Page 8 - Energy

EU ministers again fail to reach agreement on gas price cap to curb costs

European Union energy ministers failed yet again to overcome their deep differences Tuesday on a natural gas price cap that many hope would make utility bills cheaper so people can stay a little warmer during harsh winter days if not this year, then later. The ministers emerged from their fifth emergency meeting empty-handed because they could not come to agreement on a maximum ceiling to pay for gas due to fear that global suppliers will simply bypass Europe when others offer more money. There was lots of progress but no final breakthrough yet, said German minister Robert Habeck. We were so close today, said Czech Industry Minister Jozef Sikela, adding the ministers would meet again next Monday. There will be only one open issue for the discussion on Monday and this is the price level triggering the mechanism which was the core dispute from the start. Sikela said no one asked for the issue to be taken up at Thursday's summit of EU leaders. The 27 nations have stuck together thr

Breakthrough in fusion harnessing could be climate, energy game-changer

Energy Secretary Jennifer Granholm announced a major scientific breakthrough Tuesday in the decades-long quest to harness fusion, the energy that powers the sun and stars. Researchers at the Lawrence Livermore National Laboratory in California for the first time produced more energy in a fusion reaction than was used to ignite it, something called net energy gain, the Energy Department said. The achievement will pave the way for advancements in national defense and the future of clean power, Granholm and other officials said. This is a landmark achievement for the researchers and staff at the National Ignition Facility who have dedicated their careers to seeing fusion ignition become a reality, and this milestone will undoubtedly spark even more discovery, Granholm said at a news conference in Washington. "The fusion breakthrough "will go down in the history books,'' she said. White House science adviser Arati Prabhakar, appearing with Granholm, called the fusion ignition a tremen

Odisha to host G20 sub-committee meet on education, culture, energy next yr

Union Minister Dharmendra Pradhan on Saturday said three G20 sub-committee meetings on education, energy and culture will be held in Odisha next year. Pradhan was speaking during an anniversary celebration of a regional media house here. The Union Education minister and G20 sub-committee meetings on education, energy and culture will be held in Odisha in April next year. State's Heritage town Konark and Bhubaneswar are likely to be among the venues for 200 such meetings to be held in the run-up to the main summit. On December 1, India assumed the presidency of the G20 forum, taking over from Indonesia.

G-7 price ceiling on Russian oil not low enough to hit Kremlin's revenues

European officials touted the cap - negotiated last week after months of haggling among the US and its allies - as a way to starve Russia's war machine

Oil prices open mixed in early trade on economic fears, rate-hike prospects

Brent crude futures rose 17 cents, or 0.2%, at 0107 GMT to $79.52 a barrel. Last session the benchmark fell below $80 for the second time in 2022

Germany to get new Qatari LNG flows via QatarEnergy, ConocoPhillips deal

Qatar's energy minister Saad al-Kaabi sees no limit to the amount of liquefied natural gas (LNG) that the country is willing to ship to Germany

Spike in winter demand for diesel in Europe offers huge scope for India

State-owned refiners are in a strong position to gain from the surging demand for diesel from Europe as winter sets in and natural gas supplies from Russia are set to dwindle on fresh sanctions

Germany, France pledge mutual support to avert possible energy crunch

Germany and France have pledged to provide each other mutual support in preventing a possible energy crisis after supplies from Russia dried up amid the war in Ukraine. As part of a joint agreement signed by German Chancellor Olaf Scholz and French Prime Minister Elisabeth Borne on Friday, Germany will provide France with electricity while getting much-needed natural gas in return. Friends help each other in need, Scholz said after the signing ceremony in Berlin. Borne echoed that sentiment, saying the friendship between the two European heavyweight was crucial. It has already proved it can withstand tests and master many challenges, she said. Before Russia launched its war in Ukraine nine months ago, Germany was heavily reliant on Russian gas supplies. Since then, Germany has scrambled to find other sources, including by ramping up imports of liquefied natural gas. France, meanwhile, is struggling to meet its electricity needs due to repairs at several of the country's nuclear po

India seeks to use global energy challenge as opportunity: Hardeep Puri

G7 nations, including the United States, as well as the European Union and Australia, are planning to implement a likely price cap of $65 to $70 a barrel on sea-borne Russian oil exports from Dec 5

With war in Europe, world encountering food, energy crisis: Shaktikanta Das

The war in Europe brought with it new challenges, just when the economy was about to normalise fully despite the third wave of the COVID-19 pandemic and suddenly, the world encountered a severe food and energy crisis, Reserve Bank Governor Shaktikanta Das said on Saturday. Delivering the inaugural address at the annual research conference of the Department of Economic and Policy Research of RBI here, Das said the COVID-19 pandemic crisis created an opportunity to explore and harness the power of big data and strengthen direct feedback mechanisms while working from home. He further said the pandemic also posed new research issues and analytical challenges for policy-making as it caused a demand shock or a supply shock, the size and nature of policy stimulus required, and their effectiveness, among others. The RBI Governor said the first major challenge was data collection during the first wave of the pandemic and the associated statistical break in data. During the second wave which

Rich nations stick to coal phase-out as China builds new plants

Countries within OECD policy forum and European Union on track to close more than 75% of their coal power capacity from 2010 to 2030

After KFW deal, SBI now in talks with EIB for Euro 200 mn green funding

Last week the lender tied up its second Euro 150 million funding with German govt-owned KFW as part of solar partnership with India

Bharat Forge's subsidiary bags $155.5 mn order to export artillery guns

Bharat Forge has been consolidating its defence and aerospace business under Kalyani Strategic Systems with an aim to target export opportunities in the defence sector

Oil prices eases to $98 a barrel as China Covid-19 cases dampen spirits

Brent edged down below $98 a barrel, after losing ground in the week's opening session as China reaffirmed its commitment to its zero Covid-19 strategy

GAIL Q2 net profit down 46% on higher prices, Russian gas disruption

In an emergency bid to secure stable LNG supply, GAIL has sought to expedite talks on short- and long-term supply deals with Gulf firm ADNOC

Germany moves ahead with massive energy relief package for households

German officials have agreed on the main details of a plan to provide up to 200 billion euros ($198 billion) in subsidies to households and businesses to ease the strain of high gas, electricity and heating prices. Chancellor Olaf Scholz and the governors of Germany's 16 states agreed Wednesday on a two-stage plan to tackle high gas prices that largely mirrors the recommendations last month of an expert panel. Some other European Union countries think the move by the 27-nation bloc's biggest economy should have been coordinated with them and have expressed concern that it could push up prices elsewhere. Scholz has repeatedly defended the plan, insisting that Germany is showing solidarity with the rest of Europe and its programme is similar in scope to other countries'. Scholz's Cabinet agreed that the state will take on the cost of gas customers' monthly bill in December. That will be followed by a price subsidy for part of what households use starting in March and through April 20

NaBFID likely to make first fund commitment this financial year, says MD

It is looking at projects in transmission, energy, solar power and roads; is also eyeing a retail bond issuance

BP rakes in quarterly net profit of $8.2 billion after price surge

The firm more than doubled its third-quarter profit from a year earlier to $8.15 billion and expanded its share buybacks by $2.5 billion

Emergency bid: GAIL inks agreement with ADNOC to secure LNG supply

Officials said the agreement represents a reworking of India's gas sourcing strategy as the country aims to aggressively source LNG from a wider list of nations

Most Indian firms still face key challenges towards net-zero goals: Report

About 63 per cent say the lack of access to peer networks and cross-sector communities is a top challenge impeding climate collaboration.