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Von der Leyen puts forward EU commissioner candidates

  • Spanish Market: Electricity, Emissions, Natural gas
  • 17/09/24

European Commission president Ursula von der Leyen today presented candidates for commissioner posts, confirming names put forward for portfolios including climate, energy, agriculture and trade.

Von der Leyen — who was confirmed by European Parliament as Commission president on 18 July — has committed to doubling down on climate and energy policy. Her 2024-29 mandate stipulates greenhouse gas emissions cuts of at least 90pc by 2040 compared with 1990.

Her commissioners, if appointed, will implement those policies. She is nominating Teresa Ribera to oversee competition policy but also "clean, just and competitive transition" that would include energy, climate, environment and other Green Deal files. Ribera is Spain's deputy prime minister and responsible for the country's ecological transition.

Von der Leyen has proposed the current EU climate commissioner Wopke Hoekstra for the portfolio of climate, net-zero and clean growth. Hoekstra, who replaced previous Green Deal commissioner Frans Timmermans, will also be responsible for taxation.

Other nominees include former Danish climate minister Dan Jorgensen, up for energy and housing commissioner. Former Swedish minister for EU affairs Jessika Roswall is proposed for a portfolio including environment and circular economy, and Luxembourgish Christophe Hansen, a former member of EU parliament, is proposed as agriculture and food commissioner.

Von der Leyen now needs to ensure that candidate-commissioners are approved by parliamentary committees and then by plenary. Hearings will also focus on candidates' abilities to implement policies. "Parliamentary scrutiny will not cut corners," European Parliament president Roberta Metsola said.


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10/10/24

Hurricane Milton leaves 3.4mn in the dark

Hurricane Milton leaves 3.4mn in the dark

New York, 10 October (Argus) — About 3.4mn customers in Florida were without power this morning after Hurricane Milton pummeled the state with heavy rainfall and strong winds. Utility crews began the process of assessing and repairing the damage caused by the hurricane which tore down trees and downed power lines after slamming into Florida's west coast as a powerful Category 3 hurricane late Wednesday. Florida Power & Light had about 1.2mn homes and businesses without electricity, Duke Energy reported about 875,000 outages, while about 592,000 customers of Tampa Electric were affected, according to independent tracker Poweroutage.us. Milton, which has since weakened to a category 1 storm with maximum sustained winds of 85mph, is now moving off the east coast of Florida. "On the forecast track, the center of Milton will continue to move away from Florida and pass to the north of the Bahamas today," according to the National Hurricane Center. The risk of life-threatening storm surge remains on the eastern coast of Florida, while hurricane-force winds are expected to linger for a few more hours. Major flooding as a result of heavy rainfall also continues to pose a threat. A recovery in road fuel supplies, which were strained by the pre-storm evacuation of hundreds of thousands of residents, will depend on the extent of power, roadway and port outages. The state has waived statutes regulating the sale, storage and distribution of liquid fuels . By Stephen Cunningham Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

US inflation slows to 2.4pc in Sep


10/10/24
10/10/24

US inflation slows to 2.4pc in Sep

Houston, 10 October (Argus) — US inflation slowed slightly less than expected in September, but still came in at the lowest annual rate since February 2021, in the first major inflation report since the Federal Reserve started cutting interest rates last month. The headline consumer price index (CPI) eased to an annual 2.4pc in September, down from 2.5pc in August, according to the Labor Department. The decline was less than the 2.3pc forecast in a survey of economists by Trading Economics. Excluding volatile food and energy, so-called core inflation rose to a 3.3pc annual pace, higher than forecasts for core inflation to match the prior period's 3.2pc pace. Today's report is the final CPI report ahead of the next Federal Reserve policy decision on 7 November and it follows a much stronger than expected employment report for September, which together could prompt the Fed to move more cautiously. Still, CPI has come down sharply from its peak of 9.1pc in mid-2022 and, despite aggressive Fed tightening, hiring has continued at a healthy rate and the overall economic expansion remains on track, partly thanks to falling energy prices. The energy index contracted by an annual 6.8pc pace in September after contracting 4pc through August. The food index rose by an annual 2.3pc following a 2.1pc gain in the prior period. Transportation services rose by 8.5pc. Within energy, the gasoline index fell by 15.3pc after a 10.3pc decline in the prior period. Energy services rose by 3.4pc after a 3.1pc gain. Natural gas services rose by 2pc. Shelter rose by 4.9pc after a 5.2pc gain. Transportation services rose by 8.5pc following a 7.9pc gain. Auto insurance was up 16.3pc. On a monthly basis, CPI rose by 0.2pc in September, matching gains in August and July, Labor said. Shelter rose by 0.2pc and food increased by 0.4pc, together accounting for over 75pc of the monthly headline increase, Labor said. The energy index declined by 1.9pc over the month, after falling by 0.8pc in the prior month . By Bob Willis Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

