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☆ The EU wants to limit spiking gas prices after 'excessive' moves this summer
▼ + stars: | 2022-10-18 | by ( Silvia Amaro | ) www.cnbc.com time to read: +3 min

The EU is working on new measures to mitigate gas prices. The European Commission, the executive arm of the EU, proposed Tuesday setting a limit on daily gas trading levels. European natural gas prices were trading around 120 euros per megawatt hour Tuesday. A second EU official also told reporters that the commission wants to do "something meaningful, but not harmful" to the market. The EU used to import about 40% of its natural gas from Russia; that number is now at around 7%.

☆ UAE summons EU mission head to explain Borrell comments it says were racist
▼ + stars: | 2022-10-17 | by ( ) www.reuters.com time to read: +1 min

Oct 17 (Reuters) - The United Arab Emirates on Monday summoned the acting head of the mission at the EU delegation to the UAE, asking for explanation of what it said were racist comments made by EU foreign policy chief Josep Borrell last week. The UAE foreign ministry said the remarks were "inappropriate and discriminatory" and "contribute to a worsening climate of intolerance and discrimination worldwide" UAE state news agency (WAM) reported. Because the jungle has a strong growth capacity, and the wall will never be high enough," said Borrell, a Spanish politician. At a press conference on Monday, Borrell denied that his message was racist or colonialist, news agency EFE reported. The comments were intended to reject the idea of 'fortress Europe' and to encourage students to engage with the world, he said.

Gas installation is pictured at the Cavern Underground Gas Storage (CUGS) Kosakowo facility, near Debogorze, Poland April, 30. "If we have a drop in temperature, we could expect an uptick in energy demand for heating," Buontempo said. But some analysts warn this alone will not compensate for the loss of Europe's main gas supplier - and a cold winter would make this worse. A cold winter in Europe could add 8 bcm to Europe's gas demand, said Energy Aspects analyst Leon Izbicki. If cold weather depletes gas storage levels this winter, Europe will need to replenish for next winter - with far less Russian gas.

☆ Russian oil exports dip 4% in Sept. ahead of EU sanctions- IEA
▼ + stars: | 2022-10-13 | by ( ) www.reuters.com time to read: +2 min

Russian oil exports fell by 230,000 barrels per day (bpd) in September to 7.5 million bpd, the energy watchdog said in its monthly report. Crude exports were down 260,000 bpd to 4.8 million bpd from a recent peak of 5.5 million bpd in April. Register now for FREE unlimited access to Reuters.com RegisterShipments to the European Union by 390,000 bpd to 2.6 million bpd. EU crude oil imports fell to 1.6 million bpd. Loadings to China, the largest importer of Russian crude oil since June, were down by 115,000 bpd.

☆ Europe has enough energy to survive the winter. Next year might be different
▼ + stars: | 2022-10-13 | by ( Anna Cooban | ) edition.cnn.com time to read: +8 min

Cornelius Poppe/NTB/AFP/Getty ImagesBut success has come at a heavy cost to the economy: the scramble for alternative sources has sent energy prices soaring. Alexei Miller, CEO of Russian state energy giant Gazprom, said on Wednesday that there was “no guarantee” that Europe would survive the winter with its current reserves. “Adopting policies that prevent the pass-through of high energy prices to consumers is an expensive gamble that is doomed to fail if wholesale energy prices will stay high in the future,” he added. Carlos Torres Diaz, head of power analysis at Rystad Energy, told CNN business that Europe’s energy transition “has been put on hold” as it prioritizes energy security. “These sources of energy also help reduce the dependency on energy imports,” Torres Diaz added.

☆ Oil steadies as supply tightness duels with recession fears
▼ + stars: | 2022-10-10 | by ( Noah Browning | ) www.reuters.com time to read: +2 min

West Texas Intermediate crude for November delivery declined by as much as 1.1% but was last at $92.62, down 2 cents. The OPEC+ cuts will squeeze supply in an already tight market. EU sanctions on Russian crude and oil products will take effect in December and February respectively. read moreThe complicated new sanctions package could end up shutting in considerable supplies of Russia crude, analysts have warned. "A recessionary economic outlook will lead to lower oil demand," Fitch Ratings said on Monday.

