Carbon & Power Markets News

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.

Sep 30 - Russia says Nord Stream likely hit by state-backed 'terrorism'
Russia said on Thursday that leaks spewing gas into the Baltic Sea from pipelines to Germany appeared to be the result of state-sponsored "terrorism", as an EU official said the incident had fundamentally changed the nature of the conflict in Ukraine. The European Union is investigating the cause of the leaks in the Gazprom-led Nord Stream 1 and 2 pipelines and has said it suspects sabotage was behind the damage off the coasts of Denmark and Sweden. 

Sep 30 - U.S. clean energy backers: permitting bill imperative in climate fight
Environmental groups and some fellow Democratic lawmakers had pilloried U.S. Senator Joe Manchin's bill to speed energy permitting as a handout to fossil fuel companies, but clean energy advocates said the bill's failure would hinder the rapid expansion renewable power needs to combat climate change. Democratic Majority Leader Chuck Schumer pulled Manchin's bill from temporary government funding legislation on Tuesday after it did not gain enough support.

Sep 29 - EU vows to protect energy network after 'sabotage' of Russian gas pipeline
The European Union on Wednesday promised a "robust" response to any intentional disruption of its energy infrastructure after saying it suspected sabotage was behind gas leaks discovered this week on subsea Russian pipelines to Europe. As gas spewed out under the Baltic Sea for a third day after first being detected, it remained far from clear who might be responsible for any sabotage of the Nord Stream pipelines that Russia and European partners spent billions of dollars building.

Sep 29 - Australia's AGL fast-tracks coal power closure after investor pressure
Australia's AGL Energy Ltd on Thursday unveiled plans to spend up to A$20 billion on renewable energy by 2036 and bring forward its exit from coal-fired generation by a decade, caving in to pressure from investors and lenders. The U-turn by the country's top power producer and worst polluter came after a loud campaign by top shareholder and billionaire climate activist Mike Cannon-Brookes that forced AGL to ditch plans to split off coal generation and led its chairman and chief executive to quit.

Sep 28 - Europe investigates 'attacks' on Russian gas pipelines to Europe
Europe was investigating on Tuesday what Germany, Denmark and Sweden said were attacks which had caused major leaks into the Baltic Sea from two Russian gas pipelines at the centre of an energy standoff. But it remained far from clear who might be behind the leaks that were first reported on Monday or any foul play, if proven, on the Nord Stream pipelines that Russia and European partners spent billions of dollars building.

Sep 28 - Germany plans to extend lifespan of two nuclear power plants           Germany expects to extend the lifespan of two of its last nuclear power plants Isar 2 and Neckarwestheim beyond their planned phase-out as declines in France's nuclear power supply have worsened, Economy Minister Robert Habeck said on Tuesday. Germany had planned to complete a phase-out of nuclear power by the end of this year but a collapse in energy supplies from Russia because of the war in Ukraine has prompted the government to keep two plants on standby until April.

Sep 28 - Japan and South Korea prepare for crucial winter (Petroleum Economist)
Nuclear availability and the extent of low temperatures will decide how much LNG they will need for the months ahead

Japan and South Korea have been stocking up on LNG as Asia’s second- and third-largest gas markets look to avoid a winter supply crunch. But their respective appetites for additional volumes in coming months will likely be determined by the availability of nuclear power and the degree of cold weather.

Jera and Kogas, the biggest importers in Japan and South Korea respectively, along with other major buyers such as Kansai Electric and SK E&S were active in the Asian spot market up until the end of August, in a sign the JKM’s rise to a historically high $60-70/mn Btu did not price Asian importers out of the ultra-expensive market. But relatively robust procurement from Northeast Asian importers—with the exception of China—stands in contrast with the rest of Asia, where spiralling import costs have dampened buying interest.

Asian LNG imports were down by c.8pc year-on-year from January to August, according to brokerage Bernstein Research. Chinese shipments slumped by an unprecedented 21.3pc, while Japanese and Korean volumes were down by just 3pc and 4pc respectively. Indian flows have also been weak, declining by 12.8pc in the first seven months of this year.

Kogas has reportedly secured c.20 cargoes for delivery this winter, as it seeks to start the November-March heating season with LNG storage tanks at 90pc of capacity by the start of November. Jera, meanwhile, was said to be in the market for around one cargo per month, mostly on a JKM-linked basis from November to March 2024, which implies 15-20 cargoes.
90pc – Kogas’ stock target by start of November

The result is that Japan and South Korea look well-supplied ahead of the northern hemisphere’s main winter months of November to February, especially as both Tokyo and Seoul have put nuclear and coal back on the agenda to counter rising gas procurement costs. But between the two countries, South Korea looks less likely to buy more LNG this winter.
Nuclear availability

Two unplanned nuclear outages in South Korea in September will give a small boost to gas-fired generation, but the support will not last. The Shin Kori 1 and Shin Wolsong 2 reactors—each with capacity of 1GW—went offline in early September, according to operator KHNP.

A turbine generator at Shin Kori 1 failed during Typhoon Hinnamnor, forcing the reactor to be manually shut down for maintenance a week earlier than the original 14 September schedule. The unit is scheduled to return on 24 October. Shin Wolsong 2, meanwhile, shut down automatically because of an issue with a control rod—an outage expected to last two weeks based on similar incidents in 2012 and 2013.

However, South Korea appears to be well-prepared for this winter, with higher nuclear and coal-fired capacity compared with a year ago. The 1.4GW Shin Hanul 1 reactor is due to be fully operational by early November, when the 1GW Hanbit 4 will also return from a five-year outage. These restarts will be partially offset by outages at other reactors but still allow for a 1GW increase in overall Korean nuclear generation.

Korean gas-fired power generation overall will be weaker than expected this winter due to greater gas-to-coal switching as Kogas hikes tariffs for power generators. Fuel costs for gas generators stand at a record $26.50/mn Btu and could rise to $29/mn Btu, which would cut gas-fired generation by as much as 2.8GW year-on-year.

Korean independent power producers have added 0.8GW of new coal-fired capacity, which should lead to greater coal-fired generation this winter. And these generators are not subject to winter restrictions on coal-fired power generation imposed from December to March to reduce air pollution.

State-run Kepco was limited to operating its coal-fired power capacity at three-quarters load from December 2021 to March 2022. The utility has requested the cap be completely suspended until the start of 2023, but this is unlikely to be agreed by Korean authorities, who will look to maintain most peak-winter restrictions due to public concern over smog.

Another headwind for Korean LNG demand is greater blending of LPG with gas. Suppliers, including Kogas, are looking to mix LPG into their gas supplies to increase the calorific value of city gas in the Korean grid, therefore reducing the volume of natural gas required.
2.63mn t – Japan’s LNG stocks at end of August

LPG blending in city gas could reduce Korean LNG use during the winter by 500,000t, equivalent to seven standard LNG cargoes, according to consultancy Energy Aspects. This is based on raising the average calorific value of Korean city gas to pre-2012 levels of around 10,400kcal/m³ from the current average of 10,200kcal/m³.

Japan is on track to reclaim its spot as the world’s biggest LNG buyer this year amid a demand slump in China, but this masks the fact that Japanese volumes are also down year-on-year due to lower spot purchases. Most of the annual decline occurred in Q1, and imports have been robust since then, increasing by 1.7mn t/yr from April to August due to reduced nuclear availability, summer heatwaves and restocking needs.

Imports are likely to be relatively steady this winter as domestic suppliers have less scope to reduce demand. Consultancy Rystad Energy expects imports over the four months to rise by 100,000t year-on-year, to 26.9mn t, amid stockpiling.

But Japan managed to meet peak power load from its recent summer heatwaves without heavy drawdowns of LNG inventories. Stockpiles held by Japanese utilities stood at 2.63mn t at the end of August, the highest level in records going back to April 2017.
Weather risk

The weather is likely to play a more critical role this year amid extremely high JKM prices and limited supply availability as Europe buys up cargoes. Weather modelling from meteorological bureaus in Japan, Australia and China suggests the likelihood of a La Nina weather phenomenon will be at least 70pc in the coming months, which could trigger below-normal temperatures across the northern hemisphere.

A winter that is 10pc colder than the trailing ten-year average—as was the case in 2011-12 and 2012-13—could lift Japanese gas demand from November to next March by 1.4mn t, while an extreme case of a persistently 20pc colder winter would increase demand by 2.9mn t. On the other hand, a winter that is 10pc warmer than usual would reduce by 1.5mn t the call on LNG cargoes, which would then be available to meet European demand.

Temperatures for China, Japan and South Korea are forecast to be slightly below or in line with historical levels, while Europe could be 2°C colder than normal—meaning the global gas market would likely both remain tight and Atlantic Basin-focused this winter.

Sep 27  - Gas from Russia's Nord Stream 2 pipeline leaks into Baltic Sea
Danish authorities on Monday asked ships to steer clear of a five nautical mile radius off the island of Bornholm after a gas leak overnight from the defunct Russian-owned Nord Stream 2 pipeline drained into the Baltic Sea.

Sep 27  - Australia - a land of promise and hurdles for offshore wind developers
Under a new government, Australia is shaping up to be the next big market for offshore wind developers, attracting interest from the likes of Shell, Denmark's Orsted and Norway's Equinor. But the industry, starting from scratch Down Under, faces a slew of challenges.

Sep 26   - EU's green shift depends on mammoth investment in energy grid
Investments of more than half a trillion euros will be needed to modernise Europe's energy grid this decade, if countries are to succeed in ramping up wind and solar power to break free from Russian gas, a draft EU document showed.

Sep 26   - Countries try to dodge EU's carbon market fundraising plan

European Union countries are hunting for alternatives to an EU plan to use a carbon market reserve to help finance their exit from Russian gas, as some fear the proposal would undermine the bloc's main climate change policy.

Sep 23 - EU watchdog proposes emergency brake for energy markets
A temporary brake on gas and electricity derivatives when prices spike could improve how energy markets operate, the European Union's securities watchdog proposed on Thursday, along with more fundamental changes over time. The European Securities and Markets Authority (ESMA) said the number of trading halts in energy derivatives has been very low in recent weeks despite rules on circuit breakers already in place and prices racing higher following Russia's invasion of Ukraine in February.

Sep 23 - Ban on gas fracking in England lifted in push for energy independence
Britain on Thursday formally lifted a moratorium on fracking for shale gas in England that has been in place since 2019, saying strengthening the country's energy supply was an "absolute priority". Energy prices have soared in Europe after Russia invaded Ukraine, and Britain is subsidising bills for households and businesses at a predicted cost of more than 100 billion pounds.

Sep 22 - UK eases pressure on business by halving energy bills this winter
The British government on Wednesday said it would cap wholesale electricity and gas costs for businesses at less than half the market rate from next month, helping relieve the pressure of soaring energy costs but adding to the government's fast-rising spending. Wholesale prices for electricity will be capped at about 211 pounds ($239) per megawatt hour (MWh) and for gas at 75 pounds per MWh, compared to forecast market rates of 600 pounds and 180 pounds respectively.

Sep 22 - European governments spend half a trillion euros on energy crisis
Governments in Europe have earmarked nearly 500 billion euros in the last year to cushion citizens and companies from soaring gas and power prices, according to research published by think-tank Bruegel on Wednesday. Months of surging prices have seen governments roll out measures to curb retail power prices, slash energy taxes and give subsidies to bill-payers.

Sep 21 - Germany nationalises gas importer Uniper
Germany has agreed to nationalise Uniper by buying Fortum's stake in the gas importer to secure operations and keep its business going, the three parties involved said on Wednesday. The agreement comprises a capital increase of 8 billion euros for an issue price of 1.70 euros per share excluding the shareholders' subscription rights, Uniper said in a statement.

Sep 21 - Europe energy crisis may deepen with looming liquidity crunch
Europe's problems in sourcing oil and gas this winter after a dispute with Russia may be exacerbated by a new crisis in the market where prices are already red-hot: a liquidity crunch that could send them spiralling higher still. But European governments have only belatedly rallied to offer financial support to power providers on the brink of collapse, in an effort to ease pressure on a market whose smooth operation is vital to keep people warm.

Sep 20 - Europe races to prepare for energy crunch this winter
Germany was pressing on Monday to secure liquefied natural gas contracts with Gulf producers and other European states outlined measures to conserve energy, with Russian flows running at severely reduced levels as winter approaches. Berlin said it aimed to sign LNG contracts in the United Arab Emirates to supply terminals it is building, now that the vital Nord Stream 1 gas pipeline from Russia is shut, while Spain, France others outlined contingency planning to try to avoid power cuts.

Sep 20 - Coal rush! Energy crisis fires global hunt for polluting fuel
Prices for thermal coal, used to generate electricity, have leapt to record levels as a result of the war, which has led to many European countries losing access to vital supplies of natural gas and coal from their top provider Russia. Buyers in Europe and beyond are now vying to pay top dollar for coal from often remote mines in places such as Tanzania, Botswana and even potentially Madagascar.

Sep 19 - Gas buyers resume nominations for Russia's Nord Stream 1
German buyers of Russian natural gas resumed nominations for supply on the Nord Stream 1 pipeline for the first time since the crucial pipeline was shut down for maintenance about three weeks ago, according to German pipeline data. Russia halted flows via the Nord Stream 1 pipeline, which runs under the Baltic Sea to Germany, on Aug. 31 for what was supposed to be three days of maintenance.

Sep 19 - EDF contractors relax radiation exposure limits to speed up reactor repairs
Some contractors helping French power giant EDF to inspect and repair its corrosion-hit nuclear reactors are planning to relax their rules on radiation exposure limits so that their workers can spend more time on the job, EDF told Reuters. The company, which is rushing to get its fleet of nuclear powerstations ready for the winter, said the new threshold was in line with its own standards and remained well below French legal limits.

Sep 16 - Norway seeks to help EU cope with gas price pain after Russia cuts
Norway said on Thursday that sky-high gas prices were not in its interest and it would work with the EU to steady the market, although Europe's biggest supplier of piped gas is already at capacity trying to fill a gap left by Russia. The European Union is grappling with the impact of soaring gas prices that have driven up inflation, pushed some utilities to the brink and threatened recession, prompting urgent proposals by its executive to protect consumers and businesses.

Sep 16 - OMV says impact from EU's energy windfall levy could be massive
The head of Austrian oil and gas group OMV said on Thursday that the EU's planned windfall levy could have a huge impact and criticised basing the proposal on profits of the last three years, which were not normal times. "We will keep an eye on that, as it can already have a massive impact," Alfred Stern told journalists, adding that the specifics of the proposal have not yet been set out so it was difficult to estimate the exact impact.

Sep 15 - EU seeks $140 billion to insulate consumers from energy crisis
The European Union's executive outlined plans on Wednesday to raise more than $140 billion from energy firms to help shield households and businesses from soaring prices that threaten economic recession and insolvencies. European gas and power prices have rocketed this year as Russia cut fuel exports to retaliate for Western sanctions over its invasion of Ukraine, leaving many struggling to pay bills and utilities grappling with a liquidity crunch.

