Essential News for Corporate Energy Risk Managers
Author: Graham Foster
The Federal Energy Regulatory Commission (FERC) has reinstated the approval of a significant gas pipeline project in the New Jersey area, which is owned by Transcontinental Gas Pipe Line Co., a subsidiary of Williams Co. This decision came unanimously from the commission on Friday. Additionally, FERC concluded a review aimed at possibly altering its procedures regarding how proposed gas pipelines and related infrastructure would be assessed for their impact on greenhouse gas emissions. Back in January 2023, FERC had already green-lighted Transco’s $950 million Regional Energy Access expansion project, which spans Pennsylvania, New Jersey, and Maryland. This project was fully…
The United Arab Emirates (UAE) is looking to expand its nuclear energy projects internationally, with the United States emerging as a key focus for growth, according to the chief executive of the state-owned Emirates Nuclear Energy Company (Enec). Since its inception in 2009, Enec has made significant strides in the nuclear sector, completing the Barakah nuclear power plant, the first of its kind in the Arab world, within 12 years and on budget. This project was developed in partnership with Korea Electric Power Corp. Enec is now enhancing its investment and research teams to explore nuclear opportunities beyond the UAE,…
Britain is facing significant challenges in meeting its renewable energy goals, according to a recent analysis. Despite government efforts to remove obstacles for the renewable sector, the UK is expected to fall short of its clean energy targets by a massive 32 gigawatts, which is enough to power millions of homes. A report from consultancy firm Cornwall Insight suggests that practical issues and uncertainties regarding market reforms are impeding progress in solar and wind power development. This news is disheartening for Sir Keir Starmer’s government, which has been focused on decarbonizing the UK’s electricity grid by 2030. Tom Musker, a…
Russian energy giant Gazprom is looking to cut 1,600 jobs, marking the largest reduction in its history. This move comes as the company faces significant financial pressures due to a steep drop in gas sales in Europe and sanctions affecting its oil operations following the conflict in Ukraine. CEO Alexei Miller received a letter announcing the proposed job cuts at the headquarters in St. Petersburg, which would see staff numbers reduced from 4,100 to 2,500, a decline of about 40%. This news was initially reported by Russian Telegram channels and later confirmed by the company. If these cuts go through,…
Nigeria’s intention to restart oil production in Ogoniland, an area ravaged by environmental damage, has sparked significant backlash from activist groups and local communities. President Bola Tinubu recently engaged with local leaders from this region, aiming to foster discussions about revitalizing oil output after a three-decade absence. During the meeting, Tinubu emphasized the need for collaboration, acknowledging the historical grievances but urging a move forward to heal the community’s wounds. “We can’t change history, but we can make things better in the future,” he stated, appealing for cooperation from Ogoni residents. The president’s ambition is to elevate Nigeria’s oil production…
According to recent studies, data centers could drive up to 44% of the electricity load growth in the U.S. by 2028. By 2030, they may consume as much as 9% of the nation’s total power supply. This trend raises significant concerns about energy availability and pricing across the country. Notably, about 40% of the electricity used in data centers is dedicated to cooling, making cooling efficiency crucial for reducing overall energy consumption. The importance of effective cooling solutions also impacts how these facilities are designed and constructed. In the latter half of 2024, several key developments emerged regarding cooling systems…
The Department of Energy (DOE) recently kicked off a new research and development initiative focused on superhot rock geothermal energy. This energy source is largely untapped but has significant potential—if just 1% of its capacity were utilized in the U.S., it could generate around 4.3 terawatts of reliable power, as highlighted by the Clean Air Task Force. To get the ball rolling, the DOE’s Advanced Research Projects Agency-Energy (ARPA-E) is providing $30 million in funding for its new program called SUPERHOT, which stands for Stimulate Utilization of Plentiful Energy in Rocks through High-temperature Original Technologies. This program aims to create…
Britain saw an increase in electricity exports to France on Friday due to high winds across the country, which resulted in excess power supplies. France reduced its nuclear energy production by about 4 gigawatts—enough to power millions of homes—as it imported additional electricity from the UK, according to Montel Analytics. This situation underscores the evolving landscape of the energy system, where intermittent power sources like wind and solar are becoming increasingly vital for supplying electricity to homes, businesses, and industries. Storm Eowyn brought winds of up to 114 mph, highlighting Britain’s growing reliance on neighboring countries for electricity trading, especially…
What happens when the largest oil producer in the world tries to expand production while the top oil importer may be hitting a peak in demand? Recent signs indicate that China’s demand for oil, which has driven half of global oil demand growth for the last thirty years, is leveling off. This is primarily due to slower economic development and a significant transition towards renewable energy and electric vehicles. Meanwhile, returning U.S. President Donald Trump has declared a national energy emergency aimed at increasing fossil fuel production, moving away from the green initiatives of the previous administration. These developments could…
The early days of Donald Trump’s second term have led businesses to scramble to grasp complex changes in laws and policies. Companies are looking to strengthen their legal strategies and navigate the shifting political landscape. Trump’s initial actions indicate he will deploy an extensive range of strategies to pursue his goals while leaving trading partners uncertain about his plans for potential tariffs. During a whirlwind week filled with over 100 executive orders, corporate advisors have noted a brief opportunity for engagement in policy, but this chance is mostly available to those who can stay informed. Chris Krueger, a strategist at…