☆ Oil eases as recession fears offset tight supply prospects
▼ + stars: | 2022-10-10 | by ( Laila Kearney | ) www.reuters.com time to read: +3 min

Brent crude futures fell 96 cents, or 1%, to $96.96 a barrel by 11:31 a.m. EDT (1531 GMT). EU sanctions on Russian crude and oil products will take effect in December and February respectively. read moreThe complicated new sanctions package could end up shutting in considerable supplies of Russia crude, analysts have warned. "A recessionary economic outlook will lead to lower oil demand," Fitch Ratings said on Monday. Those political factors could alter supply patters and cause greater price volatility, Fitch said.

☆ Namibia can become green energy exporter, says first lady
▼ + stars: | 2022-09-30 | by ( Mark Tutton | ) edition.cnn.com time to read: +4 min

Green hydrogen (hydrogen produced using renewable energy) is being touted as a clean alternative to fossil fuels that could power heavy industry and transport. EU officials said this summer that they hoped to strike a deal to help Namibia develop its green hydrogen sector. The southern African nation is set to open the continent’s first green hydrogen production plant in 2024, operated by French power company HDF Energy. Namibia’s first hydrogen power plant is expected to be up and running in 2024, and there’s also a potential plan in place to partner with the EU on green hydrogen. Geingos: It is clear that Namibia’s green hydrogen plans extend beyond domestic energy self-sufficiency.

☆ Sterling slippery, stocks stalling as BoE boost fades
▼ + stars: | 2022-09-29 | by ( Tom Westbrook | ) www.reuters.com time to read: +4 min

S&P 500 futures fell 0.2%. European futures rose 0.6% and FTSE futures lifted 0.3%. The U.S. dollar index had its worst session in 2-1/2 years on Wednesday, recoiling from record highs. The Australian dollar fell 0.8% to $0.6470. Brent crude futures fell 0.8% to $88.62 a barrel.

☆ Russia's neighbor considers asylum for draft dodgers who can prove they were conscripted, but not young men afraid of being called up
▼ + stars: | 2022-09-29 | by ( Sinéad Baker | ) www.businessinsider.com time to read: +5 min

Russia's European neighbors say they will not take in Russians fleeing mobilization. But Latvia has told Insider it will consider giving asylum to men who can prove they've been drafted. Russia's European neighbors have largely rejected the idea that they would let in Russians fleeing out of fear that they will be sent to Ukraine. Pabriks echoed the reasoning given by Russia's other neighbors for not taking in fleeing Russians. Latvia's foreign ministry took a more cautious tone on Russians fleeing mobilization.

Russia intends to call a United Nations Security Council meeting over damage to the gas pipelines, Foreign Ministry spokeswoman Maria Zakharova said in a statement on Telegram. In the Baltic Sea, gas was still bubbling from the Nord Stream 1 pipeline, the Swedish Coast Guard said in an email. "There are good teams in place to handle pipeline accidents, there are emergency pipe inventories and experts for onshore and offshore," Jens Schumann, managing director of gas pipeline grid company Gasunie Deutschland, said. European gas prices rose following news of the leaks. The new Nord Stream 2 pipeline had yet to enter commercial operations.

"Any deliberate disruption of European energy infrastructure is utterly unacceptable and will be met with a robust and united response," Borrell said. A statement issued by Russia's embassy in Denmark said that any sabotage on Nord Stream's pipelines was an attack on both Russia's and Europe's energy security. Map of Nord Stream pipelines and locations of reported leaksGAS FLOWSOperator Nord Stream has called the damage "unprecedented", while Gazprom (GAZP.MM), the Russian-controlled company with a monopoly on its gas exports by pipeline, declined to comment. Russia reduced gas supplies to Europe via Nord Stream 1 before suspending flows altogether in August, blaming Western sanctions for causing technical difficulties. The new Nord Stream 2 pipeline had yet to enter commercial operations.

☆ Gas is pouring out of the Nord Stream pipelines. Here’s what you need to know
▼ + stars: | 2022-09-28 | by ( Rob Picheta | ) edition.cnn.com time to read: +7 min

London CNN —Western nations have said leaks in two Russian gas pipelines, Nord Stream 1 and 2, are likely the result of sabotage. What happened on the Nord Stream pipelines? Swedish authorities first sounded the alarm on Tuesday about leaks in the Nord Stream 1 and Nord Stream 2 pipelines – both of which run under the Baltic Sea near Sweden and Denmark. The two Nord Stream pipelines designed to transport Russian gas to the EU were years in the planning. The damage to the Nord Stream pipelines may spell an ignominious end for the 25-year project, at least for the near future.

