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The European Commission has welcomed the adoption of several key files (approval of the last half of the eight legislative proposals) of the 2016 Clean Energy for All Europeans package by the European Parliament. They include in particular new rules on renewable energies, energy efficiency and the implementation of the clean energy transition objectives. Following this approval, the Council of Ministers will now finalise its formal approval in the coming weeks and the new legislation will enter into force shortly afterwards.

The Clean Energy for All Europeans package sets two new targets for the EU in 2030: a binding renewable energy target of at least 32% and an energy efficiency target of at least 32.5%, both of which include a review clause by 2023 for an upward revision. It also aims at improving the design and stability of support schemes for renewables, streamlining administrative procedures, establishing a clear and stable regulatory framework on self-consumption, raising the targets for the transport and heating/cooling sectors and improving the sustainability of the use of bioenergy.

The Clean Energy for All Europeans package will also extend the annual energy saving obligation beyond 2020 to attract private investments and support the emergence of new market actors. It will strengthen rules on individual metering and billing of thermal energy. The new package also calls for each Member State to prepare a national energy and climate plan for the period 2021 to 2030, and aligns the frequency and timing of reporting obligations and with the Paris Climate Agreement.

The European Commission estimates that when these policies will be fully implemented, they will lead to steeper emission reductions for the whole EU than forecast previously and reach roughly 45% by 2030 compared to 1990, instead of 40%.

The European Commission has adopted a decision to amend the existing European Union’s energy efficiency legislation to take account of the withdrawal of the United Kingdom from the European Union. Indeed,…

Emirati state-run oil and gas company Abu Dhabi National Oil Company (ADNOC) has unveiled plans to invest AED5.1bn (US$1.4bn) to upgrade the operations of the Bu Hasa onshore oil field (United Arab Emirates) from 550,000 bbl/d up to 650,000 bbl/d by the end of 2020 as per its 2030 smart growth strategy.

Kazakhstan’s state-held uranium producer Kazatomprom has started to proceed with its initial public offering (IPO) on the London Stock Exchange (LSE) and has offered approximately 15% of its share capital, including global depositary receipts. The remaining 85% will be retained by Kazakhstan’s sovereign wealth fund Samruk-Kazyna.

Brazilian state-held oil and gas company Petrobras has started oil and natural gas production from a second floating production storage and offloading unit (FPSO) installed in the Búzios 2 area, in the pre-salt of Santos Basin offshore Brazil (approximately 210 km off the coast of the state of Rio de Janeiro).

State-run Chinese oil and gas company China National Petroleum Corporation (CNPC) forecasts that the four Shaanxi-Beijing gas pipelines will supply 44.7 bcm in 2018, which will be 15.9% more than in 2017.

US-based electric utility FirstEnergy, which has just reached a settlement with a broad range of stakeholders that will return US$900m to Ohio customers as a result of the Tax Cut and Jobs Act, plans to dedicate US$500m in power grid modernisation efforts, including the deployment of advanced automation equipment on at least 200 distribution lines and real-time voltage controls.

British multinational oil and gas company BP has outlined plans to spend US$1.8bn in Egypt in 2019 and roughly US$1bn/year in the United Arab Emirates, as part of its strategy to expand its operations in the Middle East. In the last two years, the company already spent US$6.8bn in Egypt, most of which primarily in the oil and gas exploration and production business.