(Oil Price) – UK power group Drax has found that wood burnt at its biomass power station in the UK is “highly likely” to have come from environmentally sensitive areas of old forests in Canada, the Financial Times reported on Wednesday, citing internal Drax emails it has seen. A Drax internal review has found that the wood from its suppliers from British Columbia
(Oil Price) – Germany’s car manufacturing giant BMW is warning that an EU ban on the sale of gasoline and diesel cars from 2035 is “no longer realistic” amid slow EV sales as the European auto industry will see a “massive shrinking” with such a ban. European carmakers are already struggling with their EV sales as subsidies in many countries are
(Oil Price) – Spanish utility giant Iberdrola plans to double its UK investments to $31.3 billion (24 billion British pounds) by 2028, Europe’s biggest electricity company said in a statement. Iberdrola, one of the biggest utilities and renewable energy developers in Europe and the Americas, previously planned to invest $15.7 billion (12 billion pounds) in the UK between 2024 and 2028. Now
(Oil Price) – Despite a slight uptick in industrial consumption of natural gas this year, Europe’s heavy industry is likely to return to curtailing gas use next year amid a tighter gas market and higher prices, analysts and industry officials have told Bloomberg. Since the 2022 energy crisis, European industry has been squeezed amid sky-high energy costs and weak industrial demand in weakening economies.
(Oil Price) – Big traders of the U.S. WTI Midland crude, which is now part of the dated Brent benchmark, have used a ‘bookout’ option in the Platts window to reroute Europe-bound cargoes elsewhere, in a move that could influence the price of dated Brent, Reuters reported exclusively on Tuesday, citing trading sources and analysts. The so-called bookout clause is allowed under the
(Oil & Gas 360) – Despite some of the highest electricity prices in the world, the United Kingdom is relegating coal to the ash heap of history as it closes the doors on the Ratcliffe-on-Soar Power Station in north-central England. The plant was commissioned in 1970 with a net electrical output of 2,000 megawatts. October 1 will mark the
(Oil Price) – Brent Crude prices are set to recover to $80 per barrel in the fourth quarter, Claudio Descalzi, chief executive at Italian energy major Eni, said on Wednesday. “Oil (is seen) at around $80 per barrel, while for natural gas in Italy we can (expect a price of) 30 euros per megawatt hour,” Descalzi said on the sidelines of the
(Oil & Gas 360) – Energy policy was cited as a significant reason for the growing gap in global competitiveness between the European Union (EU) and its rivals China and the United States in a 400-page report to the EU released earlier this month. The report was submitted by Mario Draghi, who was prominent in the EU for nearly
Oil Price The value of Russia’s crude oil exports has plummeted by nearly 30% since the end of June as falling international benchmark prices are depressing the value of the cheaper Russian crude grades, Bloomberg has estimated. Higher export volumes were unable to offset the slump in oil prices in recent weeks and Russia’s flagship Urals crude is now trading below
CNBC BP plans to sell its U.S. onshore wind energy business, it announced on Monday, saying the assets were not aligned with its growth plans. BP said it will launch the sale process shortly for the wind assets, bp Wind Energy, which has interests in 10 operating onshore wind energy assets across seven U.S. states. “We believe the business is
Yahoo Finance LONDON – Shell plans to scale back its oil and gas exploration and development workforce by 20% as CEO Wael Sawan widens his cost-saving drive to the highly profitable division after deep cuts in renewables and low-carbon businesses, company sources said. The restructuring in the exploration and wells development and subsurface units will see hundreds of job cuts
Oil and Gas 360 Publisher’s Note: You can view the EnerCom Denver—The Energy Investment Conference and the Energy Transition and Emerging Technologies Series presenter replays for a limited time. Eni SpA is a global energy company engaged in the exploration, development and extraction of natural gas and oil, power generation from traditional and renewable sources, refining and chemicals. Sustainability goals
