DIRS.INFO The most relevant business & tech news

The price cap idea has led to persistent disagreements between the EU's 27 member states. Belgium, Greece, Italy and Poland are among the countries most vocal in calling for a gas price cap to be implemented, while the bloc's largest economy Germany has led the opposition. Historically, the gas price at the TTF hub has been used as a benchmark for LNG deliveries into Europe. PRICE CAP ON RUSSIAN GASThe Commission suggested a Russian gas price cap in September, but dropped the idea after resistance from central and eastern European countries worried Moscow would retaliate by cutting off the gas it still sends to them. Given that fall, some EU diplomats said a price cap would do little to reduce European gas prices, and would function as more of a geopolitical move to cut revenues to Moscow.

The windfall tax will be expanded to electricity generators with a levy of 45% being applied from Jan. 1 to revenues the government deems "extraordinary", from low carbon power generators such as wind and nuclear. The two measures are expected to raise around 14 billion pounds for 2023/24 fiscal year, a treasury document showed. Treasury documents show the 45% tax on low-carbon power generators would apply to revenue made on power generation at an average price over 75 pounds per megawatt hour (MWh). OIL AND GAS WINDFALLThe higher windfall tax on oil and gas producers will take effect on Jan. 1. Rival BP (BP.L) plans to spend 18 billion pounds by 2030 in Britain.

☆ Rich nations stick to coal phase-out plans as China builds new projects
▼ + stars: | 2022-11-15 | by ( ) www.reuters.com time to read: +2 min

LONDON, Nov 15 (Reuters) - Rich nations have stuck to pledges to phase-out coal power despite the war in Ukraine to help reach their climate targets but expansion of China’s coal fleet risks counteracting the impact of the closures, a report said on Tuesday. Greenhouse gas emissions from burning coal are the single biggest contributor to climate change and weaning the world off coal is considered vital to achieving global climate targets. China has pledged to bring the country's carbon emissions to a peak by 2030 and achieve carbon neutrality by 2060. On Monday, China said it did not oppose mentioning 1.5 degrees Celsius as a goal for limiting global warming. Reuters GraphicsThere are still plans for almost 300 gigawatts (GW) of new coal power capacity globally with around two-thirds of this, or 197 GW slated to be built in China, the report showed.

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.

LONDON, Oct 26 (Reuters) - European benchmark gas prices have been steadily declining over the past few months to near their levels before war broke out in Ukraine. WHY HAVE GAS PRICES BEEN FALLING RECENTLY? The European Union as a whole also met a target for refilling gas storage sites to 80% by Nov. 1 ahead of time. Liquefied natural gas (LNG) supply and Norwegian pipeline supply have been strong. Added to that, wind power output has been quite high, which reduces demand for gas from power plants.

☆ 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.

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.

Russia's President Vladimir Putin and Turkey's President Tayyip Erdogan meet on the sidelines of the 6th summit of the Conference on Interaction and Confidence-building Measures in Asia (CICA), in Astana, Kazakhstan October 13, 2022. Putin told his Turkish counterpart Tayyip Erdogan that Turkey could act as a gas hub, having already suggested on Wednesday that Russia could reroute supplies intended for the Nord Stream pipelines under the Baltic Sea, which were damaged last month. Concerns over winter supplies were heightened as workers at EDF's Bugey nuclear plant in eastern France resumed a strike over wages on Thursday, the latest in a series of stoppages to hit the French industry. Norway has become an increasingly important source of gas for the EU and Britain after Russia curtailed supplies. At a meeting in Kazakhstan, President Putin said that increased cooperation on supplies with Turkey , which is not a member of the EU, could also help to regulate prices.