Sep 15 - Germany edges closer to nationalisation of ailing gas importer Uniper
Germany's Uniper said on Wednesday the government might take a controlling stake in the company as the ailing gas importer seeks further aid, paving the way for a what could result in a full nationalisation of the firm. Uniper, Germany's largest importer of Russian gas, burned through its cash reserves sourcing gas on the expensive spot market after Moscow slashed flows to Germany, triggering a rescue package with Berlin agreed in July.

Sep 14 - Germany, EU race to fix energy crisis
Germany will step up lending to energy firms at risk of being crushed by soaring gas prices, it said Tuesday, as Europe readied proposals to help households and industry cope with an energy crisis. The European Commission will on Wednesday announce targets to cut electricity consumption and a revenue cap for non-gas fuelled plants. Energy ministers will hold an emergency meeting on Sept. 30 to discuss them.

Sep 14 - Sweden's Ringhals 4 nuclear outage extends into winter months
Swedish utility Vattenfall said on Tuesday it had delayed the restart of the Ringhals 4 nuclear reactor by two months to Jan. 31, in a further setback to power supply in the Nordic and Baltic region. "The unforeseen required repairs are taking more time than expected, before starting up the unit after the yearly maintenance," Vattenfall said in a regulatory filing.

Sep 09 - Britain goes big to ease energy shock, EU meets on Friday
Britain will cap consumer energy bills for two years and funnel billions to prop up power companies, its new leader Liz Truss said on Thursday in a bid to tackle an energy crisis that has Europe and Russia squaring off in a deepening economic war. European governments are spending hundreds of billions of euros to help consumers and businesses cope with soaring energy bills as the price of gas, already high post the COVID pandemic, went stratospheric in the wake of Russia's invasion of Ukraine.

Sep 09 - Portugal approves energy-saving plan, may beat EU target
Portugal approved on Thursday an energy-saving plan through the end of 2023 that should allow it to meet the target for reducing gas usage set by Brussels and even surpass it at some point next year, Environment Minister Duarte Cordeiro said. The plan, part of the European Union's push to wean itself off Russian gas, follows similar steps elsewhere in Europe and includes mandatory measures for the central administration and recommendations for municipalities and companies, with whom the government has previously discussed the package.

Sep 08 - EU plans to cap Russian gas price as Putin warns West of winter freeze
The European Union proposed a price cap on Russian gas on Wednesday after President Vladimir Putin threatened to cut off all energy supplies if it took such a step, raising the risk of rationing in some of the world's richest countries this winter. The escalating standoff could drive up sky-high European gas prices further, adding to already eyewatering bills EU governments are paying to stop their energy providers collapsing and prevent cash-strapped customers freezing in the cold months ahead.

Sep 08 - EU plans revenue clawback from non-gas power plants, document shows
The European Commission wants to claw back revenue from electricity generators that do not run on gas, aiming to use the cash to cushion consumers from soaring bills as they head into winter, a draft document seen by Reuters said. The plan is part of emergency measures being drafted by Brussels to reduce gas and electricity costs that have surged as a result of Russia cutting gas flows to Europe since the invasion of Ukraine.

Sep 07 - UK weighs huge support package as Europe battles energy crisis
Britain's new prime minister was working on what looks set to be Europe's biggest energy crisis support package so far as countries scramble to protect households and businesses from soaring bills and shore up struggling suppliers. Liz Truss, who took over from Boris Johnson on Tuesday, is planning to freeze household energy bills at the current level for this winter and next, paid for by government-backed loans to suppliers, the BBC reported, adding the scheme could cost 100-130 billion pounds.

Sep 07 - Netherlands warns against EU carbon market fundraising plan
The Netherlands has warned other European Union countries that an EU plan to use a carbon market reserve to finance their exit from Russian gas would undermine the bloc's climate change policy, and put forward alternative plans. As part of its aim to end Europe's reliance on Russian gas this decade, the European Commission has said countries could raise 20 billion euros ($19.80 billion) for new energy investments by selling permits stored in the EU carbon market's "market stability reserve".

Sep 06  - Germany keeps two nuclear reactors on standby to weather gas crisis
Germany plans to keep two of its three remaining nuclear power stations on standby, beyond a year-end deadline to ditch the fuel, to ensure enough electricity supply through the winter during a gas crunch. German Economy Minister Robert Habeck said in a statement on Monday the move did not mean Berlin was reneging on its long-standing promise to exit nuclear energy by the end of 2022.

Sep 06  - Gazprom says Nord Stream 1 resumption depends on Siemens Energy
Russian natural gas pipeline Nord Stream 1 will not resume shipments until Siemens Energy repairs faulty equipment, Gazprom’s Deputy Chief Executive Officer Vitaly Markelov told Reuters on Tuesday. “You should ask Siemens. They have to repair equipment first,” he said on the sidelines of Eastern Economic Forum in Russian Pacific port of Vladivostok, when asked about when the pipeline could start pumping gas again.

Sep 05 - No Stream: EU gas markets brace for price surge after latest Russia gas cut
European gas buyers already grappling with record-high prices face further pain when the markets open on Monday after Russia said one of its main supply pipelines to Europe would remain shut indefinitely, sparking fears over energy rationing. Lower gas flows from Russia ahead of and following its February invasion of Ukraine have already pushed up European prices by nearly 400% over the past year, sending electricity costs soaring.

Sep 05 - EU energy ministers to discuss gas price cap, emergency liquidity help
European Union countries' energy ministers will discuss options to rein in soaring energy prices including gas price caps and emergency credit lines for energy market participants, a document seen by Reuters showed.EU ministers will meet on Sept. 9 to discuss urgent bloc-wide measures to respond to a surge in gas and power prices that is hammering Europe's industry and hiking household bills, after Russia curbed gas deliveries to the bloc.

Sep 02 - EU mulls energy price cap for certain generators
The European Commission’s upcoming proposals to tackle surging energy prices should include a price cap for certain power generators that do not run on gas, according to a Commission document seen by Reuters. The price limit would help raise revenue that governments could use to lower energy bills for consumers, and it should be rolled out alongside an EU-wide reduction in electricity demand, the document said.

Sep 02 - UK's Boris Johnson goes nuclear with swansong energy investment
Britain will invest 700 million pounds ($809.13 million) in EDF's planned Sizewell C nuclear plant, outgoing Prime Minister Boris Johnson said on Thursday, announcing his last major policy move before he steps down from the role next week.  "Go nuclear and go large, go with Sizewell C," Johnson said, speaking at Sizewell in the eastern English county of Suffolk.

Sep 01 - Austria grants credit line to Vienna utility squeezed by power price surge
Austria's government on Wednesday granted a 2 billion euro ($2 billion) credit line to the City of Vienna for the power firm it owns, Wien Energie, after the company asked for help covering its futures margins because of surging market prices. A leap in prices following Russia's invasion of Ukraine has increased the amount companies must hold in their accounts to keep trading power futures.

Sep 01 - Belgian government to switch off lights, tax energy profits to cut bills
Belgium announced a series of measures to tackle soaring energy prices on Wednesday, including cuts to public buildings' power consumption and a proposal to tax the excess profits of energy companies such as Engie and TotalEnergies. Prime Minister Alexander De Croo said heating in public buildings will be limited to 19 degrees Celsius (66 Fahrenheit) and air conditioning use reduced, while lighting of offices and monuments will be switched off at 7 p.m.

Aug 31 - France braces for uncertain winter as nuclear power shortage looms
France, once Europe's top power exporter, may not produce enough nuclear energy this winter to help European neighbours seeking alternatives to Russian gas, and may even have to ration electricity to meet its own needs. France has for years helped to underpin Europe's electricity supply, providing about 15% of the region's total power generation.

Aug 31 - First Solar pledges big U.S. factory expansion thanks to climate law
First Solar Inc will spend $1.2 billion to expand its solar panel manufacturing operations in the United States, creating hundreds of jobs including with a new factory in the Southeast, the company said on Tuesday. It is among the first major corporate investments announced following the Inflation Reduction Act (IRA), a $430 billion package of policies aimed at combating climate change that President Joe Biden signed into law this month.

Aug 30  - EEX markets to remain open as power prices soar - statement
The European Energy Exchange said on Monday the bourse would remain open in its transparent price-setting role following significant power price volatility since the end of last week. Concerns that Russia will further curb gas flows to Europe, technical and weather-related issues at French nuclear plants, as well as drought hitting coal deliveries have played havoc with European wholesale power.

Aug 30  - Austria prepares to pump billions into Vienna power firm hit by price jump
Austria said on Monday it is preparing to pump billions of euros into the electricity company that supplies much of Vienna after a price surge on power markets left it unable to afford the guarantees needed to cover market transactions. Wien Energie, which is owned by the City of Vienna, asked the federal government for help at the weekend and the city has identified an "acute financing need" of 6 billion euros($6 billion), the finance ministry said in a statement.

Aug 29  - In Poland, where coal is king, homeowners queue for days to buy fuel
In Poland's late summer heat, dozens of cars and trucks line up at the Lubelski Wegiel Bogdanka coal mine, as householders fearful of winter shortages wait for days and nights to stock up on heating fuel in queues reminiscent of communist times. Artur, 57, a pensioner, drove up from Swidnik, some 30 km (18 miles) from the mine in eastern Poland on Tuesday, hoping to buy several tonnes of coal for himself and his family. Artur's household is one of the 3.8 million in Poland that rely on coal for heating and now face shortages and price hikes, after Poland and the European Union imposed an embargo on Russian coal following Moscow's invasion of Ukraine in February.

Aug 29  - Britain considering loans to energy suppliers as bills soar -Telegraph
The British government's options to support people facing sky-rocketing energy bills include handing loans to energy suppliers that could cut bills by up to 500 pounds ($587) a year, the Daily Telegraph newspaper reported on Saturday. Britain's energy regulator said on Friday energy bills will jump 80% to an average of 3,549 pounds a year from October, spurring calls for urgent government support to households and businesses.

Aug 26  - Dutch build out North Sea wind farms, test floating solar panels

Wind turbines, floating solar panels, and green hydrogen at sea are among the projects under construction off the Dutch coast, as a country famed for its water engineering prowess builds out its renewable energy infrastructure. On a tour of North Sea facilities on Aug. 25, companies and Dutch utilities showed off key projects.

Aug 26  - Amazon signs green hydrogen supply deal with Plug Power

Plug Power Inc has signed a deal with Inc to supply liquid green hydrogen, the companies said on Thursday, sending the hydrogen fuel cell maker's shares up over 12% in early trade. Green hydrogen is often touted as the future of energy, as the flexible and zero-emission fuel can be used for transportation and electricity generation.

Aug 25 - French nuclear woes stoke Europe's power prices
European power prices are surging to fresh records as France grapples with lower nuclear output, adding further pressure to wholesale energy markets already struggling with vastly lower Russian gas supply. Technical problems have hampered French nuclear reactors along with summer maintenance and drought has curbed hydroelectric production, another of its key sources of electricity generation.

Aug 25 - China's Chongqing extends power curbs as drought drags on
The sprawling Chinese region of Chongqing, home to several large global automakers, has extended power curbs at factories as a prolonged heatwave and drought continue to wreak economic and environmental damage throughout the country's southwest. Industrial firms were originally ordered to restrict output from Aug. 17 until Aug. 24, but formal curbs have been extended until Aug. 25, according to a notice issued by the Chongqing authorities on Wednesday.

Aug 24 - Norway eyes high gas output until 2030, says energy minister
Norway plans to maintain its current high gas production level until the end of the decade as Europe plans to ditch Russian imports over Moscow's invasion of Ukraine, its energy minister said on Tuesday. "I expect that we can maintain the production levels we are at now until 2030," Terje Aasland told Reuters in an interview.

Aug 24 - Poland prepares new support measures to tame soaring energy costs
The Polish cabinet on Tuesday approved a new package of financial support measures designed to shield consumers from soaring energy prices prompted by the war in neighbouring Ukraine. The measures will compensate households and vulnerable public users including hospitals and schools that use pellets, heating oil, liquefied petroleum gas and wood for heating.

Aug 23 - Europe braces for more cuts in Russian oil and gas exports
Europe faces fresh disruption to energy supplies due to damage to a pipeline system bringing oil from Kazakhstan through Russia that was reported by the pipeline operator on Monday, adding to concerns over a plunge in gas supplies. CPC, which handles about 1% of global oil and whose largest shareholder is Russian pipeline firm Transneft, said exports from two of its three mooring points at a Black Sea terminal had been suspended, confirming a Reuters report.

Aug 23 - Calm LNG volumes contrast with spot price turmoil
If the global liquefied natural gas (LNG) market is viewed just in terms of volumes, the picture appears one of serene stability. But if the market is assessed by looking at the price of spot cargoes, a sharply contrasting view emerges, namely one of stress with competition between buyers in Europe and Asia amid fears of a shortage of the super-chilled fuel during the coming northern winter.

Aug 21  - China's July Russian coal imports hit 5-yr high as West shuns Moscow
China's coal imports from Russia jumped 14% in July from a year earlier to their highest in at least five years, as China bought discounted coal while Western countries shunned Russian cargoes over its invasion of Ukraine. China brought in 7.42 million tonnes of coal from Russia last month, data from the General Administration of Customs showed on Saturday. That was the highest monthly figure since comparable statistics began in 2017, up from 6.12 million tonnes in June and 6.49 million tonnes in July 2021.

Aug 21  - Biden climate law could expand controversial biogas industry

U.S. President Joe Biden's climate law could help to expand a burgeoning but controversial industry that seeks to capture gases from rotting food and farm waste and convert them into fuel and other forms of energy. The Inflation Reduction Act (IRA) Biden signed on Tuesday includes new tax credits for companies that build machinery, like anaerobic digesters, to capture climate-harming emissions including methane from landfills or animal manure lagoons and convert them into natural gas, electricity and heat. The biogas industry argues the technology is key to meeting the nation’s climate goals.

Aug 19 - Australia's AGL Energy misses profit view on generator outage, lower prices
Australia's No. 1 power producer AGL Energy Ltd said it was listening to the demands of its top activist shareholder who wants it to fast-track its exit from coal, as it overhauls its strategy following a lower-than-expected annual profit. The Sydney-listed company said its aims were ultimately aligned with those of billionaire 11.3% owner Mike Cannon-Brookes, co-founder of software giant Atlassian Corp Plc, whose environmental campaign forced the company to scrap a demerger that would have kept its coal-fired power stations open longer.

Aug 19 - UK opposition Labour Party wants parliament recalled over energy price cap
Britain's opposition Labour Party said parliament should be recalled on Monday to freeze energy bills for the winter as the country deals with the worst cost-of-living crisis in decades. The demand to outgoing Prime Minister Boris Johnson and the two Conservative Party candidates vying to replace him coincides with the next expected energy price cap rise on Friday when parliament is in recess for the summer.

