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☆ Pipeline operator TC Energy's quarterly profit rises on robust energy demand
▼ + stars: | 2022-11-09 | by ( ) www.reuters.com time to read: +1 min

Nov 9 (Reuters) - TC Energy Corp (TRP.TO) reported an 8% rise in quarterly profit on Wednesday, as surging energy demand boosted the Canadian pipeline operator's earnings from its businesses transporting natural gas. Canada, the world's fourth-largest crude producer, has been seeking ways to boost pipeline utilization amid a jump in U.S. LNG export volumes to Europe following Russia's invasion of Ukraine. Earnings from TC's Canadian natural gas pipelines rose to C$409 million ($304.32 million) for the July-September quarter, from C$343 million from last year. Rival Enbridge Inc (ENB.TO) also reported higher third-quarter adjusted profit on Friday. ($1 = 1.3440 Canadian dollars)Reporting by Arunima Kumar in Bengaluru; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

Nov 9 (Reuters) - North American oil and gas pipeline company TC Energy Corp (TRP.TO) said on Wednesday it was looking to sell C$5 billion ($3.7 billion) worth of assets to repay debt and fund new projects, and reported an 8% rise in quarterly profit. Canada, the world's fourth-largest crude producer, has been seeking ways to boost pipeline utilization following Russia's invasion of Ukraine, which has strained global oil and natural gas supplies. TC Energy Chief Executive Francois Poirier said the company planned to raise more than C$5 billion through 2023 from selling assets and minority interests. He said the company also intended to approve C$5 billion worth of projects annually throughout the decade. Earnings from TC's Canadian natural gas pipelines rose to C$409 million for the July-September quarter, from C$343 million a year earlier.

☆ Explainer: Why methane emissions are threatening climate stability
▼ + stars: | 2022-11-03 | by ( Tim Cocks | Avi Asher-Schapiro | ) www.reuters.com time to read: +4 min

Nov 3 (Reuters) - Methane emissions have emerged as a top threat to the global climate, with scientists and policymakers calling for aggressive action to curb the output. At last year's U.N. climate summit in Glasgow, Scotland, more than 100 countries pledged a 30% cut from 2020 methane emissions levels by 2030. "If you're interested in the climate impacts, we'll be experiencing in 2050 ... you'd be absolutely screaming about methane emissions." WHERE IT COMES FROMThree-fifths of the world's estimated methane emissions are from human activity; the rest are from natural sources like swamps. The European Union recently endorsed labeling some natural gas projects as "green" in a major boost to the industry.

☆ Germany could seize property to speed LNG build-out -Handelsblatt
▼ + stars: | 2022-11-01 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +1 min

BERLIN, Nov 1 (Reuters) - Germany, racing to end its reliance on Russian gas, plans to introduce new regulation that will make it possible to expropriate property to link offshore liquid natural gas terminals to the grid, Handeslblatt reported. Until earlier this year, some 55 billion cubic metres of gas were pumped to Germany each year through Nord Stream 1. Nord Stream 2 never went into operation. Germany, which has for decades fuelled its vast industrial sector with copious supplies of Russian gas, pledged after Russia's invasion of Ukraine to cut its imports from Russia to zero by 2024. Four planned floating LNG terminals, including one at Lubmin where the sub-Baltic gas pipelines land, are key to that ambition.

☆ Europe's militaries have been working together for years to keep an eye on what Russia is up to at sea
▼ + stars: | 2022-10-31 | by ( Constantine Atlamazoglou | ) www.businessinsider.com time to read: +6 min

The Nord Stream pipeline sabotage in September drew new attention to maritime threats in Europe. European militaries have already been working on new ways to protect undersea infrastructure. Although the pipelines were not in use— Nord Stream 1 was shut down in March by EU sanctions against Russia, and Nord Stream 2 wasn't yet operational—the incident highlights the risks to underwater infrastructure. Even before the war in Ukraine, Western officials had grown worried about increasing activity by Russian ships and submarines around underwater cables crossing the Atlantic. "Russia is clearly taking an interest in NATO and NATO nations' undersea infrastructure," the admiral said at the time.