☆ Carbon credit use could curb company climate action, warns UK advisers
▼ + stars: | 2022-10-12 | by ( Susanna Twidale | ) www.reuters.com time to read: +2 min

LONDON, Oct 13 (Reuters) - The use of cheap carbon offsets by companies to meet net zero targets could curb their efforts to cut emissions and slow the delivery of climate goals, Britain’s climate change advisers said on Thursday. Many UK listed companies such as Shell (SHEL.L) have set net zero emission targets, saying they would need to buy or generate carbon credits to offset residual greenhouse gases. The government should require businesses to reveal how much their targets rely on offsets as well as the type and quantity of credits they are using, the CCC said. The carbon credit market can help finance emission reduction projects and play a role in company efforts to meet climate targets, the CCC said, but Britain should use its influence to advocate for strengthened global standards for carbon credits. Register now for FREE unlimited access to Reuters.com RegisterReporting By Susanna Twidale in London; Editing by Josie KaoOur Standards: The Thomson Reuters Trust Principles.

Firefighters work in the field near the Druzhba pipeline where an oil leak was detected, near the village of Zurawice, Poland, October 12, 2022. Poland said the leak in one of the Druzhba pipelines on the main route for oil to Germany was probably caused by an accident. EU nations have been seeking to reduce their reliance on Russian energy in response to Russia's invasion of Ukraine in February. EU energy ministers were meeting in Prague on Wednesday to try to agree new measures to tackle the crisis. Rocketing gas prices across Europe and Britain have driven up the cost of electricity.

☆ 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.

☆ EDF to review case for keeping open UK nuclear plants set to close in 2024
▼ + stars: | 2022-09-28 | by ( ) www.reuters.com time to read: +1 min

LONDON, Sept 28 (Reuters) - France’s EDF will review whether there is a case to keep open the Hartlepool and Heysham 1 nuclear power plants in Britain beyond their current expected closure date in 2024, the company said on Wednesday. EDF, which operates all of Britain’s eight nuclear power plants providing around 13% of the country’s electricity, said it would invest 1 billion pounds ($1.1 billion) over 2023-25 to help the UK plants maintain output. Register now for FREE unlimited access to Reuters.com RegisterAll but one of Britain's nuclear plants are scheduled to close by 2030, and EDF’s Hinkley Point C, the first new plant in more than 20 years, is expected to come online in 2026. EDF said the review would be made in the coming months and that its ambition was for the two plants to generate power for longer if possible. ($1 = 0.9410 pounds)Register now for FREE unlimited access to Reuters.com RegisterReporting by Susanna Twidale Editing by Louise Heavens and Mark PotterOur Standards: The Thomson Reuters Trust Principles.

☆ Factbox: Europe's efforts to shield households from soaring energy costs
▼ + stars: | 2022-09-02 | by ( Susanna Twidale | ) www.reuters.com time to read: +9 min

Without the measure, average home energy bills were tipped to reach over 3,500 pounds a year in October with forecasts of much higher bills to come. CZECH REPUBLICThe Czech government has agreed to cap electricity and gas prices next year to shield households from soaring prices. ITALYItaly approved an aid package worth some 14 billion euros ($14 billion) in September to shield firms and families from surging energy costs. The measures came on top of some 52 billion euros already budgeted since January to soften the energy crisis in Italy. NORWAYNorway has been subsidising household electricity bills since December and now covers 80% of the portion of power bills above a certain rate.

☆ Factbox: Nord Stream's role in Russia's gas supply to Europe
▼ + stars: | 2022-07-18 | by ( ) www.reuters.com time to read: +3 min

The logo of Nord Stream AG is seen at an office building in the town of Vyborg, Leningrad Region, Russia August 22, 2022. Below are further details of the importance of the pipeline in carrying Russian gas to Europe. In Germany, the gas is received by the connecting pipelines OPAL (Baltic Sea Pipeline Link) and NEL (North European Gas Pipeline), which link into the European grid. OWNERSThe pipeline is majority-owned by Gazprom (GAZP.MM) and forms the main route through which Russian gas flows to Germany. OPERATORSThe Switzerland-based Nord Stream AG consortium is the operating company for transit, technical, legal and environmental matters, but does not own the asset or the gas in it.

Search resuls for: "Susanna Twidale"

15 mentions found