has carried out the first batch of carbon credit trades on its new voluntary carbon market, joining a handful of Asian exchanges in tapping opportunities resulting from governments' push to achieve climate goals. The inaugural trades on Hong Kong Exchanges & Clearing's (HKEX) Core Climate platform announced on Thursday spanned carbon credits from more than 30 international projects involving around 20 participants, the exchange said.

Nov 24 - Bankers pour cold water on red hot coal
After years of decline, demand for the polluting fossil fuel has surged this year as Europe scrambles to replace Russian gas, and coal miners are making money hand over fist. With coal prices hitting record highs, companies would normally expand their operations, but projects are being left on the table as most Western banks stand by climate pledges to restrict lending to the sector, according to a dozen mining company executives and investors. 

Nov 24 - Germany's Uniper sees bailout cost rising to $53 billion
Uniper, the largest corporate casualty of Europe's energy crisis so far, said Berlin would need to pump as much as 25 billion euros ($25.8 billion) of additional equity into the struggling gas importer to cover losses incurred after Russia cut supplies. The amended bailout deal reflects the cancellation of a gas levy designed to help German gas importers bear additional costs, and raises the tally for Uniper's nationalisation to more than 51 billion euros.

Nov 23  - EU executive proposes gas price cap at 275 euros/MWh
The European Union executive on Tuesday proposed a gas price cap for the bloc at 275 euros ($282) per megawatt hour for month-ahead derivatives on the Dutch exchange that serve as Europe's benchmark. The idea to cap prices has divided EU countries for many months and diplomats said the level proposed on Tuesday was unlikely to be popular when energy ministers from the bloc's 27 member countries debate it on Thursday. 

Nov 23  - Tackling debt, Enel to sell assets and focus on six markets
Enel plans asset sales worth 21 billion euros ($21.5 billion) to cut its debt pile and focus its transition to cleaner energy on six main markets in Europe and the Americas. The process to exit from Argentina and Peru and sell assets in Romania is already under way and the bulk of the disposal plan should be achieved by the end of next year, executives said on Tuesday as they presented the 2023-25 strategy update.

Nov 22 - Qatar seals 27-year LNG deal with China as competition heats up
QatarEnergy has signed a 27-year deal to supply China's Sinopec with liquefied natural gas in the longest such LNG agreement to date as volatility drives buyers to seek long-term supplies. Since Russia's invasion of Ukraine in February, competition for LNG has become intense, with Europe in particular needing vast amounts to help replace Russian pipeline gas that used to make up almost 40% of the continent's imports. 

Nov 22 - Rift over gas cap looms over EU energy crisis plans
EU energy ministers meet in Brussels on Thursday to approve the latest set of emergency measures to mitigate an energy crisis, but the plans risk being eclipsed by disagreements over whether and how to cap gas prices. On the table are new draft laws to speed up permitting procedures for renewable energy sources, and to launch joint gas purchases for the 27 EU countries.

Nov 21 - Germany's LNG terminals to cost more than double earlier estimate
The purchase and maintenance of floating liquefied natural gas (LNG) terminals to help Germany secure energy supplies and diversify away from Russian gas, will cost more than 3 billion euros ($3.10 billion) more than planned, the economy ministry said on Sunday. Overall, the costs are estimated at about 6.56 billion euros, the ministry said, confirming a report in Der Spiegel. 

Nov 21 - EDF nationalisation ruling imminent, sources say
French markets regulator AMF's ruling on the state's nationalisation offer for utility group EDF is imminent, two sources familiar with the situation told Reuters. One of the sources said that the AMF was likely to give its approval for the state's offer for the 16% of EDF capital that it does not already own after its meeting on Nov. 22, adding that a decision had been delayed by talks with EDF about the conditions under which its board recommended the bid.

Nov 18 - U.N. carbon market talks to drag beyond COP27 as deals elusive
Talks to establish carbon offset markets to allow countries to buy credits to partly achieve their climate pledges are set to drag on beyond the COP27 summit and into next year, according to observers and a negotiator in the U.N. talks. It might still be years before countries can offset their emissions with credits based on greenhouse gas-reducing projects elsewhere, under an international carbon market first called for in Article 6 of the 2015 Paris climate accord. 

Nov 18 - Australia proposes to require cleaner gasoline by 2025, with aid to refiners
The Australian government is proposing to tighten gasoline quality requirements by 2025 in line with most other rich countries, with further aid to the country's two refiners, Ampol Ltd and Viva Energy, to meet the new standard. Its proposal brings forward by two years the preliminary, undefined plan of the previous government, which lost office in May.

Nov 17 - EU to propose natural gas price cap after Nov. 24 meeting
The European Commission plans to propose a cap on natural gas prices after Nov. 24, as it seeks to contain an energy crisis stemming from Russia's invasion of Ukraine, the EU's energy policy chief told Reuters on Wednesday. The 27-country European Union has for months debated whether to cap gas prices, as the bloc struggles to contain soaring inflation and energy prices driven by Russia slashing gas supplies to Europe. 

