China Considers New Fees to Compensate Utilities for Building Coal Plants China is mulling over imposing capacity fees on industrial and commercial users from 2024 to compensate local utilities for the coal-fired power capacity they have built in recent years, Bloomberg reported on Tuesday, quoting a draft of the plan it had seen. Industrial and…
UK’s Fossil Fuel Car Ban Delay May Only Stall Investment Britain’s decision to delay a ban on new fossil fuel car sales may make little difference to the pace of a shift to electric vehicles (EVs), even though the news drew anger from automakers worried about supply chains and investment uncertainty. UK Prime Minister Rishi…
U.S. Energy Storage Additions Hit a Record-High in Q2 U.S. developers added 5,597 megawatt hours (MWh) of energy storage installations in the second quarter of 2023, setting a new quarterly record and putting the American energy storage market on track for a record year in 2023, a new report by Wood Mackenzie and the American…
TotalEnergies Agrees to Propose New Mandate for Pouyanne French energy group TotalEnergies said in a statement that its board had unanimously decided that the renewal of the mandate of CEO Patrick Pouyanné will be proposed to the annual general shareholders in May 2024. [custom-related-posts title=”Related Posts” none_text=”None found” order_by=”title” order=”ASC”] “The Board of Directors considers…
Diesel Shortage Pushes Russia’s ESPO Crude Above Brent A shortage of diesel fuel has pushed Russia’s ESPO crude blend to a premium over Brent crude, Bloomberg has reported, citing unnamed traders. ESPO, named after the East-Siberia-Pacific Ocean pipeline that carries it to export markets, is a light crude with a low sulfur content that independent…
Libya’s Oil Ports Are Operating Normally despite Deadly Storm Libya’s deadly flood that is estimated to have killed more than 11,000 people with thousands more missing hasn’t harmed oil export terminals in the African OPEC member and ports are operating normally, the head of Libya’s state oil firm told Bloomberg in an interview published on…
OPEC: Fossil Fuels Continue to Make Up 80% of Global Energy Mix The Organization of Petroleum Exporting Countries (OPEC) has released a statement saying that fossil fuels continue to make up 80% of the global energy mix. In its September 14 statement, OPEC called out the assertion by the International Energy Agency (IEA) that fossil…
Forty-Two Companies Win Bid for Nigerian Gas Flare Commercialisation Programme The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) on Wednesday announced the outcome of the bidding exercise and issuance of letters of award to 42 companies/entities deemed successful in the keenly contested bid for 49 Flare Sites put forward during the 2022 Nigerian Gas Flare Commercialisation…
Chevron Acquires Majority Stake in Hydrogen Project in Utah Chevron U.S.A. Inc., through its Chevron New Energies division, announced it has closed a transaction with Haddington Ventures to acquire 100% of Magnum Development, LLC, and thus a majority interest in ACES Delta, LLC, which is a joint venture between Mitsubishi Power Americas, Inc. and Magnum…
Tullow Oil Reduces Upper End of 2023 Output Outlook West Africa-focused Tullow Oil (TLW.L) on Wednesday reduced the upper end of its production outlook for this year to 58,000-60,000 barrels per day (bpd) from 58,000-64,000 bpd. The reduction was because of lower-than-expected production from its Jubilee field in the first half of the year and…