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☆ EU countries approve landmark nature law after delays
▼ + stars: | 2024-06-17 | by ( ) www.cnbc.com time to read: +2 min

The nature restoration law is among the EU's biggest environmental policies, requiring member states to introduce measures restoring nature on a fifth of their land and sea by 2030. EU countries' environment ministers backed the policy at a meeting in Luxembourg, meaning it can now pass into law. "I know I will face opposition in Austria on this, but I am convinced that this is the time to adopt this law," Gewessler told reporters. Belgium, which holds the EU's rotating presidency and chairs meetings of ministers, said the Austrian government dispute would not affect the legality of the EU ministers' vote. EU countries and the European Parliament negotiated a deal on the law last year but it has come under fire from some governments in recent months amid protests by farmers angry at costly EU regulations.

Persons: Leonore Gewessler, Gewessler, Chancellor Karl Nehammer's, Karoline Edtstadler Organizations: Climate, Energy, Mobility, Innovation, European Union, European, Union, Greens, People's Party, EU Locations: European, Brussels, Luxembourg, Austria, Belgium, Austrian

JERUSALEM, Oct 9 (Reuters) - Israel has suspended production at the Tamar gas field off its southern coast and will seek alternative fuel sources to meet its needs, the energy ministry said on Monday following three days of violence in the region. Chevron (CVX.N), which operates the field, confirmed it had been instructed by the ministry to shut down the field, which is a major source of gas to Israel's power generators and industry. "In the wake of the situation, Israel's defence establishment ordered the temporary suspension of natural gas supplies from the Tamar field," the energy ministry said in a statement. Israel's largest offshore gas field, Leviathan, continues to operate normally, Chevron said. Israel became a major regional gas supplier with the start of production at the Tamar field a decade ago, which was followed by several other gas developments.

Persons: Tamar, Benjamin Netanyahu's, Yisrael Katz, Israel, Dan Williams, Ari Rabinovitch, Ron Bousso, Jason Neely, Susan Fenton Organizations: Chevron, Energy, United Arab, Union Energy, Tamar Petroleum, Everest, Petroleum, Thomson Locations: Israel, Jordan, Egypt, Gaza, Yom, Ashdod, Israel's, Tamar, United Arab Emirates, Dor

☆ EU's Simson welcomes potential halt on Russian LNG imports
▼ + stars: | 2023-04-01 | by ( Reuters Staff | ) www.reuters.com time to read: +1 min

FILE PHOTO: European Commissioner for Energy Kadri Simson attends a European Union energy ministers meeting on high energy prices, in Brussels, Belgium November 24, 2022. REUTERS/Johanna GeronCERNOBBIO, Italy (Reuters) - Proposals to stop Russian companies from sending liquefied natural gas to European Union nations were welcomed by EU Energy Commissioner Kadri Simson on Saturday. “This is not a law yet...but this is now a very concrete step,” Simson told Reuters at a business event in northern Italy. EU countries agreed on Tuesday to seek a legal option to stop Russian companies sending liquefied natural gas to EU nations, by preventing Russian firms from booking infrastructure capacity. Simson also talked up a deal struck by the EU last month to cut final energy consumption across the bloc by 11.7% by 2030 as the bloc fights climate change and tries to wean itself off Russian energy supplies.

☆ Explainer: Europe gets ready to revamp its electricity market
▼ + stars: | 2023-02-27 | by ( Kate Abnett | ) www.reuters.com time to read: +6 min

STOCKHOLM, Feb 27 (Reuters) - European Union energy ministers meet on Monday to debate upcoming power market reforms. Currently, power prices in Europe are set by the running cost of the plant that supplies the final chunk of power needed to meet overall demand. Often, that is a gas plant, so gas price spikes can send electricity prices soaring. They say Europe's existing power market is functioning well, and has fostered years of lower power prices, supported renewable energy and helped avoid energy shortages. The Commission initially pitched the reform as a chance to "decouple" gas and power prices in Europe, suggesting a redesign of the current system of setting power prices.