Aug 18 - Germany likely to miss gas storage targets, warns energy regulator
Germany is likely to miss a November target for gas storage levels set by the government to avoid an energy crisis, the head of the Bundesnetzagentur energy regulator told German media outlet t-online on Thursday, warning Europe's biggest economy faced two tough winters. Germany is in the second phase of a three-stage emergency plan to reduce its dependence on Russian gas due to the war in Ukraine.

Aug 18 - Britain to receive rare LNG cargo from Australia
Britain is set to receive a rare shipment of liquefied natural gas (LNG) from Australia later this month, as countries across Europe strive to secure enough supplies ahead of winter. European nations are seeking to diversify energy supplies following Russia's invasion of Ukraine and a sharp drop in Russian gas flows to the continent.

Aug 17 - Germany secures LNG supply commitments as Russia sees new gas price surge
Germany secured a commitment on Tuesday from major gas importers to keep two floating liquefied natural gas (LNG) terminals fully supplied from this winter in a bid to cut reliance on Russian fuel, as Moscow warned that sky-high gas prices may jump again. Europe and Russia have been locked in a standoff over energy supplies since Moscow invaded Ukraine and the West responded with sanctions.

Aug 17 - EU greenhouse gas emissions on the rise, but still below pre-pandemic level
Greenhouse gas emissions across the European Union rose in the first quarter from a year earlier, but remained just below pre-pandemic levels, the bloc's statistics office said on Tuesday. Eurostat said greenhouse gas emissions from businesses, households and government activities amounted to 1,029 million tonnes of carbon dioxide equivalents, up 6% year-on-year but below 1,035 million tonnes in the first quarter of 2019.

Aug 16 - German families face 480 euro rise in gas bills under new levy
German households will have to pay almost 500 euros ($509) more a year for gas after a levy was set to help utilities cover the cost of replacing Russian supplies, piling pressure on Berlin to come up with further relief measures for the public. Trading Hub Europe, the German gas market operator, said on Monday it had set the charge at 2.419 euro cents per kilowatt hour (kWh).

Aug 16 - EnBW sells minority stake in 597 MW German solar portfolio
German utility EnBW has sold a 49.9% stake in a 597 megawatt (MW) solar power portfolio to local insurance firm ALH Group, reflecting rising deal activity across the renewables sector in light of higher valuations. The companies decided not to disclose the purchase price for the portfolio, which covers 16 solar farms spread across Germany that produce enough energy to supply more than 200,000 three-person households.

Aug 16 - Oil industry gears up to tap U.S. climate bill for carbon capture projects
Tax credits in the $430 billion U.S. climate and tax bill set to be signed into law this week will kickstart carbon sequestration projects, say oil and gas proponents, offsetting startup costs for some of the anti-pollution initiatives. Carbon capture and storage hubs that take gases from chemical, power and gas producers and oil refineries have become the energy industry's preferred way to combat climate warming. But large-scale development has snagged over costs and lack of guaranteed revenue.

Aug 15  - Xi Jinping in crisis as entire region in China forced to shutdown production over power

- Due to tight power supplies and high demand, all industrial users in the Sichuan region in China have been forced to shutdown for a week. The factories producing metals, chemicals and other industrial goods in the country's southwestern province were asked to shut down or curb their output in a bid to ration power consumption and prevent blackouts among residential populations.
- According to a notice issued by the Department of Economy and Information Technology of Sichuan, industrial users across 19 out of 21 cities in the province have been ordered to suspend production from August 15 until August 21, in order to prioritise residential power supply.
- The entire province spans 485,000 square kilometres, which is nearly twice as big as the UK. Officials noted that this measure was taken in an effort to prioritise residential supply and ensure no power shortages and blackouts occur.

- They decided that from today, 19 cities, with the exception of Panzhihua and Liangshan will face cuts.

Aug 15  - China's July daily coal output jumps 16% yr/yr on peak summer demand
China's daily coal output in July surged 16% from a year earlier following Beijing's call for miners to ensure sufficient supply during the peak summer demand season. The country produced 372.66 million tonnes of coal last month, equivalent to 12.02 million tonnes per day, data from the National Bureau of Statistics (NBS) showed on Monday.

Aug 15  - Malaysia's bourse to launch voluntary carbon market by year-end

Malaysia's stock exchange on Monday said it will launch a voluntary carbon market (VCM) by the year's end, with the aim of increasing transparency and enabling companies to buy carbon credits to offset their emissions. The new exchange will encourage investments in high-quality offsetting projects, Bursa Malaysia chief executive Muhamad Umar Swift said in a statement, which can include projects like planting trees or switching to less-polluting fuels.

Aug 12  - Uniper could swap Australian LNG for Atlantic gas to supply Europe quicker
Germany's Uniper is prepared to swap liquefied natural gas (LNG) it gets from Australia's Woodside for U.S. gas, so it can boost supplies in Europe more quickly during the coming winter, it said. The strategy reflects efforts by companies and governments across Europe to seek alternative lines of supply and draw up contingency plans for the winter gas season, fearing Moscow could fully stop supplies of natural gas.

Aug 12  - Russian gas crisis raises credit pressure on European governments

A squeeze in Russian gas supplies would threaten the credit ratings of Slovakia, the Czech Republic and Italy, Moody's said in a report on Thursday, while most of Europe would feel the economic effects of a likely spike in natural gas prices. Russian gas supplies to Europe at the beginning of August were about a third of their level before Russia's invasion of Ukraine, a shortfall only partially offset by higher imports of liquefied natural gas (LNG), the global ratings agency wrote.

Aug 11  - Freeport LNG retracts force majeure, widening losses for gas buyers – sources
Top U.S. gas exporter, Freeport LNG, has retracted the force majeure it initially declared after an explosion in June, a development that could cost its buyers billions of dollars in losses, a document showed and three trading sources said. Force majeure is a notice used to describe events outside a company's control, such as a natural disaster, which usually releases it from contractual obligation without penalty.

Aug 11  - Sweden tops France as Europe's largest net power exporter
Sweden overtook France as Europe's largest net power exporter in the first half of 2022, as deep-rooted problems reduced French nuclear availability to historic lows, Energy analysts EnAppSys said on Wednesday. France usually exports more power than it imports, but structural problems with its nuclear fleet, which show no signs of improving, saw exports from the country halve compared to the previous year, while Sweden exported 16 terawatt hours (TWh), the company said.

Aug 10  - As German gas rationing looms, industry begs exemptions
Germany, Aug 9 (Reuters) - Germany's network regulator, which would be in charge of gas rationing in the event of a supply emergency, has received scores of exemption requests from across industry, reflecting fears of potential production cuts and subsequent losses. Germany is at phase two of a three-stage emergency plan following a reduction in gas flows from Russia, its main supplier, a major problem for industry, which accounts for a quarter of the country's gas demand.

Aug 10  - Centrica signs $8.5 bln LNG deal with U.S. supplier
Centrica Plc has signed a 7 billion pound ($8.47 billion) agreement with U.S.-based Delfin Midstream Inc to buy liquefied natural gas (LNG) from 2026, Britain's largest energy supplier said on Tuesday. Countries across Europe are seeking to diversify their energy supplies following Russia's invasion of Ukraine and a drop in gas flows from Russia to Europe.

Aug 09  - Siemens Energy blames Russia restructuring for wider 2022 loss
Siemens Energy on Monday blamed a 200 million euro ($204 million) charge related to the wind-down of its Russian business for a wider net loss in 2022, but said it was still prepared to maintain turbines for the Nord Stream 1 Russian gas pipeline. The supplier of equipment to the power sector said that its Russian business activities could be sold or wound down and the company was in touch with public authorities to work out the details.

Aug 09  - Saipem in talks to close Russia's Arctic LNG 2 projects
Saipem is in talks to end two contracts related to Russia's $21-billion Arctic LNG 2 project led by Moscow-listed gas producer Novatek, the Italian energy services group said in its interim financial statement. Saipem said its backlog in Russia amounted to approximately 1.4 billion euros ($1.43 billion) and consisted only of these two projects related to the building of a liquefied natural gas (LNG) project in the Arctic.

Aug 08  - U.S. Senate approves bill to fight climate change, cut drug costs in win for Biden
The U.S. Senate on Sunday passed a sweeping $430 billion bill intended to fight climate change, lower drug prices and raise some corporate taxes, a major victory for President Joe Biden that Democrats hope will aid their chances of keeping control of Congress in this year's elections. After a marathon, 27-hour weekend session of debate and Republican efforts to derail the package, the Senate approved the legislation known as the Inflation Reduction Act by a 51-50 party line vote Vice President Kamala Harris cast the tie-breaking ballot.

Aug 08  - Shell defers Prelude LNG turnaround due to industrial action

Shell Plc said on Monday it is deferring planned maintenance work at the Prelude floating liquefied natural gas (FLNG) facility that was due to go ahead in September because of industrial action at the site off northwest Australia. "As a result of the ongoing Protected Industrial Action and inability to complete preparation work, we are not able to proceed with the planned turnaround at this time," a Shell spokesperson said in emailed comments.

Aug 05 - Britons face faster energy price rises under quarterly price cap review
British energy market regulator Ofgem will review a price cap on domestic energy prices quarterly rather than twice a year, which will increase consumer bills more frequently if wholesale prices continue to rise. British wholesale gas prices hit a record high after Russia's Feb. 24 invasion of Ukraine and have remained elevated despite falling back from their peak.

Aug 05 - Global energy crisis drives rethink of nuclear power projects
The Philippines' Bataan Nuclear Power Plant (BNPP) has not produced any electricity since it was finished in 1984, despite its $2.3 billion price tag and its promise of energy security during the 1970s oil crisis. Approved by former dictator Ferdinand Marcos Sr., his son and new President Ferdinand Marcos Jr. has revived discussions on proposals to rehabilitate the site amid the current energy crisis that has pushed prices for traditional power generating fuels coal and natural gas to records.

Aug 04  - Russia's Gazprom to get 50% of Sakhalin-2 LNG project replacement entity - reports

Gazprom will receive 50% of a new Russian entity replacing the Sakhalin Energy liquefied natural gas (LNG) project, Russian news agencies reported on Wednesday, citing a government decree. Interfax said the new entity will be registered in the city of Yuzhno-Sakhalinsk on the Russian Pacific island of Sakhalin. The Sakhalin-2 LNG plant is located 60 km (37 miles) south of Yuzhno-Sakhalinsk.

Aug 04  - Australian pension fund dumps $133 mln in oil, gas stakes in carbon neutral push

Australian pension fund NGS Super on Thursday said it had sold all its holdings in oil and gas companies, worth A$191 million ($133 million), in a drive to achieve a portfolio with net zero carbon emissions by 2030. It is the first of Australia's 12 low-fee "industry" pension funds to totally divest from fossil energy companies.

Aug 03  - Scholz to visit Nord Stream 1 gas turbine in Germany
A Nord Stream 1 gas turbine that has become the focus of a deepening energy row with Russia is in Germany after undergoing maintenance in Canada, and German Chancellor Olaf Scholz will visit it on Wednesday, Siemens Energy said. Russia has cited problems with the turbine as the reason for cutting gas supply via Nord Stream 1 - its main gas link to Europe.

Aug 03  - Australia's Greens back climate law but vow to fight coal, gas projects

Australia's Greens party on Wednesday threw its support behind the government's climate change legislation, clearing the way for a bill enshrining a pledge to cut carbon emissions by 43% by 2030, but said it would oppose new fossil fuel projects. Australian politicians have been battling over climate policy for more than a decade, ever since the Greens opposed a carbon policy proposed by a Labor government in 2009.

Aug 02  - China issues sectoral guidelines for industrial carbon peaking by 2030
The plan also required the government to make better use of market forces to accelerate decarbonization.

Aug 02  - Russia says can't do much to help with Nord Stream gas pipeline repair
There is little Russia can do to help with urgent repairs required to malfunctioning Nord Stream 1 gas pipeline equipment, Kremlin spokesman Dmitry Peskov said on Monday, following further falls in Gazprom production and exports. Russia cut gas supplies via Nord Stream 1, its main gas pipeline to Europe, to just 20% of capacity last week, saying that a turbine sent to Canada for maintenance had not been returned and other equipment also needed repair.

Aug 02  - U.S. LNG exports fall further after explosion, Europe takes bigger slice

U.S. exports of liquefied natural gas (LNG) fell for second consecutive month in July, weighed down by the processing halt at a fire-hit Texas plant, but Europe took a bigger slice of overall shipments, Refinitiv Eikon data showed on Monday. Second-largest U.S. exporter Freeport LNG expects to return to partial service on Oct. 22, but its temporary closure has cut U.S. gas exports by about 1.9 billion cubic feet per day.

Aug 01  - Australia watchdog urges gas export curbs to avert domestic supply crunch in 2023
Australia's competition watchdog for the first time has urged the government to curb liquefied natural gas (LNG) exports, warning the east coast of one of the world's biggest suppliers of the fuel could face a shortfall and soaring prices next year. Monday's recommendation from the Australian Competition and Consumer Commission (ACCC) comes as the country faces a local supply crunch even as it vies with Qatar and the United States as the world's top LNG exporter.

Aug 01  - Russia's Gazprom halts gas supplies to Latvia
Russian gas producer Gazprom said on Saturday it had stopped sending gas to Latvia after accusing it of violating supply conditions, a move the Baltic country said would have little impact on its gas supplies. Russia has already cut off gas supplies to Poland, Bulgaria, Finland, Netherlands and Denmark, which refused to pay for gas in line with an order by President Vladimir Putin requiring rouble accounts to be set up in a Russian bank.

Jul 29  - Safe Bulkers bets on scrubbers in green shipping programs
As of July 22, 18 of Safe Bulkers' 42 ships in operation were fitted with exhaust gas cleaning systems. The company said it will install scrubbers on another five vessels, all of which in the Capesize segment.

Jul 29  - U.S. Energy Dept eyes $165 mln investment in geothermal, oil and gas group
The U.S. Department of Energy is planning up to a $165 million new investment in a geothermal power initiative that would utilize expertise from the oil and gas industry to unlock energy resources and move away from fossil fuels. Geothermal energy, which taps into heat within the earth, currently makes up less than 1% of the U.S. energy mix. If harnessed, it could generate 8.5% of all U.S. electricity generation by 2050, the department said.

Jul 29  - Portugal's EDP first-half profit falls as drought impacts hydro
Portugal's largest utility EDP reported an 11% drop in first-half net profit, hampered by lower hydro-electric generation due to a severe drought in Iberia which offset a strong performance by its wind and solar unit. In a statement on Thursday the company said it had booked a consolidated net profit of 306 million euros ($311 million) between January and June, down from 343 million a year earlier.