Nov 17 - France's muted nuclear recovery can cool Europe's LNG demand
Plunging nuclear power output has forced France to boost liquefied natural gas (LNG) imports by more than any other major buyer so far in 2022, amplifying the gas market fallout from the Russia-Ukraine war and helping drive global gas prices to record highs. But a slow recovery is now underway in France's nuclear power output.

Nov 16 - U.S. regulator releases report blaming Freeport LNG blast on inadequate processes
Federal pipeline safety regulators released on Tuesday a heavily redacted consultant's report that blamed inadequate operating and testing procedures, human error and fatigue for the June 8 explosion that shut Freeport LNG's export plant in Texas. The Pipeline and Hazardous Materials Safety Administration (PHMSA) issued the report after Freeport disclosed earlier in the day a summary of the consultant’s review.  

Nov 16 - A gasier Asia would emit less CO2, but may lift global power costs
Power producers across Asia that are looking to cut emissions are likely cheering the warmer reception that delegates from the gas sector have received at this year's United Nations climate summit in Egypt. Fossil fuel producers got the cold shoulder at previous rounds of climate talks, and have frequently been berated for being major contributors to the global climate crisis due to the pollution resulting from the fuels they extract and sell.

 

Nov 15 - Billionaire climate activist wins board fight at Australia's AGL Energy
Shareholders in AGL Energy, Australia's largest power producer, on Tuesday defied their board and approved all four directors proposed by the company's top shareholder, tech billionaire Mike Cannon-Brookes. At the same time, in a surprise outcome, more than 25% of shareholders rejected the executive pay plan, final votes showed. 

Nov 15 - Rich nations stick to coal phase-out plans as China builds new projects
Rich nations have stuck to pledges to phase-out coal power despite the war in Ukraine to help reach their climate targets but expansion of China’s coal fleet risks counteracting the impact of the closures, a report said on Tuesday. Countries within the Organization for Economic Cooperation and Development (OECD) policy forum and the European Union are on track to close more than 75% of their coal power capacity from 2010 to 2030, the report by the Powering Past Coal Alliance (PPCA) said.

Nov 14 - Indonesia, ADB launch first coal power plant retirement deal
Indonesia, the Asian Development Bank and a private power firm are teaming up to refinance and prematurely retire a coal-fired power plant, the first such project under a groundbreaking carbon emissions reduction programme, they announced on Monday. The 660-megawatt Cirebon 1 power plant in West Java would be refinanced in a $250 million to $300 million deal on condition that it be taken out of service 10 to 15 years before the end of its 40- to 50-year useful life under a memorandum of understanding (MOU), Asian Development Bank (ADB) officials said. 

Nov 14 - Turkey's Black Sea gas field still to go online next year, Erdogan says
Turkey's Black Sea gas field is on track to go online next year as promised and work has sped up to connect it to the national infrastructure, President Tayyip Erdogan said on Saturday. Addressing a natural gas pipeline opening in the northern Kastamonu province, Erdogan said drilling at 9 of the ten wells in the first phase of the seabed Sakarya gas field was complete.

Nov 11 - Energy firms' multi-trillion derivative bets under ECB scrutiny
The European Central Bank is examining the use of derivatives by energy companies to make huge bets on future power and fuel prices, to see if such activity poses a wider risk to financial stability, three people familiar with the matter said. Two of the people said the inquiry was prompted by Germany's rescue of top gas importer Uniper, which like other energy firms hedged its exposures with derivatives worth tens of billions of euros, far outstripping the value of the energy it sold. 

Nov 11 - U.S. blocks more than 1,000 solar shipments over Chinese slave labor concerns
More than 1,000 shipments of solar energy components worth hundreds of millions of dollars have piled up at U.S. ports since June under a new law banning imports from China's Xinjiang region over concerns about slave labor, according to federal customs officials and industry sources. The level of seizures, which has not previously been reported, reflects how a policy intended to heap pressure on Beijing over its Uyghur detention camps in Xinjiang risks slowing the Biden administration’s efforts to decarbonize the U.S. power sector to fight climate change.

Nov 10 - Origin Energy backs $11.8 bln buyout offer from Brookfield consortium
Origin Energy Ltd, Australia's no.2 power producer and energy retailer, backed an A$18.4 billion ($11.8 billion) buyout offer from a consortium led by Canada's Brookfield Asset Management, the companies said on Thursday. If successful, the takeover would rank as one of the biggest private equity-backed buyouts of an Australian company, and would be the largest deal in the country this year, Refinitiv data shows. 

Nov 10 - EU gas stocks could fall short next year, Commission president warns
The European Union will struggle to fill its gas storage tanks next summer, the head of its executive warned on Wednesday as she announced measures to boost renewable energy supply but stopped short of backing a price cap that has split opinion across the region. Adressing the European Parliament, European Commission President Ursula von der Leyen announced plans to accelerate the granting of permits for renewable power projects.

Nov 09 - EU Commission said gas price cap impossible as requested
The European Union's executive body told its 27 member countries at a seminar on Monday that it was not possible to create a gas price cap that would not affect long-term contracts or supply security, two diplomatic sources told Reuters. After much wrangling at an all-night summit, EU leaders agreed last month to task the European Commission with proposing a temporary gas price cap in power generation and a temporary price corridor to bring down costs for consumers. 

