energy

Russia energy crisis is escalating and so are Europe's costs

Russia energy crisis is escalating and so are Europe’s costs

European benchmark natural gas prices spiked 28% on Monday morning to hit €274 ($272) per megawatt hour — the first day of trading after Russian energy giant Gazprom halted flows through the vital Nord Stream 1 pipeline indefinitely, claiming it had found an oil leak in a turbine. Last year, the pipeline delivered about 35% …

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UK household energy bills to soar by 80% in October

UK household energy bills to soar by 80% in October

Ofgem CEO Jonathan Brearley said the rise would have a “massive impact” on households across Britain, and another increase was likely in January, reflecting significant pricing pressure in energy markets. “It’s clear the new Prime Minister will need to act further to tackle the impact of the price rises that are coming in October and …

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Hainan: Chinese island plans to ban sales of fossil fuel-powered vehicles by 2030

Hainan: Chinese island plans to ban sales of fossil fuel-powered vehicles by 2030

In a statement, the provincial government vowed to be “at the forefront of the country,” and become a “top student in the carbon neutralization work, so as to demonstrate a beautiful calling card when making exchanges on climate change internationally.” “By 2030, there will be a complete ban on the sale of petrol vehicles across …

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UK energy crisis is 'bigger than the pandemic'

UK energy crisis is ‘bigger than the pandemic’

Earlier this year, the UK government tried to protect households against 90% of the expected increases in energy bills through tax cuts, energy bill rebates and direct payments. But natural gas and power prices have shot up since then, as have forecasts of future increases. Researchers at the Institute for Government said Tuesday that the …

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OPEC agrees to produce slightly more oil as recession fears loom

OPEC agrees to produce slightly more oil as recession fears loom

The Organization of the Oil Exporting Countries and its allies — which includes Russia — also known as OPEC+, said on Wednesday that it would produce an additional 100,000 barrels a day in September. This was the first OPEC meeting since US President Joe Biden visited Saudi Arabia last month. Biden urged the country — …

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Europe plans to force countries to ration gas as Russia weaponizes energy

Europe plans to force countries to ration gas as Russia weaponizes energy

The “Save Gas for a Safe Winter” plan announced Wednesday sets a target for the 27 member states to reduce their gas demand by 15% between August and March next year. That reduction is based on countries’ average gas consumption during the same months over the previous five years. The plan is focused on curtailing …

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Europe braces for a potential gas crisis as historic heatwave boosts demand

Europe braces for a potential gas crisis as historic heatwave boosts demand

On Thursday, the Nord Stream 1 pipeline — a crucial artery linking Russia’s gas to the bloc — is due to reopen after 10 days of routine maintenance work. But concern is building that Russia will keep the taps turned off in retaliation for sanctions the European Union has imposed since Moscow’s invasion of Ukraine …

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China's imports of Russian oil hit new record high

China’s imports of Russian oil hit new record high

Imports of Russian oil, including supplies pumped via the East Siberia Pacific Ocean pipeline and seaborne shipments from Russia’s European and Far Eastern ports, totaled nearly 8.42 million tonnes, according to data from the Chinese General Administration of Customs. That’s equivalent to roughly 1.98 million barrels per day (bpd) and up a quarter from 1.59 …

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Germany to fire up coal stations as Russia squeezes gas supply

Germany to fire up coal stations as Russia squeezes gas supply

“The situation is serious,” Habeck said in a statement. “We are therefore continuing to strengthen precautions and taking additional measures to reduce gas consumption. This means that gas consumption must fall further, but more gas must be put into the storage facilities, otherwise things will really get tight in winter.” Germany is heavily reliant on …

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Triple whammy for European gas supplies sends prices soaring

Triple whammy for European gas supplies sends prices soaring

Italian energy giant ENI said Wednesday that Gazprom, Russia’s state gas producer, would cut its supplies by 15%. It did not know the reason, an ENI spokesperson told CNN Business. The news comes the same day Gazprom said it would cut flows through its Nord Stream 1 pipeline — a major artery linking Russia’s gas …

Triple whammy for European gas supplies sends prices soaring Selengkapnya »

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