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ABO Energy to Sell 3.17-GW Argentina Renewable Portfolio to Novva

German renewable energy developer ABO Energy said on Tuesday it had agreed to sell its Argentine portfolio of renewable energy projects with a combined capacity of 3.17 gigawatts to Singapore-based Novva.The transaction covers projects that are still in the development stage and is expected to be completed in the coming months, subject to confirmatory due diligence and the signing of a share purchase agreement.The sale is part of ABO Energy's strategy to focus on its core markets, Karsten Schlageter, the company's managing director, said, adding that the energy firm was pleased to continue its collaboration with Novva.Novva, a platform focused on data centers and renewable energy, acquired solar projects in Colombia from ABO Energy earlier this year, with a combined capacity of about 40 megawatts.The Argentine acquisition would significantly expand Novva's renewable energy pipeline in Latin America.ABO Energy did not disclose the transaction value.The deal comes as demand for renewable power and infrastructure continues to grow alongside the expansion of data centers and artificial intelligence-related electricity consumption.

Commodities5d ago

Update: Weekly US Crude Inventories Drop by 600,000 Barrels, EIA Says

(Updates to include additional details.)US commercial crude oil inventories decreased by 600,000 barrels to 423.4 million barrels in the week ended Sept. 11, the Energy Information Administration said in its weekly report released Wednesday.Crude inventories are 1% above the five-year average, the EIA said. The draw is significantly below Investing.com's estimate of 1.6 mmbbls for the week ended Sept. 11.US Strategic Petroleum Reserve inventories dropped to 285 mmbbls in the week ended Sept. 11, down from 285.4 mmbbls a week earlier, marking a weekly decline of 400,000 barrels, EIA data showed.Crude oil input to refineries decreased by 256,000 barrels per day from the previous week to average about 17.3 million b/d in the week ended Sept. 11. Crude oil production dropped by 3,000 b/d to 13.9 mmb/d.Commercial crude imports increased by 234,000 b/d to average about 7.1 mmb/d.Total motor gasoline stockpiles rose by 800,000 bbls from the previous week to 207.7 mmbbls, while distillate stocks rose by 1.6 mmbbls to 107.9 mmbbls.

Commodities5d ago

Silver Creek Midstream's Powder River Basin Assets to Be Acquired by Plains for $585 Million

Texas-based Silver Creek Midstream Holdings is set to sell its Powder River Basin crude oil midstream assets in Wyoming to a subsidiary of Plains All American Pipeline (PAA) and Plains GP Holdings (PAGP) for about $585 million in cash, Silver Creek said in a Wednesday statement.The deal, expected to close in the fourth quarter of 2026, involves the sale of SCM PR II LLC, the parent company of Silver Creek's Powder River Basin assets, and is owned by Tailwater Capital and The Energy & Minerals Group.Silver Creek's Powder River Basin operations include about 600 miles of crude oil gathering and transmission pipelines, with approximately 350,000 barrels per day of operating capacity and 1.2 million barrels of operational storage capacity.The assets also include a 49% non-operated interest in the Powder River Gateway Joint Venture.The system is supported by approximately 915,000 dedicated acres under long-term agreements and minimum volume commitments, with an average remaining contract term of more than eight years, Silver Creek said. The network serves producers in the Powder River Basin and connects to regional transportation hubs including Guernsey and Fort Laramie.Silver Creek currently manages about 125,000 barrels of oil per day.

Commodities5d ago

BKV Expands Barnett Shale Footprint With Upstream, Midstream and Carbon Capture Deal