A senior Ukrainian official called the incident a Russian attack to destabilise Europe, without giving proof. Neither pipeline was pumping gas to Europe at the time the leaks were found, but the incidents will scupper any remaining expectations that Europe could receive fuel via Nord Stream 1 before winter. Operator Nord Stream said the damage was "unprecedented". CUTTING SUPPLIESRussia reduced gas supplies to Europe via Nord Stream 1 before suspending flows altogether in August, blaming Western sanctions for causing technical difficulties. The new Nord Stream 2 pipeline had yet to enter commercial operations.

But it remained far from clear who might be behind any foul play, if proven, on the Nord Stream pipelines that Russia and European partners spent billions of dollars building. Register now for FREE unlimited access to Reuters.com RegisterPoland's prime minister blamed sabotage for the leaks, without citing evidence. Russia, which slashed gas deliveries to Europe after the West imposed sanctions over Moscow's invasion of Ukraine, also said sabotage was a possibility and that the leaks undermined the continent's energy security. CUTTING SUPPLIESRussia reduced gas supplies to Europe via Nord Stream 1 before suspending flows altogether in August, blaming Western sanctions for causing technical difficulties. The Swedish Maritime Administration (SMA) said two leaks on Nord Stream 1, one in the Swedish economic zone and another in the Danish zone, were northeast of Denmark's Bornholm.

However, it remained far from clear who might be behind any foul play, if proven, on the Nord Stream pipelines that Russia and European partners spent billions of dollars building. Poland's prime minister blamed sabotage for the leaks, without citing evidence, while the Danish premier said it could not be ruled out. Operator Nord Stream said the damage was "unprecedented". CUTTING SUPPLIESRussia reduced gas supplies to Europe via Nord Stream 1 before suspending flows altogether in August, blaming Western sanctions for causing technical difficulties. The new Nord Stream 2 pipeline had yet to enter commercial operations.

"The destruction that occurred on the same day simultaneously on three strings of the offshore gas pipelines of the Nord Stream system is unprecedented," said network operator Nord Stream AG. Gazprom (GAZP.MM), the Kremlin-controlled company with a monopoly on Russian gas exports by pipeline, declined to comment. Danish Defence Command/Handout via REUTERS Read MoreRussia slashed gas supplies to Europe via Nord Stream 1 before suspending flows altogether in August, blaming Western sanctions for causing technical difficulties. The new Nord Stream 2 pipeline had yet to enter commercial operations. European gas prices rose on the news of the leaks, with the benchmark October Dutch price up almost 10% on Tuesday.

☆ EU countries eye delay to levy on fossil fuel windfall profits - document
▼ + stars: | 2022-09-27 | by ( Kate Abnett | ) www.reuters.com time to read: +2 min

The 27 EU member countries are negotiating measures proposed by Brussels last week to attempt to pull down sky-high energy costs - including bloc-wide windfall profit levies on energy firms. The latest compromise proposal for EU countries' negotiations, seen by Reuters, would let countries impose the EU's planned fossil fuel levy on firms' earnings from 2022, from both 2022 and 2023, or just from 2023 if they choose. States like Greece and Italy that already have a windfall profit tax on fossil fuel firms would be able to keep those schemes, if they are deemed "equivalent" to the EU levy. Countries could also impose a levy of above 33% of fossil fuel firms' excess profits in a fiscal year - the proposed EU rate - if they choose, the draft said. EU energy ministers would then approve the agreement at a meeting on Friday.

☆ Three EU leaders urge calm over Putin's nuclear rhetoric
▼ + stars: | 2022-09-21 | by ( Gabriela Baczynska | ) www.reuters.com time to read: +2 min

His rhetoric on nuclear weapons is something we have heard many times before, and it leaves us cold," said Dutch Prime Minister Mark Rutte. Register now for FREE unlimited access to Reuters.com RegisterHis Belgian peer, Alexander de Croo, also urged a calm response between not provoking Russia, and supporting Ukraine. We must be clear in our position and continue to support Ukraine." The EU leaders' chairman, European Council President Charles Michel, said the bloc would not be scared away from supporting Ukraine. 'RECKLESS'While there have been no immediate comments from the leaders of Germany or France, the EU's executive European Commission said Putin's "reckless" nuclear gamble had to stop.