LONDON, Jan 19 (Reuters) - European Union energy regulators published their first daily liquefied natural gas (LNG) price assessment on Thursday, a first step in the EU's plan to launch a new European LNG benchmark price by the end of March. WHY DOES THE EU WANT A NEW LNG PRICE? Unlike pipeline gas, LNG is not widely traded on exchanges, so there is less visibility on how much the fuel costs. HOW WILL ACER'S LNG PRICE BE DIFFERENT? ACER can only produce a price assessment if it receives at least five transactions in the assessed five-day period.

China, the world's top crude oil importer, is experiencing its first of three expected waves of COVID-19 cases after Beijing relaxed mobility restrictions but said it plans to step up support for the economy in 2023. Brent crude gained 76 cents to settle at $79.80 a barrel, while U.S. West Texas Intermediate crude rose 90 cents to $75.19. Oil surged toward its record high of $147 a barrel earlier in the year after Russia invaded Ukraine in February. It has since unwound most of this year's gains as supply concerns were edged out by recession fears. "The prospect of further rate rises will hit economic growth in the new year and in doing so curb demand for oil," said Stephen Brennock of oil broker PVM.

☆ Stocks steady, yields rise as rate risks cloud 2023 outlook
▼ + stars: | 2022-12-19 | by ( Danilo Masoni | ) www.reuters.com time to read: +5 min

By 1152 GMT, the index was broadly unchanged after a heavy week for rate increases on Friday sent it to its lowest point since Nov. 10. Long-term borrowing costs rose for a fourth straight session and short-dated yields remained not far off their highest levels in more than a decade. It wreaked havoc even on rate markets," said Carlo Franchini, head of institutional clients at Banca Ifigest in Milan. Ten-year Treasury yields rose 4 basis points (bps) to 3.522%. Gold inched 0.1% higher at $1,764 an ounce, as a softer dollar countered pressure from expectations of higher U.S. rates.

Summary Global stocks index up 0.1%Japan could tweak inflation target - sourceshttp://tmsnrt.rs/2yaDPgnhttp://tmsnrt.rs/2egbfVhMILAN, Dec 19 (Reuters) - World stocks inched higher on Monday but stayed near 6-week lows as investors started the year's last full trading week still mindful of interest rate hike risks to the economy in 2023. By 0902 GMT, the index rose 0.1% after a heavy week for interest rate increases on Friday sent it to its lowest point since Nov. 10. It wreaked havoc even on rate markets," said Carlo Franchini, head of institutional clients at Banca Ifigest in Milan. "Except for the BOJ and perhaps the Bank of England, there's little confidence in the other central banks. Japan's Nikkei (.N225) fell 1.05% to a six-week low and the yen rose 0.5% to 135.9 per dollar.

European Union energy ministers agreed to a "dynamic" cap on natural gas prices Monday after two months of intense negotiations. Introducing a limit on gas prices has proved controversial for European officials. When applied, it will set a "dynamic bidding limit" on natural gas futures transactions for 20 working days. The Dutch TTF traded around 109 euros per megawatt hour on Monday. Kremlin spokesman Dmitry Peskov said the measure was an attack on market pricing and "unacceptable," Reuters reported, citing Russia's Interfax news agency.

☆ EU gas price cap will be self-defeating
▼ + stars: | 2022-12-16 | by ( ) www.reuters.com time to read: +2 min

MILAN, Dec 16 (Reuters Breakingviews) - Setting a ceiling on the price of European gas would do more harm than good. European Union energy ministers will meet on Monday to try and agree on the cap, which backers believe will prevent gas prices from spiralling out of control. Under the latest proposal, the cap may be set at 220 euros per megawatt hour for the most liquid future contracts exchanged at the Dutch Title Transfer Facility, Europe’s gas benchmark. The Intercontinental Exchange, which handles the majority of TTF future contracts, believes the additional cost would be $47 billion. Traders could even opt to buy TTF contracts on the Chicago Mercantile Exchange.