BKV (BKV) completed its acquisition of Barnett Shale assets, adding over 65 million cubic feet equivalent per day of production and expanding its gas and carbon capture operations, the company said Tuesday.The assets include approximately 0.35 trillion cubic feet equivalent of proved developed producing reserves and about 117,000 net acres, primarily located in Montague County.The acquisition also adds roughly 1,000 gross operated wells to BKV's Barnett Shale portfolio.The acquired production carries a low decline rate, with more than 50% of output coming from liquids, and expands BKV's ability to supply gas to Dallas-Fort Worth and Gulf Coast markets.BKV also acquired an operated carbon capture and storage project that captured over 100,000 metric tons of carbon dioxide during the trailing twelve months through Q1 2026.The carbon capture operation includes three compressors, a gas plant, an operated carbon dioxide pipeline, and an injection well.The midstream assets include a gas plant with 180 MMcf/d of capacity, approximately 340 miles of owned gas gathering lines, and about 225 miles of owned water gathering systems.The expanded footprint aims to improve scale, infrastructure use, and capital efficiency, the company said."These assets are a strong operational fit for BKV, and the acquisition builds on our disciplined approach to strengthening our position in the Barnett," said Chris Kalnin, Chief Executive Officer of BKV Corporation."By acquiring high-quality assets at an attractive value and further integrating upstream, midstream and carbon capture in a basin where we are already the leader, we are creating additional scale and long-term value for our shareholders," Kalnin said.BKV funded the acquisition with cash on hand and borrowings under its revolving credit facility.The company completed the acquisition Tuesday after satisfying customary closing conditions, with the deal terms undisclosed.Price: $23.34, Change: $-1.01, Percent Change: -4.15%

$BKV

Commodities5d ago

Weekly US Crude Inventories Drop by 600,000 Barrels, EIA Says

US commercial crude oil inventories decreased by 600,000 barrels to 423.4 million barrels in the week ended Sept. 11, the Energy Information Administration said in its weekly report released Wednesday.Crude inventories are 1% above the five-year average, the EIA said. The draw is significantly below Investing.com's estimate of 1.6 mmbbls for the week ended Sept. 11.

Commodities5d ago

Update: US Weekly Ethanol Production Unchanged, EIA Says

(Updates with additional details.)US weekly ethanol production remained unchanged from a week ago, according to a US Energy Information Administration report on Wednesday.For the week ending Sept. 11, US ethanol production averaged 1.10 million barrels per day, the same as last week, and up from last year's 1.06 mmb/d. The four-week average output was 1.11 mmb/d, up from 1.08 mmb/d the same period last year.Midwest ethanol production averaged 1.04 mmb/d, the same as the previous week. Four-week average output was 1.05 mmb/d, compared with 1.02 mmb/d a year ago.Domestic ethanol inventories ended the week at 25.2 million barrels, unchanged from a week ago and higher than 22.6 mmbbls a year ago

Commodities5d ago

US Weekly Ethanol Production Unchanged, EIA Says

US weekly ethanol production remained unchanged from a week ago, according to a US Energy Information Administration report on Wednesday.For the week ending Sept. 11, US ethanol production averaged 1.10 million barrels per day, the same as last week, and up from last year's 1.06 mmb/d. The four-week average output was 1.11 mmb/d, up from 1.08 mmb/d the same period last year.

Commodities5d ago

Chord Energy to Sell Marcellus Gas Assets to POSCO for $550 Million

Chord Energy (CHRD) said on Wednesday it has agreed to sell its entire non-operated position in the Marcellus shale gas basin to POSCO International for $550 million, as the US oil producer focuses its portfolio on the Williston Basin.The transaction, projected to close in Q4, includes about 32,000 net acres in the Marcellus and trailing 12-month production of about 121 million cubic feet per day.Chord Energy assets produce entirely residue natural gas and have no natural gas liquids. The energy firm said it received a $55 million deposit, with the remaining proceeds due at closing. The transaction has an effective date of July 1.The sale values the assets at about six times adjusted EBITDA based on the $550 million gross proceeds and a Henry Hub natural gas price of $3.50 per million British thermal units.The divestiture is expected to further reduce Chord's net leverage, the company said, adding that it would remain well below peer levels.The oil producer said it would deploy proceeds from the sale over time, in line with its capital allocation strategy.After the transaction closes, Chord's portfolio will focus on the Williston Basin, a major oil-producing region spanning parts of North Dakota and Montana.The divestiture is expected to increase Chord's oil weighting by about 4 to 5 percentage points. Gas realizations are projected to decline by about 16 to 30 percentage points, reflecting stronger gas realizations from the Marcellus assets.Lease operating expenses are expected to rise by about $0.70 to $0.80 per barrel of oil equivalent because of the firm's higher oil weighting, while cash gathering, processing and transportation costs are set to decline by $0.20 to $0.25 per barrel of oil equivalent.Production taxes are expected to increase by about 0.15% to 0.45% of oil, natural gas liquids and natural gas sales, while annual capital expenditure is set to fall by about $25 million.Chord said it plans to update its guidance when it reports Q3 results in November.Price: $149.61, Change: $-7.40, Percent Change: -4.71%