Nov 09 - Cheniere seeks 18 months to upgrade LNG turbines that failed pollution tests
Top U.S. liquefied natural gas (LNG) exporter Cheniere Energy Inc is asking Louisiana regulators for 18 months to upgrade nearly half of its turbines in the state because they exceeded new air pollution limits, according to a document viewed by Reuters. The request reveals a potential snag at a critical LNG production facility as U.S. producers try to ramp up exports to meet booming global demand.

Nov 08 - Santos flags gas output drop in 2023, modest long term production growth
Santos Ltd, Australia's No.2 independent gas producer, flagged on Tuesday that its gas and oil output is set to fall by around 10% in 2023, a bigger decline than analysts had expected, sending its shares down nearly 6%. The weaker near-term outlook came as Chief Executive Officer Kevin Gallagher outlined a new strategy, following nearly seven years at the helm during which he slashed costs and roughly doubled Santos' output through acquisitions. 

Nov 08 - EIA sees 23% of U.S. coal generated power capacity retired by end of 2029
Competition from natural gas and renewable power could retire almost a quarter of the U.S. coal power capacity by end-2029, along with higher operating costs associated with aging units, the U.S. Energy Information Administration (EIA) said on Monday. According to the EIA's preliminary monthly electric generator inventory, 23% of the 200,568 megawatts (MW) of coal-fired electric generation capacity currently operating in the United States is set to go offline.

Nov 07 - Australia weighs energy price caps as policy battle heats up
A policy battle is heating up in Australia over surging gas and power prices, with the government weighing price caps sought by hard-pressed manufacturers and households while analysts warn that controls could worsen the gas crunch in the long run. Treasurer Jim Chalmers said late on Thursday that the government would decide before Christmas what steps to take but that its preferred option would be regulatory action, in his first public comments on how quickly the government would act. 

Nov 07 - LNG market in trifecta of change to prices, flows and seasonality
The global liquefied natural gas (LNG) market is undergoing a triple flattening, with prices, volumes and seasonality levelling off after a period of volatility. While much of the market focus has been on the softening of spot prices amid signs that Europe has sufficient natural gas in storage for the upcoming winter, the more important dynamic is the current lack of seasonality in expected futures prices.

Nov 04 - Shell's flagship LNG trading made nearly $1 billion loss in Q3
Shell's liquefied natural gas (LNG) trading division recorded a loss of nearly $1 billion in the third quarter of the year, three industry sources told Reuters, after traders were caught out by a sharp rally in European gas prices when Russia halted supplies. Shell, the world's top LNG trader, last week reported its second largest quarterly profit of $9.45 billion, but said it was impacted by weaker gas trading results. 

Nov 04 - IEA says Europe must act now to avoid winter 2023 gas shortages
Europe needs to act now to avoid a natural gas shortage next year given the loss of Russian supply and expectations Chinese demand will increase, the International Energy Agency (IEA) said on Thursday. The European Union has succeeded in filling storages to 95% ahead of this winter, 5% or 5 bcm above their 5-year average, but the IEA said the challenge next year was likely to be greater and there was a danger mild weather had led to a sense of complacency.

Nov 03 - Italy pushes to weaken fossil fuel financing pledge
Italy is attempting to weaken a pledge 10 European governments intend to make on Thursday to stop export credit support for fossil fuel projects, according to draft documents and sources familiar with the matter. The pressure from Italy comes as delegates from nearly 200 countries prepare for a United Nations climate change summit next week in Egypt, where world leaders will attempt to agree tougher action to tackle global warming. 

Nov 03 - French government aims to cut red tape for new nuclear reactors
France has drafted legislation to streamline bureaucracy for administrative permits needed to build new nuclear power plants, as it aims to double down on its nuclear and renewable energy facilities amid a global energy crunch. "This draft law responds to the urgency of the crisis," government spokesman Olivier Veran said after a cabinet meeting that adopted the draft bill on Wednesday.

Nov 02 - U.S. LNG exports dip in October, more cargoes head to Asia
U.S. exports of liquefied natural gas (LNG) in October remained capped by plant outages, with producers shifting more cargoes to Asian buyers last month, according to Refinitiv Eikon tanker monitoring data, after of a pipeline leak cut supplies from Malaysia. LNG prices recently have cooled with Europe's gas storage levels rising to over 90% of target capacity and a slow start to winter.  

Nov 02 - UAE and U.S. reach deal for $100 billion in clean energy projects
The United States and United Arab Emirates have reached an agreement to spend $100 billion on clean energy projects with a goal of adding 100 gigawatts globally by 2035, U.S. Secretary of State Antony Blinken said on Tuesday. The two governments signed a memorandum of understanding in Abu Dhabi setting out the framework of the deal, Blinken said in a statement.

Nov 01  - Germany finalises details of planned gas price cap
Germany's expert gas commission on Monday presented proposals to the government for a gas price cap in Europe's biggest economy to help citizens cope with soaring energy prices and encourage companies to remain in the country and preserve jobs. Households in the country are paying more than 2-1/2 times as much for an average annual gas contract from their supplier than a year ago - before Russia's invasion of Ukraine disrupted gas supplies and pushed prices sharply higher - data from energy price portal Check24 shows. 

