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Latest market news

Data centers may be 'wild card' for gas demand

  • Market: Electricity, Natural gas
  • 12/09/24

The propagation of data centers in coming years could lead to a huge increase in daily natural gas demand, industry forecasters say, with one projecting up to 30 Bcf/d (850mn m³) in higher demand.

Data centers represent a "global wild card" that could increase gas demand by 3-30 Bcf/d in coming years to satisfy the facilities' needs for consistent air conditioning and power, energy infrastructure company Tallgrass director of analytics Robert Applegate told participants at the Midcontinent LDC Gas Forum in Chicago, Illinois, on Wednesday.

Financial services firm Macquarie head of economics David Doyle said power demand from data processing centers is a "theme that's not going away".

Gas market consultancy East Daley Analytics senior director Jack Weixel projects the US will need 20GW of combined cycle units to handle the increase in power demand generated by data centers, with cities like Phoenix and Chicago requiring more gas to accommodate the growth of data centers.

The panelists' views were largely aligned with the current discussion within the natural gas sector about the effects of data centers.

Canadian pipeline company TC Energy chief operating officer Stan Chapman has projected that 300 new data centers would need between 45-50GW of power to run, while gas producer EQT's most aggressive scenario predicted an 18 Bcf/d increase to meet data center electrical demand.

By Anna Muthalaly

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17/11/25

Chile turning right in presidential elections

Chile turning right in presidential elections

Santiago, 16 November (Argus) — Far right Juan Antonio Kast and communist Jeannette Jara, who represents a coalition of left and centrist parties, got the most votes in Chile's presidential elections on Sunday and will face each other in a runoff on 14 December. Forecasts call for 59-year-old Kast, founder of the Republican Party of Chile, to comfortably beat 51-year-old Jara in the second round by picking up the votes of other rightwing candidates. Combined this would give Kast more than 50pc of the vote. Jara was chosen to run for president in a center-left primary and faced no real contenders on the left in the first round. With almost 78pc of polling stations counted, Jara led with 27pc of the votes against Kast's 24pc but far from the 50pc required to win outright. Concerns about rising crime and immigration have dominated the campaign. Kast promises an "emergency government" that would use physical barriers to shut the border to illegal immigrants, expel undocumented migrants and crack down on organized crime. He has attacked Jara, a former minister in leftwing President Gabriel Boric's government, for representing continuity to an unpopular government. Boric's approval rating is 30pc. Jara has tried to distance herself from the Boric government and raised the possibility of renouncing or suspending her communist party membership if elected. Populist Franco Parisi placed a surprising third with around 19pc of the votes, Johannes Kaiser who is to the right of Kast picked up 14pc and center-right former mayor Evelyn Matthei, once a front-runner, scraped 13pc. Jara's result is well below the 30pc ceiling her team expected and unlikely to provide sufficient momentum to win enough voters put off by the ultraconservative Kast who opposes abortion and same-sex marriage. An admirer of Chile's former authoritarian dictator Augusto Pinochet, Kast has promised to cut public spending by $6bn in 18 months — the equivalent to 1.7pc of GDP — and reduce corporate tax to 23pc from 27pc. Jara says she will boost the minimum wage, ease permitting and build Chile's green hydrogen potential and massive copper and lithium resources to attract foreign investment. She also promises to cut electricity rates by 20pc for the first 85kWh of consumption per month. The right's strong showing in the presidential election suggests it will also do well in the congressional elections for the chamber of deputies and half of the senate, with votes still being counted. Earlier polls suggested the right could win a majority in both houses. By Emily Russell Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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Cop: 'Tangible' transition from fossil fuels needed

