(Oil Price) – Global energy demand rose by 2% last year with all sources of energy seeing upticks, the Energy Institute said in the latest edition of its annual Statistical Review of World Energy, previously compiled by BP. Oil, gas, and coal consumption increased modestly, at 1%, with oil demand specifically falling in China, by 1.2%. Global bas demand, however, expanded by 2.5%,
(Oil Price) – Energy investments this year are set to hit $3.3 trillion on the back of a strong increase in spending on things such as wind and solar, the International Energy Agency has forecast. In its latest World Energy Investment report, the agency also said that China will cement its position as the top energy investor globally this year. The IEA noted
(World Oil) – Following dialogue with regulators and federal, state, and city officials, the U.S. has lifted the stop-work order on the Empire Wind project, allowing construction to resume. Once complete, the offshore wind development will provide power for 500,000 New York homes, Equinor said in a statement. “I would like to thank President Trump for finding a solution that
(Oil Price) – Rising market and policy uncertainties forced companies to cancel $8 billion in investments in U.S. clean energy projects in the first quarter of the year. In a dramatic surge in cancellations of projects amid the chilling effects of the Trump Administration’s trade policy and attempts to repeal part of the green energy incentives, companies have withdrawn $7.9 billion
(Investing) – U.S. Interior Secretary Doug Burgum ordered a halt to construction of Equinor’s Empire Wind project off the coast of New York, saying information suggested the Biden administration approved it without enough environmental analysis. In a post on X on Wednesday, Burgum said the information would be reviewed further but did not elaborate on the faults identified. The sudden order
(Oil Price) – Since coming into power, U.S. President Donald Trump has made his intention to pivot away from green energy in favour of fossil fuels clear. During his first month in office, he signed executive orders aimed at boosting U.S. oil and gas production and exports by declaring a national energy emergency, removing regulatory barriers, and expediting permitting approval for oil and
(Oil Price) – Natural gas will play a critical role in the global energy transition, serving as a bridge fuel between coal and renewables, according to a new report from Wood Mackenzie. Despite concerns over emissions and affordability, gas is expected to remain a key part of the energy mix for decades, particularly in power generation, industrial processes, and transport. According
(Oil Price) – Global investments in green energy solutions topped $2 trillion last year, for the first time ever, but the world needs to pour in $5.6 trillion each year into low-carbon energy to get on track for global net zero by 2050, in line with the Paris Agreement, BloombergNEF said in a new report on Thursday. Last year, green energy investments reached a record
( Oil Price) – Equinor has secured a project financing package of over $3 billion for its U.S. offshore wind project Empire Wind 1, Norway’s energy major said on Thursday. Empire Wind 1 is planned to power 500,000 New York homes and is expected to reach its commercial operation date in 2027. With a contracted capacity of 810 megawatts (MW), Empire Wind 1
Yahoo Finance – Sweden has cancelled 13 planned offshore wind farms in the Baltic Sea on security grounds. The government in Stockholm, a new NATO member, announced on Monday that it would no longer issue any licences for the construction and operation of the farms, which were to extend off the Swedish east coast down to the Öresund strait near Denmark.
(Oil Price) – The UK’s energy regulator Ofgem on Friday awarded a $2.5 billion (£2 billion) funding package for a subsea and underground cable between Scotland and northern England that would give North Sea wind farms additional access to the grid. Eastern Green Link 1 (EGL1) will be a high voltage electricity superhighway able to transport 2 gigawatts (GW) of UK wind-generated electricity
(Oil Price) – BP is considering a potential sale of a minority stake in its offshore wind business in a move to reduce spending on project developments in the sector, anonymous sources have told Reuters. Currently, BP doesn’t operate offshore wind farms, but it had a pipeline of offshore wind developments worth 9.6 gigawatts (GW) as of June this year. The UK-based
