Latest Energy News
Policy & Regulatory
Lithuania will gradually liberalise residential electricity prices
13 May 2020The Lithuanian parliament (Seimas) has adopted a motion amending the Law on Electricity, which will gradually liberalise residential prices on the retail electricity market, with the objective to end regulated tariffs by 2023. The purchase and supply price of electricity, which makes 48% of the final price, will no longer be regulated. The other components of the price – electricity transmission, distribution, and public service obligation – will continue to be set by the government.
Read moreEuropean lawmakers propose tougher climate law
12 May 2020The European Parliament has proposed a motion which would make mandatory for each individual EU member state to reach carbon neutrality by 2050 and to achieve net greenhouse gas (GHG) removals after this date. In addition, EU lawmakers proposed to tighten EU’s 2030 climate target, with an objective of a 65% cut in GHG emissions from 1990 levels. The text needs to be approved by lawmakers and member states to take effect.
Read moreSouth Korea aims to replace coal-fired power with renewables and gas
12 May 2020South Korea has unveiled a long-term energy plan (basic energy policy for the years 2020-2034) shifting from thermal and nuclear power generation to renewable energies.
Companies
PTT (Thailand) cuts its 2020 investments by 10-15% and defers projects
13 May 2020Thailand’s oil and gas company PTT has decided to cut its 2020 investments by 10% to 15% and to defer non-priority investments (such as a US$1bn petrochemical project), due to quarterly losses in a context of falling oil prices and weak demand for petrochemicals. The group will reduce jet fuel production to reflect the lower demand from airlines and will rather produce diesel, whose demand has slightly increased. PTT EP, which had a target of 388,000 boe/d of oil and gas sales, expects to miss its target by 7%.
Read moreRosneft (Russia) will reduce its 2020 investment by 21% to US$10.2bn
13 May 2020Rosneft has decided to reduce its 2020 investments by RUB200bn (US$2.7bn), a 21% decrease compared to its 2019 investment level of RUB 950bn (US$13bn), citing the dramatic fall in oil prices. The company has asked the Russian government to postpone taxes for geological exploration and to align oil transportation tariffs with current oil prices.
Energy & Climate Markets
EU’s energy-related CO2 emissions declined by 4.3% in 2019
13 May 2020CO2 emissions from fossil fuel combustion declined by 4.3% in 2019 in the European Union (not including the United Kingdom), mainly due to the substantial increase in the carbon price on the EU Emission Trading Scheme (EU ETS) in 2019 (over €25/tCO2), which incited power producers to use more gas and renewables and to import electricity.
Read moreSpain’s CSN allows Almaraz nuclear power plant to operate until 2028
13 May 2020The Spanish nuclear regulator Consejo de Seguridad Nuclear (CSN) has authorised the two reactors of the Almaraz nuclear power plant to operate until 1 November 2027 (for the 1,011 MW unit 1) and until 31 October 2028 (for the 1,006 MW unit 2), setting 13 limits and condition to the extended lifetime.
Infrastructure & Investments
Laos plans a new 684 MW hydropower plant on the Mekong River
13 May 2020Laos plans to build a new 684 MW hydropower plant on the Mekong River. The Sanakham dam project would build by an affiliate of Chinese state-owned power producer Datang International Power, Datang Sanakham Hydropower, for an estimated cost of US$2.1bn. Laos has submitted plans to the Mekong River Commission (MRC), which will give an advisory opinion.
Read moreMaine (US) approves 1.2 GW NECEC power transmission line project
13 May 2020The Maine Department of Environmental Protection (United States) has approved Hydro-Québec’s New England Clean Energy Connect (NECEC) power transmission line project, which is aimed at delivering up to 1,200 MW of electricity generated at Hydro-Québec’s hydropower plants in Canada to the New England energy grid in Maine.
Read moreSweden grants final approval to the Baltic Pipe gas pipeline project
13 May 2020Sweden has issued a construction permit for the 85-km long pipeline section of the Baltic Pipe gas pipeline project between Denmark and Poland in the Swedish exclusive economic zone, thus approving the last permit required for the 10 bcm/year project.
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