Jul 28  - TotalEnergies 'mobilizing' to diversify Europe's gas supplies as Q2 earnings surge
TotalEnergies is hoping to boost its sources of European natural gas and produce more LNG in the coming months, the French energy major said July 28, after soaring gas prices and record-high refining margins sent its second-quarter earnings to an all-time high.

Jul 28  - Navios Maritime Partners acquires 36 dry bulk ships for low-carbon transition
Navios Partners, which aims to achieve net-zero emissions by 2050, will seek to sell older, less fuel-efficiency ships when opportunities arise.

Jul 28  - Poland to pursue suspension of EU ETS until reformed: climate minister
Poland is advocating the suspension of the ETS while a plan is worked out and agreed to reform the system.

Jul 28  - Red tape and reluctant locals cloud Germany's solar power rush
Two German renewable companies hope to build one of the country's biggest solar parks among rolling hills in the eastern district of Barnim to improve energy security in the face of an unprecedented supply crisis. But the project faces dozens of hurdles, even as Russia, on which Germany has relied for decades, reduces gas supplies, raising fears of a total cut-off.

Jul 28  - Coal industry is 'delusional', South Africa climate change official says

The executive director of South Africa's Presidential Commission on Climate Change called the country's coal industry "delusional" on Wednesday, saying the market for the fossil fuel is going to dwindle rapidly in the next decade. South Africa, which gets most of its electricity from coal-fired power plants, is grappling with rolling blackouts, while coal miners are exporting more of their product to take advantage of sky-high prices.

Jul 27  - Global maritime emissions continue to rise across shipping sectors: SSY
Carbon emissions from international shipping have continued to rise this year with growth in "nearly all" sectors, according to London-based shipbroker Simpson Spence Young, better known as SSY.

Jul 27  - BASF cuts ammonia production in response to soaring gas prices (AgriCensus)

- Germany’s BASF, one of the world largest fertiliser producers, is to implement fresh cuts to its ammonia production in response to soaring natural gas prices, the company announced on Wednesday.
"We are reducing production at facilities that require large volumes of natural gas, such as ammonia plants," BASF’s chief executive said during a media call following the release of the company’s results for the second quarter 2022.

- He added that the higher energy costs would be passed onto consumers and farmers can expect a sharp increase in fertiliser costs next year. According to the company, the gas bill for its European production sites during the second quarter of 2022 has increased by around €8 million compare to the same period last year.
- The company reported that, where possible, it will substitute natural gas for alternative energy sources such as fuel oil while increasing ammonia purchases from external suppliers in order to plug immediate supply gaps.
- The company also reports that it expects to be able to sustain operations at its Ludwigshafen production site in the event that the German government activates the “emergency” phase of its response plan to natural gas shortages.

- Under the emergency plan, all participants in the German market are obliged to take coordinated action to avoid gaps in supply and to achieve the target storage level of 85% by October 1, 2022.
“Should the German government declare the third and final 'emergency' stage, we currently expect that BASF would still receive sufficient natural gas to maintain operations at the Ludwigshafen site at a reduced load,” BASF chief Martin Brudermuller said, speaking at a press conference on Wednesday.

- European gas prices have soared after Russia’s Gazprom announced on Tuesday that it would reduce daily gas deliveries to Germany and other central European countries via the Nord Stream pipeline to 33m cubic metres a day or around 20% of the pipeline’s capacity. Germany imports approximately 55% of its gas from Russia with most of it being delivered via the Nord Stream 1 pipeline.

- The statement from BASF follows an announcement from Yara International that it is reducing fertiliser production at several plants and has so far curtailed output amounting to an annual capacity of 1.3 million mt of ammonia and 1.7 mt of finished fertilizer.

Jul 27  - U.S. clean energy installations down 55% on climate bill fail, trade issues - report
The rate of development of U.S. clean energy projects including wind and solar power fell in the second quarter as inaction by Congress, trade issues and delays related to COVID-19 stifled activity, an industry group report said on Tuesday. The industry saw a decline of 55% in U.S. project installations in April through June, compared to the same period in 2021, according to the report by American Clean Power. The quarter was the lowest for clean energy capacity additions since the third quarter of 2019, it said.

Jul 27  - Australia's Westpac to slash lending to coal, oil companies by 2030
Australia's Westpac Banking Corp unveiled its plans on Wednesday to reduce lending to coal, oil and gas companies by nearly a quarter by 2030, joining its peers in an initiative to slash emissions. The country's third-largest lender by market value has tracked rivals National Australia Bank and Commonwealth Bank of Australia in tabling a detailed plan after they decided to cut lending to the oil and gas sector.

Jul 26  - Japan to introduce new refining regulations, incorporate decarbonization efforts
Japan will start formal policy discussions July 28 to introduce a fourth round of refining regulations aimed at boosting the processing volume of vacuum residue, with preferential treatment expected for efforts to decarbonize the refining process, sources told S&P Global Commodity Insights July 26.

Jul 26  - Back to black? Germany's coal power plan hits hurdles
High coal prices, supply bottlenecks and aged plants are posing a challenge to Germany's plan to increase electricity production from hard coal-fired power plants to compensate for declining gas deliveries, according to operators and industry experts. Earlier this month, Germany agreed to allow the reactivation of coal-fired power plants or an extension to their lifespans as it braces for falling Russian supplies of gas. Gas accounts for about 6% of the country's electricity output.

Jul 26  - Brazil's Unigel to build green hydrogen plant with $120 mln investment
Brazilian chemical maker Unigel on Monday announced plans to build a green hydrogen plant in the northeastern state of Bahia, with an initial investment of $120 million and the goal of making it one of the largest of its kind in the world. The plant is expected to start operations by the end of 2023, Unigel said in a statement. The first phase of the project foresees a production capacity of 10,000 tonnes of green hydrogen and 60,000 tonnes of green ammonia per year.

Jul  25  - Norsk Hydro's renewable energy unit in supply talks in Brazil - Reuters News
Newly launched in Brazil, aluminium maker Norsk Hydro's renewable energy unit Hydro Rein is looking to boost its presence by supplying green electricity to large industries seeking clean power, a company executive said. The Norwegian company's renewable energy unit has already invested in solar and wind power projects to supply electricity to three of Norsk's Brazilian industrial complexes, totaling around 1.5 gigawatts of generation capacity.

Jul  25  - Australia's Genex Power gets $220 mln take-private offer led by tech billionaire

Australian renewable energy developer Genex Power has received an unsolicited A$319 million ($220 million) takeover offer from two private equity firms, led by Atlassian co-founder Scott Farquhar, both sides said on Monday. The offer of 23 Australian cents a share was pitched at a 70% premium to Genex's close last Friday. Its shares shot up 52% to a high of 20.5 cents on Monday after the announcement, indicating investors don't expect a higher offer.

Jul 22  - Nord Stream turbine stuck in transit as Moscow drags feet on permits - sources
A missing turbine that Moscow says has caused the Nord Stream 1 pipeline to pump less gas to Europe is stuck in transit in Germany because Russia has so far not given the go-ahead to transport it back, two people familiar with the matter said. The turbine, which usually operates at the Russian Portovaya compressor station, had been undergoing maintenance in Canada but was flown back to Cologne, Germany, on July 17 by logistics firm Challenge Group, one of the people said.

Jul 22  - A year on, China's CO2 market yet to drive big emission cuts

China's year-old carbon market has given more than 2,000 power plants a taste of emissions trading, but design flaws and data fraud have meant limited large-scale greenhouse gas reductions and environmental gains, experts say.  China's much-heralded Emissions Trading Scheme (ETS) is already the world's biggest, regulating around 4.5 billion tonnes of annual CO2 output from the power industry.

Jul 21  - LNG market participants see subdued US FOB selling interest for prompt cargoes
LNG cargo ships reverting to burning conventional oil-based bunkers instead of LNG in order to minimize shipping costs.

Jul 21  - Trade platform for relaunch of China's voluntary carbon credits nears completion: local media
The completion of trading systems offers a glimmer of hope for the relaunch of China's domestically certified voluntary carbon credits called China Certified Emission Reductions or CCERs in the foreseeable future.

Jul 21  - EU plan to reduce dependence on Russian gas driving LNG carrier interest:
Spot gas and LNG prices in Europe and Asia have surged to record highs so far in 2022 following Russia's invasion of Ukraine and a further tightening of market conditions.

Jul 21  - Gunvor's H1 trading volumes slip 16% on year but volatility boosts earnings

Founded in 2000 as an independent trader of crude and oil products, the Geneva-based company has diversified into other commodities. In 2020, 44% of its trading volumes were in "transitional" commodities such as biofuels, natural gas and LNG.

Jul 21  - Nord Stream 1 gas pipeline resumes flows, easing supply concerns
Russian gas resumed flowing through the biggest pipeline between Russia and Germany on Thursday after a 10-day outage, the operator said, easing concerns that the maintenance period would be extended. Europe has been on edge about the restart of the Nord Stream 1 gas pipeline after annual maintenance, with governments bracing for possible further supply cuts amid an economic tit-for-tat with the Kremlin over the war in Ukraine.

Jul 21  - Climate bill dissolution threatens green aviation fuel liftoff
Last week's collapse of U.S. climate legislation could severely hamper the development of clean-burning transportation fuels, investors, lobbyists and analysts said. The U.S. biofuel industry was banking on legislation that would boost investment in fuels like sustainable aviation fuel (SAF), made from animal fats, greases and oils, and produces fewer carbon emissions than traditional jet fuel.

Jul 20  - EC calls for 15% gas demand reduction amid risk of Russian cut-off
The EC proposed a new Council Regulation on Coordinated Demand Reduction Measures for Gas, which would set a target for all member states to reduce gas demand by 15% between Aug. 1, 2022, and March 31, 2023.

Jul 20  - ENEOS sees Apr-Sep fuel oil demand for power rising 90% on year
Japan's largest refiner ENEOS now expects its April-September fuel oil demand for power generation to be up 90% from a year earlier amid high spot LNG prices, ENEOS Holdings Chairman Tsutomu Sugimori said July 20, a trend that is likely to continue in the October-March period as well.

Jul 20  - Fuel shortages hit nearly one-fourth of Pakistan's operational power plants
Nearly one-fourth of Pakistan's operational power generation capacity of 28 GW has been shuttered due to fuel shortages and adverse weather conditions, with most of the outages at gas-fired power plants, according to market sources and government officials.

Jul 20 - Bracing for Russian gas cuts, EU readies plan to cut demand
The European Union will set out emergency plans on Wednesday to reduce gas demand within months, warning countries that without deep cuts now they could struggle for fuel during winter if Russia cuts off deliveries. Europe is racing to fill its gas storage ahead of winter and build a supply buffer in case Moscow further restricts supplies in retaliation for European support for Ukraine in its war with Russia. Russia's Gazprom has already halted deliveries to some EU states and EU officials have warned that further cuts are likely.

Jul 20 - China's imports of Russian coal rise 22% due to cheaper cargoes
China's coal imports from Russia rose 22% in June from a month ago despite a decline in its total coal purchases, as traders were drawn to discounted cargoes following western sanctions on Moscow over the war in Ukraine. The world's biggest consumer of the fossil fuel brought in 6.12 million tonnes of coal from Russia last month, data from the General Administration of Customs showed on Wednesday.

Jul 19  - Shell, Engie, Vopak to explore liquid hydrogen supply from Portugal to Netherlands
A first shipment is aimed for by 2027, it said.

Jul 19  - ADNOC, TotalEnergies ink deal on product supply, trading, carbon capture
The deal follows the signing of the UAE-France Comprehensive Strategic Energy Partnership, which is focused on enhancing energy security, energy affordability and decarbonization, as well as progressive climate action ahead of COP28 that will be held in the UAE in 2023, ADNOC added.

Jul 19  - China carbon market still needs to enhance top-level design, roadmap
China's national compliance emission trading scheme has been operating for one year.

Jul 19  - Russia's Gazprom tells European buyers gas supply halt beyond its control
Russia's Gazprom has told customers in Europe it cannot guarantee gas supplies because of "extraordinary" circumstances, according to a letter seen by Reuters, upping the ante in an economic tit-for-tat with the West over Moscow's invasion of Ukraine. The Russian state gas monopoly said in a letter dated July 14 that it was retroactively declaring force majeure on supplies from June 14. The news comes as Nord Stream 1, the key pipeline delivering Russian gas to Germany and beyond, is undergoing 10 days of annual maintenance scheduled to conclude on Thursday.

Jul 19  - Climate bill defeat a blow to U.S. solar production
- First Solar CEO
The collapse last week of legislation that includes subsidies for domestic solar panel output is a blow to nascent efforts to wean the solar industry off major reliance on China, the chief executive of the largest U.S. solar panel producer said on Monday. In an interview, First Solar Inc CEO Mark Widmar said that without the Democratic-backed climate change bill there was no incentive for manufacturers to build solar equipment factories in the United States.

Jul 18 - Germany's gas crisis generates nuclear dilemma for ruling Greens
German conservative politicians have revived debate on extending the life of the country's three remaining nuclear power plants, and polls show a rise in public support for the energy source in the face of a possible cut-off of Russian gas. But an extension is highly sensitive for Germany's ruling Greens party, which grew out of the 1970s anti-nuclear movement.

Jul 18 - Australia's Whitehaven Coal posts jump in Q4 output, flags record fiscal
Australia's Whitehaven Coal Ltd on Monday posted a 16.9% rise in fourth-quarter production, driven by higher output at its Narrabri mine, and said it expects record core earnings in the coming year. Whitehaven's production update and outlook comes after months of struggle due to downtime at Narrabri for additional longwall equipment repairs, and operational challenges because of floods and COVID-19-led labour shortages at its mines.

Jul 16 - Manchin's inflation concerns create fresh threat to climate push in US Congress
Manchin's inflation concerns create fresh threat to climate push in US Congress

Jul 15 - EU awards Eur1.8 billion support to 17 clean-tech projects
EU awards Eur1.8 billion support to 17 clean-tech projects

Jul 15 - Japan to have up to nine nuclear reactors operational by winter: PM
Japan to have up to nine nuclear reactors operational by winter: PM

Jul 15 - China's June daily coal output jumps on peak summer demand
China's daily coal output in June rose 6.6% from a month earlier as miners cranked up output ahead of peak summer temperatures, when electricity demand surges as households turn on air conditioners to keep cool.  China produced 379.31 million tonnes of coal last month, data from the National Bureau of Statistics (NBS) showed on Friday, equivalent to 12.64 million tonnes per day.

Jul 15 - Japan hopes to restart 4 more nuclear reactors by winter
Japan hopes to restart four more nuclear reactors in time to avert any power crunch over the winter, industry minister Koichi Hagiuda said on Friday, a week after the pro-nuclear ruling party won a resounding victory in upper house elections. "We would like to ensure the operation of a maximum of nine reactors, up from the current five operating now, by revising the construction and inspection periods for some of the nuclear power plants," Hagiuda told a news conference.