☆ EU approves up to $5.2 billion in public funding for hydrogen projects
▼ + stars: | 2022-09-21 | by ( Anmar Frangoul | ) www.cnbc.com time to read: +1 min

European Commission President Ursula von der Leyen expressed support for hydrogen during her State of the Union address on Sept. 14The European Commission on Wednesday approved up to 5.2 billion euros (roughly $5.2 billion) in public funding for hydrogen projects, a move it said could unlock a further 7 billion euros of investments from the private sector. The executive arm of the EU said the bloc's flagship project to support the research, deployment and construction of hydrogen infrastructure, referred to as IPCEI Hy2Use, had been prepared by 13 member states that will supply the public funding. According to the commission, IPCEI Hy2Use will see 29 businesses participate in 35 projects. The commission said IPCEI Hy2Use would support the construction of "large-scale electrolysers and transport infrastructure, for the production, storage and transport of renewable and low-carbon hydrogen." "The IPCEI is expected to boost the supply of renewable and low-carbon hydrogen, thereby reducing dependency on the supply of natural gas," the commission said.

☆ French and Iranian presidents meet amid nuclear talks stalemate
▼ + stars: | 2022-09-20 | by ( ) www.reuters.com time to read: +1 min

French President Emmanuel Macron delivers a speech during a reception for France's prefects at the Elysee presidential Palace in Paris, France September 15, 2022. Ludovic Marin/Pool via REUTERS/UNITED NATIONS, Sept 20 (Reuters) - French President Emmanuel Macron held face-to-face talks with his Iranian counterpart President Ebrahim Raisi on Tuesday with the French leader saying he hoped to be able to "discuss all subjects". The meeting is Raisi's first head-to-head with a major Western leader since he was elected last year. EU foreign policy chief Josep Borrell, who coordinates the talks, said he saw little chance of progress at the United Nations General Assembly. read moreRegister now for FREE unlimited access to Reuters.com RegisterReporting by John Irish; Editing by Lisa ShumakerOur Standards: The Thomson Reuters Trust Principles.

PARIS/MADRID/BERLIN (Reuters) - European governments outlined new measures on Monday to cope with potential energy shortages this winter and raced to improve energy networks to share power, with Russian gas flows still running at severely reduced rates amid the Ukraine war. German buyers briefly reserved capacity on Monday to receive Russian gas via the Nord Stream 1 pipeline, once one of Europe’s major gas supply routes, for the first time since the line was shut three weeks ago. European politicians say that is a pretext and accuse Moscow of using energy as a weapon. Russian gas flows to Europe via Ukraine, although much reduced, have nevertheless continued. ‘NEVER’While French energy group EDF is racing to repair corrosion-hit nuclear reactors, “exceptional” measures this winter could include localised electricity cuts if the winter is cold and EDF’s plans are delayed, Wargon said.

"It's about breaches of the rule of law compromising the use and management of EU funds," said EU Budget Commissioner Johannes Hahn. The 7.5 billion euros in question amounts to 5% of the country's estimated 2022 GDP. Navracsics expressed hope that the Commission would be reassured by the implementation of the reforms and withdraw its proposed sanctions against Hungary by Nov. 19. The Commission is already blocking some 6 billion euros in funds envisaged for Hungary in a separate COVID economic recovery stimulus over the same corruption concerns. Hungary had irregularities in nearly 4% of EU funds spending in 2015-2019, according to the bloc's anti-fraud body OLAF, by far the worst result among the 27 EU countries.

☆ Even as the West tries to wean itself off Russian oil, Moscow has found itself yet another buyer: Myanmar
▼ + stars: | 2022-08-19 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Myanmar is buying Russian oil, which it says is "high-quality" and cheap. This time, Myanmar is joining the line to buy Russian gas and fuel oil, according to Reuters and Bloomberg. He said military chief Min Aung Hlaing sealed a fuel oil deal with Russia during a trip to Moscow in July. Russian fuel oil exports are expected to start arriving in Myanmar in September, Reuters reported, citing local media. Myanmar is the latest in a list of crisis-hit countries — including Sri Lanka and Laos — to actively seek out Russian oil.

☆ Germany and the US aren't going to deter Putin with a few sanctions and frozen bank accounts. It's going to take a strong, democratic alliance to stop the war in Ukraine.
▼ + stars: | 2022-02-25 | by ( Mathias Döpfner | ) www.businessinsider.com time to read: +9 min

Germany must abandon its pacifist foreign policy and stand up against Russia's invasion of Ukraine. Germany needs to form tighter ties with the US, stop using Russian gas, and confront Vladimir Putin. Stirred by the nuclear-power-plant disaster in Fukushima, Germany made an epochal blunder and created an unnecessary dependence on Russian energy and Russian policy. Time for a new German foreign policyNow Putin has started the long-feared war with Ukraine. The people of Ukraine need our solidarity, and words will not be enough.

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