Nov 01  - Japan gov't decides to retain stake in new Sakhalin-1 operator
Japan has decided to retain its stake in the new Russian operator of the Sakhalin-1 oil and gas project and has asked Japanese consortium members to stay to ensure the country's energy security, the industry minister said on Tuesday. "The Sakhalin-1 is extremely important for Japan's energy security as it is a valuable source outside of the Middle East," industry minister Yasutoshi Nishimura told a news conference, citing that Japan was highly dependent on Middle East crude oil.

Oct 31 - Germany set to attach conditions to gas price 'brake', sources say
The German government is likely to insist companies that benefit from a planned "brake" on gas prices meet conditions, such as staying in the country or preserving 90% of the jobs they provide for a year, sources familiar with matter told Reuters. Berlin last month set out an energy relief package, including a gas price brake and a cut in fuel sales tax to help households and small and medium-sized business (SMEs). 

Oct 31 - Russia says UK navy blew up Nord Stream, London denies involvement
Russia's defence ministry said on Saturday that British navy personnel blew up the Nord Stream gas pipelines last month, a claim that London said was false and designed to distract from Russian military failures in Ukraine. Russia did not give evidence for its claim that a leading NATO member had sabotaged critical Russian infrastructure amid the worst crisis in relations between the West and Russia since the depths of the Cold War.

Oct 28 - TotalEnergies, Shell post bumper profits, LNG business diverges
Europe's two largest energy companies Shell and TotalEnergies reported profits of more than $9 billion in the third quarter, though Shell's liquefied natural gas (LNG) division struggled to capture the benefits of high fuel prices. The strong earnings were likely to intensify calls in Britain and the European Union for further windfall taxes on energy companies to help households cope with gas and power bills. 

Oct 28 - EDF faces 32 bln euro earnings hit from lower nuclear output
EDF is expecting a hit of around 32 billion euros ($32.18 billion) to its full-year core earnings from lower nuclear production, which is a bigger loss than previously estimated and its sixth profit warning this year. EDF has been struggling all year with an unprecedented number of outages at its 56-strong fleet of reactors, partly due to corrosion issues detected in December 2021.

Oct 27 - EU energy chief says gas price cap possible this winter if countries agree
The European Union could introduce a gas price cap this winter to limit excessive price spikes, but only if countries give Brussels a mandate to propose the measure, the bloc's energy chief said on Wednesday. After months of high gas prices driven by Russia slashing supplies, the 27-country EU is considering whether to cap prices - although with countries still split over the idea after weeks of talks, Brussels has not yet made a formal proposal to make it happen. 

Oct 27 - TotalEnergies secures temporary control of Lebanese offshore gas project
TotalEnergies TTEF.PA and the Lebanese government have reached a deal handing the French oil major temporary majority control of an offshore exploration block and paving the way for negotiations with Qatar over a stake in the gas project, two sources said. TotalEnergies and the Lebanese government have been tussling over the fate of Russian group Novatek's 20% stake after Beirut announced in September that Novatek would exit.

Oct 26 - EU edges towards gas price cap with more emergency talks
European Union energy ministers will hold another emergency meeting in November to try to make progress on a bloc-wide gas price cap, after talks on Tuesday left it unclear when Brussels would make a firm proposal on the measure. EU countries have debated capping gas prices for weeks as some countries have backed the idea as a way to stem energy cost rises triggered by plummeting Russian gas supplies, while others have opposed it. 

Oct 26 - EDF will meet French nuclear output goals, new CEO to tell parliament
The new CEO-designate of France's nuclear group EDF expects to meet output expectations set out by the country's grid operator for December and January as more reactors restart, according to written answers provided ahead of parliamentary hearings. Luc Remont, whose appointment at the helm of EDF was proposed by President Emmanuel Macron last month, will appear before both chambers of parliament on Wednesday in his first public outing as the company's incoming boss.

Oct 25 - World is in its 'first truly global energy crisis'
Tightening markets for liquefied natural gas (LNG) worldwide and major oil producers cutting supply have put the world in the middle of "the first truly global energy crisis", the head of the International Energy Agency (IEA) said on Tuesday. Rising imports of LNG to Europe amid the Ukraine crisis and a potential rebound in Chinese appetite for the fuel will tighten the market as only 20 billion cubic meters of new LNG capacity will come to market next year, IEA Executive Director Fatih Birol said during the Singapore International Energy Week. 

Oct 25 - EU countries try to map out path to gas price cap
European Union energy ministers will discuss a bloc-wide gas price cap on Tuesday, attempting to navigate their next steps although it is likely to be weeks before any final decisions. With no legal proposal for a price cap on the table yet, ministers meeting in Luxembourg are expected to debate the principles of how an EU gas price limit could work, as well as possible drawbacks.

Oct 24  - Germany evaluating if consumer gas price brake can be brought forward
German finance minister Christian Lindner said on Sunday it was not yet clear whether a gas price brake for consumers and small businesses planned from March could be brought forward, pointing to technical and legal difficulties in accelerating the move. Some state ministers have called for the price brake to come into force in January, as will be the case for larger industrial firms, in order to support smaller businesses and households through the winter.