Jul 14 - Indonesia set to boost coal output to fill Russia supply gap
Indonesia, the world's biggest exporter of coal used in power plants, will be able to increase output to help meet demand from countries that have lost supplies from Russia, its energy minister said on Wednesday. Energy and Mineral Resources Minister Arifin Tasrif said countries, which he declined to name, had asked Indonesia for coal in the wake of sanctions on Russia for its invasion of Ukraine, which Moscow calls a "special military operation".

Jul 14 - U.S. solar prices soared over 8% in 2nd qtr -report
U.S. solar energy prices rose 8.1% in the second quarter as projects were stalled by a Commerce Department investigation into tariffs on products from Southeast Asia and soaring input costs, according to a report published late on Wednesday.The increase during the period contributed to a whopping 29.7% rise in the combined price of wind and solar contracts, known as power purchase agreements (PPAs), from the previous year, according to a quarterly index by LevelTen Energy that tracks renewable energy deals.

Jul 13 - U.S. lawmakers ask Biden administration why some China solar giants left off slave labor list
Democratic lawmakers on Tuesday asked U.S. customs officials to explain why three major Chinese solar energy companies were excluded from a list of importers whose products are banned under a new law aimed at cracking down on forced labor. Expanding the scope of barred products could threaten U.S. solar panel supplies at a time the import-dependent industry is already grappling with supply chain disruptions, transmission constraints and other obstacles.

Jul 13 - U.S. climate envoy: Europe's return to coal should be temporary
Moscow's war in Ukraine must not sideline European Union efforts to cut carbon emissions even as the continent is forced to turn back to coal to cope with reduced supplies of Russian gas, U.S. Special Presidential Envoy for Climate John Kerry said.  Several European Union member states are planning to revert to higher coal usage to produce electricity amid reduced gas flows from Russia and a threat of an energy crisis in winter if Moscow halts supplies entirely.

Jul 12 - India's coal imports hit record high in June
India's coal imports hit a record high in June despite high global prices, data from three trade sources and Refinitiv ship tracking showed, as economic activity picked up and amid a domestic shortage of the fuel. India imported over 25 million tonnes of thermal coal and coking coal in June, rising by over a third compared with the same period last year, data from consultancies Coalmint and Kpler, and trader I-Energy Natural Resources showed.

Jul 12 - U.S., IEA urge Asian countries to diversify energy supply chains
The United States and the International Energy Agency on Tuesday urged Asian countries to diversify their supply chains for energy and critical minerals so they are not dependent on countries such as China and Russia. International Energy Agency (IEA) Executive Director Fatih Birol and U.S. Energy Secretary Jennifer Granholm said the current energy crisis, stemming from sanctions on Russia, should be the impetus for Indo-Pacific countries to focus more on the transition away from fossil fuels.

Jul 11  - Europe on edge as Nord Stream Russian gas link set for planned shut-down
The biggest single pipeline carrying Russian gas to Germany starts annual maintenance on Monday, with flows expected to stop for ten days, but governments, markets and companies are worried the shut-down might be extended due to war in Ukraine. The Nord Stream 1 pipeline transports 55 billion cubic metres (bcm) a year of gas from Russia to Germany under the Baltic Sea. It will undergo maintenance from July 11 to 21.

Jul 11  - For EV battery makers, it's go small or go home
In the race to go electric, carmakers have focused on range to ease consumer anxiety over charging infrastructure, but battery makers are already working on the smaller, longer-lasting and cheaper batteries of the future, which also charge more quickly.  While carmakers today chase market leader Tesla Inc, seeking to build cars that can travel 300 miles (482 km) or more between charges, battery startups expect range will matter less as public electric vehicle (EV) chargers become ubiquitous.

Jul 11  - Ships get older and slower as emissions rules bite
If shipping is the beating heart of global trade, its pulse is about to get slower. Faced with uncertainty about which fuels to use in the long term to cut greenhouse gas emissions, many shipping firms are sticking with ageing fleets, but older vessels may soon have to start sailing slower to comply with new environmental rules.

Jul 08 - How an Indian cement maker bought Russian coal using yuan
An Indian cement maker's recent purchase of Russian coal using yuan involved India's biggest private lender, HDFC Bank, according to an invoice seen by Reuters and a source, as more details emerge of the kind of trade that could blunt Western sanctions against Moscow. There is no suggestion that the purchase, the particulars of which have not previously been reported, in any way breaches sanctions imposed on Russia in the wake of its invasion of Ukraine.

Jul 08 - EU lawmakers back mandatory use of green jet fuel from 2025
The European Parliament on Thursday backed landmark rules on aviation fuel that set binding targets for the replacement of kerosene with less polluting energy sources, but extended the definition of what a green fuel could be. The requirements, which if approved would be a world first, were originally proposed by the European executive commission last year to cut the climate impact of the aviation sector, which is deemed responsible for up to 3% of global emissions.

Jul 07  - EU parliament backs labelling gas and nuclear investments as green
The European Parliament on Wednesday backed EU rules labelling investments in gas and nuclear power plants as climate-friendly, throwing out an attempt to block the law that has exposed deep rifts between countries over how to fight climate change. The vote paves the way for the European Union proposal to pass into law, unless 20 of the bloc's 27 member states decide to oppose the move, which is seen as very unlikely.

Jul 07  - Japan slams Australian state's steep coal royalty hike

Japanese firms may think twice about investing in Australia's Queensland, one of the world's biggest sources of coal, after the state shocked miners with a steep hike in coal royalty rates to capture windfall profit, Japan's ambassador to Australia said. In unusually strong language, Shingo Yamagami raised "great concern" about Queensland's royalty hike announced in June, a move made without consulting the mining industry after a 10-year freeze.

Jul 06 - 'Promising progress' in shipping's decarbonization prospects - IMO Secretary-General
The transition presents opportunities, particularly for developing countries as future suppliers of alternative fuels, Lim said.

Jul 06 - EU Parliament to vote on 'green' gas and nuclear rules
The European Parliament will decide on Wednesday whether to block or accept an EU law labelling investments in gas and nuclear power plants as climate-friendly, which has exposed deep rifts between countries over how to fight climate change. The parliament will decide whether to veto the European Commission's proposal to add gas and nuclear power plants to the European Union "taxonomy", a list of economic activities that investors can label and market as green in the EU.

Jul 06 - Renewables provide 49% of power used in Germany in first half of 2022
Renewable energy accounted for 49% of German power consumption in the first half of 2022, up 6% percentage points from a year earlier thanks to favourable weather conditions, industry groups said on Tuesday. Both higher sunshine intensity and wind speeds were behind the trend, utility industry association BDEW and the Centre for Solar Energy and Hydrogen Research (ZSW) said in a statement.

Jul 05  - Japan's INPEX eyes US, UAE midstream LNG; to accelerate Ichthys expansion: CEO
Japan's INPEX is exploring midstream LNG project participation in the US and the UAE as it sees robust LNG demand growth in Asia at least for the midterm, and it also intends to accelerate its consideration to expand its operated Ichthys project in Australia, President and CEO Takayuki Ueda told S&P Global Commodity Insights.

Jul 05  - 'Promising progress' in shipping's decarbonization prospects - IMO Secretary-General
The transition presents opportunities, particularly for developing countries as future suppliers of alternative fuels, Lim said.

Jul 05  - Southeast gas markets pull incremental supply from Freeport LNG eastbound
Over the past 10 days, basis prices at Houston Ship Channel have rebounded sharply to trade just 20 cents behind the US benchmark.

Jul 05 - Germany to overhaul law to bail out energy firms stricken by Russia woes
The German government will be able to buy stakes in energy companies buckling under the cost of soaring gas import prices, according to draft legislation seen by Reuters, as Berlin bolsters its defences in a deepening economic war with Moscow. The amended law, which may come before parliament this week, could also allow the government to impose emergency levies on consumers, three sources told Reuters, though it was not clear how quickly it might exercise that right.

Jul 05 - Global natural gas demand growth set to slow to 2025, says IEA
Global natural gas demand is expected to dip this year and then grow at a slow rate over the following three years as Russia's war in Ukraine raises prices and drives concerns about supply disruptions, the International Energy Agency said. In its quarterly gas report, the IEA said global gas demand is expected to decline by 0.5% this year. From 2021 to 2025, it is expected to rise by a total of 140 billion cubic metres (bcm).

Jul 04 - Mexico's environment ministry denies permit for Audi solar plant
Mexico's environment ministry said on Friday it rejected a key environmental permit for a solar power plant that German automaker Audi has proposed to build at its factory in the central Mexican state of Puebla. Audi's proposed environmental impact statement for the photovoltaic power plant, sent to officials in late May, was denied because it requires a regional analysis given additional electrical infrastructure that will be needed, the ministry said in a brief statement.

Jul 04 - Green investors to step up pressure on U.S. utilities after court ruling
Activist investment leaders who have urged U.S. companies to cut carbon emissions said on Friday they expect more such efforts following a milestone U.S. Supreme Court ruling on Thursday that diminished the power of federal environmental regulators. By constraining the U.S. Environmental Protection Agency's authority to regulate greenhouse gas emissions from coal- and gas-fired power plants, the court put responsibility on investors looking to slow climate change, said Andrew Behar, chief executive of the nonprofit group As You Sow, a which often files shareholder resolutions.

Jul 01  - U.S. Supreme Court limits federal power to curb carbon emissions
The U.S. Supreme Court on Thursday imposed limits on the federal government's authority to issue sweeping regulations to reduce carbon emissions from power plants in a ruling that undermines President Joe Biden's plans to tackle climate change and could constrain various agencies on other issues. The court's 6-3 ruling constrained the Environmental Protection Agency's (EPA) authority to regulate greenhouse gas emissions from existing coal- and gas-fired power plants under the landmark Clean Air Act anti-pollution law. Biden's administration is currently working on new regulations.

Jul 01  - Fossil fuels surpass renewables as EU's top power source - Eurostat
Fossil fuels have surpassed renewables to become the European Union's largest source of power generation as use of natural gas reached its highest point in a decade, the bloc's statistics office said on Thursday. Renewable sources had briefly taken the top spot during the first year of the coronavirus pandemic, Eurostat said, but an economic rebound saw the region's electricity supply climb 4% in 2021, powered by coal, oil and natural gas.

Jun 30  - Australia swiftly needs $9 bln in grid investment for energy transition
Australia urgently needs about A$13 billion ($9 billion) in transmission investments to jumpstart the transition to renewable energy, the country's energy market operator said on Thursday in a closely watched long-term plan for the grid. The plan, two-years in the making, came out just as Australia emerged from a power crunch amid several coal generation outages and soaring coal and gas prices which nearly led to blackouts.

Jun 30  - India's top cement maker paying for Russian coal in Chinese yuan
India's biggest cement producer, UltraTech Cement, is importing a cargo of Russian coal and paying using Chinese yuan, according to an Indian customs document reviewed by Reuters, a rare payment method that traders say could become more common.  UltraTech is bringing in 157,000 tonnes of coal from Russian producer SUEK that loaded on the bulk carrier MV Mangas from the Russian Far East port of Vanino, the document showed. It cites an invoice dated June 5 that values the cargo at 172,652,900 yuan ($25.81 million).

Jun 29  - Brooge Energy forms renewables unit with plans at Abu Dhabi port
Abu Dhabi, the oil-rich emirate in the seven-member UAE federation, is investing billions of dollars into green and blue hydrogen and ammonia projects as it seeks to capitalize on the global demand for clean energy products. Khalifa Industrial Zone is a unit of state-owned Abu Dhabi Ports.

Jun 29  - EU countries splinter in hunt for deal on new climate laws
EU countries clinched deals on proposed laws to combat climate change early Wednesday, backing a 2035 phase-out of new fossil fuel car sales and a multibillion-euro fund to shield poorer citizens from CO2 costs. After more than 16 hours of negotiations, environment ministers from the European Union's 27 member states agreed their joint positions on five laws, part of a broader package of measures to slash planet-warming emissions this decade.

Jun 29  - At Australia mine, Glencore balances reforestation drive, coal profit
At Glencore's aging Mt Owen open-cut coal mines north of Sydney, a team of scientists and engineers is restoring woodlands to mined-out fields, aiming to burnish the company's environmental credentials with climate activists and shareholders who want it to back away from coal. But just hundreds of metres away, active mines still churn out nearly 7 million tonnes of coal a year, and are due to keep producing for 15 more years, as they fuel the company's profits from surging coal prices.

Jun 28  - Ukraine war exacerbates global lack of emissions progress: BP Statistical Review
The Review showed global energy demand had risen by 5.8% in 2021 to 595 Exajoules, more than reversing the pandemic-related fall in 2020, with primary energy use rising to 1.3% above 2019 levels.

Jun 28  - Fight over funding threatens EU deal on new climate laws
A dispute over how to shield low-income citizens from European Union policies to put a price on pollution is threatening to prevent the bloc's countries from agreeing a raft of new green measures. Environment ministers from the EU's 27 member countries meet on Tuesday to attempt to agree joint positions on more ambitious laws to reduce planet-warming emissions, including reforms to the EU carbon market and a 2035 phase-out of new fossil fuel-powered cars.

Jun 28  - Japan pushes to remove zero-emission vehicle target from G7 statement, draft shows
Japan is pushing to remove a target for zero-emission vehicles from a G7 communique expected this week, according to a proposed draft seen by Reuters, a move that would water down language on climate change from the leaders' summit in Germany.  The pressure from Tokyo, an influential member of the Group of Seven rich nations, comes as the Japanese auto industry has faced scrutiny from green investors who say it has been slow to embrace zero-emission vehicles and lobbied against regulations that would encourage quicker transition to the technology.

Jun 27  - Other G7 countries block German, UK proposals for biofuels waivers: reports (AgriCensus)

- A proposal from Germany to temporarily reduce the volume of biofuels consumption in G7 countries has failed to gain traction at a summit of the grouping being held in Bavaria, according to media reports on Sunday, with the US and Canada said to be leading the opposition to the move. If a mooted waiver to biofuels use does indeed fail to get agreement at the G7 summit over the next couple of days, biofuels producers would breathe a sigh of relief following various stories in media late last week that Germany and the UK would push for a temporary relaxation of biofuels mandates.

- A June 26 report from the Reuters news agency quoted an unnamed source as saying that officials from the US and Canada were citing the spike in fossil fuel prices in the past few months as an argument why G7 countries should refrain from introducing a waiver from biofuels mandates. The same news agency reported a US official as saying that the issue was being negotiated by the Sherpas (government representatives who discuss which subjects should be on the high-level agenda at summits) and hadn't yet progressed to being an item for G7 leaders to chew over at the three-day meeting in the German Alps that ends on June 29.

- But in a statement published late Sunday by the UK Prime Minister's office, Boris Johnson had encouraged G7 leaders to look at their demands on the use of land and biofuel globally.
"The use of grain for biofuel is contributing to reduced availability and increased costs for human consumption. That is something the Prime Minister will be raising at the G7 today (Monday), the statement said.

