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07 December 2023

Cop: Japan's IGES outlines path to faster GHG cuts

Japan can reduce greenhouse gas (GHG) emissions faster than its government's current plans, according to an environmental research institution, if the country promotes and adopts more digitalisation to reduce energy consumption. The Institute for Global Environmental Strategies (IGES) released its

07 December 2023

EnergyAustralia outlines Lake Lyell pumped hydro design

Australian utility EnergyAustralia has unveiled the concept design for its 335MW Lake Lyell pumped hydropower project in New South Wales (NSW) state, part of its programme to replace its ageing coal-fired generation units. EnergyAustralia plans to finalise environmental assessments by August 2024,

06 December 2023

Aframax sails around South America to avoid canal

An Aframax tanker hauling crude from Mexico's west coast has sailed around South America en route to the US Gulf coast to avoid record-long wait times at the drought-stricken Panama Canal. The Frankopan , laden with 740,000 bl of Maya crude, sailed through the Magellan Strait on 6 December after lo

06 December 2023

Cop: LatAm diverges on mechanisms to cut fossil fuels

Latin America and the Caribbean have mixed views on the phasing out of fossil fuels and which mechanisms are the most effective to reduce its consumption and increase clean energy. Even though Latin America and the Caribbean have the cleanest electricity mix in the world — with a renewable share at

06 December 2023

Venezuela gives 90-day warning to Guyana producers

Venezuela has given ExxonMobil and other offshore oil producers 90 days to stop operations in disputed waters off the coast of Guyana. The threat, part of President Nicholas Maduro's effort to seize western Guyana's Essequibo province that has been in dispute for more than a century, follows a step

06 December 2023

Italian TSO publishes stress hours for 2024 capacity

Italian transmission system operator (TSO) Terna expects the country's supply-demand balance to be stressed in around 6pc of total hours in 2024, when the capacity market will be implemented. Terna has published the final calculations on the number of peak hours with the highest probability of syst

06 December 2023

EU's ETS to drive gradual rise in bitumen freight rates

Freight rates for bitumen tankers going in and out of EU ports will gradually rise next year when shipping is included in the bloc's Emissions Trading System (ETS), a cap-and-trade programme that requires companies to pay for their carbon emissions. The scheme obliges shipowners and charterers of a

06 December 2023

US still hopes for fossil fuel phase-out language

The US continues to push for language calling for a phase out of unabated fossil fuels in the final decision from the global stocktake at the UN Cop 28 climate summit in Dubai. Without a phase out, the world will not be able prevent a more than 1.5° C increase in global temperatures, US climate env

06 December 2023

Cop: EU repeats fossil fuel phase-out mantra

EU climate commissioner Wopke Hoekstra said today he wants the UN Cop 28 climate summit to mark "the beginning of the end of fossil fuels," and reiterated the bloc's position. He said the EU is at the event in Dubai "to negotiate an outcome to the global stocktake that sets a higher bar", and that

06 December 2023

EU diesel buyers want fewer, cheaper contracts for 2024

Diesel importers in the EU are generally looking for fewer term contracts in 2024 than they had in 2023, and are seeking to drive harder bargains after many felt they overpaid for their regular deliveries this year, according to market participants. The twin trends of fewer and cheaper term contrac

06 December 2023

Day-ahead, intra-day volumes at all-time high on TGE

Day-ahead and intra-day liquidity on Poland's TGE commodities exchange exceeded the previous all-time high by 1pc in November, while volumes in the forward market declined but remained up on the year. Total day-ahead and intra-day base-load volumes in November continued their upward trend from the

06 December 2023

Japan eyes launch of H2, NH3 subsidy scheme next summer

Japanese hydrogen and ammonia suppliers may be able to apply for government subsidies from around mid-2024, as Tokyo seeks to make the cleaner fuels more competitive by narrowing their price gap with conventional fuels. The winners could be decided by the end of next year at the earliest. The plan

06 December 2023

Cop: Anxiety surrounds fossil fuel discussions: Update

A certain anxiety is enveloping discussions at the Cop 28 UN climate conference about the phase-out of all fossil fuels, with parties currently aiming to finalise a new version of a text for the global stocktake — a measure of progress towards Paris Agreement goals — ahead of ministerial negotiatio

06 December 2023

China to debut pipeline natural gas transport rates

China plans to launch transport rates for domestic pipeline natural gas (PNG) for the first time from 1 January 2024, China's main economic planning agency the NDRC said on 5 December. These transport rates for PNG are inclusive of 9pc value-added tax. Total PNG transport prices are calculated base

06 December 2023

Cop: Anxiety surrounds fossil fuel discussions

A certain anxiety is enveloping discussions at the Cop 28 UN climate conference about the phase-out of all fossil fuels, with parties aiming to finalise a text today ahead of ministerial negotiations starting next week. The text is described as "building blocks" for an official draft document for t

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