$CHRD

Commodities5d ago

US Natural Gas Update: Futures Edge Higher Amid Lingering Heat, Drop in Production

US natural gas futures edged higher on Wednesday amid lingering heat and a modest drop in output compared to recent weeks.The front-month Henry Hub contract and the continuous contract each rose 0.10% to $2.922 per million British thermal units.After several days of retreating temperatures, forecasts pointed to above-normal temperatures blanketing almost the whole of the country from September 23 through September 29, according to the National Weather Service.Meanwhile, US domestic gas output dipped modestly to 109 billion cubic feet per day, from 110 Bcf/d on Tuesday, while demand was expected to be 2.0 Bcf/d lower on Wednesday, according to NRG Energy.LNG Export feedgas flows also declined to 18.47 Bcf, below the 30-day moving average of 18.75 Bcf/d, according to the Bloomberg LNG Feedgas Model.According to the Energy Buyer's Guide, near-term temperatures should continue trending lower, but remaining above seasonal averages should help slow the decline in power generation demand while also tempering the pace of storage injections.

Commodities5d ago

Market Chatter: US Consumers Pay $107 Billion Extra for Fuel Due to Iran War

US consumers had to shell out about $107 billion more for gasoline and diesel during the Iran war than they would have without the conflict, The Wall Street Journal reported Tuesday, citing estimates from Brown University's Climate Solutions Lab.This comes to an average of over $500 million a day since the US and Israel attacked Iran on Feb. 28, with a recent rise in crude prices expected to push costs even higher in the coming weeks, the report said.The Brown University model, which uses daily fuel prices and past demand patterns, estimates that gasoline spending this year is $59 billion higher than it would have been without the war, while additional diesel costs are about $48 billion.The extra wartime fuel costs are relatively lower when compared with the more than $22 trillion Americans are expected to spend on personal consumption, including housing and healthcare, this year. However, it is higher than the projected $69 billion spent on nursery, elementary and secondary schools and is nearing annual spending on internet access and life insurance, the report said.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Commodities5d ago

Guangdong Gas Power Policy Shift Could Reduce Demand Growth, Wood Mackenzie Says

Gas-fired power plants in Guangdong, China, are mostly shifting from baseload to peak-only operations following a policy shift, reducing running hours and potentially curbing long-term gas demand growth, Wood Mackenzie strategists said Wednesday.Guangdong is a key indicator for China's gas market direction, as it accounts for a large share of the country's gross domestic product and gas power capacity.Between 2020 and 2026, its gas power capacity more than doubled to 61 gigawatts from 27 GW, while solar and wind capacity grew almost eightfold to 105 GW from 14 GW, the firm noted."Growth in intermittent capacity has strengthened gas's role increasingly serving as a system regulator," Wood Mackenzie said, adding that "the new policy framework now formalizes this distinction."Guangdong reformed its gas power policy in July 2025, moving plants from guaranteed operating hours to pure economic dispatch, a competitive, market-driven model.The new rule requires plants to bid for fuel-cost recovery, while receiving higher capacity payments that cover full capital expenditures instead of partial ones."The policy compensates plants for availability rather than generation, reinforcing the shift to peaking roles," Wood Mackenzie said.The firm highlighted that "shifting to peak-only dispatch will slow the growth of China's power gas demand compared to maintaining baseload operations."Its analysis showed that gas demand could rise if spot liquefied natural gas prices drop to about $6 per million British thermal units, making coal-to-gas switching economical at coal costs of $95 per ton."Until then, most fleets are likely to remain primarily in peaking roles, restricting their impact on total power gas demand," Wood Mackenzie noted.