- Reuters reported on June 23 that Germany and the UK would ask other G7 countries to consider reducing biofuels blending requirements in order to free up grains and vegetable oils amid fears of a global food crisis. Meanwhile, UK newspapers on June 24 reported comments from the country’s Prime Minister Boris Johnson that biofuels use should be moderated by 10% to free up the availability of grain for the world’s poorest countries.  The reports were a major talking point for biofuels producers as well as traders on Friday, EnergyCensus understands, although underlying prices for rapeseed-based biodiesel (RME), used cooking oil-based biodiesel (UCOME) and FAME biodiesel (a mixture of crop-based and waste-based feedstocks) all rose on the day but were down sharply compared with June 17.

Mercurial markets
-Biofuels prices have been in sharp retreat in June amid a major correction from record highs in prices of vegetable oils based on rapeseed, soybean and palm, although the knock-on effect on biofuels blending compliance credits (also known as renewable transport fuel certificates) hasn't always been in tandem amid thin liquidity and a general reluctance to 'lift' trades amid uncertainty about mandates at national level in Europe and economic turmoil.
- Meanwhile prices late last week showed that waste-based feedstocks such as used cooking oil underwent a major correction compared with seven days beforehand (down around $90/mt week-on-week to $1,800/mt in Thursday afternoon's trading window) amid expectations that demand for freight in Europe will be eroded by an increasingly likely economic downturn.

UK lobby responds
- In response to reports on June 23 that the UK PM would urge a 10% reduction in the G7’s biofuels consumption, the country’s main biofuels lobby the RTFA said in a statement that the country's Department for Transport has “no intention of curbing its ambition on renewable fuels, nor pulling back on E10 which was successfully and smoothly introduced in September 2021.” The lobby also pointed out the UK cap on crop-based biofuels has been set at a level that recognises the benefits of crop-based bioethanol and does not restrict UK production.  The UK’s crop cap was set at 3.83% for 2021 and decreases year-on-year from 2021 to reach 3% by 2026 and 2% by 2032.

- The lobby also pointed out that the country’s bioethanol industry is also the single largest producer of food-grade carbon dioxide and which is essential for food preservation and distribution.
“Lack of food-grade CO2 would trigger a food crisis in its own right,” the RTFA statement added.

Jun 27  - G7 leaders debate fossil fuel investments amid energy crisis  - sources
Some of the leaders of the Group of Seven (G7) rich democracies are pushing for an acknowledgement of the need for new financing for fossil energies investments, two sources told Reuters on Sunday, as European states scramble to diversify supplies. Delegations at the annual G7 summit are debating whether such an acknowledgement can be made compliant with a commitment some countries made at the COP26 United Nations conference to halt financing for international fossil fuel projects by the end of 2022.

Jun 27  - Fears for EU climate ambition as countries seek to weaken proposals

European Union countries are seeking changes to a raft of climate change policies in negotiations on the laws, raising concerns that moves to weaken measures could see the EU miss its green goals. The EU is negotiating a huge overhaul of its carbon market and laws on energy, transport and forests, upgrading them to achieve a 2030 target to cut net greenhouse gas emissions by 55% from 1990 levels.

Jun 24  - Bangladesh to cut HSFO imports in July on austerity measure to curb energy use
The government has implemented a new regulation that shops and shopping malls need to close after 8 pm every day.

Jun 24  - Northern Chinese provinces hit peak power loads on heat wave
A heat wave in northern China and resumption of economic activity has pushed electricity load in several provinces to record highs multiple times over the past few days, according to official data.

Jun 24  - Biden administration leans on Tesla for guidance in renewable fuel policy reform
U.S. President Joe Biden rarely mentions electric car maker Tesla Inc in public. But privately his administration has leaned on the company to help craft a new policy to allow electric vehicles (EVs) to benefit from the nation's lucrative renewable fuel subsidies, according to emails reviewed by Reuters. The Biden administration contacted Tesla on its first day in office, marking the start of a series of meetings on the topic between federal officials and companies linked to the EV industry over the months that followed, according to the emails.

Indonesia could push back carbon tax set to start next month
Indonesia's carbon tax, due to take effect next month, could be delayed due to global economic conditions and to give authorities time to prepare for it, an official said on Thursday. Among the top 10 carbon polluters globally and the world's largest exporter of thermal coal, Indonesia had already delayed the tax to July from April.

Jun 23  - Hydrogen Fuels Australia, Clara Energy to build Hume Highway H2 refueling stations
It also plans to produce hydrogen from a 640-kW solar array linked to an electrolyser, with permits to ramp up production to a refueling capability of up to 6.5 metric tons/day.

Jun 23  - European LNG slot prices decline alongside rising natural gas inventories

A source reported the Adriatic LNG Auction saw bids start at 30 cents/MMBtu but expects slots to be sold with prices of at least $3/MMBtu.

Jun 23  - More Chinese LNG terminals seek bonded storage license to boost revenue
The bonded license application will take time for review and approval, a source with PipeChina Tianjin LNG terminal said.

Jun 23  - After fractious debate, EU Parliament votes to back "biggest ever" carbon market overhaul
The European Parliament backed reforms to the EU carbon market on Wednesday, allaying fears of a delay to Europe's climate change policies after lawmakers had rejected the proposals in a first vote this month. The proposals would cut emissions faster under the European Union's carbon market, the centrepiece of a package of laws to reduce the EU's net greenhouse gas output by 55% by 2030, from 1990 levels.

Jun 23  - Credit Agricole to cut financing of oil and gas emissions

French lender Credit Agricole on Wednesday set out targets to cut its exposure to the financing of emissions from the oil and gas sector and boost renewable energy lending. The move comes as the sector faces growing regulatory and investor pressure to align lending with the world's climate goal, aiming to cap global warming at 1.5 degrees Celsius above the pre-industrial average by mid-century.

Jun 22  - Global climate goal could be in peril without carbon price reform
Investors managing $10.6 trillion on Wednesday said an overhaul of international carbon pricing policies was necessary to prevent the world missing a goal to limit climate change.  As part of a global effort to cap global warming at 1.5 degrees Celsius (2.7 Fahrenheit) above the pre-industrial average, more governments are seeking to place a price on carbon to lower emissions by increasing the cost of producing them.

Jun 22  - Airlines warn oil companies to speed up alternative fuel production
Major oil companies must speed up the development of alternative fuels crucial to the aviation industry meeting its 2050 net-zero emissions target or risk losing out to businesses that will, airlines warned on Tuesday.  The airline industry requires huge investments in so-called sustainable aviation fuels (SAF), which are currently in short supply and far more expensive than conventional jet fuels.

Jun 21  - Surge in U.S. renewable diesel supply won't offset loss of petroleum diesel
A flood of U.S. renewable diesel plants set to come online in the next three years will not be enough to offset the loss of petroleum diesel refining capacity from plant closings since 2019, a Reuters analysis of federal data shows. U.S. refining capacity has declined in the last two years, as plants shut during the outset of the coronavirus pandemic, causing prices to spike. Several plants are being converted to facilities that can produce cleaner-burning renewable diesel, but at least for now, those facilities will not fully replace those refined barrels.

Jun 21  - Four North Sea oil producers join forces in carbon storage scheme
Four North Sea oil producers on Monday said they agreed to develop an engineering and design plan for a project seeking to bury up to five million tonnes of greenhouse gases in fields off the Dutch coast. Neptune Energy, EBN Capital BV, Exxon Mobil and Rosewood Exploration, previously agreed to contribute infrastructure for the so-called L10 North Sea project, for which financial details have yet to be finalised. The project members plan to share existing infrastructure and aim to have a design ready by year-end.

Jun 20  - China's May coal imports from Russia jump 51% from April
China's thermal coal imports from Russia jumped 51% in May from the prior month, as buyers snapped up the attractively priced fuel ahead of anticipated strong demand in summer. The world's biggest coal consumer brought in 3.3 million tonnes of thermal coal from Russia last month, up from April's 2.19 million tonnes, data from the General Administration of Customs showed on Monday.

Jun 20  - Australia needs coal, gas to back up renewables - regulators
Australia's Energy Security Board proposed on Monday paying coal- and gas-fired generators for buffer supply on the grid but offering longer-term contracts for new back-up capacity, such as batteries, to smooth the transition to cleaner energy. The country's new Labor government, facing soaring power prices and blackout risks in its first month in office, has urged regulators to develop the "capacity mechanism" as fast as possible to encourage development of renewable energy and energy storage to fill the gap as coal-fired plants are retired.

Jun 17  - Russian gas flows to Europe fall, hindering bid to refill stores
Russian gas supply to Europe via the Nord Stream 1 pipeline fell further on Thursday and Moscow said more delays in repairs could lead to suspending all flows, putting a brake on Europe's race to refill its gas inventories. The faltering flows came as the leaders of Germany, Italy and France visited Ukraine, which is pressing for swifter weapons deliveries to battle invading Russian forces and wants support for Kyiv's bid to join the European Union.

Jun 17  - Freeport LNG Texas terminal outage hurts Europe, may help African exporters
Global liquefied natural gas (LNG) buyers - especially in Europe - and some U.S. shale producers have been reeling since a June 8 blast shut Freeport LNG's massive export terminal in Texas. Reverberations also are being felt in Africa, where LNG producers could get a boost from the months-long shutdown to repair the Texas terminal, analysts said, noting that European buyers moving away from Russian gas and pipeline operators have few supply alternatives.

Jun 16  - US biofuel group praises passage of bill allowing year-round E15 use

- A US biofuel group has welcomed the passage by the House of Representatives of a bill that will allow E15 gasoline - gasoline that uses a 15 percent ethanol blend - to be sold all year round in a move that seems to permanently end attempts at reimposing a seasonal summer break on the sale of the grade. The bill will also fund additional infrastructure to support the sale of higher blend biofuels.

- The Renewable Fuels Association (RFA) welcomed the passing of the Lower Food and Fuel Costs Act that will extend a waiver allowing the sale of the E15 blend during the summer months, and also the inclusion of $200 million in additional funding for higher blends infrastructure.
“By expanding the availability of cleaner, more-affordable ethanol blends, this legislation will help deliver immediate economic relief to American families who are feeling unprecedented pain at the pump,” RFA President and CEO, Geoff Cooper, said in a press release.

- Extending the Reid Vapor Pressure (RVP) waiver that currently applies to E10 during the summer months to E15 is expected to boost ethanol demand. On April 29, the US Environmental Protection Agency (EPA) issued an emergency waiver allowing the sale of E15 gasoline during the summer driving season this year.

- Cooper said that the use of E15 is approved for use in more than 97 percent of cars and trucks on the road today, and added that “investment in updated dispensers, tanks, pumps, and components that carry E15 and higher blends” will bring benefit to more consumers.

Jun 16  - Energy executives urge near-term transition solutions amid supply crunch
Energy executives at a Reuters conference on Wednesday urged shorter-term solutions such as efficiency and conservation during the current fuel supply crunch, saying companies must scramble to meet climate targets set for 2030. Global oil and gas supplies have tightened and fuel costs have skyrocketed since Russia invaded Ukraine. The industry's focus shifted toward supplying current energy demand, including ramping up coal production for power generation, which would increase greenhouse gas emissions.

Jun 16  - Lawmakers strike deal ahead of EU carbon market vote
Groups representing a majority of lawmakers in the European Parliament have struck a deal on climate change policies that they hope will pass a vote next week and avoid delays to Europe's green agenda. The parliament dealt a blow to European Union climate policies last week, when it rejected an agreement on the bloc's carbon market amid disputes over how ambitious Europe's biggest emissions-cutting policy should be.

Jun 15  - Freeport LNG extends outage after fire, targets year end for full operations
Freeport LNG, one of the largest U.S. operators of liquefied natural gas export terminals, on Tuesday said damage from last week's fire at its Texas plant would keep it fully offline until September with only partial operation through year end. Natural gas prices slumped in the United States and soared in Europe on news of an extended shutdown. The facility accounts for about 20% of U.S. LNG exports and has been a major supplier to European buyers seeking alternatives to Russian gas since its invasion of Ukraine.

Jun 15  - Energy executives at transition conference still lean on fossil fuels

Energy company executives at a conference on the global transition insisted on Tuesday that fossil fuels, especially natural gas, are still needed at a time when global markets grapple with tight energy supplies and skyrocketing prices. Oil and gas supplies have become constricted in many countries since Russia invaded Ukraine on Feb. 24, prompting sanctions on Russia's energy. Governments worldwide have shifted their focus from sustainability and the energy transition to deep concerns about a global supply crunch and demands for more oil and gas.

Jun 14  - TotalEnergies to acquire 25% stake in India's Adani New Industries
French energy company TotalEnergies said on Tuesday it will acquire a 25% stake in Adani New Industries Limited (ANIL), as part of a deal to develop a green hydrogen ecosystem with the Indian conglomerate in the Asian country. TotalEnergies, one of the world's biggest oil and gas producers, faced criticism from climate activists and has been moving into the renewable energy sector and diversifying away from hydrocarbon-centred activities in recent years.

Jun 14  - Divisive 'green' gas investment rules face EU lawmaker vote
Two European Parliament committees vote on Tuesday on an attempt to stop the EU labelling gas and nuclear energy as climate-friendly investments, and the outcome may indicate whether the full parliament will support or reject the rules next month. The European Union's executive body, the European Commission, wants to include gas and nuclear energy in the bloc's sustainable finance taxonomy, an investor rulebook designed to help raise massive amounts of private capital to meet EU climate change targets.

Jun 13  - QatarEnergy signs deal with TotalEnergies for North Field East project
QatarEnergy signed a partnership deal with TotalEnergies on Sunday for the North Field East expansion of the world's largest liquefied natural gas (LNG) project, and its chief executive said more partners would be announced in the coming days. The Gulf state is partnering with international energy companies in the first and largest phase of a nearly $30 billion expansion of the North Field project.

Jun 13  - Energy security adds to green transition drive,
executives say
Energy security concerns raised by Russia's invasion of Ukraine have provided even more impetus for adopting a range of low-carbon technologies to meet the Paris climate accord goals, industry executives told the Reuters Global Markets Forum (GMF). "Renewables in and of themselves aren't enough to solve this problem," Standard Chartered Chief Executive Bill Winters said, adding that carbon sinks and other technologies to remove carbon from the atmosphere were also needed.

Jun 10  - Australia's AGL coal plant outage extended to September
AGL Energy, Australia's top power producer, said on Friday it expects a unit down since April at one of its power stations will restart in late September, more than a month later than earlier flagged, worsening the country's power crisis. The outage at the Loy Yang A plant in Victoria state is one of several at coal plants across eastern Australia, some due to technical issues and some due to coal supply problems, which has driven down coal-fired output by 25% in a market that normally relies on coal for nearly two-thirds of power supply.

