Author: Graham Foster

The latest developments in the oil and gas sector have investors raising eyebrows. Despite expectations of growth fueled by government policies promoting fossil fuel expansion, shares in U.S. oil companies have not performed well lately. The Dow Jones U.S. Oil and Gas index has seen a decline of 1.2% over the past year, in stark contrast to an 11.3% increase in the S&P 500. Concerns in this sector are warranted, as a recent study suggests that significant declines could be on the horizon. A report from OPEC forecasts that global oil consumption will increase to 120 million barrels per day…

Elliott Management, a prominent hedge fund, has made headlines by taking a short position of €670 million in TotalEnergies, a major player in the French energy sector. This move was reported in regulatory filings and represents 0.52% of the company’s stock. The announcement was made public by the French financial regulator just a day after Elliott’s maneuver. This decision follows Elliott’s earlier acquisition of nearly 5% of British oil company BP, a stake valued at around £3.8 billion, where the firm is advocating for significant divestments and a renewed emphasis on traditional oil and gas operations. Short positions like this…

 Highlights: ComEd, a utility company based in Chicago, has announced a significant rebate program worth $100 million aimed at reducing the costs of electric vehicle (EV) charging stations for homes, businesses, and public areas throughout northern Illinois. This initiative is part of a larger effort in the state to encourage the use of electric vehicles, targeting a goal of having one million EVs on Illinois roads by the year 2030. “The rebates from ComEd that support electric vehicle adoption and help expand charging infrastructure are essential for a sustainable future,” stated Megha Lakhchaura, Illinois’ state EV officer.…

An attorney representing the Climate United Fund recently sent a letter to the Environmental Protection Agency (EPA), urging the agency to immediately restore access to its nearly $7 billion Greenhouse Gas Reduction Fund grant. The attorney described the current funding freeze as illegal. Adam Unikowsky, a partner at Jenner & Block, stated that Climate United hopes for direct communication to resolve the situation. However, he warned that if the EPA decides to suspend or terminate the grant, it should postpone its decision until there is a judicial review. He believes that Climate United has strong grounds to prove the EPA’s…

BP’s chief executive, Murray Auchincloss, saw his pay drop by 30% last year, bringing his total earnings down to £5.36 million. This reduction comes as the oil giant fell short of key profit and operational goals. While Auchincloss’s base salary remained steady at £1.45 million for 2024, his share awards decreased sharply from £4.36 million to £2.75 million due to missed targets related to earnings, cash flow, reliability, and energy transition. Recently, BP abandoned its five-year strategy aimed at becoming a leader in green energy. Instead, Auchincloss announced a shift back to focusing on oil and gas, with plans to…

The United States has pulled out of a prominent climate financing initiative aimed at supporting developing nations as they move away from coal. This withdrawal jeopardizes a $45 billion plan that was a key element of international climate cooperation, a move many attribute to President Donald Trump’s ongoing cuts to climate programs. Under Trump’s leadership, the US has drastically slashed funding for various climate initiatives, including essential domestic agencies like the National Weather Service and the National Oceanic and Atmospheric Administration. His administration has consistently dismissed the seriousness of climate change. The US was a vital participant in the Just…

Hello everyone, and welcome to this edition of Energy Source from New York. Recently, President Biden made changes to tariffs on goods coming from Canada and Mexico, offering car manufacturers a temporary one-month break. U.S. Commerce Secretary Howard Lutnick mentioned that the president might consider easing tariffs for other sectors too. The impact of the ongoing trade dispute has already led to a significant drop in oil prices, which fell for the third consecutive day, now at a three-year low. In an exclusive interview, Jamie Smyth spoke with the CEO of TC Energy, a major pipeline company in North America.…

During a recent House hearing, Todd Brickhouse, CEO of Basin Electric Power Cooperative, urged Congress to keep the clean energy tax credits provided by the Inflation Reduction Act. He emphasized that stopping the production tax credit would disrupt utilities’ planning and could lead to higher costs for consumers. Basin Electric, based in Bismarck, North Dakota, is in the process of constructing 1,500 megawatts of solar power, relying on the assumption that this capacity will qualify for the production tax credits mentioned. As congressional Republicans strive to cut federal spending for their budget, discussions are underway regarding potential adjustments to the…

As we welcome you back, the unfolding situation surrounding President Trump’s stance on renewable energy is becoming more pronounced. Our colleague Amanda Chu reported recently on the administration’s detrimental impact on offshore wind initiatives. Additionally, significant issues are emerging for U.S. solar companies that specialize in rooftop solar panels. In this briefing, we also touch on the struggles faced by governments in managing the economic implications of climate-related actions. Solar Energy Challenges for U.S. Solar Companies In August, we discussed the fall of SunPower, once a leading figure in the renewable energy world, which had to declare bankruptcy. Now, another…

On Friday, Massachusetts utility regulators greenlit a new three-year budget for the state’s energy efficiency initiative, Mass Save. This budget sees a reduction of $500 million from the initial proposal of $5 billion. The Department of Public Utilities (DPU) emphasized that despite this cut, the program will still provide significant savings and benefits to customers. This includes support for energy-efficient upgrades in homes and businesses, such as heating systems and appliances, along with affordable weatherizing options. Since its inception, Mass Save has helped residents decrease their annual electricity usage by 18 million megawatt-hours over the past 15 years. However, the…