Commodities6d ago

EU's Russian Gas Phase-Out Creates LNG Supply Opportunities for Central, Eastern Europe, IEA Says

The European Union's plan to phase out Russian LNG by the fourth quarter of 2027 will create opportunities for Central and Eastern European countries to diversify supply as global LNG production expands, the International Energy Agency said in a report on Tuesday.With regulations expected to halt about 33 million cubic meters annually of Russian pipeline gas and LNG deliveries to the EU by 2028, non-Russian suppliers are set to play a prominent role in supplying this large market.Russian natural gas met about 10% of EU demand in 2025, down from almost 40% in 2021, while LNG's share increased to nearly 45% from less than 20% during the same period. Russian pipeline imports have fallen nearly 90%, or 120 billion cubic meters, between 2021 and 2025, the report said.According to the IEA, this transition comes alongside a major expansion in LNG supply, with more than 350 bcm per year of new capacity set to come online by the early 2030s, with the US and Qatar set to provide 70% of this.The agency, however, noted the need for additional infrastructure investments to move LNG from coastal import terminals to consumers inland.

Commodities6d ago

US Biofuels Update: Ethanol Firms on Strong Exports; Soybean Oil Rises

Ethanol futures rallied for a fourth straight session on Tuesday driven by rising export demand, while soybean oil prices extended gains in Wednesday's early trade as supply sentiment tightened with weaker-than-expected soybean crush data.The Nymex November ethanol futures contract rose by a further 1.47% to about $2.08 per gallon on Tuesday.The US Department of Agriculture reported that US ethanol export volumes reached a record 8.4 billion liters in 2025, due to growing global demand and reduced exports from Brazil. The figure was up compared with the 2024 level of 7.4 billion liters.For this year, "changing US and global biofuel policies, the emergence and implementation of new trade agreements, and the impacts of high energy prices due to the conflict in the Middle East could all have major impacts on 2026 US ethanol exports," the agency said.Amid rising exports from the US and other regions, major importer EU has extended trade surveillance measures on fuel ethanol considering the potential threat of surging imports on the European renewable ethanol industry.The US accounted for 44% of the EU's total ethanol imports in 2025, Biofuels International reported, with purchases rising to 423,000 metric tons last year from 114,000 mt in 2023. Imports from Brazil also rose to 46,000 mt in 2025 from 25,000 mt in 2023.The US continues to explore export opportunities for biofuel producers, with the USDA launching the new American Biofuels Trade Outlook to increase on-road ethanol blending in several markets and reduce restrictions against crop-based biofuels.Meanwhile, the October soybean oil contract on the Chicago Board of Trade extended gains for a third consecutive session on Wednesday and firmed 0.43% to 70.18 cents per pound. Prices for raw material soybeans also rose, with the November contract edging higher by 0.40% to $13.24 per bushel.US soybean crush volumes for August stood at 205.5 million bushels, down 5.2% from a month earlier and below analysts' estimate of 211.5 million bushels, price reporting agency MySteel reported.The weaker-than-expected crush data signaled tightening supply, thus supporting prices, the firm said.Strong soybean prices also buoyed soybean oil, as Chinese demand remained robust ahead of the US-China summit next week.

Commodities6d ago

Exchange-Traded Funds, Equity Futures Higher Pre-Bell Wednesday Ahead of Fed's Rate Announcement