Oct 24  - China's Sept coal output jumps 12.3% on year, hits record daily levels
China's September coal production jumped 12.3% from a year earlier to 390 million tonnes, official data showed on Monday, reaching record average daily levels as mines resumed operation after heavy rainfall in the summer months. The average daily output was equivalent to 13 million tonnes, according to data from the National Bureau of Statistics, which compares to 11.95 million tonnes per day in August and 11.14 million tonnes per day a year earlier.

Oct 21  - EU leaders to keep studying gas price caps
European Union leaders ended another debate on the bloc's response to the energy crunch without agreement on whether to cap gas prices, deciding in the early hours of Friday morning to keep examining options to put a ceiling on costs. The EU is grappling with high energy prices driving inflation and raising the prospect of recession across the continent, a situation aggravated by Russia slashing gas flows following its February invasion of Ukraine. 

Oct 21  - America's new nuclear power industry has a Russian problem
U.S. firms developing a new generation of small nuclear power plants to help cut carbon emissions have a big problem: only one company sells the fuel they need, and it's Russian. That's why the U.S. government is urgently looking to use some of its stockpile of weapons-grade uranium to help fuel the new advanced reactors and kick-start an industry it sees as crucial for countries to meet global net-zero emissions goals.

Oct 20  - EU gas price cap still elusive as leaders meet again over energy crunch
Leaders of the 27 European Union countries meet on Thursday for the second time in a fortnight to try to bring down energy prices, though persistent divisions between them mean the bloc is unlikely for now put a ceiling on what it pays for gas. The 27 are expected to back an alternative price benchmark for liquefied natural gas and joint gas buying, after earlier agreeing to cut consumption and introduce levies on windfall profits in the energy industry.

Oct 20  - Germany to cap electricity prices by taxing excess profits
Germany's government plans to introduce a cap on electricity prices for households and industry to ease the impact of soaring energy costs, a ministry document seen by Reuters on Wednesday showed. To help finance the cap and pay for the stabilisation of power transmission grids, Berlin is considering skimming off some electricity companies' profits, the document showed.

Oct 19  - Nord Stream ruptures revealed as Europe grapples with gas plan
Damage to the Nord Stream gas pipeline from Russia to Europe was caused by powerful explosions, Danish police said on Tuesday, echoing earlier findings into leaks that erupted in the network under the Baltic Sea and that have been blamed on sabotage. In what a Swedish newspaper described as the first publicly released footage of damage to the system, film from a private drone appeared to show a gaping rupture in one pipe.

Oct 19  - Global natural gas crisis dampens momentum for 'cleaner' LNG

Europe’s energy crisis has cooled efforts to lower the carbon intensity of liquefied natural gas (LNG) shipments, as buyers worried about a winter supply crunch prioritize securing shipments of any kind over burnishing their green credentials. Natural gas can be certified as low- or no-carbon if its producers can prove they have reduced greenhouse gas emissions associated with getting it to market, or if they purchase carbon offsets to cut its net climate impact.

Oct 18  - Dozens of LNG-laden ships queue off Europe's coasts unable to unload
Dozens of ships carrying liquefied natural gas (LNG) circling off the coasts of Spain unable to secure slots to unload have prompted grid operators for the country to warn they may have to suspend loading to deal with this "exceptional situation". Europe is facing an energy supply squeeze as Russia has progressively cut gas flows after the West imposed sanctions in response to Russia's invasion of Ukraine in late February.

Oct 18  - EU Commission to propose potential 'dynamic' gas price cap
The European Commission is set to propose this week a last-resort "dynamic" price cap for natural gas in the European Union and mandatory limits on the degree to which traded prices can fluctuate in a single day, according to a draft proposal. The EU is seeking to wean itself off Russian fossil fuels, but Moscow has in past months largely cut the bloc off from its gas pipelines, spiking prices and leading to supply concerns.

Oct 17  - EU leaders set to explore gas price cap options
European Union leaders meeting at the end of this week will explore a range of options for gas price caps, over which they have been divided for weeks, according to a new draft of conclusions for the Oct. 20-21 summit seen by Reuters. The EU's 27 countries have been deadlocked for weeks over whether and how to cap gas prices as part of efforts to tame soaring energy prices, as Europe heads into a winter of scarce Russian gas, a cost of living crisis and a possible recession.

Oct 17  - Europe's energy security this winter? Depends on the weather
European countries are buying gas at sky-high prices and scrambling to curb energy use to avoid fuel shortages this winter, but early weather forecasts point to the risk of a cold snap that could temporarily hike demand. Surging European gas and power prices as the result of reduced Russian supplies are stoking inflation, hampering industrial activity and inflicting record-high bills on consumers ahead of the northern hemisphere winter.

Oct 14  - EU leaders may back new gas price benchmark, document shows
European Union country leaders may support plans to launch a new gas price benchmark at a meeting next week, as they seek to curb energy prices for consumers and industries, a draft document showed. The leaders are set to meet on Oct. 20-21, days after the European Commission intends to propose measures to tackle an energy crisis that is driving inflation and damaging economies across the bloc.

