DIRS.INFO The most relevant business & tech news

But even if the bloc's 27 member countries reach agreement on the plan, to enforce it they must overcome rising costs and uncertainties linked to power market reforms triggered by the price surge linked to war in Ukraine. As energy prices have increased all costs, including of the materials needed for renewable infrastructure, investment models built on low prices for renewably-produced electricity are in doubt. RECORD PRICES, EXTREME UNCERTAINTYFar-reaching inflation, driven by expensive energy, has led governments to seek to cap wholesale energy costs and consider reforming markets after years of stability. The wholesale benchmark German baseload front year electricity price hit a record above 1,000 euros per megawatt hour (MWh) on Aug. 29. Beyond the short-term fixes, the EU plans a major overhaul of its electricity market to decouple the price of electricity from the price of gas.

BP said it expects to pay around $2.5 billion in taxes for its British North Sea business this year, including $800 million in a windfall tax. BP, which increased its dividend by 10% in the quarter, will buy back $2.5 billion of shares after repurchasing $7.6 billion so far this year. Reuters Graphics Reuters GraphicsGAS TRADINGBP's third-quarter underlying replacement cost profit of $8.15 billion, the company's definition of net income, compared with forecasts of a $6 billion profit in a company-provided survey of analysts. BP made a profit of $3.3 billion a year earlier and a 14-year high profit of $8.45 billion in the second quarter of 2022. Refining margins are also expected to remain high due to sanctions on Russian crude oil and refined products, BP said.

☆ BP’s profit more than doubles as calls for windfall taxes grow louder
▼ + stars: | 2022-11-01 | by ( Hanna Ziady | ) edition.cnn.com time to read: +4 min

The UK-based energy company posted underlying profit of $8.15 billion in the July to September period, compared with $3.3 billion a year ago. BP (BP)’s earnings were boosted by “exceptional” results in its gas trading business, it said in a statement on Tuesday. Also last week, America’s largest oil company, ExxonMobil set a profit record for the second straight quarter, while Chevron (CVX) and French oil company Total (TOT)Energies posted similarly huge increases. The unprecedented set of earnings is fueling renewed calls in Britain and the United States for windfall taxes on energy companies to help households that are struggling to pay rising bills. EU governments, on the other hand, agreed a windfall tax in September that they hope will raise $140 billion.

☆ Nuclear power is an important source of low-carbon energy: World Nuclear Association
▼ + stars: | 2022-10-28 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNuclear power is an important source of low-carbon energy: World Nuclear AssociationKing Lee of the association says nuclear energy provides 10% of the world's electricity supply and is an important part of many countries' energy mix.

☆ Russia's war has helped accelerate the energy
▼ + stars: | 2022-10-27 | by ( Anna Cooban | ) edition.cnn.com time to read: +3 min

In its annual World Energy Outlook report, published Thursday, the agency said that Russia’s assault on Ukraine had the potential to “hasten” the global transition to clean energy sources. Since the war broke out in late February, many countries have shunned Russia’s vast energy exports, finding new suppliers and ramping up imports of alternate energy sources. That has put Moscow in a “much-diminished position,” the IEA said, and Russia is on course for its share of global energy exports drop to 13% by 2030 from 20% last year. Europe — Moscow’s biggest customer for oil and gas — has borne the brunt of the energy crunch. “There is still a large gap between today’s pledges and a stabilization of the rise in global temperatures around 1.5°C,” the IEA warned.

☆ Britain's Lightsource BP races to hook solar farms to batteries
▼ + stars: | 2022-10-25 | by ( Ron Bousso | ) www.reuters.com time to read: +3 min

Connecting industrial-scale batteries to solar plants, as well as wind farms, removes a critical hurdle facing renewable energy - the intermittency of supply. Solar power developer Lightsource BP, half-owned by oil major BP (BP.L), has rapidly expanded around the world in recent years, benefiting from a push by countries around the world to build low-carbon energy capacity. To partly offset the costs, Lightsource BP last year signed a multi-year deal with U.S.-based solar modules manufacturer First Solar to supply it with 5.4 gigawatt of solar panels. In 2021, Lightsource BP recorded a loss of 173 million pounds ($195.6 million), far bigger than the previous year's 22 million pound loss, according to a financial filing. Solar power generation grew by 22% in 2021 from a year earlier, faster than 17% growth in wind power generation, according to BP's Statistical Review of World Energy.

Register now for FREE unlimited access to Reuters.com RegisterThe energy crisis triggered by the war in Ukraine has renewed interest in nuclear power. But without a reliable source of the high assay low enriched uranium (HALEU) the reactors need, developers worry they won't receive orders for their plants. But only TENEX, which is part of Russian state-owned nuclear energy company Rosatom, sells HALEU commercially at the moment. And this chicken and egg conundrum is complicating the smooth development of HALEU supply. "A reliable HALEU supply is one of many factors under consideration," the company said in an emailed statement.