☆ Global oil giants rake in massive profits in third quarter
▼ + stars: | 2022-10-28 | by ( ) www.reuters.com time to read: +3 min

Oil companies booked billions of dollars in profits as prices for crude, natural gas and fuels like gasoline hovered near record levels during the quarter. The soaring profits are feeding criticism from consumer groups in the United States and Europe as inflation climbs. Exxon Mobil, the largest U.S. major, reported nearly $20 billion in revenue, exceeding expectations and surpassing its previous record set in the second quarter. Chevron earned $11.2 billion, nearly doubling the $6.1 billion from the same period last year. The strong results out of Europe followed Shell's $9.5 billion profit reported Thursday, putting it on track to surpass its record set in 2008.

A suspected Russian spy was arrested in a Norwegian Arctic town this week, adding to fears about Moscow’s activity in the region after a string of recent incidents. “The person concerned was an intern at UiT The Arctic University of Norway, and thus not employed by the university,” the statement said. He said both he and the arrested man were part of a research network for students and researchers working on different types of security. It said that the “spy mania against Russia has been actively promoted in Norway lately.”“Everything Russian, whether it be state bodies, private companies or individual citizens, is suspicious and smacks of espionage,” it added. The latest incident comes after Norwegian media reported at least eight arrests of Russian nationals in recent weeks, suspected of flying drones and taking photos in restricted areas in northern and central Norway.

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.

☆ Factbox: Europe's alternatives if Russia shuts off gas supply
▼ + stars: | 2022-10-20 | by ( ) www.reuters.com time to read: +7 min

Germany halted certification of the new Nord Stream 2 gas pipeline from Russia because of the Ukraine war so it never went into operation. Germany, Europe's biggest consumer of Russian gas, can import gas from Britain, Denmark, Norway and the Netherlands via pipelines. Southern Europe can receive Azeri gas via the Trans Adriatic Pipeline to Italy and the Trans-Anatolian Natural Gas Pipeline (TANAP) through Turkey. Liquefied natural gas (LNG) imports to Europe have increased from producers such as the United States, Qatar and other countries. OTHER OPTIONS TO COPE WITH A GAS SUPPLY CRUNCH?

☆ U.S. FERC says winter natgas prices will be up from recent years
▼ + stars: | 2022-10-20 | by ( ) www.reuters.com time to read: +2 min

Oct 20 (Reuters) - Natural gas prices at major U.S. trading hubs for the upcoming winter are expected to remain higher than in recent years, the Federal Energy Regulatory Commission (FERC) said on Thursday. Even if domestic gas production grows faster than domestic demand, "forecasts anticipate that continued growth in net exports, including from liquefied natural gas (LNG) export facilities, will place additional pressure on natural gas prices this winter," the agency said. "In total, the U.S. will add 43 gigawatts(GW)of net winter capacity between March 2022 and February 2023, mostly from solar and wind generation." "Natural gas pipelines in California may also face constraints this winter due to ongoing pipeline outages." The FERC warned that this winter, international markets will likely also affect the U.S. market, as they did at times last winter.

☆ EU ramps up Russian LNG purchases by 50% this year as Moscow cuts off natural gas pipeline supplies
▼ + stars: | 2022-10-18 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

The EU ramped up its purchases of Russian LNG this year, as Moscow slashes gas supplies via pipeline. Imports of Russian LNG totaled 15 billion cubic meters through September, up 50% from last year. Europe is scrambling to replace slashed pipeline flows through LNG purchases, which have allowed Moscow to pull in hefty amounts of cash. While LNG has helped make up for lost pipeline supplies, it comes with its own complications. LNG differs from pipeline gas in that it is largely imported overseas through tankers, and needs to be regasified before being used for energy.

The EU issues joint bonds for an up-to 800 billion euro ($879 bln) post-COVID recovery fund, on top of 92 billion euros sold for its SURE unemployment scheme. 3/ How would joint issuance be funded? EU officials calling for joint borrowing said it could resemble the SURE work programme. Since October 2020, the EU has raised just 260 billion euros for the recovery fund and SURE. That means recovery fund issuance may end up lower than 800 billion euros without changes to that programme, denting the EU's ambitions of becoming a top borrower.

☆ Hundreds of pounds of TNT were used to damage the Nord Stream pipelines, Sweden and Denmark tell the UN
▼ + stars: | 2022-10-01 | by ( Ryan Hogg | ) www.businessinsider.com time to read: +3 min

Leaks in the Nord Stream pipelines were caused by hundreds of pounds of explosives, the UN heard. Denmark and Sweden told the Security Council that TNT was used deliberately to damage the pipelines. More countries have said sabotage was to blame, but Russia suggested the US was responsible. Methane appears to be leaking from the pipelines, with Sweden and Denmark now suggesting they were caused by a massive explosion. But in a statement released on Telegram on Thursday, Moscow suggested that Washington had the most to gain from Nord Stream shutting down.

