ガスとエネルギー
概要
ガスと電力は、すべての経済活動を支える2つの不可欠なエネルギー源です。信頼できる市場情報、データ、価格へのアクセスはガスと電力セクターへのエクスポージャーに関して、より多くの情報に基づいた意思決定が可能になります。
当社の市場専門家チームは、独立した信頼できる価格査定、インデックス、市場データ、詳細な分析を提供しています。当社の価格とマーケット・インテリジェンスは、エネルギー会社、政府、銀行、規制当局、取引所、その他多くの組織で利用されています。より良い意思決定のために、これらの市場に関する当社の深い知識をご活用ください。
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BP appoints Woodside’s O’Neill as next CEO
BP appoints Woodside’s O’Neill as next CEO
New York, 17 December (Argus) — BP appointed Woodside Energy chief executive officer Meg O'Neill as its next chief executive effective from next April. O'Neill will replace Murray Auchincloss, who has decided to step down on 18 December after more than three decades with the London-based oil major. O'Neill transformed Woodside into the biggest energy company listed on the Australian Securities Exchange after taking over as chief executive in 2021, according to BP. While at Woodside, she also oversaw the acquisition of BHP Petroleum International. O'Neill also spent more than two decades at ExxonMobil earlier in her career. "Her proven track record of driving transformation, growth, and disciplined capital allocation makes her the right leader for BP," said Albert Manifold, chairman of the company's board of directors. Carol Howle, executive vice president, supply, trading & shipping of BP, will serve as interim chief executive until O'Neill takes over. Auchincloss will also serve in an advisory role until December 2026 to ensure a smooth transition. BP scaled back ambitious low-carbon goals earlier this year with Auchincloss conceding that the company had been "optimistic for a fast [energy] transition but that optimism was misplaced." The company raised its 2030 target for oil and gas production as part of a "fundamental reset" of strategy that also entailed a cut in renewable energy investments. O'Neill's appointment follows a search process overseen by the board, with the help of an independent recruitment firm, as part of the company's long-term succession planning. By Stephen Cunningham Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
LNG supply growth outstrips carrier orderbook to 2030
LNG supply growth outstrips carrier orderbook to 2030
With the acceleration of scrapping of LNG carriers, the number of newbuilds is insufficient to keep pace with supply growth, writes Cerys Edwards London, 17 December (Argus) — The number of newbuild LNG carriers scheduled to deliver by 2030 will not be enough to transport the planned growth in global liquefaction capacity, particularly if the retirement of older vessels accelerates compared with recent years. But the balance in the freight market will depend heavily on the configuration of LNG trade flows over the rest of the decade. Some 234 newbuild LNG carriers are scheduled to be delivered over 2026-2030, according to data from the International Maritime Organisation (IMO), with deliveries in 2026 set to be the quickest year on record. Typically, around 1½ ships are needed to transport 1mn t of new liquefaction supply to Europe, and three ships for the equivalent journey to Asia, Capital Clean Energy Carriers chief executive Jerry Kalogiratos said at the World LNG Summit in Istanbul in December. Applying this basic assumption, the 234 newbuild carriers could transport some 158mn t/yr of new liquefaction capacity were the supply to deliver solely to Europe. But the newbuilds provide scope for just 78mn t/yr of new loading demand should the vessels deliver to Asia, which Kalogiratos considers the more probable scenario, given that buyers in southeast Asia are likely to consume more LNG in the forthcoming years. "There definitely looks like there is going to be a shortage", he says. Both scenarios indicate that the present LNG carrier orderbook is not large enough to accommodate the 229mn t/yr of new export capacity scheduled to come on line by 2030, judging by the projects that have already reached a final investment decision (FID). And the LNG carrier market could tighten further if more projects reach FID. Even the roughly 80mn t/yr of additional production capacity that was sanctioned this year are "not yet covered," according to David Colson, vice president at French engineering firm GTT, which supplies nearly all of the membrane containment systems used in LNG vessel tanks. The golden age of steam coming to an end? The LNG freight market balance over the coming years will also largely depend on the number of older vessels being scrapped, which rose sharply this year. A record 14 steam turbines have been sold for scrap so far in 2025, up from eight in the whole of 2024 and an average of five over 2020-24. And the pace of scrapping is likely to accelerate over the next few years, as vessels roll off long-term charter agreements, Kalogiratos says. Steam turbine carriers are "obsolete" as their high boil-off costs and smaller cargo capacity sizes do not provide the "flexibility that the current LNG trading environment requires", he added. There are 29 operational LNG carriers that are 25 years old or older, including the 137,000m³ Puteri Nilam and same-sized Al Jasra which have in recent months idled in the strait of Malacca and Bay of Brunei, according to shiptracking data from Kpler. The oldest LNG carrier still in operation is the 128,000m³ LNG Maleo , which was built in 1989 and is controlled by Indonesia's state-owned Pertamina. As well as these vessels, there are a further 47 built in 2000-2005, including 11 idling in either Malacca or Brunei Bay. These are likely to be retired by 2030, given the average age of the vessels sold for scrap in 2025 was 26, Norwegian shipping firm Flex LNG said in its third-quarter earnings call last month. Were all 76 vessels built before 2005 scrapped by 2030, it would limit the fleet growth to a total of just 158 LNG carriers. Under the scenario outlined above this number of vessels could transport 105mn t/yr of supply to Europe and just 53mn t/yr to Asia — both far below the planned capacity buildout. The LNG carrier orderbook could still grow in the coming years however, given slots for late 2028 delivery are still available at some South Korean shipyards. Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Viewpoint: French power in slump
Viewpoint: French power in slump
