It’s December in Europe, and the temperature is dropping. People have the heating on as they cook dinner, run the washing machine, watch television. But in France, the grid operator is running out of options to keep the lights on. The utility has issued a “red” alert, meaning supplies are …
Read More »In Europe, the Path to Net-Zero Goes through the North Sea
Earlier this month, energy leaders from across the world descended on Stavanger, Norway, for the annual Offshore Northern Seas (ONS) conference. The focus of this year’s event was clear: how we can accelerate Europe’s transition to a low-carbon future while at the same time ensuring a reliable and affordable energy …
Read More »European Gas Fluctuate as EU Plans Intervention to Ease Crisis
Natural gas fluctuated as the European Union pushed on with its market intervention to ease the worst energy crisis in decades, but the plans are unlikely to include a cap on prices of imported fuel. Benchmark futures gave up most of an earlier decline of as much as 4.9 per …
Read More »Record U.S. LNG Exports to Europe may not Last
The United States and its natural gas have been vital for Europe’s attempt to fill its gas storage ahead of this winter season. Yet record U.S. LNG exports have led to a surge in domestic gas prices. The boomerang is coming back. When President Joe Biden promised the European Union …
Read More »Europe’s Central Bank Rules out Liquidity Support for Energy Firms
The European Central Bank will not give short-term financing to European energy firms struggling through the energy crisis, sky-high prices, and margin calls on the derivatives markets, ECB President Christine Lagarde said on Friday. “As far as the ECB is concerned, and the national central banks of the Eurosystem, of …
Read More »Europe’s Newest Nuclear Reactor Eases Finland’s Power Problems
The newest nuclear reactor in Europe, the Olkiluoto 3 plant unit (OL3), exceeded the landmark 1,000-megawatt power mark on Friday, easing the strain on Finland’s electricity grid, Bloomberg reports. The unit, which became earlier this week the single largest electricity generation unit in Finland by capacity when it was raised …
Read More »Oil Prices Rise as Russia and Europe Face off over Exports
Oil prices rose nearly $1 a barrel on Thursday after dropping through key technical support levels in the previous session, as an energy standoff between European nations and Russia focused investor minds on how tight fuel supply may become. Brent crude futures rose by 91 US cents, or 1%, to …
Read More »Europe’s Wave of Floating Gas Terminals Kicks off in Dutch Port
Two floating liquefied natural gas terminals are setting up in a Dutch port, the first in a wave of the specialist tankers that Europe is banking on to ease the worst energy crunch in decades. The Golar Igloo and the Eemshaven LNG are currently berthed together in the northern seaport …
Read More »Europe Is Buying all the Russian Oil it can before Banning it
Three months from now, an EU-wide embargo on Russian crude oil imports will kick in, shutting off almost all shipments of the commodity from Russia to Europe. But right now, Europe is importing over 1 million barrels of Russian crude daily and has been doing so for the last month. …
Read More »Putin Threatens to Halt all Gas to Europe if Prices are Capped
Russian President Vladimir Putin has threatened to retaliate against any move by the European Union to cap the price of Russian gas by halting flows completely and suggesting a deal allowing Ukrainian grain to be exported to world markets could be disrupted. Addressing an economic conference in the Russian Far …
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