☆ U.S. Congress readies stopgap bill to avert shutdown, aid Ukraine
▼ + stars: | 2022-09-27 | by ( Richard Cowan | ) www.reuters.com time to read: +5 min

President Joe Biden's Democrats, who control both chambers of Congress, are expected to avoid an embarrassing partial government shutdown just six weeks before the Nov. 8 midterm elections, when control of Congress will be at stake. The bill, which would extend overall government funding through Dec. 16, was facing resistance because of an energy permitting reform measure. The spending provisions include $12.3 billion in new money to help Ukraine turn back Russia's invasion, House of Representatives Appropriations Committee Chairwoman Rosa DeLauro said in a statement. In addition, it authorizes Biden to direct the drawdown of up to $3.7 billion for the transfer to Ukraine of excess weapons from U.S. stocks. The last time Congress allowed funding to lapse was in December 2018, when Democrats balked at paying for then-President Donald Trump's U.S.-Mexico border wall, leading to a record, 35-day impasse and partial government shutdown.

A pressure gauge is seen at the landfall facility of the Baltic Sea gas pipeline Nord Stream 2 in Lubmin, Germany, September 19, 2022. "Overnight the Nord Stream 2 landfall dispatcher registered a rapid gas pressure drop on Line A of the Nord Stream 2 natural gas pipeline," Nord Stream 2's operator said in a statement. European countries have resisted Russian calls to allow the Nord Stream 2 pipeline to operate and accused Moscow of using energy as a weapon. Gazprom (GAZP.MM) referred questions about the incident to the Nord Stream 2 operator. Russia has cut off gas supplies to several countries and also halted flows through the Nord Stream 1 pipeline, blaming Western sanctions for hindering operations.

☆ Republican Toomey blasts Biden's 'irresponsible' use of Cold War-era defense law
▼ + stars: | 2022-09-26 | by ( Andrea Shalal | ) www.reuters.com time to read: +2 min

Senator Pat Toomey speaks in the Dirksen Senate Office Building in Washington, D.C.,U.S., May 10, 2022. Tom Williams/Pool via REUTERSWASHINGTON, Sept 26 (Reuters) - Republican Senator Pat Toomey on Monday blasted President Joe Biden for what he called the increasing and "irresponsible" use of a Cold War-era defense law to boost production of baby food, solar panel components and other non-defense items. Toomey, the top Republican on the Senate Banking Committee, told Biden that using the Defense Production Act in this way disrupted supply chains and violated the intent of the law to make goods available in actual national security emergencies. The 1950 law gives the Pentagon wide powers to procure equipment necessary for national defense. Toomey asked Biden to answer a series of detailed questions about the administration's reasons for invoking the law by Oct. 11.

☆ What's at stake in this week's congressional vote to keep the government open, including Manchin's push to make it easier to build fossil fuel projects
▼ + stars: | 2022-09-26 | by ( Jason Lalljee | Brent D. Griffiths | ) www.businessinsider.com time to read: +5 min

The government could face its first shutdown in years if Congress doesn't pass a short-term funding bill this week. Sen. Joe Manchin's push for a bill to streamline fossil fuel projects is the major holdup. Some details of the CR have circulated, although it hasn't been officially announced yet — but the major roadblock is Manchin's permitting reform proposal. Preventing a shutdown with short-term fundingTraffic is piling up around Manchin's bill, but the rest of the resolution faces less pushback. Some progressives and environmentalists have defended aspects of Manchin's bill.

☆ Russia's ramped-up gas squeeze means an even deeper recession for Europe — and a sharp winter will pile on the pain, Deutsche Bank warns
▼ + stars: | 2022-09-24 | by ( George Glover | ) www.businessinsider.com time to read: +4 min

Russia's indefinite shut-off of a key natural gas pipeline has intensified Europe's energy crisis. In July, Russia's Gazprom slashed its natural gas deliveries to Europe via the Nord Stream 1 pipeline to 20% of capacity. Lower gas supply has sent European natural gas prices soaring, with benchmark Dutch TTF futures up 128% since the start of June. And there could be further pain ahead for Europe this winter if there's a severe cold snap, Deutsche Bank warned. While things might improve in the medium term, there will still be tight gas supply and high prices, they said.