Cop 29 president calls for progress on finance


10/10/24
10/10/24

Cop 29 president calls for progress on finance

Edinburgh, 10 October (Argus) — The president-designate of the upcoming UN Cop 29 climate summit, Mukhtar Babayev, has urged parties to progress on a timeframe and an amount for the new climate finance goal to be decided at the conference in Baku next month. At a pre-Cop meeting today, Babayev stressed the need to "take seriously the responsibility for identifying a number over a timeframe and come forward with solutions". "We cannot afford to leave too much to be decided at the summit," he added. Cop parties must agree in November on the new collective quantified goal (NCQG) — building on the current $100bn/yr target that developed countries agreed to deliver to developing countries over 2020-25. But there remains a huge divide to bridge between developed and developing nations ahead of Cop 29 . Developed countries have yet to commit to a number for climate finance, while developing nations have for some time called for a floor of at least $1 trillion/yr. The Cop 29 presidency is seeking to build on "possible convergence on certain elements" to provide a solid foundation to discussions on other parts of the goal, Babayev said. Elements for the formulation of the goal include an amount for the NCGQ, timeframes, scope, sources, as well as accessibility and transparency. Babayev did not provide details on potential convergence, but some common ground was found during technical discussions on elements such as access and transparency. "Qualitative elements of the goal such as transparency and accessibility are also essential to ensuring that the goal is both fair and ambitious," he said. "The substantive framework for the draft negotiation text" on the NCGQ will be released in the next few days, according to Babayev. The NCQG is Cop 29's "top negotiating priority", Babayev said, but he also urged parties to turn pledges made last year for the loss and damage fund — which will support vulnerable countries with the irreversible and unavoidable effects of climate change — into contributions. He said that countries need to "respond to the goal of the UAE consensus [Cop 28 agreement] to transition away from fossil fuels in a just and orderly manner taking into account different national circumstances". There is "no time for us to allow for anyone to try and backpedal on what we have collectively committed to in Dubai," Cop 28 president Sultan al-Jaber said at the meeting today. Cop 28 last year ended with an agreement that included transitioning away from fossil fuels and tripling renewable energy capacity globally by 2030. Al-Jaber said that the next NDCs must be aligned with the Paris agreement and the Cop 28 deal to keep 1.5°C — the Paris accord's most ambitious temperature limit — within reach. NDCs "must be economy-wide, cover all greenhouse gases and seize the opportunity of climate action as a driver for sustainable growth", he said. He recognised the efforts of G7 countries in including references to the Cop 28 agreement in their final communique and that he "was very hopeful that the same would happen at G20" later this year. G7 countries in May committed to phasing out "unabated coal power generation" by 2035 — putting a timeframe on a coal phase-out for the first time. They also pledged "to transition away from fossil fuels" in energy systems in a just, orderly and equitable manner, accelerating actions in this critical decade, to achieve net-zero by 2050 in keeping with the best available science", which is the language used in the Cop 28 text. Heads of states and governments in September adopted a pact that also included this wording ahead of the UN general assembly . By Caroline Varin Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

Strike starts at Chevron Australia's LNG sites: Update


10/10/24
10/10/24

Strike starts at Chevron Australia's LNG sites: Update

Adds comment from Altrad spokesperson in paragraph 3 Sydney, 10 October (Argus) — Members of Australian LNG workers' union the Offshore Alliance (OA) that are employed by companies owned by engineering firm Altrad are undertaking protected industrial action (PIA) at Chevron Australia's two LNG facilities. About 140 gas maintenance workers began rolling stoppages and work bans today because of dissatisfaction with negotiations for a new enterprise bargaining agreement, the OA said. The PIA can occur for 30 days from when the results of a union members' ballot was declared on 2 October, and may be extended if agreed by the Fair Work Commission. Altrad remains committed to the continuing bargaining process, a spokesperson for the firm said on 10 October, promising to "continue to seek an equitable outcome to negotiations" in the interests of employees and Altrad. Workers are demanding union rates and conditions on every offshore and onshore oil and gas facility, the OA said, promising to push back against baseline workplace agreements presently in place. Striking staff include technicians, scaffolders, riggers, painters and plasterers working for Altrad at the Chevron's 8.9mn t/yr Wheatstone LNG and 15.6mn t/yr Gorgon LNG facilities in Western Australia state, as well as Wheatstone's offshore platform. Chevron Australia is aware Altrad employees have started industrial action, but said no impact to production are expected. "Given the nature of the work undertaken by Altrad and the mitigations in place, it is not anticipated there will be any impact to LNG and domestic gas production nor to any critical business activities at our facilities," a Chevron spokesperson said on 10 October. The dispute comes almost 12 months after Chevron reached an agreement with the OA — formed by the Australian Workers' Union and Maritime Union of Australia — on three deals regarding pay and conditions at its LNG terminals and upstream facilities. By Tom Major Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

Altrad Australia's workers strike at Chevron LNG sites


10/10/24
10/10/24

Altrad Australia's workers strike at Chevron LNG sites

Sydney, 10 October (Argus) — Members of Australian LNG workers' union the Offshore Alliance (OA) that are employed by companies owned by engineering firm Altrad are undertaking protected industrial action at Chevron Australia's two LNG facilities. About 140 gas maintenance workers began rolling stoppages and work bans today because of dissatisfaction with negotiations for a new enterprise bargaining agreement, the OA said. The workers include technicians, electrical and instrumentation technicians, scaffolders, riggers, painters and plasterers working for Altrad at the Chevron's 8.9mn t/yr Wheatstone LNG and 15.6mn t/yr Gorgon LNG facilities in Western Australia state, as well as Wheatstone's offshore platform. Chevron Australia is aware employees have started industrial action, a spokesperson said. But the firm does not anticipate any impact to LNG and domestic gas production or any critical business activities, given the nature of the work undertaken by Altrad and mitigations in place. Altrad was contacted for comment, but has yet to respond. Workers are demanding union rates and conditions on every offshore and onshore oil and gas facility, the OA said, promising to push back against baseline workplace agreements presently in place. The dispute comes almost 12 months after Chevron reached an agreement with the OA — formed by the Australian Workers' Union and Maritime Union of Australia — on three deals regarding pay and conditions at the LNG terminals and upstream facilities. By Tom Major Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

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