Latest Energy News
Energy & Climate Markets
Switzerland’s power generation increased by 6.4% in 2019
22 Apr 2020According to the Swiss federal council, electricity consumption declined by 0.8% in 2019 to 57.2 TWh, due to improvements in energy efficiency. Power generation rose by 6.4% to 71.9 TWh (67.8 TWh for net generation, i.e. after deducting electricity consumption due to pumped storage) thanks to an increase in the production of hydropower plants (+8.4%) and nuclear power plants (+3.5%).
Read moreJAPC seeks regulatory approval to restart Tokai-2 nuclear reactor (Japan)
22 Apr 2020Japan Atomic Power Company (JAPC) has submitted an application to the Nuclear Regulation Authority (NRA) for pre-use inspections of its 1,060 MW Tokai-2 nuclear reactor in the Ibaraki prefecture of Japan, which would be the final regulatory approval in the restart procedure.
Read moreEnergy Prices & Taxes
US crude oil prices reach lowest level ever with negative prices
22 Apr 2020The dramatical fall in crude oil consumption related to the COVID-19 pandemic has sent oil prices to their lowest levels ever, with oil futures collapsing below zero. With the expiration of May future contracts, traders were seeking to offload their stocks and to avoid taking delivery of physical crude. Since the WTI futures market allowed contracts to price below zero, prices even fell to the negative price of -US$37.63/bbl. June 2020 prices also decreased, but remained above US$20/bbl on the WTI market (down to US$26/bbl for June 2020 contracts on the Brent market).
Read moreEcuador plans again to remove fuel subsidies
22 Apr 2020Due to the fall in oil prices, the Ecuadorian government is considering once again to remove fuel subsidies. Subsidies on gasoline and diesel were introduced in the 1970s and are estimated at around US$1.4bn, burdening the budget, in a context where the country is facing one the worst coronavirus outbreak in Latin America. The government expects record low oil prices to offset lifting subsidies.
Read moreInfrastructure & Investments
CNPC starts building a 5.6 bcm gas storage project in Xinjiang (China)
22 Apr 2020China National Petroleum Corporation (CNPC) has started to build the Wenjisang gas storage cluster project in Tuha Oilfield in the Xinjiang Uygur Autonomous Region in northwest China. The project, which is expected to be completed in 2025, will have a total storage capacity of 5.6 bcm and a working gas capacity of 2 bcm. China plans several gas storage projects in Xinjiang to form a hub with a total storage capacity of 20 bcm.
Read moreAngola and Namibia plans a 600 MW dam on the Cunene river
22 Apr 2020Angola and Namibia are planning to sign a draft treaty on the 600 MW Baynes hydropower project on the Cunene River in mid-2020 and to finalise it by the end of 2020. They would start the construction of the US$1.2bn hydropower project after the end of 2022 and to commission it in late 2028 or in early 2029. The two countries would share equally the capacity of the dam, with 300 MW each.
Read moreNew South Wales (Australia) approves Port Kembla LNG import project
22 Apr 2020The government of the Australian state of New South Wales (NSW) has approved plans by Australian Industrial Energy (AIE) to raise the capacity of its proposed Port Kembla LNG import terminal to 100 PJ/year (around 2.7 bcm/year or 2 Mt/year). The project is developed by AIE, a consortium of JERA, Marubeni and Squadron Energy. AIE has reached an agreement with Höegh LNG to use the Höegh Galleon FSRU.
Read moreCompanies
Russian and Turkish companies sign oil and gas MoUs in Algeria
21 Apr 2020The Algerian oil and gas company Sonatrach has signed two Memoranda of Understanding (MoUs) with Zarubezhneft (Russia) and TPAO (Turkey) to discuss opportunities to invest in oil and gas exploration, development and production in Algeria.
Read moreCouche-Tard suspends US$5.6bn offer for fuel distributor Caltex Australia
21 Apr 2020The Canadian convenience store chain Alimentation Couche-Tard has decided to cancel its AUD8.8bn (US$5.6bn) offer to acquire fuel distributor Caltex Australia. Alimentation Couche-Tard, which had secured funding for the deal, is willing to re-engage in the acquisition process once coronavirus-related uncertainty dissipates. Caltex Australia owns more than 1,900 service stations in Australia, as well as the 109,000 bbl/d Lytton refinery.
Read moreThailand’s EGCO buys a 25% stake in the Yunlin wind project (Taiwan)
21 Apr 2020Thailand’s Electricity Generating Public Company (EGCO) Group, through its affiliate Greenwing Energy, has completed the acquisition of a 25% stake in Yunlin Holding, which is developing the 640 MW Yunlin offshore wind project in Taiwan.
Yunlin Holding is owned by WPD with a 73% stake and by a consortium of Japanese investors led by Sojitz Corporation and including Chugoku Electric Power, Chubu Electric, Shikoku Electric Power and JXTG Nippon Oil & Energy Corporation with 27%. The sale of the 25% stake was announced in December 2019.
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