Author: Graham Foster

Shell has announced that it will not launch any new offshore wind projects, marking a significant shift in its approach to renewable energy under CEO Wael Sawan. The company, headquartered in the UK, plans to maintain its existing offshore wind farms in the Netherlands and continue work on its current projects across Europe, the US, and the UK. However, it will not spearhead any new initiatives in the offshore wind sector. In a statement, Shell emphasized its aim to “maximize the value of our existing renewable generation platforms.” While the company indicated its willingness to consider off-take agreements where the…

Opec+, the oil cartel, is likely to extend its current production cuts during its upcoming meeting on Thursday. The decision comes as the group awaits developments regarding potential oil sanctions that may be imposed by U.S. President Donald Trump on Iran and Venezuela. Currently, the Opec group, which is significantly influenced by Saudi Arabia and Russia, is withholding nearly 6 million barrels of oil per day from the market. This amounts to about 6 percent of the total global oil supply, following a series of cuts designed to stabilize prices. In June, Opec announced its intention to continue limiting oil…

In a recent opinion piece, concerns have been raised about the electricity market run by PJM Interconnection, especially following its summer auction aimed at ensuring enough power for the upcoming 2025-26 delivery year. During this auction, power plant owners submitted bids to guarantee that their facilities would be operational when needed. However, the results of this auction shocked many, as the cost of ensuring electricity availability soared from $2.2 billion last year to an astonishing $14.7 billion this year—an increase of nearly 570%. The surge in auction prices reflects a significant demand for electricity coupled with a dwindling supply. New…

In this week’s edition, we bring updates from Houston and Lagos, focusing on energy developments and policy changes as Americans come back from the Thanksgiving holiday. Amidst Donald Trump’s impending return to political power, the energy sector is keeping a close watch on his plans, particularly a proposed set of tariffs on Canadian oil imports. This proposal has raised concerns among US oil producers who warn it could lead to increased fuel prices for consumers. While the spotlight is on Trump, there is also a significant conversation around Joe Biden’s energy initiatives. Analysts are examining the future of the ambitious…

Eos Energy Enterprises has successfully secured a loan of $303.5 million, backed by the U.S. Department of Energy’s Loan Programs Office. This funding will boost the manufacturer’s efforts in producing its innovative zinc-based energy storage systems. With this loan, Eos intends to increase the production capacity at its battery manufacturing facility located in Turtle Creek, Pennsylvania. The goal is to ramp up production to 8 GWh annually by 2027. To achieve this, Eos plans to establish four automated manufacturing lines. Presently, one line is already operational. According to the Department of Energy, the loan guarantee currently encompasses two of these…

In a significant step forward, fourteen of the world’s largest banks and financial institutions are committing to support nuclear energy. This decision aims to help fund a new generation of nuclear power plants, which both the industry and governments see as essential for a sustainable energy future. During an event on Monday in New York, which included White House climate policy adviser John Podesta, major institutions such as Bank of America, Barclays, BNP Paribas, Citi, Morgan Stanley, and Goldman Sachs announced their backing for a goal established at last year’s COP28 climate conference. This goal seeks to triple the global…

In recent years, India has made remarkable strides in the renewable energy sector, particularly in solar energy. Just three years ago, the nation announced an ambitious goal of achieving nearly 500 gigawatts of renewable energy capacity by 2030, positioning itself as a leader in the global solar market. However, fresh allegations of corruption against the country’s largest solar operator have cast a shadow over these efforts. As Indian Prime Minister Narendra Modi was being celebrated for his climate initiatives during the November 2021 climate talks, Gautam Adani, billionaire and head of the Adani Group, came under scrutiny from U.S. authorities…

Petrobras, Brazil’s state-controlled oil company, is focusing on expansion to secure its long-term future. This ambitious approach comes as the company’s CEO, Magda Chambriard, emphasizes the need for the firm to diversify its operations to include activities like offshore drilling, biofuels, and fertilizers. Chambriard is steering Petrobras in a new direction, moving away from the previous government strategies that mainly prioritized deepwater oil exploration. This initiative aligns with the goals of Brazil’s leftist President, Luiz Inácio Lula da Silva, who aims to enhance local job creation and stimulate economic growth. Previously, Petrobras had trimmed its operations by selling off refineries,…

Thames Water, the largest water provider in the UK, is facing a critical situation as its main creditors inform the authorities that a proposed £3 billion emergency loan cannot be used to cover fines. The company, which serves 16 million customers, anticipates fines totaling around £400 million by March 2027 due to various penalties, including a £44 million fine for allegedly paying excessive dividends and approximately £135 million for environmental violations related to sewage pollution. Last month, Thames Water secured the emergency loan from its main creditors, which include US hedge funds and UK asset managers. The loan aims to…

On Tuesday, Maryland introduced a new grant program aimed at boosting electric resilience, allocating $15 million for improvements that officials say are vital in reducing power outages and advancing the state’s clean energy objectives. The program, called the Resilient Infrastructure for Sustainable Energy (Maryland RISE), is now open for applications from utilities and stakeholders involved in the power industry. Approximately $13 million of the funding comes from the federal Infrastructure Investment and Jobs Act, with the availability of awards dependent on funding. Maryland Energy Administration Director Paul Pinsky emphasized the urgent need for a dependable electric grid, stating, “Our grid…