London, 17 December (Argus) — France enters 2026 with power prices in a slump, as stagnant demand meets strong nuclear availability and ever-increasing renewables output. Forward prices are well below spot delivery in recent years, with the Cal-26 contract assessed at €49.75/MWh on Tuesday, compared with spot delivery of about €60/MWh in 2024 and 2025. Lower gas prices explain some of the low forward prices, as does increased renewables capacity, but French hydro reserves are well below previous years, and EdF expects to produce less nuclear power year on year because of further planned long maintenance shutdowns. If low spot delivery confirms that these forward prices were correct as to how fundamentals would play out, it could limit any potential for upside risk. And the course of any potential demand recovery over the next few years will determine whether the contango shape of the French forward years is justified by fundamentals. The French yearly contracts are unusual with Europe being in contango, rising out to the end of the decade, compared with most other countries which are in backwardation. Fundamentals arguments put forward to explain this include expectations of increased interconnection to more expensive markets, or an uptick in demand, especially from industry and data centres. But demand has remained stubbornly flat over recent years. Industrial, data centre and hydrogen projects with a total demand of 30GW have grid capacity reserved for them. If all of these projects came to light and used their full capacity, demand would leap by 180TWh by 2030, or about 40pc. Not all of these projects will be built, and those that are will not use their full capacity all the time. Grid operator RTE's high estimate is for 60pc of projects to be completed, which will then use only 20-60pc of their grid capacity. But even if only some of them are built, this could push demand growth to 1-3pc/yr. RTE's low estimate for the incremental demand from these projects by 2030, as well as additional electric vehicles, comes to 2.7GW, while its high estimate is for 6.3GW of incremental demand. A rapid increase in demand could outpace supply gains from the several GW/yr of solar capacity likely to come on line in the coming years, mechanically tightening France's balance, if it is met and there is not a fall in demand from other sectors. France may be reaching a crunch point on renewables. The ambition of governments of recent years to advance on renewables and nuclear has hit the buffers, as the lack of any demand growth removes justification for increasing capacity. Low market prices are an indication that France does not particularly need any extra renewables capacity in the short term. Capture rates for solar have fallen year on year, while lower market prices mean the bill for public subsidy for renewables grows ever higher. Some increases are locked in over the next few years, but appetite may be lacking to continue growth beyond that. And political obstacles could make a low-renewables strategy easier. Right-wing parties are firmly opposed to renewables, and the government relies on their tacit support to remain in office. The government intends to publish the PPE3 10-year energy strategy by the end of the year, which in this draft includes cuts to renewables targets, it has said. The other big dossier of French energy is the new nuclear programme. EdF has already started preparatory works to build two 1.6GW reactors at Penly, and plans to build a further four, with eight more on the drawing board. But the experience of the Flamanville 3 reactor — entering service more than a decade late and many billions over budget — could make any government hesitate before offering EdF funding for more reactors. This is all the more true if prices remain low in the coming years, which would cut EdF's ability to fund large investments and require more government support. The mooted €100/MWh price point of the new nuclear, more than twice the current market price, is a further impediment. And the programme is not expected to come into service until the late 2030s at the earliest, meaning a government which holds fire can spare itself large costs without incurring any power shortage during its term in office. By Rhys Talbot Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
EU's Hoekstra confident of CBAM export support
EU's Hoekstra confident of CBAM export support
Brussels, 17 December (Argus) — European climate and taxation commissioner Wopke Hoekstra is "absolutely" confident that EU member states will give "full" support to an EU-wide temporary decarbonisation fund for carbon leakage in industrial sectors covered by the bloc's carbon border adjustment mechanism (CBAM). This is despite the European Commission proposing that 25pc of CBAM revenues originally earmarked for national budgets now finance the CBAM fund. "We're not going to make this part of the EU budget. This is money that immediately is going to be spent on the companies of member states," Hoekstra told Argus , noting that the fund is helping EU states' own industries. Financing the fund may still be contentious, especially for EU countries. In addition to proposing that the fund be financed by revenues currently earmarked for EU states' budgets, the commission leaves untouched the remaining 75pc earmarked for the EU budget. Hoekstra said that CBAM's increased scope, expanded to downstream products, "roughly" equates to the financing required for the fund. "We did not try to design it exactly that way. But it is convenient because it makes the conversation with member states even easier," Hoekstra said. The European Parliament and EU member states are likely to amend the revised CBAM regulation and accompanying laws before adoption. Under the proposal, over 140 CN goods categories produced by EU-based manufacturers will receive support from the fund. The commission does not propose any differentiation between support given to manufacturers' EU exports and locally sold goods. The commission is proposing extending CBAM to certain steel and aluminium-intensive downstream products from the start of 2028. A further 180 CN custom duty codes will include some 7,500 new importers under the mechanism. A wide range of iron and steel products are proposed for inclusion, including stranded wire, ropes, cables, washing machines, sawing machines and even metal furniture. By Dafydd ab Iago Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
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