Author: Graham Foster

The world’s demand for energy surged faster than usual last year, primarily due to record-breaking global temperatures that led to increased electricity consumption for cooling purposes. This phenomenon highlights the ongoing cycle between climate change and energy needs. According to the International Energy Agency (IEA), about half of the rise in global emissions from energy in 2024 was attributed to it being the hottest year ever recorded. Overall, emissions from energy use increased by 0.8% last year. Significant heatwaves in countries like China and India drove up coal consumption as people turned up air conditioning units, contributing to a 2.2%…

The Trump administration is taking decisive actions to increase economic and diplomatic pressure on Venezuelan President Nicolás Maduro by revoking several permits and licenses for Western oil companies operating in the country. Italian energy giant Eni recently announced that it was informed by U.S. authorities that it can no longer accept repayments for the gas it produces in Venezuela through oil shipments from PDVSA, the Venezuelan state oil company. Eni expressed its intent to work with Washington to find a way to continue delivering gas supplies that are essential for the local populace while also receiving payment. In a statement,…

Dive Brief: Schneider Electric, a leading automation manufacturer, has announced a significant investment of $700 million in its U.S. operations, which is set to take place by 2027. The investment will focus on upgrading and expanding facilities at various locations including Texas, Tennessee, Ohio, North Carolina, Massachusetts, and Missouri, leading to the creation of over 1,000 new jobs. This marks the largest investment ever made by Schneider Electric in the U.S., driven by an increasing demand in areas such as data centers and energy infrastructure. Dive Insight: Schneider’s recent commitment is part of a broader $1 billion investment initiative in…

The cost of fuel used in nuclear reactors has reached an all-time high, primarily due to a surge in demand from artificial intelligence (AI) data centers. This increase in demand comes on the heels of market pressures stemming from geopolitical tensions, especially following Russia’s invasion of Ukraine. As reported by UxC, prices for enriched uranium have skyrocketed to $190 per separative work unit, a significant jump from $56 just three years ago. This dramatic rise in prices highlights a renewed interest in nuclear energy, as governments and companies explore carbon-free energy sources capable of supporting large industrial operations and communities.…

A recent report has urged the UK government to swiftly introduce changes to the windfall tax on oil and gas profits. According to the North Sea Transition Taskforce, which is supported by the British Chambers of Commerce, the opportunity to secure the future of the North Sea is diminishing rapidly. The taskforce criticized the government’s plan to replace the current energy profits levy by 2030, claiming that this delay could harm investment in the sector. Currently, the tax rate on oil and gas profits stands at 78%, which the report argues is hindering investment and could ultimately reduce Treasury revenues.…

GM Energy has teamed up with Pacific Gas & Electric Co. (PG&E) to participate in a pilot program focused on vehicle-to-everything (V2X) bidirectional charging for electric vehicles in Northern and Central California, as announced on March 13. Homeowners who qualify for PG&E’s V2X pilot may receive discounts of up to $4,500 on a GM Energy home charging bundle and vehicle-to-home enablement kit, valued at $7,299. The program offers an initial $2,500 incentive for equipment installation, with an additional $2,000 available for residents in disadvantaged areas or early adopters. The vehicle-to-home charging technology lets electric vehicles serve as backup power sources,…

The anticipated cost for building the Sizewell C nuclear power station in Suffolk could climb to nearly £40 billion, sources involved in discussions regarding the project revealed. This figure doubles the previous estimate of £20 billion provided by EDF, the developer, and the UK government in 2020, reflecting the rising construction costs and delays seen at the related Hinkley Point C site. This increased estimate raises critical questions about the government’s plans to revive nuclear power amidst current financial strains and public concerns over the cost of living. Once operational, Sizewell C is expected to generate low-carbon electricity for around…

Serbia is facing the risk of losing its oil imports this Friday due to unsuccessful negotiations aimed at preventing US sanctions on the country’s only oil refinery, according to President Aleksandar Vučić. The US Treasury has urged Russia’s Gazprom and its subsidiary, Gazprom Neft, to divest their majority ownership of the Serbian refinery NIS, among other holdings, as part of efforts to target Russia’s main revenue streams. The deadline for the Russian owners to sell their shares in NIS is set for Friday, and Vučić is doubtful that a last-minute agreement will materialize. Most of Serbia’s crude oil is transported…

On Thursday, Moody’s Ratings announced an upgrade for the credit ratings of PG&E Corp. and its subsidiary, Pacific Gas & Electric. This decision is based on the companies’ reduced financial risks related to wildfires. Jeff Cassella, a vice president and senior credit officer at Moody’s, stated that the upgrade is a result of PG&E’s ongoing efforts to improve wildfire risk management and its financial standing. He emphasized that the company has also been working diligently to build stronger relationships with important stakeholders. The upgrade is positively influenced by California’s wildfire legislation, which allocates $21 billion for wildfire management. This law…

Elliott Management, a prominent hedge fund, has acquired nearly a 5% stake in the German energy company RWE. The investment group is urging RWE to enhance and speed up its share buyback program. RWE, recognized as one of Europe’s major power producers, has recently decided to cut its investment in green technologies by €10 billion over the next five years. This decision comes amid challenges posed by the Trump administration’s stance against offshore wind energy, which adds uncertainty to renewable energy investments. Elliott has been increasing its holdings in RWE since at least last year. On Monday, they confirmed their…