☆ 'Heavy lifting' needed to overcome opposition to permitting bill, Joe Manchin says
▼ + stars: | 2022-09-23 | by ( Valerie Volcovici | ) www.reuters.com time to read: +3 min

Senator Joe Manchin (D-WV) holds up a visual aid while speaking to reporters at the U.S. Capitol in Washington, U.S., September 20, 2022. Senator Joe Manchin on Friday warned that bipartisan opposition to his bill to overhaul energy permitting could derail his plan to attach it to temporary spending legislation and pass it by the end of the month. Manchin, who was interrupted by protesters opposed to the fossil fuel focus of his permitting plan, said that if Congress fails to reform the permitting process, it would jeopardize the clean energy investments the larger bill incentivizes. Energy Secretary Jennifer Granholm on Friday said the Biden administration continues to support congressional efforts to reform the energy permitting process. "We are very excited at DOE about the potential for streamlining permitting on clean energy projects," Granholm told reporters.

☆ U.S. Senator Manchin unveils energy bill that some Democrats slam
▼ + stars: | 2022-09-21 | by ( Timothy Gardner | ) www.reuters.com time to read: +4 min

Senator Joe Manchin on Wednesday released an energy permitting bill to speed approvals for natural gas pipelines and power transmission for renewable energy, legislation that some fellow Democrats criticized and will likely need to be amended in order to gain enough support. Register now for FREE unlimited access to Reuters.com RegisterThe wider funding bill needs approval of the House and Senate and to be signed by President Joe Biden to become law. Manchin's staff told reporters he believes the funding bill will get 60 votes needed to pass the Senate with the permitting measure attached. The bill also sets a two-year target for environmental reviews on energy projects that need to be completed by more than one federal agency. In the House of Representatives, 77 Democrats this month asked Speaker of the House Nancy Pelosi in a letter to keep the side deal out of the funding bill.

There’s no palpable hunger for a shutdown so close to the Nov. 8 midterm elections, so Congress must pass a bill by midnight Sept. 30 to avert a lapse in funding. “The cleaner the bill is, the more likely” it is to pass quickly, said Senate Minority Whip John Thune, R-S.D. He wants tens of billions for Covid, and he says the pandemic is over,” said Sen. Bill Cassidy, R-La., a physician. Cases, hospitalizations, deaths, mental health aspects of Covid, long Covid. But conservatives are rebelling, saying Congress should push the issue into 2023 in the hope that the GOP will seize the majority and write legislation to its liking.

The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, September 20, 2022. The continent-wide STOXX 600 index (.STOXX) was 0.1% higher, bouncing back after hitting its lowest level since early July. The indexes rose about 1.5% each as oil and other commodity prices climbed following the news of mobilisation. FEDWATCH"The 75 bps hike is priced in at this stage but where it gets interesting, is what's the terminal rate going to be?," said Giles Coghlan, chief market analyst, HYCM. Fortum (FORTUM.HE) shares surged 14.6% to the top of the STOXX 600, after Germany agreed to nationalise Uniper by buying the Finnish firm's stake.

☆ China spent a record-breaking $8.3 billion on Russian energy in just 1 month as Europe shuns the supplies
▼ + stars: | 2022-09-20 | by ( George Glover | ) www.businessinsider.com time to read: +3 min

China spent a record $8.3 billion on Russian energy imports in August, customs data showed. Its buyers are snapping up cheap Russian oil, gas, and coal as European imports fall away. China has spent $44 billion on Russian fuel since war broke out in Ukraine in February. Chinese buyers have now purchased a record-breaking $44 billion of Russian energy in the six months since President Vladimir Putin's forces invaded Ukraine in February. The US has vowed to phase out Russian oil imports and is urging countries to back its proposal for a price cap on Russian oil.

☆ Gas prices front and center ahead of Italy's snap election
▼ + stars: | 2022-09-19 | 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 EmailGas prices front and center ahead of Italy's snap electionReporting from the Menfi–Mazara Del Vallo's natural gas pipeline operated by Snam, CNBC's Joumanna Bercetche highlights the crucial role that the energy crisis, cost stabilization, and supply diversification will play in Italy's future ruling government ahead of the elections.

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