The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was up 0.4%, and the actively traded Invesco QQQ Trust (QQQ) was 0.6% higher in Wednesday's premarket activity, ahead of the rate decision announcement by the Federal Open Market Committee and a speech by Federal Reserve Chair Kevin Warsh.US stock futures were also higher, with S&P 500 Index futures up 0.2%, Dow Jones Industrial Average futures advancing 0.2%, and Nasdaq futures gaining 0.4% before the start of regular trading.Mortgage applications fell by 4.1% in the week ended Sept. 11 as 30-year fixed mortgage rates rose to their highest level since May 2025, according to Mortgage Bankers Association data.The New York Federal Reserve's services index fell to negative 8.7 in September from 0.5 in August, compared with a smaller expected decrease to a reading of negative 2.2 in a survey compiled by Bloomberg as of 6 am ET.US retail sales were up 1.2% in August, a larger gain than the 0.8% increase expected in a survey compiled by Bloomberg and following the previous month's revised 0.5% decrease.US import prices rose by 0.7% in August, above the 0.5% increase expected in a survey compiled by Bloomberg as of 6 am ET and following a 0.3% decrease in July.Business inventories data for July and the NAHB's builder sentiment reading for September are due to be released at 10 am ET.Weekly oil stocks data are scheduled to be released at 10:30 am ET.In premarket activity, bitcoin was down by 0.1%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 0.3% lower, Ether ETF (EETH) retreated 0.2%, and Bitcoin & Ether Market Cap Weight ETF (BETH) fell 3.2%.Power Play:IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) advanced 0.5%, while the Vanguard Industrials Index Fund (VIS) and the iShares US Industrials ETF (IYJ) were inactive.J.B. Hunt Transport Services (JBHT) shares were down 11% after Barclays and Wells Fargo cut their price targets for the company. Chief Financial Officer Brad Delco said in a conference call Tuesday that the company expects Q2-to-Q3 earnings to fall 5% to 10%.Winners and Losers:Health CareThe State Street Health Care Select Sector SPDR ETF (XLV) advanced 0.2%. The Vanguard Health Care Index Fund (VHT) and the iShares US Healthcare ETF (IYH) were inactive. The iShares Biotechnology ETF (IBB) was up 1%.Alvotech (ALVO) stock was up more than 5% premarket after Barclays upgraded it to overweight from underweight and lifted its price target to $8 from $4.TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) advanced 0.8%, the iShares US Technology ETF (IYW) was 0.2% higher, and the iShares Expanded Tech Sector ETF (IGM) was inactive. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) was inactive, while the iShares Semiconductor ETF (SOXX) rose by 1.4%.SK Hynix (SKHY) shares were up more than 3% after the company said its tentative wage agreement with the South Korean union received the backing of 57.08% of union members, with 8,731 votes in favor.FinancialThe State Street Financial Select Sector SPDR ETF (XLF) advanced 0.04%. Direxion Daily Financial Bull 3X Shares (FAS) was inactive, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 0.2% lower.Huntington Bancshares (HBAN) shares were down 2% after the company revised its adjusted 2027 earnings-per-share target range to $1.75 to $1.83, reflecting lower-than-expected loan growth and net interest margins.EnergyThe iShares US Energy ETF (IYE) was inactive, while the State Street Energy Select Sector SPDR ETF (XLE) was down by 1.1%.Borr Drilling (BORR) shares were over 2% higher, a day after the company said it agreed to divest its 51% interest in two oil-drilling Mexican joint ventures to its partner in Mexico.ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) was up 0.1%. The Vanguard Consumer Staples Index Fund ETF Shares (VDC), the iShares US Consumer Staples ETF (IYK), the State Street Consumer Discretionary Select Sector SPDR ETF (XLY), the VanEck Retail ETF (RTH) and the State Street SPDR S&P Retail ETF (XRT) were all inactive.VinFast Auto (VFS) shares were down more than 1% pre-bell after the company said that its unit, VinFast Vietnam, has signed agreements to acquire 100% of Ngoc Hoi Real Estate Investment Joint Stock Company for 30.9 trillion Vietnamese dong ($1.20 billion).CommoditiesFront-month US West Texas Intermediate crude oil retreated by 2.1% to $103.60 per barrel on the New York Mercantile Exchange. Natural gas was up 1.7% at $2.97 per 1 million British Thermal Units. The United States Oil Fund (USO) decreased by 1.8%, while the United States Natural Gas Fund (UNG) was 0.6% higher.Gold futures for November were up by 1.1% at $4,380.90 an ounce on the Comex. Silver futures rose 2% to $65.14 an ounce. SPDR Gold Shares (GLD) was up by 1.1%, and the iShares Silver Trust (SLV) rose by 1.6%.