15/11/25
News
15/11/25

Cop: 'Tangible' transition from fossil fuels needed

Belem, 15 November (Argus) — Kazakhstan's deputy minister of natural resources Mansur Oshurbayev today called for a "tangible, not rhetorical" transition away from fossil fuels at a panel during the UN Cop 30 climate summit in northern Brazil. Nigerian and Fijian representatives at the same panel noted the need for "real alternatives" for industry and workers, and for the finance to support a transition, respectively. The topic of moving away from fossil fuels has drawn attention at Cop 30, with host country Brazil's President Luiz Inacio Lula da Silva calling for a roadmap to overcome dependence on them . But talks on the topic are moving slowly. Cop 30 chief strategy and alignment officer Tulio Andrade said earlier this week that they are not on the formal negotiation table. Almost 200 countries agreed to transition away from fossil fuels at Cop 28 in 2023. Some developing nations such as Colombia are eager for a phase-out plan at Cop 30, but others, especially in the Middle East and Africa, are concerned that it might hinder their development, according to delegates. A growing number of countries are discussing an option similar to the so-called Baku to Belem roadmap , which sets out paths to scale climate finance for developing countries to $1.3 trillion/yr by 2035. A fossil fuel phase-out roadmap could look similar, a French delegation source said. Any reduction in fossil fuel production can only come "with real alternatives for firms, workers and regions", Oshurbayev said during the panel. "We must preserve and redeploy this human capital into activities that support the climate transition and do not directly compete with the coal and oil and [natural] gas operations", he added. The phase out of fossil fuels is a "difficult conversation", the director general of Nigeria's national council on climate change Omotenioye Majekodunmi said. Around 80pc of Nigeria's economy relies on fossil fuels and the country uses about 40GW of fossil-powered generators to generate electricity, he said. But there have been some strides at the national level, such as removing taxes on photovoltaic systems, solar panels and batteries, which will allow "small mom and pop shops and homes to adopt renewable energy options other than burning gasoline and diesel", he said. The country also removed long-standing fuel subsidies in 2023. The Netherlands' vice-minister of climate and energy Michel Heijdra called on countries to reduce fossil fuels subsidies earlier in the week during a Cop 30 high-level event. And fossil fuel subsidies throughout the world are mostly "underpriced, underused or unjust", the deputy chief of IMF's climate policy division Diego Mesa said. Nigeria is also considering creating an additional tax on oil products, Majekodunmi said, which would encourage the country to "reimagine alternative energy sources to drive its economy". The country will rely on natural gas as a "transition fuel" as it winds down over-dependence on fossil fuels, Majekodunmi said. Electrification can also help countries reduce fossil fuel usage, Oshurbayev said. Bold and joint action will be needed to mitigate the consequences of irreversible climate change, including to phase out fossil fuels, the permanent secretary of Fiji's environment and climate change ministry Sivendra Michael said. And any such action will require financing, he told Argus on the sidelines. Some countries, such as India and Saudi Arabia, are pressing for the climate finance obligations of developed countries to developing countries to be addressed at this summit. This is one of four contentious topics that did not make it onto the official agenda, but that countries are discussing in consultations overseen by the Cop presidency. "The ball is [in the] rich countries' court", Michael said. The technical phase of Cop 30 is now wrapping up, as countries' ministers are starting to arrive. The talks will shift into a political phase from 17 November. By Lucas Parolin and Rhys Talbot Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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Cop: 10 countries pledge to align transport with 1.5ºC

14/11/25
News
14/11/25

Cop: 10 countries pledge to align transport with 1.5ºC

Belem, 14 November (Argus) — A group of 10 countries led by Chile called for a global effort to cut energy demand from the transport sector by 25pc by 2035, aligning it with the Paris Agreement goal of limiting global warming to 1.5°C above pre-industrial levels. The coalition was formed at the UN Cop 30 climate summit, which is underway in Belem, northern Brazil. Brazil, Colombia, Costa Rica, the Dominican Republic, Honduras, Norway, Portugal, Slovenia and Spain are the other signatory countries so far. "We are committed to making transport a key pillar of climate action, agreeing a shared framework for resilient and low emissions transport systems", Chile's transport minister Juan Carlos Munoz told journalists at Cop 30. Cutting energy demand from transport — the second-largest emitting sector — allows for "a clear measurable direction towards a net zero scenario in the transport sector in 2050", he added. Chile is a natural leader for the coalition as it is a global leader in efforts to electrify its public transport fleet. The country's capital Santiago is the city with most electric buses outside of China, Munoz said. It had around 3,000 electric buses in 2024, according to a report by Agora Verkehrswende, a non-governmental organisation focused on climate neutrality in transport. But it will have 4,400 by March, Munoz added. The coalition will now work to create a roadmap to reach the pledge's goal and measure progress for future Cops, according to Slocat, a global partnership that promotes sustainable, low-carbon transport. Sustainable fuels, renewable sources Although the pledge will heavily rely on electrification, it also calls on countries to shift one-third of energy powering transport to sustainable biofuels and renewable sources. Brazil is the second-biggest biofuel producer globally, trailing only behind the US. But it will consider any route that both decarbonizes its fleet and drives national industry, Brazilian minister of cities Jader Barbalho Filho told Argus , mentioning specifically liquid nitrogen and biomethane. Including existing and expected projects, Brazil could have 2.4mn m³/d of biomethane capacity by 2027, data from hydrocarbons regulator ANP show. The shift to sustainable biofuels and renewables sources plays well into Brazil's Belem 4x pledge , which calls for a global effort to quadruple global output and use of sustainable fuels by 2035, Filho added. "The Chilean government looked for us [to present the transport pledge] exactly because we already have [Belem 4x]", he said. The Belem 4x pledge now has 23 country signatories, Cop 30 chief executive Ana Toni said today. By Lucas Parolin Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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More oil, gas firms have emissions action plans: OGDC