Jun 10  - U.S. Climate Envoy Kerry to talk energy with Mexican president
U.S. Climate Envoy John Kerry said on Thursday he would travel to Mexico on Monday to speak with Mexican President Andres Manuel Lopez Obrador about working together on programs tied to Mexico's energy policy. Kerry was speaking on the sidelines of the U.S.-hosted Summit of the Americas, which Lopez Obrador opted to sit out after Washington decided to exclude the governments of Cuba, Venezuela and Nicaragua from the gathering.

Jun 09  - Coal India issues 2.42 mln tonnes imported coal tender
Coal India, the world's largest coal miner, issued a tender to import 2.42 million tonnes of coal by end-September to boost fuel availability amid fears of a shortage, the company said in a statement. The state-run miner, which has little experience in importing coal, was asked to place orders for shipments from overseas by the power ministry last month.

Jun 09  - How a battery shortage is hampering the U.S. switch to wind, solar power

U.S. renewable energy developers have delayed or scrapped several big battery projects meant to store electrical power on the grid in recent months, scuttling plans to replace fossil fuels with wind and solar energy. At least a dozen storage projects meant to support growing renewable energy supplies have been postponed, canceled or renegotiated as labor and transport bottlenecks, soaring minerals prices, and competition from the electric vehicle industry crimp supply.

Jun 08  - Draft Indonesia renewables bill proposes coal-based fuels as 'new energy'
Indonesia's parliament is proposing the inclusion of coal-based energy and nuclear power as "new energy" sources in a draft of a new bill seen on Wednesday, which also proposes renewable energy compensation and incentives. The draft reviewed by Reuters also proposes increasing the so-called Domestic Market Obligation (DMO) for coal to 30%, from 25% currently, plus the removal of all diesel power plants by 2024.

Jun 08  - Japan's Marubeni, J-POWER to fund Glencore's carbon capture project in Australia
Japan's Marubeni Corp and J-POWER will fund A$20 million ($14.44 million) in a carbon capture and storage project owned by mining giant Glencore in Australia, the companies said on Wednesday. Glencore's CTSCo carbon capture and storage project in Queensland, Australia will capture carbon dioxide from the Millmerran coal power plant and store it underground.

Jun 07  - Biden waives solar panel tariffs for four countries, invokes defense law
President Joe Biden waived tariffs on solar panels from four Southeast Asian nations for two years and invoked the Defense Production Act to spur solar panel manufacturing at home, the White House said on Monday, confirming a Reuters report. The tariff exemption applies to panels from Cambodia, Malaysia, Thailand and Vietnam and will serve as a "bridge" while U.S. manufacturing ramps up, the White House said.

Jun 07  - ACME Group to invest $6.7 bln in green hydrogen project in India's Karnataka
Renewable energy firm ACME Group will invest 520 billion rupees ($6.70 billion) in India's southern Karnataka state over five years to set up a green hydrogen and ammonia plant, the state government said on Monday. The investment comes as India aims to manufacture five million tonnes of green hydrogen annually by 2030 to meet its climate targets and become a production and export centre for the fuel.

Jun 06  - Biden to waive tariffs for 24 mths on solar panels hit by probe - sources
President Joe Biden will declare a 24-month tariff exemption on Monday for solar panels from four Southeast Asian nations after an investigation froze imports and stalled projects in the United States, sources familiar with the matter told Reuters. The move comes amid concern about the impact of the Commerce Department's months-long investigation into whether imports of solar panels from Cambodia, Malaysia, Thailand and Vietnam are circumventing tariffs on goods made in China.

Jun 06  - U.S. Midwest in danger of rotating power blackouts this summer
The power grid in the Central United States could be forced to impose rotating blackouts on some of the hottest days of the summer due to rising demand and plant retirements, federal energy officials said in an online energy comment on Friday. Extreme weather is causing increasing challenges for power grids across the United States, and officials are concerned that record heat and drought could result in rotating blackouts in several regions in the western half of the country.

Jun 03 - Europe eyes common subsea wind power grid to bolster energy security
Northern European countries are discussing plans to create a common power grid under the North Sea to connect future offshore wind farms as they seek to strengthen energy security, but the ambitious proposal faces financing and regulatory challenges. European nations have announced pledges to build dizzying amounts of offshore wind farms, spurred partly by the need to cut heavy reliance on Russian oil and gas in the wake of its invasion of Ukraine.

Jun 03 - Coal India to issue two tenders for imported coal to address local shortage
Coal India, the world's largest coal miner by output, will issue a short-term and a medium-term tender next week to import coal for utilities, two senior officials at the company said, as shortages raise concerns about renewed power outages. The state-run miner, which has little experience in importing coal, was asked to place orders for shipments from overseas by the power ministry last week as utilities suggested multiple tenders would lead to confusion and sought centralised procurement through Coal India.

Jun 02 - Ukraine war, pandemic set to speed Europe's green energy transition, report finds
Most European Union countries have boosted their renewable plans since 2020, putting them on course to cut fossil fuel use this decade as the energy and COVID-19 crises have spurred, not derailed their green transition, researchers said on Thursday. Soaring energy costs and supply shocks triggered by Russia's invasion of Ukraine have prompted some countries to burn more coal and buy up non-Russian gas, raising fears this will undermine efforts to fight climate change.

Jun 02 - China says a third of electricity will come from renewables by 2025
China will aim to ensure that its grids source about 33% of power from renewable sources by 2025, up from 28.8% in 2020, the state planning agency said on Wednesday in a new "five-year plan" for the renewable sector. China's total renewable energy consumption is set to reach about 1 billion tonnes of standard coal equivalent (TCE) by 2025, as the country bids to raise the share of non-fossil fuels in total energy use to 20%, the National Development and Reform Commission (NDRC) said.

Jun 01 - India expects lower rainfall in coal-producing areas, potentially easing power crisis
India expects rainfall in the biggest coal-producing areas of its east-central region to be below the long-term average this year, potentially easing utilities' coal shortages as there could be fewer disruptions to mining activity due to flooding. East-central India includes the states of Odisha, Jharkhand, Chhattisgarh and West Bengal, which together account for nearly half of the country's annual coal output. Coal accounts for nearly 75% of India's power generation.

Jun 01 - Small nuclear power projects may have big waste problems - study
A planned new generation of small nuclear reactors will create more waste than conventional reactors, while treatments to make some types of waste safe could be exploited by militants trying to obtain fissile materials, a study published on Tuesday said. The projects, called small modular reactors (SMR), are designed to be simpler and safer than conventional plants in the case of accident. They are also expected to be built in factories as opposed to today's massive light-water reactors that are built on site and typically run billions of dollars over budget.

May 31 - Britain could keep coal-fired power plants open this winter
Some of the British coal-fired power plants slated for closure this year might need to stay open to ensure electricity supply this winter, the government said on Monday. Countries across Europe are drawing up contingency plans against potential disruption to flows of Russian gas because of the war in Ukraine. Russia typically supplies about 40% of Europe's gas.
May 31 - Australian state plans laws to speed up hydrogen production
The South Australia government on Tuesday announced plans to push ahead with new legislation that it said would help speed up the production of hydrogen in the state. The new dedicated hydrogen legislation will license and regulate the production of hydrogen in South Australia, Premier Peter Malinauskas said in a statement released at the Hydrogen Conference underway in Adelaide.

May 30 - India seen facing wider coal shortages, worsening power outage risks
India is expected to face a wider coal shortage during the quarter ending September over expectations of higher power demand, an internal power ministry presentation seen by Reuters showed, worsening risks of widespread power outages. The energy-hungry nation expects local coal supply to fall 42.5 million tonnes short of demand in the September quarter, 15% higher than previously projected, due to higher growth in power demand and lower output from some mines.

May 30 - Coal India to import for first time in years as power shortages loom
State-run Coal India, the world's largest coal miner, will import the fuel for use by utilities, a power ministry letter seen by Reuters showed on Saturday, as shortages raise concerns about renewed power outages. It would be the first time since 2015 that Coal India has imported the fuel, highlighting efforts by state and federal officials to stock up to avoid a repeat of April, when India faced its worst power cuts in more than six years.

May 27 - High gas prices, energy security fears impede decarbonisation push
Energy security has become a top priority for importers as forecasts of tighter gas supplies and volatile prices in the next few years are keeping buyers on edge and impeding the push towards decarbonisation, energy executives said. Europe is importing record volumes of liquefied natural gas (LNG) as gas from its top supplier Russia has been disrupted following the Ukraine crisis.

May 27 - UK tax plan incentivizes oil, gas producers to pump more fossil fuels
The British government's 5 billion pound ($6.29 billion) windfall tax plan for oil and gas producers includes an incentive for those producers to pump more fossil fuels, riling climate activists who had called for the tax. Tax bills for oil and gas producers, including the new additional 25% levy on profits, can be reduced significantly with higher investment specifically in oil and gas projects.

May 26  - Global LNG markets brace for unknowns ahead of winter
Global liquefied natural gas (LNG) buyers and sellers are bracing for more uncertainty over Russian supplies and a murky demand outlook from Europe and top importer China in the run-up to peak winter season, industry executives said. Western sanctions on Russia due to the Ukraine invasion have sparked fears of disruption of Russian gas supply to Europe, sending global gas prices to all-time highs earlier this year and raising energy security concerns.

May 26  - Europe, Asia gas buyers switching to long-term supplies to beat volatile prices
Natural gas buyers in Asia and Europe are seeking to lock in supplies via long-term contracts as a buffer against volatile global prices, industry executives said, in moves that will reverse the last decade's trend of increasing spot purchases. Fears of disruptions in Russian gas to Europe and low inventories led the continent to import record volumes of spot liquefied natural gas (LNG), driving prices to all-time highs earlier this year and sparking energy security concerns among buyers globally.

May 26  - Eight VLGCs delivered in January-April, out of total 25 LPG ships: Bancosta
Other vessels delivered over January-April included three large gas carries, one medium-sized carrier and 13 small-sized carriers, the report said.

May 25 - Woodside expects LNG prices to remain high for next few years
Woodside Energy Group, Australia's top independent natural gas producer, sees liquefied natural gas (LNG) prices staying high for a few years as the market adjusts to supply disruptions after sanctions on Russia for its Ukraine invasion. "With the invasion, we are seeing the world try to move away from Russian hydrocarbons and that means that demand for LNG from places like Australia is up," Woodside Chief Executive Meg O'Neill said.
May 25 - LNG momentum swinging back to Asia as Europe demand eases: Russell
The merry-go-round of liquefied natural gas (LNG) between Europe and Asia appears to be tilting back toward Asia as buyers in the top-consuming region start to chase cargoes ahead of the summer demand peak. The dynamics of the LNG market for the first four months of the year was that Europe was prepared to bid up prices for spot cargoes in order to secure supplies.

May 24 - EU plans first joint gas buying before winter
A South Korean court has dismissed an application from a group of Indigenous Australians to block South Korean export credit agencies from funding a deep-sea gas pipeline for the $3.6 billion Barossa gas project off northern Australia. People from the Tiwi Islands and Larrakia Traditional Owners in March sought an injunction from the Seoul Central District Court to block Export-Import Bank of Korea (KEXIM) and Korea Trade Insurance Corp (K-Sure) from providing loans for the Barossa pipeline.

May 24 - S.Korean court dismisses plea to block loans to $3.6 bln Australian gas project
The European Union plans to start jointly buying gas before winter, the bloc's energy policy chief said on Monday, as it seeks to cut reliance on Russian fossil fuels and build a buffer against further energy supply shocks. The European Commission, the EU's executive arm, last week proposed a plan for how the bloc could quit Russian fossil fuels by 2027, by speeding up investments in renewable energy and energy savings and switching to non-Russian fossil fuels.

May 23  - Russia stops gas flows to Finland over payments dispute
Russia's Gazprom on Saturday halted gas exports to neighbouring Finland, in the latest escalation of an energy payments dispute with Western nations. Gazprom Export has demanded that European countries pay for Russian gas supplies in roubles because of sanctions imposed over Moscow's invasion of Ukraine, but Finland refuses to do so.

May 23  - Siemens Energy launches $4.3 bln bid for remaining Siemens Gamesa stake

Siemens Energy on Saturday launched a 4.05 billion euro ($4.28 billion) bid for minority holdings in struggling wind turbine unit Siemens Gamesa, hoping to remove a complex ownership structure that has weighed on its shares. The bid at 18.05 euros per share constitutes a premium of 27.7% over the last unaffected closing share price of Spanish-listed Siemens Gamesa at 14.13 euros on May 17 and is a 7.8% premium to Friday's closing price.

May 20 - EC hikes renewable hydrogen demand targets in REPowerEU package
Europe currently produces around 7 million mt/year of hydrogen, used largely in refining and fertilizer production.  

May 20 - G7 countries can lead world on industrial decarbonization: IEA
The G7 countries -- Canada, France, Germany, Italy, Japan, the UK, the US and the EU -- account for around 40% of the global economy, 30% of energy demand and 25% of energy system CO2 emissions, the IEA said.

May 20 - Europe rankles Gulf countries with energy transition push, while seeking oil, gas supplies
Gulf officials have taken exception to what they see as the cognitive dissonance of western finger-wagging on climate change while asking for more oil and gas supplies to tamp down surging prices and alleviate a supply squeeze exacerbated by US and EU sanctions on key producers, including Russia for its invasion of Ukraine.

May 20 - As deadlines loom, Russia says EU gas clients open payment accounts
Half of Russian gas giant Gazprom's 54 clients have opened accounts at Gazprombank, Russian Deputy Prime Minister Alexander Novak said on Thursday, as European companies approach imminent payment deadlines. Companies in the European Union have been trying to confirm for weeks how they can legally buy Russian gas, after Moscow demanded foreign buyers start paying in roubles and cut gas supplies to Bulgaria and Poland last month after they refused to do so.

May 20 - EU strikes deal on emergency rules to fill gas storage
Negotiators from European Union countries and lawmakers on Thursday clinched a deal on a law to fill Europe's gas storage ahead of winter, as they attempt to build a supply buffer and prepare for possible disruptions to Russian flows. Russia supplies 40% of EU gas and last month cut supply to Poland and Bulgaria after they refused to pay for the fuel in roubles. Gas powers factories, heats homes and produces electricity across Europe, and countries are racing to fill storage to protect against potential supply shocks.

May 19 - Panama planning large biofuel refinery in partnership with SGP BioEnergy
The government of Panama on May 18 said it plans to develop the largest biofuels production and distribution hub in the world in partnership with private companies including, SGP BioEnergy, a US-based integrated bioenergy products development company.  