☆ European Energy Ministers Set to Clash Over Proposed Gas-Price Cap
▼ + stars: | 2022-11-24 | by ( Kim Mackrael | ) www.wsj.com time to read: 1 min

Pipes at facilities of the Nord Stream 2 gas pipeline in Lubmin, northern Germany. European Union countries earlier this year agreed to voluntary plans to reduce their gas consumption. BRUSSELS—European Union energy ministers are gathering to haggle Thursday over details of a new proposal from the bloc’s executive body for an emergency cap on the price of natural gas. The meeting convenes as EU diplomats struggle to agree on a separate, international plan to cap prices paid for Russian oil around the world.

☆ European Energy Ministers Clash Over Proposed Gas-Price Cap
▼ + stars: | 2022-11-24 | by ( Kim Mackrael | ) www.wsj.com time to read: 1 min

Pipes at facilities of the Nord Stream 2 gas pipeline in Lubmin, northern Germany. European Union countries earlier this year agreed to voluntary plans to reduce their gas consumption. BRUSSELS—European Union energy ministers failed to reach an agreement Thursday on a plan to put an emergency cap on the price of natural gas, saying they would resume their debate next month. EU diplomats are also struggling to agree on a separate, international plan to cap prices paid for Russian oil around the world.

☆ EU countries unhappy with 275 euro gas cap proposal
▼ + stars: | 2022-11-24 | by ( Gabriela Baczynska | ) www.reuters.com time to read: +4 min

The long-standing disagreements were holding up other policies to alleviate the acute energy crisis, such as the launch of joint EU gas purchases and a quicker permit process for renewables. Polish Climate Minister Anna Moskwa called the 275 euro blueprint put forward by the European Commission "a joke". "It could help us reduce gas prices and therefore reduce electricity prices, which is a major challenge in Europe this winter," he said. Energy minister Miriam Dalli said the strict conditions needed for the mechanism to kick in made it "next to impossible". But the issue of whether and how to cap gas prices has split the bloc.

☆ In Europe, consumer businesses like Amazon face holiday reckoning
▼ + stars: | 2022-10-28 | by ( Jeffrey Dastin | ) www.reuters.com time to read: +3 min

The extraordinary plummet put Europe in the spotlight for a company typically hurting from expansion in more emerging markets. Brian Olsavsky, Amazon's chief financial officer, told reporters: "Fuel cost and the impacts of the Ukraine war are hitting the economies in Europe even harder than the U.S., and that's showing up in consumer spend." "Consumer sentiment in Europe is at an all time low," Unilever PLC (ULVR.L) Chief Financial Officer Graeme Pitkethly told reporters, warning likewise of rising inflation and depleted household savings. Mastercard Inc's (MA.N) chief financial officer said Thursday that the credit card provider so far noticed little change in European consumer spending volumes. Still, a wide range of multinational companies have warned of weakness in European markets.

☆ EU Energy Ministers Wrangle Over Emergency Price Cap for Gas
▼ + stars: | 2022-10-25 | by ( Kim Mackrael | ) www.wsj.com time to read: 1 min

BRUSSELS—European Union energy ministers will debate details of a possible emergency limit on natural-gas prices and other proposals meant to tackle the painfully high energy bills resulting from Russia’s economic war with the West. Energy ministers gathered in Luxembourg on Tuesday for a meeting where they are talking about proposals related to the EU’s climate plans. Europe is facing an energy crunch after Russia—once its biggest natural gas supplier—invaded Ukraine earlier this year and sharply constrained supplies of gas to the bloc.

☆ EU countries try to map out path to gas price cap
▼ + stars: | 2022-10-25 | by ( Kate Abnett | ) www.reuters.com time to read: +2 min

REUTERS/Stephane Mahe/IllustrationBRUSSELS, Oct 25 (Reuters) - European Union energy ministers will discuss a bloc-wide gas price cap on Tuesday, attempting to navigate their next steps although it is likely to be weeks before any final decisions. With no legal proposal for a price cap on the table yet, ministers meeting in Luxembourg are expected to debate the principles of how an EU gas price limit could work, as well as possible drawbacks. Europe has been scrambling to tame high energy prices after Russia slashed gas supplies following its invasion of Ukraine - sending gas prices skywards and pushing European power prices to record levels in August. Any proposal would need to be negotiated by EU countries, possibly with the aim of approving it at an emergency meeting of energy ministers in November. Ahead of Tuesday's talks, the EU Commission shared a document with countries that cautioned against another type of price cap, for gas used to generate power, which it said could cause an increase in gas use.