14/11/25
News
14/11/25

More oil, gas firms have emissions action plans: OGDC

London, 14 November (Argus) — Oil and gas firms that are signatories to the Oil and Gas Decarbonisation Charter (OGDC) have increasingly set out plans to address their operational emissions, methane emissions and flaring, a report from the OGDC said today. Of the companies signed up to the charter in 2024, 36 reported having "interim action plans" for scope 1 and 2 emissions reductions for 2030, 31 reported that they had methane action plans and 33 reported having flaring action plans — up from 31, 20 and 22, respectively, in 2023. Of the signatories, 36 have third-party verification systems in place, the report found. The charter was signed at Cop 28 in 2023 and now has 55 signatories, representing around 40pc of global oil production and around 35pc of global oil and gas output. Of the signatory companies, around two-thirds are state-owned. OGDC signatories produced nearly 59mn b/d of oil equivalent (boe/d) in 2024. The OGDC estimated that total operated scope 1 and 2 emissions for all charter signatories stood at around 1bn t/CO2 equivalent (CO2e) in 2024. The estimate was based on submissions for operated scope 1 and 2 emissions from 41 signatories, which totalled just above 800mn t/CO2e in 2024. Scope 1 and 2 emissions usually make up a minority of oil and gas producers' total emissions. But scope 3, or end-use, emissions represent the vast majority of oil and gas producer emissions, with estimates in the range of 80-95pc of the total. A report from a group of more than 130 scientists on 13 November found that emissions from fossil fuels are projected to reach a record high of 38.1bn t/CO2 this year. Global emissions from "human activities" stood at 53.2bn t/CO2 equivalent (CO2e) in 2024, without factoring in emissions from land use, land use change and forestry, the EU's Edgar programme found in September. Charter signatories invested around $32bn in "low-carbon solutions" which include renewables, carbon capture, hydrogen and "low-carbon fuels" in 2024, according to the report. Signatories agree to aim for net zero operations by 2050, "near-zero upstream methane emissions" by 2030, zero routine flaring by 2030 and to "set and share" a 2030 goal for scope 1 and 2 emissions. TotalEnergies, a signatory to the charter, today committed $100mn to a fund which supports technologies to cut emissions "across the oil and gas value chain". The fund — Climate Investment — is partnered with the charter and will help signatories "on their decarbonisation path", within the charter's scope, TotalEnergies said. By Georgia Gratton Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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Norway confident power Norgepris is EEA compliant

14/11/25
News
14/11/25

Norway confident power Norgepris is EEA compliant

London, 14 November (Argus) — Norway's energy ministry is confident that its fixed price for electricity scheme — Norgepris — complies with its European Economic Area (EEA) obligations and is not "subject to notification" to the European Surveillance Authority (ESA) for review, it told Argus . Norway is currently responding to questions submitted by the ESA — a body responsible for ensuring compliance with the rules governing the EU's European Free Trade Association (EFTA) — in October. It confirmed that it will respond in full by 15 December. The questions also detail ESA's view that the scheme should have been notified for review to measure its effect on national and international market competition, in line with Article 3 of the Electricity Directive, as stated in a letter ESA shared with Argus . The energy ministry has since "had a constructive meeting with ESA", during which it made clear that it considers Norgepris "to be fully in line with [its] EEA obligations", the ministry's state secretary Marte Grindaker told Argus . Norgepris has been adopted by more than 1mn electricity meters since its launch in October, representing around 35pc of homes and 48pc of holiday homes. That share increases in Norway's most expensive power areas, up to 43pc in NO1 and 58pc in NO2. And two NO2 communes — Bykle and Aseral — registered sign-up rates of above 80pc. Norgepris consumers increased their power consumption by 3.8pc on the year in October, while demand from consumers retaining regular tariffs increased by just 1.7pc, according to distribution system operator Elvia data. Despite Norgepris consumers outpacing their regular tariff counterparts, the ministry maintains that "it is too early to draw conclusions from the consumption data", Grindaker told Argus , noting that the "household consumption in question represents only a limited share of total national electricity use". Total electricity use from households reached 3.3TWh last month, up by 1.9pc, representing 30pc of all consumption, according to data from Statistics Norway. By Daniel Craig Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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