☆ Spanish energy firm Everwood in talks to sell 6.1 GW solar assets portfolio - sources
▼ + stars: | 2022-10-20 | by ( Andres Gonzalez | ) www.reuters.com time to read: +2 min

LONDON, Oct 20 (Reuters) - Spain-based renewable energy investor Everwood Capital has hired Bank of America to sell a portfolio of 6.1 gigawatts (GW) of solar power plants in Europe and Latin America, according to four sources with knowledge of the deal. Everwood expects to start receiving early offers for the projects, located in Spain, France, Italy, Germany, Colombia, Greece, Peru and Argentina, in two weeks. Appetite for low-carbon energy sources has taken on fresh urgency this year after Russia's invasion of Ukraine, with oil and gas companies setting ambitious green targets and jostling with utilities and existing renewables investors to lead the energy transition. Register now for FREE unlimited access to Reuters.com RegisterThe portfolio consists of 1.3 GW of solar photovoltaic projects in Spain and Italy and a development platform with 4.8 GW of solar pipeline and local teams in Spain, Italy, France, Germany and Latin America. The assets could be valued at up to 750 million euros ($735.15 million) depending on bidders' appetite, one of the sources said.

☆ U.S. sets March date for Gulf of Mexico drilling auction
▼ + stars: | 2022-10-20 | by ( ) www.reuters.com time to read: +2 min

Oct 20 (Reuters) - The Biden administration on Thursday said it will hold a Gulf of Mexico drilling auction in March of next year to satisfy a requirement in the government's new climate change law. Register now for FREE unlimited access to Reuters.com RegisterThe sale would be the first Gulf of Mexico oil and gas auction mandated under the Inflation Reduction Act (IRA), which President Joe Biden signed into law in August. Biden paused drilling auctions on federal lands and waters shortly after taking office as part of a climate change agenda. The IRA requires that BOEM now hold offshore auctions in the Gulf of Mexico and Alaska that the administration canceled earlier this year. It is also in the process of finalizing a five-year proposal for offshore oil and gas development.

Amid resistance from France, Spain and Italy had previously broached the idea of building an underwater pipeline between the two countries. Iberdrola, which is building Europe's largest green hydrogen plant in Puertollano in central Spain, declined to comment on the pipeline announcement. Cepsa CEO Maarten Wetselsaar told Reuters the agreement put Spain at the heart of Europe's plan to diversify away from Russian energy. As for natural gas, Spain has six terminals allowing it to bring in liquefied natural gas and convert it into its gaseous form, and three storage facilities, while Portugal has one. The United States and Nigeria are among key suppliers of LNG to Spain, which also receives piped gas from Algeria.

Exxon says it will transport and store underground 2 million metric tons of CO2 per year produced starting in 2025, when CF Industries opens a $200 million CO2 compression facility in Louisiana to process emissions from its ammonia production. He declined to comment on financial terms of the deal with CF Industries. Exxon signed a parallel agreement to use Enlink Midstream's network to transport the CO2 to the storage site. While critics view carbon sequestration as greenwashing by polluters, Exxon says the business can achieve double-digit percentage returns while limiting planet-warming gases. The Louisiana initiative is part of the company's planned $15 billion investment by 2027 in low carbon operations.

☆ Exclusive: Carlyle prepares sale of Gabon oil firm Assala Energy - sources
▼ + stars: | 2022-10-12 | by ( Ron Bousso | Patrick Werr | ) www.reuters.com time to read: +2 min

SummarySummary Companies Carlyle hopes to raise over $1 billion from sale -sourcesAssala acquired in 2017 with Shell deal in GabonLONDON, Oct 11 (Reuters) - Private equity fund Carlyle Group (CG.O) is preparing to launch the sale of its Gabon-focused oil and gas producer Assala Energy, hoping to raise over $1 billion amid high global energy prices, industry sources said. Carlyle International Energy Partners, the fund's energy arm, first invested in Assala in 2017 when it acquired Shell's (SHEL.L) operations in Gabon for $628 million. Soaring oil and gas prices over the past year offer a favourable backdrop for energy companies to sell assets, although the long-term outlook for fossil fuel prices remains uncertain as economies shift to low-carbon energy. Carlyle's other investments include North Sea-focused Neptune Energy and European refiner Varo Energy. Register now for FREE unlimited access to Reuters.com RegisterReporting by Ron Bousso Editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.

☆ Britain plans 'de-facto windfall tax' on low-carbon energy producers
▼ + stars: | 2022-10-11 | by ( ) www.reuters.com time to read: +3 min

LONDON, Oct 12 (Reuters) - Britain has set out plans for a temporary revenue limit on low-carbon electricity generators, which the industry said was a "de-facto windfall tax" on renewable energy producers. The package, which is called The Energy Prices Bill and gives the government new emergency powers to carry out the proposals, was introduced in parliament on Tuesday. RWE UK Country Chair Tom Glover said the cap was a "de-facto windfall tax on low-carbon generators". The CfD scheme is the is the government’s main mechanism for supporting low-carbon electricity generation. RWE's Glover said this was the most efficient and investor-friendly way to de-link the electricity price from the marginal gas price.

Search resuls for: "Carbon Energy"

13 mentions found