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May 5, 2025

Daily (05.05.2025): British gas prices increased on Friday amid lower Norwegian flows and cold weather outlook

A cautious tone was adopted by traders ahead of the upcoming OPEC+ meeting to decide June production levels, leading to downward pressure on crude oil prices. Supply increases were anticipated, while ongoing U.S.-China trade tensions prompted demand forecasts for the year to be revised lower by analysts. Hence, Brent crude dropped by...

May 6, 2025

Neoen and Prokon have energized a 55.8-MW wind farm in Finland to provide power to Equnix.

French renewable energy producer Neoen SA announced on Monday that it has successfully launched its 55.8-MW Lumivaara wind farm in Finland, which it co-owns with the local branch of German renewables cooperative Prokon. Situated in the Hyrynsalmi municipality in the Kainuu region, the wind farm features nine V162-6.2 MW turbines from Denmark’s Ves...

May 6, 2025

French grid protection resulted in a power outage.

French grid protection successfully minimized domestic disruptions during the Iberian blackout, according to TSO RTE on Monday. The systems in place "led to the disconnection of interconnections with Spain and prevented the incident from spreading further into Europe," the TSO stated. The widespread power outage that impacted Iberia last week had...

May 6, 2025

The EU plans to stop importing Russian gas by the end of 2027.

The European Union will unveil plans on Tuesday to prohibit new Russian gas agreements by the end of this year and to phase out existing contracts with Russia by the end of 2027, according to three EU officials speaking to Reuters. Following Moscow's invasion of Ukraine in 2022, the bloc aimed to halt Russian fossil fuel imports by 2027. The EU C...

May 6, 2025

Saudi Arabia Increases Oil Prices for Asia as OPEC+ Expands Supply Further.

Saudi Arabia has increased the price of its main crude grade for Asia in June, coinciding with the OPEC+ group's decision to ease production cuts by adding a larger volume to the market next month. This adjustment indicates that the Kingdom anticipates strong demand in Asia, raising the price of Arab Light crude by $0.20 per barrel compared to Ma...

May 6, 2025

Shell is said to be considering a bid for BP.

Shell is reportedly considering a takeover of BP, which has faced challenges after its early push for a rapid energy transition. Bloomberg cited unnamed sources for this information. The Financial Times reported Shell's CEO, Wael Sawan, stating that he prefers to buy back Shell’s own stock rather than pursue BP. Sawan mentioned, “We will always lo...

May 6, 2025

Uniper outlines power hedging for hydro and nuclear energy for 2026 and 2027.

German utility Uniper announced in an analyst call on Tuesday that it has implemented a hedging strategy by selling a portion of its future hydropower production. The company has sold 35% of its 2026 German hydropower output at an average price of €92 per megawatt hour, along with 5% of its 2027 output at an average of €86 per MWh. This information...

May 6, 2025

TotalEnergies has started construction on the first LNG bunkering hub in the Middle East.

TotalEnergies and Oman’s OQ Exploration and Production (OQEP) have begun construction of the Marsa LNG plant at Sohar port, moving closer to creating the Middle East’s first LNG bunkering hub. This milestone was marked by a ground-breaking ceremony, occurring a year after the final investment decision on the 1 million ton per year liquefaction faci...

May 6, 2025

Preparations start for geothermal drilling to expand heating in Podhale, Poland.

Preparation has begun for drilling the fourth production well, Banska PGP-7, at Geotermia Podhalanska in Poland's Podhale region. The well will be drilled to a depth of over 4,000 meters, enhancing the geothermal heating plant's capacity. The drilling site is being readied for the rig's mobilization, with drilling planned to commence in June and c...

May 5, 2025

OPEC+ to accelerate oil production increases.

OPEC+ is poised to speed up oil output increases and may reintroduce as much as 2.2 million barrels per day by November, according to five sources from the group. This move comes as Saudi Arabia, the group's leader, aims to penalize certain members for exceeding their production quotas. In April, OPEC surprised the oil market with a larger-than-ex...

May 5, 2025

Italy's new subsidy program aims for 24 TWh of renewable energy per year.

Italy's new contracts for difference (CFD) mechanism may help stabilize energy prices and cover up to 24 TWh/year from non-subsidized wind and solar power, according to industry sources. This voluntary mechanism will be available to existing renewable energy plants without public funding. Industries could request as much as 50 TWh, but since parti...

May 5, 2025

Approval granted for the expansion of Garoña's used fuel storage.

Spain's nuclear regulator has authorized the expansion of the interim dry storage facility for spent fuel at the Garoña nuclear power plant, which has been shut down since 2012. This expansion is necessary to meet the plant's fuel storage requirements during its decommissioning process. The Nuclear Safety Council (CSN) approved, with conditions, t...

May 5, 2025

Geothermal drilling at Geiselbullach, Germany, is set to begin later this year.

Drilling for geothermal resources is set to begin by December 2025 in Geiselbullach, Olching, Bavaria, Germany. The project aims to utilize geothermal energy as an alternative source for the district heating network currently provided by a waste-to-energy plant. Amperland Thermalwärme GmbH (ATW), a subsidiary of the Joint Municipal Company for Was...

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