Cop: Six more countries to triple nuclear power by 2050

: Crude oil, Emissions, Natural gas, Oil products
24/11/13

Six countries have pledged to triple their nuclear power capacity by 2050 at the UN Cop 29 climate conference in Baku, Azerbaijan, as part of an initiative launched at last year's summit in Dubai.

El Salvador, Kazakhstan, Kenya, Kosovo, Nigeria and Turkey today joined 25 countries that had already signed up to the pledge, which was first announced at Cop 28 in Dubai.

Turkey has plans to build 20GW of nuclear capacity by mid-century, from no operational plants currently.

Kazakhstan's commitment follows a nationwide referendum last month in which the country voted in favour of constructing a nuclear power plant.

The US, an original signatory to the pledge, yesterday announced its target to add 200GW of net new nuclear by 2050, from some 97GW now.

White House national climate advisor Ali Zaidi told delegates at a Cop 29 side event today that he has "confidence in the durability" of the Biden administration's approach to clean energy action, and does not expect it to pause following Donald Trump's victory in the recent US election.

Zaidi pointed in particular to bipartisan consensus on the country's infrastructure law, which includes support for nuclear power, and growing political consensus on the Inflation Reduction Act.

By Victoria Hatherick

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24/12/09

German heating oil demand surges before CO2 tax hike

Hamburg, 9 December (Argus) — Consumers in Germany stocked up on heating oil during the past week in preparation for the CO2 tax hike in 2025, taking advantage of the recent drop in prices. Traded volumes of heating oil, as reported to Argus, rose by almost half last week on the week. Consumers seized the opportunity of low prices — which had fallen by about €4.50/100l since 22 November — to build up their heating oil inventories again, despite storage levels still being unusually high. Privately-owned heating oil tanks were maintained at an average filling level of 60.6pc on 5 December, two percentage points up from 2023, as shown by data from Argus MDX. The continued stocking up on heating oil is largely because of the anticipated price increase from 1 January. Germany's CO2 tax will increase from €45/tCO2eq in 2024 to €55/tCO2eq in 2025. This would result in a price increase of about €2.70/100l for heating oil, according to Argus calculations. But traders are reporting premiums in the range of €3/100l to €4/100l for heating oil in January. Diesel prices could increase by about €3.50/100l in January, Ar gus calculations show. In addition to the CO2 tax increase, the greenhouse gas (GHG) quota, which will rise from 9.35pc to 10.6pc next year, will also impact diesel prices. Diesel for delivery in January is currently trading at between €4/100l and €7.50/100l higher than for December delivery, traders said. As a result, traders anticipate that diesel demand will also increase before the year ends, but it remains low so far. The fill level of industrial diesel tanks has started to recover after hitting a four-year low at the beginning of November. The level was about 53.6pc on 5 December, less than one percentage point below the same time last year. By Natalie Müller Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

Atlantic LNG: US fob prices edge lower

24/12/06

Atlantic LNG: US fob prices edge lower

London, 6 December (Argus) — Fob LNG prices for loadings in the US Gulf coast slipped on Friday, adding to losses posted over Wednesday-Thursday to end the week lower. The Argus Gulf Coast (AGC) January fob price fell to $13.81/mn Btu, from $13.90/mn Btu a day earlier, and $14.16/mn Btu at the end of last week, following similar losses in European delivered markets. But the price continued to track European des prices, as the inter-basin arbitrage for US January loadings held shut with European markets holding at a discount to Asia that was too tight to cover the additional spot freight costs — which have been buoyed by a recent small rise in prompt spot charter rates over this week. The ARV3 prompt rate for US-northeast Asia by tri-fuel diesel-electric (TFDE) carriers was assessed at $14,000/d on Friday, up from $12,000/d a week earlier, while the corresponding ARV6 two-stroke rate rose to $28,500/d on Friday from $24,000/d. US LNG production this week has been steady at six of the country's operational liquefaction terminals. But Texas' 17.3mn t/yr Freeport LNG export terminal experienced a trip at its first of three liquefaction trains on 4 December, because of an unspecified issue at a compressor system, according to a state regulatory filing by the facility. That said, the terminal's feedgas receipts quickly rebounded a day later to reach 2.02bn ft³ over the day — the most received by the terminal since 13 November. Freeport was nominated to take 2.12bn ft³ on Friday, though the terminal has historically taken less at times than it has initially nominated to receive. Even with one day of downtime at a single train this week, Freeport's gas receipts were still greater than during the previous week, when deliveries over the opening three days of the week were also at levels suggesting one train of off line. Deliveries to the planned 27.2mn t/yr Plaquemines terminal — set to be the US' eighth liquefaction terminal — have held at low levels, suggesting that the facility may still be only receiving enough gas to meet its on-site needs rather than fully starting liquefaction operations. The 174,000m³ Venture Bayou remained at the facility on Friday, where it has been since mid-November. Plaquemines received a cool-down cargo in late September, for which it has regulatory approval to re-export, as well as a further two cool-down cargoes that have not been delivered to the facility. Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