☆ EU countries look to map out path to gas price cap
▼ + stars: | 2022-10-25 | by ( Kate Abnett | ) www.reuters.com time to read: +3 min

REUTERS/Stephane Mahe/IllustrationBRUSSELS, Oct 25 (Reuters) - European Union energy ministers will discuss a bloc-wide gas price cap on Tuesday, attempting to navigate their next steps although it is likely to be weeks before any final decisions. Europe has been scrambling to tame high energy prices after Russia slashed gas supplies following its invasion of Ukraine - sending gas prices skywards and pushing European power prices to record levels in August. With no legal proposal for a price cap on the table yet, ministers meeting in Luxembourg are expected to debate the principles of how an EU gas price limit could work, as well as possible drawbacks. Ahead of Tuesday's talks, the EU Commission shared a document with countries that cautioned against another type of price cap, for gas used to generate power, which it said could cause an increase in gas use. One senior EU official said it was not yet clear when Brussels would make a firm proposal on a price cap.

☆ Morning Bid: British bond burn
▼ + stars: | 2022-10-11 | by ( ) www.reuters.com time to read: +5 min

read moreAhead of the open, 10-year U.S. Treasury yields were again flirting with the year's highs above 4% and global stocks (.MIWD00000PUS) were heading for new 2022 lows. Key developments that should provide more direction to U.S. markets later on Tuesday:* U.S. Sept NFIB small business index. * International Monetary Fund publishes World Economic Outlook and Global Financial Stability Report at annual IMF/World Bank meeting in Washington. * Bank of England Governor Andrew Bailey, BoE deputy governor Jon Cunliffe, Swiss National Bank chief Thomas Jordan, European Central Bank chief economist Philip Lane, ECB board member Fabio Panetta, ECB bank supervisor Andrea Enria speak in United States. Long Gilt Yields SoarRegister now for FREE unlimited access to Reuters.com RegisterBy Mike Dolan, editing by Ed Osmond, <a href="mailto:mike.dolan@thomsonreuters.com" target="_blank">mike.dolan@thomsonreuters.com</a>.

Gas leak at Nord Stream 2 as seen from the Danish F-16 interceptor on Bornholm, Denmark September 27, 2022. But since both Nord Stream pipelines contained mostly methane, "the potential for a massive and highly damaging emission event is very worrisome", McCabe said. Scientists say sharp cuts in methane emissions over the next few years will be a vital lever in curbing climate change. Releasing that amount in entirety to the atmosphere would result in around 200,000 tonnes of methane emissions, said chemical engineer Paul Balcombe at London's Queen Mary University. ENVIRONMENTAL RISKWhile oil spills can immediately affect and ultimately kill wildlife, authorities say the gas pipeline gas leaks pose a limited threat to the surrounding plant and animal life.

☆ Ukraine energy ministry deletes statement on talk of possible Rosatom sanctions
▼ + stars: | 2022-09-22 | by ( ) www.reuters.com time to read: +1 min

Ukrainian Energy Minister German Galushchenko gives a news conference during an extraordinary meeting of European Union energy ministers in Brussels, Belgium July 26, 2022. REUTERS/Johanna GeronRegister now for FREE unlimited access to Reuters.com RegisterKYIV, Sept 22 (Reuters) - Ukraine on Thursday deleted a statement saying Energy Minister German Galushchenko had discussed the possibility of sanctions on Russia's nuclear power supplier Rosatom with U.S. Energy Secretary Jennifer Granholm. An energy ministry spokeswoman cited a misunderstanding when asked why the statement had disappeared from the ministry's website, but she did not elaborate. Ukraine's President Volodymyr Zelenskiy said last month it was "not normal" that Western countries have not yet imposed sanctions on Rosatom. Register now for FREE unlimited access to Reuters.com RegisterReporting by Max Hunder Editing by Gareth Jones and Bill BerkrotOur Standards: The Thomson Reuters Trust Principles.

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