Oct 14  - Europe's gas prices retreat as storage almost full:
Kemp
Europe's gas futures prices have started to soften as storage facilities become full, signalling the need to slow the pace of inventory growth, even though rationing could still be needed later this winter. Futures for deliveries in January 2023, likely to be the coldest part of winter 2022/23, have fallen by almost 30 euros per megawatt-hour (MWh) since Sept. 13.

Oct 13  - China to slash winter gas purchases easing Europe's supply pressures
China's liquefied natural gas (LNG) importers will stay out of the spot market this winter as demand growth has skidded to the slowest since 2002, meaning the world's top importer of the fuel will likely avoid competing with crisis-hit Europe for supplies. That reduced demand means China should yield its top importer title back to Japan this year, easing pressure on the global market and offering much-needed relief to Europe, which is scrounging for cargoes after top supplier Russia cut pipeline gas flows amid the Ukraine crisis.

Oct 13  - Gas price cap deal eludes EU countries, for now
The European Union will unveil proposals next week to launch joint gas buying within months and develop an alternative gas price benchmark, but a meeting of EU countries on Wednesday left it unresolved whether the package would include a gas price cap. The 27-country EU is plotting its next move to tame soaring energy prices and shield consumers from surging bills, as Europe heads into a winter of scarce Russian gas, a cost of living crisis and the looming threat of recession.

Oct 12 - Germans told to unite over energy crisis amid EU divisions
Germany can weather a winter gas shortage caused by Russia's war on Ukraine provided companies and households pull together, Chancellor Olaf Scholz said on Tuesday ahead of a meeting of EU ministers divided over the best response to the energy crisis. EU energy ministers will gather in Prague on Wednesday to seek progress on a price cap and other measures after Russia slashed its supplies that once covered about 40% of Europe's gas needs. 

Oct 12 - UK moves to cap revenues of low-carbon energy producers
Britain set out plans for a temporary revenue limit on low-carbon electricity generators on Tuesday, which the government said had the potential to save billions of pounds for consumers. The "Cost-Plus-Revenue Limit" forms part of a broader energy support package announced by the country's new Prime Minister Liz Truss last month that included a cap on the price of average household energy bills.

Oct 11 - Germany girds for gas supply pain, targets $93 billion price relief plan
Germany on Monday said it plans to urgently implement a 96 billion euro ($93 billion) plan to ease pressure on consumers from surging gas prices as it was warned that the supply situation heading into winter remained tense even with full reserves. Berlin said it supported the commission's proposals to give households and small and medium-sized businesses a one-off payment worth one month's gas bill this year and a mechanism to limit prices from March, and it was working to implement them. 

Oct 11 - Thermal coal prices retreat as winter supply fears ease
The prices of key thermal seaborne coal grades are retreating amid signs that supplies will be sufficient to meet winter demand in both Europe and Asia. In some cases, the price of coal used mainly in power plants has fallen back to levels close to those that prevailed before Russia's Feb. 24 invasion of Ukraine, which caused a sharp spike as buyers feared a loss of exports from both countries.

Oct 10 - Putin orders seizure of Exxon-led Sakhalin 1 oil and gas project
Russian President Vladimir Putin signed a decree on Friday that establishes a new operator for the Exxon Mobil Corp-led Sakhalin-1 oil and gas project in Russia's Far East. Putin's move affecting Exxon's largest investment in Russia mimics a strategy he used to seize control of other energy properties in the country. 

Oct 10 - China’s reliance on gas imports threatens security
China’s reliance on imported gas is increasing despite government efforts to boost domestic output, creating an intensifying problem for both energy and national security. China’s gas production increased by 6% in the first eight months of 2022 compared with the same period in 2021, according to the National Bureau of Statistics.

Oct 7 - Nord Stream investigation finds evidence of detonations, Swedish police say
A crime scene investigation of the Nord Stream 1 and 2 gas pipelines from Russia to Europe found evidence of detonations, strengthening suspicions of "gross sabotage", Sweden's Security Service said on Thursday. Swedish and Danish authorities have been investigating four leaks after the pipelines, which link Russia and Germany via the Baltic Sea and have become a flashpoint in the Ukraine crisis, were damaged at the start of last week. 

Oct 7 - EU leaders turn to gas price caps to end energy crunch
European Union leaders will lock horns on Friday over whether and how to cap gas prices, as they attempt to curb a surge in energy prices that threatens to push the 27-nation bloc into recession and disrupt the EU's cherished single market. The leaders, meeting in Prague for informal talks, are unlikely to come up with concrete measures on Friday, officials said, but should tell their energy and finance ministers which of the several available solutions to pursue further.

Oct 6 - GE lays off workers at onshore wind unit as part of turnaround strategy
General Electric Co is laying off workers at its onshore wind unit as part of a plan to restructure and resize the business, which is grappling with weak demand, rising costs and supply-chain delays, four sources familiar with the move said. The sources said the company on Wednesday notified employees in North America, Latin America, the Middle-East and Africa about the cuts. It also has plans to cut its onshore wind workforce at a later date in Europe and Asia Pacific. 

Oct 6 - Cargill aims to boost ships' use of biofuel, methanol to cut emissions
Cargill Inc seeks to boost its use of biofuels in a bunkering trial and plans to order methanol-fuelled ships as part of its plans to cut emissions, a senior executive of the global commodities trader said on Wednesday. One of the world's biggest ship charterers, Cargill has been testing the operational performance of biofuels in its vessels since the start of the year as it steps up efforts to go green.