Republicans weigh two-step plan on energy, taxes

24/12/06

Republicans weigh two-step plan on energy, taxes

Washington, 6 December (Argus) — Republicans in the US Congress are considering trying to pass president-elect Donald Trump's legislative agenda by voting first on a filibuster-proof budget package that revises energy policy, then taking up a separate tax cut bill later in 2025. The two-part strategy, floated by incoming US Senate majority leader John Thune (R-South Dakota), could deliver Trump an early win by putting immigration, border security and energy policy changes into a single budget bill that could pass early next year without Democratic support. Republicans would then have more time to debate a separate — and likely more complex — budget package that would focus on extending a tax package expected to cost more than $4 trillion over 10 years. The legislative strategy is a "possibility" floated among Senate Republicans for achieving Trump's legislative goals on "energy dominance," the border, national security and extending tax cuts, Thune said in an interview with Fox News this week. Thune said he was still having conversations with House Republicans and Trump's team on what strategy to pursue. Republicans plan to use a process called budget reconciliation to advance most of Trump's legislative goals, which would avoid a Democratic filibuster but restrict the scope of policy changes to those that directly affect the budget. But some Republicans worry the potential two-part strategy could fracture the caucus and cause some key policies getting dropped, spurring a debate among Republicans over how to move forward. "We have a menu of options in front of us," US House speaker Mike Johnson (R-Louisiana) said this week in an interview with Fox News. "Leader Thune and I were talking as recently as within the last hour about the priority of how we do it and in what sequence." Republicans have yet to decide what changes they will make to the Inflation Reduction Act, which includes hundreds of billions of dollars of tax credits for wind, solar, electric vehicles, battery manufacturing, carbon capture and clean hydrogen. A group of 18 House Republicans in August said they opposed a "full repeal" of the 2022 law. Republicans next year will start with only a 220-215 majority in the House, which will then drop to 217-215 once two Republicans join the Trump administration and representative Matt Gaetz (R-Florida) resigns. By Chris Knight Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

US House panel approves river infrastructure bill

24/12/06

US House panel approves river infrastructure bill

Houston, 6 December (Argus) — A US House of Representatives committee has approved a bipartisan bill that authorizes improvements to navigation channels by the Army Corps of Engineers (Corps) and maintenance and dredging of river and port infrastructure projects. The House Transportation and Infrastructure Committee advanced the Water Resources Development Act (WRDA) after several months of political wrangling to integrate earlier versions of the legislation approved by the House and Senate . The bill will head to the full House next week, said committee chairman Sam Graves (R-Missouri). This would be the sixth consecutive bipartisan WRDA bill since 2014 if passed by congress. WRDA is a biennial bill that authorizes the Corps to continue working on projects to improve waterways, including port updates, flood protection and supply chain management. WRDA will also "reduce cumbersome red tape", which will allow for quicker project turnarounds, Graves said. The bill authorizes processes to streamline work, he said. The bill also adjusts the primary cost-sharing mechanism for funding for lock and dam construction and major rehabilitation projects. The US Treasury Department's general fund will pay 75pc of costs, up from 65pc, with the rest coming from the Inland Waterways Trust Fund, which is funded by a barge diesel fuel tax. By Meghan Yoyotte Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

Opec+ delays unwinding of 2.2mn b/d cut again: Update

24/12/05

Opec+ delays unwinding of 2.2mn b/d cut again: Update

Updates throughout Dubai, 5 December (Argus) — Opec+ producers have delayed a plan to start increasing crude output by another three months to April 2025. Eight members of the group ꟷ Saudi Arabia, Russia, Iraq, Kuwait, the UAE, Kazakhstan, Algeria, Oman ꟷ were scheduled to begin gradually unwinding 2.2mn b/d of voluntary cuts from January over a 12-month period. They agreed today to postpone the start of the production increase until April and to return the full amount over 18 months rather than a year. The delay is designed "to support market stability", the Opec Secretariat said, adding that the unwinding of the cuts "can be paused or reversed subject to market conditions". The Opec+ group also agreed today that a 300,000 b/d production target increase for the UAE will now be phased in starting in April over an-18 month period. It was previously set to be phased in over nine months starting in January. These changes will effectively reduce the amount of additional oil being introduced to the market every month, compared to the previous plan. The return of the 2.2mn b/d of cuts should, in theory, be partially offset by those members that have pledged to compensate for exceeding their production targets this year. These compensation-related cuts were supposed to have been delivered by the end of September 2025 but this has now been extended until June 2026. Opec+ also agreed today to keep in place two other sets of cuts by an additional year to the end of 2026. These cuts — a group-wide 2mn b/d reduction to formal targets and 1.65mn b/d of voluntary cuts by nine members — had been set to remain in place until the end of 2025. And an update to the official crude production capacity levels of each member — from which quotas are calculated — was pushed back by another year to 2027. By Bachar Halabi, Nader Itayim and Aydin Calik Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

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