Author: Graham Foster

Countries in the Gulf region, particularly Oman, Abu Dhabi, and Saudi Arabia, are setting their sights on launching metal trading companies. This shift aims to meet the rising demand for metals and to diversify their economies away from a reliance on oil and gas. International Resources Holding, based in Abu Dhabi and chaired by Sheikh Tahnoon bin Zayed al-Nahyan, has already established a trading unit focused on energy and metals, employing around 60 people. Minerals Development Oman (MDO), the state mining company, is also on the hunt for a senior executive to head its new 25-person trading team. This move…

New legislation introduced in the House and Senate aims to prioritize dispatchable power plants in interconnection queues. Representative Troy Balderson from Ohio, who sponsors the bill in the House, explained that this legislation empowers grid operators to quickly identify and process essential projects that ensure the reliability of our power grid and meet the growing energy demands of the country. Balderson highlighted that he had introduced similar legislation in the previous Congress, but it did not progress. In the Senate, Senators John Hoeven of North Dakota and Todd Young of Indiana have presented a companion bill. Over the last decade,…

Leaders from Europe’s far right recently gathered in Madrid for a rally called “Make Europe Great Again.” They praised the early actions of U.S. President Donald Trump, arguing that Europe should follow his lead to protect its future. Hungarian Prime Minister Viktor Orbán, addressing a crowd of about 2,000, declared, “The Trump tornado has changed the world in just a few weeks. Yesterday we were seen as outsiders, today we’re part of the mainstream.” He emphasized how Trump’s sudden return to power has invigorated their cause. The rally occurred shortly after Trump began his second term, during a time when…

Labour leaders Sir Keir Starmer and Rachel Reeves have expressed their support for two contentious North Sea oil and gas projects, despite environmental concerns and objections from some Labour MPs. The projects in question include Shell’s Jackdaw gasfield and Norway’s Equinor’s Rosebank project, valued at £3 billion, both facing increased scrutiny over their potential carbon emissions. Recently, Scotland’s highest civil court revoked permissions previously granted for these projects. This decision is linked to a ruling from the UK Supreme Court last year, which mandated that emissions from burning fossil fuels must be considered in environmental impact assessments. A supporter of…

A significant legal decision is underway regarding a £3 billion bailout for Thames Water, the UK’s largest water provider, which is currently in financial trouble. During the court hearings, Mr. Justice Leech expressed disappointment over the British government’s lack of involvement, stating it was “unfortunate” that neither Ofwat, the water regulator, nor government representatives chose to attend and explain their stance in court. Justice Leech further noted that without government input concerning the costs of a potential temporary renationalisation, the court faced challenges in making an informed decision. Thames Water is in a precarious situation, dealing with a debt load…

Dive Brief: Xcel Energy reported its earnings for 2024 at $1.94 billion, an increase from last year’s $1.77 billion. However, this figure fell short of the company’s expectations, marking the first earnings miss in 15 years, according to President and CEO Bob Frenzel. In 2024, the company heavily invested in resilience projects. Nonetheless, warm weather in December and higher maintenance costs affected profits towards the year’s end, Frenzel noted. Despite these challenges, company leaders reassured investors that they expect to rebound in 2025, amid factors like new tariffs, changing energy demand, and ongoing legal issues related to wildfires. Dive Insight:…

Dive Brief: GE Vernova plans to invest nearly $600 million in its U.S. factories and facilities over the next two years, as announced on January 29. This investment is expected to create over 1,500 new jobs in factory and engineering roles, focusing on gas power, grid, nuclear, and onshore wind manufacturing. The company aims to meet increasing customer demands for electricity equipment both domestically and internationally. Dive Insight: As part of its investment strategy, GE Vernova will enhance five business units. One significant aspect of the plan includes nearly $300 million earmarked for boosting the production of heavy-duty gas turbines,…

In a marshy area near Tilbury Fort in southeast England, Nick Mallinson, an engineer, is inspecting a new battery storage site that is set to launch in March. This site is crucial for helping the UK achieve its energy goals, especially as demand for equipment like transformers and electrical components continues to surge. Mallinson, who oversees the Statera Energy storage facility, explained that the project will have the capability to store electricity for around 700,000 London households, ready to supply energy within seconds. However, there have been significant delays in acquiring the necessary transformers, which took 16 months to arrive…

Is it better to address the symptoms or the root causes of a problem? Ideally, we would focus on the underlying issues. However, sometimes applying a quick fix is the only viable solution. This seems to be the approach BP’s CEO, Murray Auchincloss, may need to take as he prepares for the company’s capital markets day later this month. Unfortunately, enthusiasm for BP appears lacking. Over the past two years, the company’s share price has dropped by 25%, in contrast to Shell, which has seen a 4% increase, and TotalEnergies, which experienced a slight decline of 3%. BP’s enterprise value,…

Plans for a new nuclear power station in Anglesey have been rejected by planning inspectors. They expressed concerns about how the project could affect the Welsh language and the local community. This situation highlights the challenges that large infrastructure projects face in gaining approval, according to a senior figure in the nuclear industry. The Planning Inspectorate’s recommendation against the Wylfa site, published in February 2021, was discussed recently by an executive who noted the hurdles developers encounter. The inspectors highlighted that the influx of workers needed for the construction could strain the already limited housing supply on Anglesey, potentially driving…