Page 10 - Energy

Energy, inflation crises risk pushing big economies into recession: OECD

In a bleak report titled Paying the price of war, the Paris-based organisation noted that the conflict aggravated inflationary pressure when the cost of living was already rising quickly.

UK businesses laud energy relief, but increase in costs still a struggle

At Sophia Sutton-Jones' bakery in North London, the electricity bill has more than tripled since the start of the year. It now costs 5,500 pounds (USD 6,260) a month to power the ovens and keep the lights on at Sourdough Sophia. Where should I magically take 4,000 pounds per month extra that I didn't calculate for? she said. To cope with rising costs, she's had to borrow 50,000 pounds and raise prices twice this year for her loaves, baguettes and pretzels. She doubts that even a massive support package announced this week by the UK government will make much difference to businesses like hers struggling with soaring energy costs. Pubs, restaurants, breweries, retailers and other businesses across the United Kingdom are being pushed to the brink by skyrocketing energy bills that have helped send inflation to a four-decade high and fuel a cost-of-living crisis. Forced to take action by cost increases that threaten to tip the British economy into recession, new Prime Minister Liz Trus

IISc, Shell India partner to promote R&D in energy and environment

Indian Institute of Science (IISc) and Shell India have entered into a partnership to promote research and development in the areas of energy and environment. The partnership seeks to build on cutting-edge energy and environment related research being carried out at the Interdisciplinary Centre for Energy Research (ICER), IISc, an IISc statement said. A research agreement was signed at the institute in the presence of IISc Director Prof Govindan Rangarajan and Chief Technology Officer at Shell, Yuri Sebregts, on Thursday. The key aspects that the partnership will focus on include reducing Green House Gas emissions and promoting decarbonisation through innovations such as low-carbon fuels, distributed electrification, carbon sinks, hydrogen generation, efficient power and refrigeration cycles using supercritical carbon dioxide. Structured research projects will be initiated under this research agreement involving Shell scientists as well as faculty members and students at the ...

Vladimir Putin is weaponising energy, alleges US after export cut threats

Russian President Vladimir Putin is weaponising energy, the White House has alleged, a day after he threatened to cut off all energy exports to the West if the US proceeded with its gas cap. Putin on Wednesday threatened to completely cut energy supplies to the West if it tries to cap prices of Russian exports. He also vowed to press on with Moscow's military action in Ukraine until it achieves its goals. This shows that Putin is, again, weaponising energy, by his very words, also by his actions. But the President (Joe Biden) and our partners in Europe predicted this playbook. We saw this coming, and we have been preparing for months. We have talked through the different processes of how this price cap could look, White House Press Secretary Karine Jean-Pierre said on Wednesday during her daily news conference. The US and European Union, she said, have set up a task force to work on ways to increase alternate sources of natural gas to Europe and help reduce Europe's demand for Russi

Germany heading for recession, warns Deutsche Bank CEO Christian Sewing

"The longer inflation remains high, the greater the strain and the higher the potential for social conflict," Sewing said.

Russia sends more energy to Asia as Europe cuts back, says report

Russia sent significantly more oil and coal to India and China over the summer compared with the start of the year, while European countries that long relied on Russian energy have cut back sharply in response to the war in Ukraine, said a report published Tuesday. The Centre for Research on Energy and Clean Air said Russia received about 158 billion euros ($158 billion) in revenue for the sale of oil, natural gas and coal from February to August, more than half of which some 85 billion euros worth was exported to the European Union. Within the EU, Germany was the biggest importer, buying 19 billion euros worth of fossil fuels from Russia during the six-month period. The single biggest importer worldwide, however, was China, which bought 35 billion euros worth of Russian energy, the Helsinki-based group said. While Russia's revenue rose, overall export volumes dropped by 18% compared with when the country invaded Ukraine, the report said. The EU has cut its imports from Russia b

IEX total trade volume dips annually by 18% to 7,805 mn units in August

The total trade volume of Indian Energy Exchange (IEX) registered an 18 per cent annual decline in August to 7,805 MU (million units). The total trade volume in August 2021 was at 9,538 MU, an IEX statement said. However, on a month-on-month basis, IEX registered a 9 per cent growth in August. In July 2021, the total power trade volume was 7,151 MU. The total trade volume of 7,805 MU in August, 2022, comprised 6,517 MU in the conventional power market, 437 MU in the Green Power Market, and 851 MU (8.51 lakh Certificates) in the REC Market, according to the statement. The average clearing price in the Day-Ahead market increased 2 per cent YoY (year-on-year), from Rs 5.06 per unit in August'21 to Rs 5.17 in August '22. The supply-side constraints continued due to high prices of imported coal, fuel shortage and increased e-auction prices, it said. The Day-Ahead Market volume at 3,529 MU, registered a flat growth on a month-on-month basis. Although imported coal prices remained high

New energy conundrum

It is not just a moral imperative, but a pre-requisite for a world that has a chance to keep the spiralling temperatures within check

No hot showers, street lights; here's how Europe is slashing energy use

As the Kremlin slashes gas deliveries and power-plant outages intensify a supply squeeze, Europe has little alternative but to curtail demand

Euro slumps to two-decade lows against dollar as energy crisis bites

China's yuan weakened to a two-year low, while sterling briefly touched its weakest since March 2020.

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BP boosts dividend after Q2 profit hits 14-year high of $8.45 bn

BP boosts dividend by 10%; BP to boost spending on oil and gas, CEO says; profits driven by strong oil trading, hit by LNG

Rishi Sunak vows to cut VAT on energy to revive UK Tory leadership bid

Announcing a "winter plan" to address inflation and the cost of living, Sunak's campaign said he would introduce a "targeted, temporary and timely tax cut" by removing VAT on domestic energy bills

UBS upgrades RIL scrip to Buy from Neutral, sees up to 30% upside in a year

According to UBS, the key among Reliance Industries' stock price performance drivers are new investment opportunities to deploy large cash flows profitably.

Wind energy charts new course with policy clarity, new bidding model

Buffeted by ten years of policy flip flops, the sector is hoping a new bidding model will introduce a breath of fresh air

Moody's warns of India's vulnerability to volatile food, energy prices

Says major challenge for countries will be growing demands on fiscal resources to limit impact of price rise

EU prepares emergency plan to do without Russian energy amid Ukraine war

European Commission President Ursula von der Leyen said the initiative would complement a bloc-wide push to accelerate the development of renewable energy such as wind and solar power.

What G7 leaders agreed on: Russia sanctions, energy and food security

Explore measures to reduce price surges and prevent further impact on economies

Margin gains for oil refiners amid Ukraine war-led energy price spike

RIL, MRPL and Chennai Petro stocks are up; BPCL, HPCL and IOC are weighed down over marketing margin concerns

India to meet 50% of its energy needs from renewables by 2030: Minister

Union Rural Development and Panchayati Raj Minister Giriraj Singh said India has set target of meeting half of its energy needs from renewable resources by the decade-end