Oct 5 - Nord Stream operators: Authorities won't allow us to inspect damaged pipelines
The operators of two Baltic Sea gas pipelines that linked Russia and Germany until they both sprang major leaks last week said they were unable to inspect the damaged sections because of restrictions imposed by Danish and Swedish authorities. Europe is investigating what caused three pipelines in the Nord Stream network to burst in an act of suspected sabotage near Swedish and Danish waters that Moscow quickly sought to pin on the West, suggesting the United States stood to gain. 

Oct 5 - Japan companies to study making ammonia in Alaska for greener energy
Alaska Gasline Development Corporation (AGDC) said on Tuesday it will study the feasibility of producing ammonia in the state's Cook Inlet region with Japan's Mitsubishi Corp and TOYO Engineering Corp and Hilcorp Alaska. The four companies agreed to "evaluate the commercial feasibility of utilizing North Slope natural gas delivered to Southcentral Alaska via the Alaska LNG Project to produce carbon-free ammonia," AGDC said.

Oct 04 - Sweden sends diving vessel to probe leaking Nord Stream pipelines
Sweden sent a diving vessel on Monday to the site of Russian gas pipelines in the Baltic Sea that ruptured last week following blasts in the area, to probe an incident that has added new tension to Europe's energy crisis. Europe is investigating what caused three pipelines in the Nord Stream network to burst in an act of suspected sabotage near Swedish and Danish waters that Moscow quickly sought to pin on the West, suggesting the United States stood to gain. 

Oct 04 - U.S. takes step to advance use of Cold War-era law for clean energy
The U.S. Department of Energy on Monday took a step to advance use of a Cold War-era defense law for boosting the reliability of the electric power grid, deploying clean energy, and speeding domestic production of grid technologies such as transformers. The department issued a request for information, asking the public to determine how best to use the Defense Production Act, or DPA, to boost manufacturing and lower energy costs for consumers.

Oct 3 - Germany's RWE buys Con Edison clean energy in $6.8 bln U.S. shift
Germany's largest power producer RWE has agreed to buy Con Edison's Clean Energy Businesses for $6.8 billion, nearly doubling RWE's renewables portfolio in the United States, the world's second-biggest renewables market. The purchase will be partly funded by RWE issuing a $2.43 billion convertible bond to a Qatar Investment Authority unit, through which the QIA will become a 9.1% shareholder in RWE. 

Oct 3 - Yancoal Australia to prepay $1 billion debt as surging coal prices boost cashflows
Coal miner Yancoal Australia said on Friday it would prepay $1 billion in debt by October, as persistent strength in coal prices support strong cash inflows. Western sanctions on Russia, the world's third-largest exporter of coal, have sparked a scramble for alternate supplies, sending prices of the commodity to record highs.

Jan 09 - Market Talk Roundup: Latest on Trump, U.S. Politics (WSJ DJ Reuters)