Dow JonesNasdaq CompositeS&P 500$ALVO$BORR$FAS$FAZ$GLD$HBAN$IBB$IGM$IYE$IYH$IYJ$IYK$IYW$JBHT$QQQ$RTH$SKHY$SLV$SOXX$SPY$UNG$USO$VDC$VFS$VHT$VIS$XLE$XLF$XLI$XLK$XLP$XLV$XLY$XRT$XSD

Commodities6d ago

Market Chatter: Russia to Extend Diesel Export Ban Through October to Support Domestic Supply

The Russian government has reportedly decided to extend its ban on diesel fuel exports until the end of October to ensure sufficient supplies for domestic markets, according to a report by Russia's Vedomosti newspaper, citing two sources familiar with the matter.The ban, which was put into place by the Kremlin in September 2025, has already been extended three times, amid relentless Ukrainian attacks against Moscow's energy infrastructure, leading to domestic supply constraints.Russia also has a ban imposed on gasoline exports, which is set to remain in effect until January 31, 2027, in its bid to stabilize the domestic supply situation.Besides this, the country has also reduced the gasoline sales standard on the exchange from 15% to 10%, until September 3, 2026.Russia's Ministry of Energy did not immediately respond to' request for a comment on this story.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Commodities6d ago

Saudi Arabia Reportedly Increases Crude Sales Outside Hormuz After East-West Pipeline Shutdown

Saudi Arabia is increasing sales of prompt crude from just outside the Strait of Hormuz after an attack on its East-West pipeline disrupted oil flows to the Red Sea coast, multiple media outlets reported Wednesday.Asian refiners, including Chinese state-owned and independent processors and other East Asia importers, this week secured about 20 million barrels of crude from Saudi Aramco to be picked up in October at the latest from just outside the Hormuz strait, Bloomberg reported, citing traders.The kingdom has also increased its offering of crude oil loading to Asian refiners via ship-to-ship transfer off Oman's Sohar port. Saudi Aramco made available the flagship Arab Light grade, Arab Medium and Arab Heavy to term buyers in Asia for loading off Sohar, which is just outside the Strait of Hormuz, according to a Reuters report, citing people familiar with the matter.The offers suggest Aramco is moving more crude out of the Gulf for shipments outside the Strait of Hormuz. In recent weeks, Aramco has made at least two similar offers of Arab Medium and Arab Heavy crude to Asian buyers, the Reuters report said.In the last seven days, Saudi Arabia's daily crude loadings at its Ras Tanura and Juaymah terminals inside the Gulf have doubled to two very large crude carriers or 4 million barrels. Meanwhile, 4 VLCCs with a carrying capacity of 8 million barrels were detected at the Ras Tanura terminal on Wednesday, Reuters reported, citing satellite and ship-tracking data from Energy Aspects and Kpler, respectively.The East-West pipeline, which has been Saudi Arabia's main bypass since the closure of the Strait of Hormuz, was shut down last week after attacks, with no official timeline for a restart. Media reports have quoted officials and experts citing repairs lasting anywhere from a few days to six weeks.Rising spot sales through the Persian Gulf suggest Riyadh is turning back to its traditional export route despite the shipping risks involved, the Bloomberg report said.Meanwhile, Pakistan is exploring alternatives for an empty oil tanker stranded in the Red Sea near Saudi Arabia's East-West pipeline, which could remain shut for six weeks, " Bloomberg reported Wednesday, citing Pakistan's Energy Minister Ali Pervaiz Malik's interview with Express 24-7 news channel on Tuesday.Saudi Aramco declined to comment to' request for comment.

Commodities6d ago

Thailand Turns to Renewables Over Gas Turbine Shortage, Says IEEFA

Thailand's draft Power Development Plan 2026 scales back gas capacity to curb high costs and reliance on imported LNG, prioritizing massive solar and battery expansion instead, according to the Institute for Energy Economics and Financial Analysis note on Tuesday.Thailand's PDP 2026 marks a retreat from natural gas, projecting utility-controlled gas generation capacity to drop from 32 gigawatts in 2025 to 16 gigawatts by 2050, IEEFA said.Global gas turbine manufacturing queues have tripled combined-cycle capital costs to $2,400 per KW and extended delivery timelines to over five years, the report said.IEEFA notes that these severe supply bottlenecks have already triggered 10 GW of gas-fired plant project cancellations in Thailand since 2021.Under the draft blueprint, Thailand plans no new large-scale gas developments through 2037, relying instead on renewables to fill the gap, it said.The plan targets 27 GW of renewable capacity and 14 GW of battery storage by 2037, scaling up to 114 GW and 55 GW respectively by 2050.IEEFA highlighted that a government-backed funding package to deploy 5 GW of rooftop solar could displace 0.82 million tons of annual LNG demand, saving $1.02 billion in yearly fuel import costs.It pointed out that building new gas plants at current capital costs would inflate electricity tariffs, especially given that 11 GW of existing gas capacity have been dispatched at under 30% utilization while receiving billions in unproductive availability payments.

