The world will set a new record for renewable power capacity this year led by solar energy in China and Europe, but growth could lose steam in 2023, the International Energy Agency said Wednesday. A record 295 gigawatts of new renewable power capacity was added in 2021 despite supply chain …

The energy price surge and crunch in late 2021 and the ongoing crisis in Ukraine have renewed global momentum for replanning energy transition roadmaps. While some suggest accelerating clean energy transitions to cope with surging energy prices, others are taking the opposite approach. For example, Germany, a pioneer in the …

Since Russia invaded Ukraine, Madrid has revived calls to build a huge gas pipeline between Spain and France dubbed MidCat that would boost Europe’s energy independence from Russia. What is MidCat? Initially launched in 2003, the 190-kilometre (120-mile) Midi-Catalonia (MidCat) pipeline would pump gas across the Pyrenees from Hostalric just …

The European Union is “massively” underestimating the cost of weaning itself off Russian natural gas by billions of euros unless it can speed up its shift to renewable energy. Europe is so reliant on gas that even cutting Russian supplies still means governments could be on the hook for about …

Venezuela has begun importing Iranian heavy crude to feed its domestic refineries, Venezuelan oil company PDVSA announced. Iran and Venezuela last year initially agreed to a swap deal, with PDVSA importing Iranian condensate to dilute and process its extra-heavy oil for export, Reuters reported. In return, Venezuelan crude is being …

Russia’s crude oil production is on the rise so far in May, Deputy Prime Minister Alexander Novak told TASS news agency on Monday. Russia’s crude oil production slipped by half a million bpd in March, by a full million bpd in April, with many analysts stating concern that those barrels …

Azerbaijan plans to supply more natural gas to Europe as countries in the continent aim to phase out Russian imports by the end of the year and look for alternative sources of supplies amid Moscow’s continuing conflict with Ukraine. The central Asian republic is focusing on upgrading its existing energy …

Hyundai Motor Group will construct a liquefied natural gas (LNG) cogeneration facility inside its automotive manufacturing plant in Ulsan to secure a stable power supply while reducing energy consumption and greenhouse gas emissions. According to the carmaker on Monday, it plans to digest over 70 percent of annual electricity used …

The G7 club of wealthy nations have committed to phasing out its dependency on Russian oil. The statement from the Group of Seven – France, Canada, Germany, Italy, Japan, Britain and the United States – did not specify exactly what commitments each country will make to move away from Russian …

Oil extended its biggest drop in more than five weeks as the European Union softened some of its proposed sanctions on Russian oil exports. West Texas Intermediate futures fell below $103 a barrel in early Asian trading after sliding around 6% on Monday. The bloc will scrap a proposed ban …