Latest Energy News
Policy & Regulatory
France releases implementing decrees for its energy and climate strategy
24 Apr 2020The French Ministry for the Ecological and Inclusive Transition (MEIT) has issued two decrees implementing the Multi-annual Energy Plan to 2028 (Programmation pluriannuelle de l’énergie, PPE) and the National Low Carbon Strategy, which were first released in January 2019. The parliament adopted the French Strategy for Energy and Climate (Energy-Climate Act), which is based on these two policies, in September 2019.
Read moreArgentina postpones measures to increase oil and gas production
24 Apr 2020Argentina has suspended policies and incentives aimed at accelerating hydrocarbon production from the Vaca Muerta shale play due to the international context, low oil and gas demand and collapsing prices. The government maintains discussions with oil and gas producers and is considering support measures, such as setting a minimum oil reference price for local producers at US$45/bbl, with the objective to increase domestic production and to limit imports.
Read moreEstonia, Finland, Latvia and Lithuania move ahead with regional gas market
23 Apr 2020The governments of Estonia, Finland, Latvia and Lithuania, along with their energy regulators and gas transmission system operators (TSOs) have approved a roadmap on regional gas market integration, on order to improve the security of supply in the region, market liquidity, integration and competition, and to ensure affordable gas prices and high quality service for all consumers in these countries.
Read moreArgentina considers minimum oil price of US$45/bbl for local production
23 Apr 2020The Argentinian government plans to set a minimum oil reference price for local producers at US$45/bbl, with the objective to increase domestic production and to limit imports. The country would take the price of Medanito, a light crude from the basin of Neuquén, as a reference. According to the draft of the presidential decree, the minimum oil reference price would be applied retroactively from 1 April 2020 and would remain in place until 31 December 2020.
Read moreCompanies
Tullow sells stake in Lake Albert oil project (Uganda) to Total for US$575m
24 Apr 2020Total has agreed to buy Tullow’s entire interests in the Lake Albert oil development project in Uganda, including the East African Crude Oil Pipeline (EACOP) for a total consideration of US$575m. Under the term of the deal, Total would acquire Tullow’s 33.3% stake in the Lake Albert project licenses EA1, EA1A, EA2 and EA3A and the proposed EACOP System that would stretch over 1,445 km to Tanzania. Total already owns a 33.3% stake in the project, together with China’s CNOOC (33.3%). The Chinese company has a pre-emption right on 50% of the transaction.
Read moreEnergy & Climate Markets
US onshore wind installations exceeded gas-fired capacity additions in 2019
24 Apr 2020According to the US Energy Information Administration (EIA), nearly 23 GW of new power capacity were installed in the US in 2019 and onshore wind installations (9.1 GW) exceeded gas-fired capacity additions (8.3 GW). In addition, 5.3 GW of solar PV capacities were added in 2019.
Read moreSweden closes its last operating coal-fired power plant
24 Apr 2020The last operational coal-fired CHP plant in Sweden, the 120 MW KVV6 unit at Värtaverket, has stopped operations after 30 years of service, making Sweden the third EU country to exit coal-fired power generation after Belgium and Austria. Its operator, Stockholm Exergi, is working on a "bio-CCS" project to separate CO2 from biofuel-fired cogeneration, in order to create a carbon sink by 2025.
Read moreEnergy Prices & Taxes
Falling oil prices badly impact Latin American oil producers
24 Apr 2020Latin America crude oil producers, such as Mexico, Ecuador and Venezuela, are affected by the global oil glut and collapsing US prices, since their prices are indexed on US prices that recently fell below zero. Some sellers have adopted new clauses introducing a US$10c/bbl floor price, while Venezuela’s Merey crude is being offered at US$1-2/bbl only after trans-shipping fees off Malaysia. Prices for Colombian and Brazilian crude oil, which are indexed to Brent, have remained positive, at around US$9-15/bbl.
Read moreInfrastructure & Investments
Turkey will start first unit of 1.2 GW Ilisu hydropower plant in May 2020
24 Apr 2020The General Directorate of State Hydraulic Works (DSI) plans to start generating power at the 1.2 GW Ilisu hydropower plant in southeast Turkey in May 2020, when the first 200 MW unit is scheduled to be commissioned. The dam is due to be fully operational by the end of 2020. Reservoir levels have already reached nearly twice the minimum threshold required to launch commercial operations.
Read moreOfgem approves SSEN’s 600 MW Shetland Transmission Link project (UK)
24 Apr 2020The British energy regulator Ofgem has approved Scottish and Southern Electricity Networks (SSEN)’s plans for the 600 MW Shetland Transmission Link project. The high voltage direct current (HVDC) power line would connect Kergord on the Shetland Isles to Caithness on the Scottish mainland (United Kingdom). Ofgem’s approval is conditional on the 457 MW Viking Wind project reaching a positive Final Investment Decision. The construction of the power line may start in 2020 and it could be commissioned in 2024 at the earliest, at a total cost of £649m (€745m).
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