Commodities6d ago

Enbridge Seeks Interest for West Texas Express Pipeline Project

Enbridge (ENB) has launched a non-binding open season for its proposed West Texas Express Pipeline that will transport natural gas from the Permian Basin's Waha hub area to El Paso, Texas."The project responds to significant El Paso regional market interest to access sustained Permian Basin natural gas production growth and increasing demand for reliable takeaway capacity out of the Waha hub," the company said.The proposed intrastate gas network will have a transportation capacity of up to 2 million dekatherms per day. It will also have lateral facilities transporting gas to Hudspeth Country and to at least one delivery meter at the US-Mexico border.The company plans to bring the project online in Q4 2029.The open season, which began on Sep. 10, will run through Sep. 25. Final project scope, capacity, and receipt and delivery points will be finalized based on the results of market solicitation.Enbridge's natural gas transmission and midstream network across North America currently spans 19,373 miles and expands to 70,773 miles including joint venture assets.

$ENB

Commodities6d ago

Vietnam Warns of Blackouts in 2027 Due to 4.2 GW Generation Shortfall

Vietnam could face electricity shortages from 2027 as delays to power-generation and grid projects leave capacity additions struggling to keep pace with rising demand, according to the country's trade ministry, as reported by several media outlets.Only 5% of power projects under the country's national growth plan have entered operation amid "very slow" progress in recent years, the ministry said, according to state media.Most projects remain under development or are awaiting approval, with delays linked to investor selection, land procedures and grid preparation.While electricity supply is expected to meet demand this year, delays to new projects and rising consumption could leave Vietnam with a power capacity shortfall of about 4,200 megawatts next year and an electricity deficit of roughly 2.9 billion kilowatt-hours, according to a ministry report.This gap is expected to widen to 13,900 MW in capacity and 61.2 billion kWh of electricity by 2030, according to the Ministry.The ministry also backed renewable energy projects that can be developed relatively quickly, including a proposal to accelerate solar installations. It called for about 2,800 MW of solar capacity to be installed at government offices, schools, hospitals and other public buildings by June 2027.

Commodities6d ago

Poland Advances Windfall Tax Plan on Hormuz-Related Oil, Gas Bounty

Poland has adopted a draft law to tax extraordinary profits earned on the sale of liquid fuels since March 1,, when the outset of the US-Iran war caused prices to surge, the finance ministry said in a statement on Tuesday.The tax will be charged until Dec. 31 and is expected to yield about 4 billion zloty and will help pay for measures the government introduced to shield consumers from the full impact of higher international energy prices this year.It applies to profits earned by companies producing and trading in fuels imported to Poland, the statement said.Tax revenues are expected to amount to approximately PLN 4 billion $1.06 billion). To calculate the tax, the government will disregard the first 20% of increases in profit growth versus 2025, and apply to the tax to sums earned over and above that, at a rate of 60%.The tax will be paid through monthly advances starting from November and via a final annual tax return, the statement said.Reuters' reporting from Warsaw said that the law has more hurdles to clear before enactment. It said Prime Minister Donald Tusk had urged the country's president not to block it, after having thwarted an earlier attempt to introduce the tax.

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Commodities6d ago

Exchange-Traded Funds, Equity Futures Higher Pre-Bell Wednesday Ahead of Fed's Rate Announcement

Dow JonesNasdaq CompositeS&P 500$ALVO$BORR$FAS$FAZ$GLD$HBAN$IBB$IGM$IYE$IYH$IYJ$IYK$IYW$JBHT$QQQ$RTH$SKHY$SLV$SOXX$SPY$UNG$USO$VDC$VFS$VHT$VIS$XLE$XLF$XLI$XLK$XLP$XLV$XLY$XRT$XSD