May 19 - Singapore's EPS plans carbon capture systems for two MR tankers
The 2020-built, 49,700 DWT sister vessels, will be fitted with VM's Filtree System - a prefabricated gas cleaning system that filters sulfur and 99% of particulate matter

May 19 - Australia's gas producers cash in on global energy security fears
Gas producers in Australia are dusting off plans for new projects as Asian customers fret over energy security following Russia's invasion of Ukraine and seek gas with lower carbon credentials. With sanctions on Moscow stalling Russian liquefied natural gas (LNG) export projects, notably Arctic LNG 1 and 2, and boosting prices, exporters in Australia see an opportunity to beef up their position as suppliers of choice.

May 19 - Russia could cut off gas to Finland this week, energy provider says
Russia could cut off gas supplies to Finland this week, Finland's state-owned energy provider Gasum said on Wednesday, in a row over Moscow's demand for countries to pay for gas in roubles and as Helsinki seeks NATO membership. In a statement, Gasum said it had not received any information about the matter from Russia's Gazprom Export or from the Russian transmission operator, but that it was preparing for a scenario where Moscow cuts off gas late on Friday or on Saturday.

May 18 - Australia's gas producers eye profits from carbon capture
Australian oil and gas producers are eyeing future profits from carbon capture and storage (CCS) as the industry globally races to meet net zero emissions targets, even as the world's largest CCS project, in Australia, struggles to hit capacity. Chevron Corp's A$3 billion ($2 billion) facility linked to the Gorgon liquefied natural gas (LNG) off Western Australia has so far failed to meet its target, still burying only half as much carbon dioxide (CO2) as expected three years after its startup.

May 18 - Europe fills gas storage at record rate as Asia's buyers step aside: Kemp
Europe's gas inventories are rebuilding after winter at the fastest rate on record as the region's buyers outbid competitors from Asia to acquire as much gas as possible at any price. Stocks in the European Union and United Kingdom (EU28) have risen by 151 terawatt-hours (TWh) since the start of April and 159 TWh from their post-winter low on March 19.

May 18  - Biofuels consumption set to surge in Europe
Consumption of biofuels in the EU among three key sectors -- road, marine and aviation -- is set to surge further with major industry players advocating for long-term mandates and more ambitious targets in a bid to secure investment in infrastructure as well as energy independence.

May 18  - World leaders have not done enough to deliver on COP26 commitments:
UK's Sharma
He called for concrete action to accelerate progress in low-carbon steel and hydrogen, as well as for progress in exiting fossil fuels.

May 18  - Hydrogen cluster to be set up in Germany's Ingolstadt area
A consortium is planning to set up a hydrogen infrastructure under a project dubbed HyPipe Bavaria / H2-Cluster Ingolstadt, which will supply the participating industrial sites and the region with hydrogen.

May 17 - EU clarifies how companies can legally pay for Russian gas
The European Commission has confirmed how European Union companies can pay for Russian gas without breaching the bloc's sanctions against Russia, in updated guidance on the issue seen by Reuters. The Commission told countries last month that European companies may be able to pay for Russian gas without breaching EU sanctions against Moscow, but only if they followed certain conditions, after Russia demanded foreign buyers start paying for gas in roubles or risk losing their supply.

May 17 - UK's energy regulator proposes quarterly price cap reviews
Britain's energy regulator Ofgem said on Monday it plans to review a price cap on consumer bills every quarter rather than twice a year to reflect the volatile price swings in the market and help prevent more suppliers from going bust. More than 25 suppliers collapsed last year squeezed by record high wholesale energy prices and with the cap preventing them from passing on costs to customers.

May 17 - EU Council approves final regulation on priority EU energy projects
It was agreed to end support for new fossil gas and oil projects, but to allow a transitional period to the end of 2029 for funding of gas projects that would be converted to hydrogen.  

May 17 - Japan H2 Mobility to install five hydrogen stations in FY 2022-23
JHyM has secured government subsidies for installing the five hydrogen refueling stations for the fiscal year to March 31, 2023.

May 17  - Poland signs up for US LNG supply to new floating terminal (petroleum Economist)
- State-controlled PGNIG inks HOA with US firm Sempra.
- Plans for both floating storage and regasification units (FSRUs), which can boost Europe’s LNG import capabilities in the short term, and investment in new and upgraded onshore facilities, which would help in the medium-to-long term, are not difficult to find since Russia invaded Ukraine. But the extent of individual countries’ ambitions—in terms of ensuring such infrastructure makes a guaranteed contribution to increased security of gas supply—varies.  
- Poland is more proactive than most. This is unsurprising given its uneasy relationship with eastern neighbours Russia and its ally Belarus.

May 16 - EU Commission stands by its guidance on payments for Russian gas
The European Commission stands by its previous guidance on how EU companies can pay for Russian gas without breaking sanctions on Russia and is in contact with EU governments to provide more explanations if needed, a Commission spokesman said on Friday. The Commission said at the start of May that it would update its previous guidance on payment for Russian gas purchases as several EU governments and large importers said they were not sure if they could be seen as breaking the sanctions regime.

May 16 - Spain, Portugal cap gas price for power plants to lower cost for users
Spain and Portugal on Friday announced a temporary cap on the benchmark price of gas used by power plants to generate electricity, a move the Spanish energy minister said would immediately reduce costs for more than a third of households and 70% of industry. European countries are struggling to manage surging gas and power prices, pushed higher by Russia's invasion of Ukraine, and to mitigate their impact on consumers' spending power.

May 13 - Methanol bunkering to jump on shipping's decarbonization thrust: Methanol Institute COO
Russia's invasion of Ukraine has highlighted the need for an orderly energy transition pathway.

May 13 - Creaky U.S. power grid threatens progress on renewables, EVs
After decades of struggle, the U.S. clean-energy business is booming, with soaring electric-car sales and fast growth in wind and solar power. That’s raising hopes for the fight against climate change. All this progress, however, could be derailed without a massive overhaul of America’s antiquated electric infrastructure – a task some industry experts say requires more than $2 trillion. The current network of transmission wires, substations and transformers is decaying with age and underinvestment, a condition highlighted by catastrophic failures during increasingly frequent and severe weather events.

May 13 - EU readies 195 billion euro plan to quit Russian fossil fuels
The European Commission plans to unveil a 195 billion euro plan to stop importing Russian fossil fuels by 2027, combining a faster rollout of renewable energy and energy savings with a switch to alternative gas supplies, draft documents show. The draft measures, which could change before they are due to be published next week, include a mix of EU laws, non-binding schemes, and recommendations national governments could take up, including by revising their plans to spend the EU's huge COVID-19 recovery fund to free up more funding for the energy transition.

May 12 - IEA expects record renewable growth despite cost, supply problems
Rising concerns over energy security and climate change will galvanize record new capacity to generate renewable power in 2022, the International Energy Agency forecast on Wednesday. The IEA forecasts that 320 gigawatts will come online this year, equivalent to top European economy Germany's total annual demand, up from a previous record of 295 gigawatts in 2021.

May 12 - Equinor AGM rejects activist calls for emission cuts
Equinor shareholders approved the oil and gas company's energy transition plan on Wednesday while rejecting proposals from campaigners to strengthen climate ambitions by also setting targets for tougher emission cuts. The call for absolute reduction of so-called Scope 3 emissions, which account for the majority of total lifecyle emissions from oil and gas, has become a new battleground between activists and the petroleum industry.

May 11 - Indian Railways missed Coal India train provision targets for over a year- data shows
Indian Railways supply of trains to Coal India for transporting coal has fallen short of its monthly targets for more than a year, government data showed, highlighting the problems behind India's worst power crisis in over six years. Indian utilities are scrambling to get hold of coal supplies to cope with record high power demand, but Indian Railways' inability to supply enough trains makes it difficult to boost coal stocks, which are at their lowest levels in years.

May 11 - Solar rooftops, manufacturing to get boost under draft EU plan
The European Commission hopes to jumpstart a large-scale rollout of solar energy and rebuild Europe's solar manufacturing industry, as part of its bid to wean countries off Russian fossil fuels, a draft document seen by Reuters showed. "Solar electricity and heat are key for phasing out EU's dependence on Russian natural gas," the Commission said in the draft, due to be published next week in a package of proposals to end the European Union's reliance on Russian oil and gas.

May 11  - India March LPG imports rise 15% on month to 1.45 mil mt
Imports in Q1 2022 averaged 1.365 million mt, down 3.81% from 1.419 million mt in Q1 last year, the data showed, as importers faced higher international prices driven by stronger crude futures.

May 11  - Japan mulls using public finance for US LNG expansion:
Japan intends to contribute to starting up these US projects with public financial support and proceed to cooperate with the US in order to stabilize global LNG supply, he said.

May 11  - Dutch Gasunie to deploy second floating LNG import vessel at Eemshaven

Dutch gas infrastructure operator Gasunie has agreed to deploy a second floating LNG import facility at the port of Eemshaven in the north of the Netherlands, with the vessel set to arrive in the third quarter of 2022, it said May 10.

May 11  - MOL to build four more LNG-fueled car carriers, undertake other green shipping initiatives
MOL in 2021 signed an agreement to construct LPG-fueled very large gas carriers to transport LPG and ammonia. The company in February completed a concept study on an ammonia floating storage and regasification unit and embarked on the development of alternative fuels.

May 10 - EU plans one-year renewable energy permits for faster green shift
The European Union executive wants to speed up the bloc's green transition and cut its reliance on Russian fuels by allowing some renewable energy projects to receive permits within a year, a draft document shows. Brussels will next week unveil a package of measures to end the European Union's reliance on Russia, by boosting renewable energy, saving energy and increasing gas imports from elsewhere.

May 10 - Verbund buys portfolio of Spanish renewable assets
Austrian hydropower utility Verbund said on Monday it had acquired a portfolio of renewable energy assets in Spain from local private equity fund Q-Energy for an undisclosed sum. The assets include operating photovoltaic power plants with a combined capacity of 82 megawatts (MW) and projects planned to have an eventual capacity of up to 4,000 MW, the company said. All are located in Castille La Mancha in central Spain and sunny Andalusia in the south.

May 09  - FERC extends construction deadlines for two US LNG projects despite protests
Applicants also cite pandemic-related disruptions to global LNG market as source of delay.

May 09  - China April coal imports soar, driven by panic orders in early March
China's coal imports surged 43% in April from March, driven by panic buying over concerns of supply disruptions stemming from Russia's invasion of Ukraine. China shipped in 23.55 million tonnes of coal last month, data from the General Administration of Customs showed on Monday. That compares with 16.42 million tonnes in March and 21.73 million tonnes in April 2021.

May 09  - 'Bad boys' are back: India doubles down on coal as heatwave worsens power crisis

India is planning to reopen more than 100 coal mines previously considered financially unsustainable, as a heatwave-driven power crisis forces the world's third-biggest greenhouse gas emitter to double down on the fuel after months of low consumption. State-run Coal India, which accounts for 80% of domestic coal output, saw production fall for two straight years ended March 2021 mainly due to a lack of demand during the COVID-19 pandemic. India also pushed utilities to cut imports of coal used for power generation to zero during that period.

 May 07  - European energy crisis a 'stark reminder' of vital LNG role: GIIGNL

May 06 - Wrangle over EU carbon market revamp threatens climate targets
Officials and lawmakers negotiating an overhaul of the EU carbon market are struggling to reach a compromise over plans to levy CO2 costs on suppliers of polluting fuels, potentially putting the bloc's climate change targets at risk. Launched in 2005, the emissions trading system (ETS) is the European Union's main tool for cutting greenhouse gases, which it does by forcing power plants and factories to buy CO2 permits when they pollute and capping the supply of permits.

May 06 - Wind turbine makers struggle to find pricing power
Wind turbine makers racked up hefty losses last quarter, swelled by rocketing costs and cut-throat competition despite being more in demand than ever. The industry started seeing a steep decline in prices and increased competition back in 2017 as some governments moved away from generous, fixed, subsidised tariffs for power toward an auction-based system that favours the lowest bidders.

May 05 - Solarwatt in tie-up to boost household energy self-sufficiency
Germany's Solarwatt has entered a partnership with home technology and heating specialist Stiebel Eltron to help households escape dependence on fossil fuels, the solar company said on Wednesday. Owners of rooftop photovoltaic (PV) systems can save money and carbon emissions if they store unused electricity in batteries to be used later around the house, to charge electric vehicles or feed electric heat pumps.

May 05 - Germany's Amprion says there is resolve to speed power grid expansion
German power grid firm Amprion on Wednesday set out completion times for planned network expansion projects, saying resolve to cut planning and construction times will ensure the timely transport of more renewable electricity to consumers. Amprion, 25%-owned by utility RWE and one of four high-voltage power grids, said milestone projects to bring power from the windy north to the industrial south and west are being sped up by a climate protection agenda and more acceptance by citizens.

May 04 - Former policy chiefs warn EU over hunt for non-Russian fossil fuels
The European Union must avoid locking itself into years of dependence on fossil fuels as it races to replace Russian oil and gas with supplies from other countries, 11 former EU policy chiefs have said in a letter to the bloc's current leadership. The European Commission will this month unveil plans to end Europe's reliance on Russian energy, which are expected to expand renewable energy faster while encouraging the urgent replacement of Russian gas with alternative supplies.

May 04 - India sets end-June coal import targets as power woes mount
India has asked state and private sector utilities to ensure delivery of 19 million tonnes of coal from overseas by end-June, according to a power ministry letter, reflecting an urgency to secure supplies in a pricey market amid increasing blackouts. The move, which marks the first time the world's second largest coal importer is issuing timelines for imports, can put pressure on the global prices of coal as the utilities rush to avoid a repeat of the electricity crisis in April.

May 03 - Finnish group ditches Russian-built nuclear plant plan
Finnish-led consortium Fennovoima said on Monday it had scrapped a contract for Russia's state-owned Rosatom to build a nuclear power plant in Finland, citing delays and increased risks due to the war in Ukraine. The announcement ended months of uncertainty and years of political wrangling over the planned Hanhikivi 1 plant, a project that would have increased Finland's dependency on Russia for its energy.

May 03 - Italy readies $7 bln package to curb energy prices, help firms
Italy is set to unveil a new stimulus package on Monday worth up to 7 billion euros ($7.35 billion) to curb surging energy prices and help companies cope with the economic impact of the war in Ukraine, unions said after a meeting with the government. The new stimulus comes on top of around 15 billion euros already budgeted since January to help firms and households with electricity, gas and petrol prices.

May 02 - EU energy ministers hold crisis talks after Russian gas cuts
Energy ministers from European Union countries hold emergency talks on Monday, as the bloc strives for a united response to Moscow's demand that European buyers pay for Russian gas in roubles or face their supply being cut off. Russia halted gas supplies to Bulgaria and Poland last week after they refused to meet its demand to effectively pay in roubles.

May 02 - Power-hungry India halts passenger trains to free up track to move coal
India has boosted the output of coal and cancelled passenger trains to free up rail track to move it, officials said on Friday, as the government scrambles to overcome its worst power crisis in years. State-run Coal India, which accounts for 80% of India's coal output, increased production by 27.2% in April, the federal coal ministry said.

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."