- U.S. oil prices hit their highest since 2015 again as speculators bet on further price rises amid OPEC-led production cuts and a dip in American drilling activity, though some warned the rally could run out of steam.
- Gold prices inched down amid expectations for more U.S. interest rate hikes this year.
- London copper inched up in early trade as an advancing U.S. dollar lost steam, while Shanghai copper recovered from a drop in the previous session to trade marginally higher.
- Chicago wheat fell for a fourth consecutive session with prices pressured by improved weather conditions in the U.S. southern Plains although a lack of protective snow cover kept a floor under the market.
- The yen jumped after the Bank of Japan trimmed its buying of long-dated Japanese government bonds in market operations, helping to stoke speculation about a future exit from its massive stimulus policy.   
- As a result of tax reform, Visa is improving 401(k) benefits for its U.S.-based employees, according to a company spokeswoman. Visa will increase its 401(k) match beginning in February. Currently Visa contributes $2 for every $1 an employee contributes, up to 3% of base pay. Visa will raise that to 5% of base pay. The company is also "exploring other global employee benefits and investments...which [it] hope[s] to unveil in the near future," says a spokeswoman.
- Former lawmakers urged President Donald Trump to preserve Nafta, citing withdrawal from the trade agreement as the fastest way to undermine any tax benefits or regulatory relief farmers might otherwise see from his administration. As Mr. Trump addressed farmers at an annual meeting in Tennessee, former Senators Max Baucus (D., Mont.) and Richard Lugar (R., Ind.), now co-chairs of a non-profit organization advocating for free trade for farmers, warned that withdrawing from Nafta would be akin to levying a new tax on farmers. They cautioned that U.S. farmers would suffer retaliatory action if the U.S. imposes tariffs on its trading
partners and said American growers already are disadvantaged since Trump pulled the U.S. from a key Pacific trade agreement.
- President Trump used a speech to farmers to highlight benefits of the GOP's tax overhaul, tout his deregulatory agenda and sign executive orders aimed at improving broadband access across rural America. Addressing farmers at an annual convention of the American Farm Bureau Federation, Trump called the recently-passed tax cut "historic relief for farmers," saying family farms would be spared from a "deeply unfair estate tax," and told a welcoming crowd that he was "putting an end to the regulatory assault on your way of life." Signing two orders to expand internet connectivity in rural areas, he said: "You are going to have great, great broadband."
- United Natural Foods CFO Mike Zechmeister says the tax policy changes are impacting how it assesses returns on potential investments. The natural foods distributor saw a four percentage point difference in returns on a recent investment before and after the tax bill, for example. "The tax savings are real," Zechmeister tells investors gathered at the annual ICR Conference. "You could take a project that may be unattractive in the past or one you would have passed on, and it becomes a project you could go forward with."
- US auto industry stands to benefit from the recently passed tax legislation, which will likely boost earnings per share by an average of 5%-6%, Barclays estimates. The tax reforms are expected to cut nominal tax rates for most US auto manufacturers and parts suppliers, even though the reduction in actual taxes paid will be "slightly less impacted" due to widespread use of losses carried forward, Barclays says. Auto parts suppliers domiciled overseas for tax purposes, such as Adient, Aptiv and Delphi Technologies, won't gain much from lower US corporate tax rates, but also may face lower risk from another part of the tax legislation--a hike in levies targeting unremitted foreign earnings, it says.
- United Natural Foods, up more than 5% as its CFO outlines "significant" financial benefits from the tax bill. The Providence-based natural food distributor expects the taxes it pays overall to fall to around 28% in its 2019 fiscal year from 40% currently. CFO Mike Zechmeister tells investors gathered at the annual ICR Conference that the reduced corporate tax will result in around $17M in savings during its current fiscal year, and it will also benefit from a one-time boost on deferred liabilities. The company expects an aggregate rate reduction of as much as 17 percentage points this year, and 13 percentage points in 2019. "That is a meaningful increase to our free cash flow," Zechmeister says.
- Changes to the US tax code could help push Caterpillar's stock price to $200 by the end of the year, JPMorgan analyst Ann Duignan says. The recently passed federal tax law's provision allowing 100% depreciation on new and used equipment will likely prolong the replacement cycle in US construction, she says. That's in addition to a lower corporate tax rate that will boost free cash flow. "As a result of our analysis, we believe that the stock remains undervalued, despite the significant outperformance last year," she said in a note. Caterpillar stock was up about 70% in 2017. Caterpillar shares were up 2.6% to $166.13.
- USDA Secretary Sonny Perdue touted accomplishments of the Trump administration and his own agency ahead of a planned presidential address to farmers at an annual trade convention. Perdue listed what he sees as trade victories, including opening China to American beef and rice, for farmers worried about the fate of Nafta. Speaking at a meeting of the American Farm Bureau Federation, he said USDA has begun rolling back burdensome regulations, targeting 27 rules that will save $56M annually, and urged farmers to flag the "silliest, most onerous rules" they think should be ditched. As for farmers' tax burden, Perdue tells the crowd that thanks to Trump's recent tax overhaul, "Help is not only on the way. It's already here."
- The parent of Alaska Airlines, like Southwest Airlines, American Airline and JetBlue Airways before it, said it plans to award $1,000 bonuses later this month to 23,000 employees, in celebration of the new federal tax bill. The corporate tax-cut windfall will reduce the tax rate to 21% from 35%, effective this year, which should save millions in tax liabilities and allow airlines to invest more in planes, products and their employees, although some of the savings may also go toward share buybacks. Alaska Air shares are down 1% to $72.97.
- Former Navy acquisition chief and acting Navy secretary Sean Stackley joins L3 Technologies, complementing the deal-hungry defense company's M&A team and continuing the run of Obama-era Pentagon officials who've popped up on corporate boards and management teams. Former defense secretary Ash Carter joined the Delta Air Lines' board while his deputy, Bob Work, is now a Raytheon director. Ex-Air Force secretary Deborah Lee James is now on the Textron board while Leidos added former Pentagon acquisition chief Frank Kendall to its director roster, with his deputy Katharina McFarland joining Engility.
- Eli Lilly (LLY) CEO David Ricks said the U.S. tax overhaul will cause American companies to make investments based more on business factors than taxes. "On the next decision you face it really re-balances the calculus on where to build a plant or make hires," he tells the WSJ on sidelines of JP Morgan healthcare conference in San Francisco. He expects Lilly to have "more infrastructure" in the US within the next 7 years as a result of the overhaul. In September the drug maker announced plans to cut 8% of its work force including many jobs in its home state of Indiana. Ricks also sees the mix of Lilly acquisition targets shifting to more US companies than foreign firms. Though Lilly already had a lower tax rate than the former top US corporate rate due to operations abroad, he sees Lilly's total tax bill coming down.
- J.P. Morgan says the introduction of the U.S. tax reform has done very little to lift the market's downbeat view of potential U.S. growth," which is expected to be smaller compared with other countries or areas around the world. This explains why the U.S. dollar hasn't benefited much from either the introduction of the tax reform or from good economic data, it says. "The global economic activity surprise index is at a post-GFC high," J.P. Morgan says, highlighting eurozone, as well as German growth, which for the first time ever "outpaced the U.S. for four consecutive years." J.P. Morgan adds: "This lack of economic exceptionalism ... is turning out to be more of a drag on the currency."