Financial News · Live Terminal

Page 123 of 166

Unauthorized Personnel Board Anchored Vessel Northeast of Fujairah, Heading Towards Iran

An anchored vessel was seized by unauthorized personnel about 38 nautical miles northeast of Fujairah, UAE, and is now heading towards Iranian territorial waters, the UK Maritime Trade Operations said Thursday."UKMTO has received a report of an incident 38NM northeast of [Fujairah, UAE]," the agency said in an alert. "The CSO has reported that the vessel has been taken by unauthorised personnel whist at anchor and is now bound for Iranian Territorial Waters."Fujairah is a major crude oil export hub of the UAE. UKMTO said it is investigating the situation.has reached out separately to UKMTO for additional details.

Commodities87d ago

US House Approves Year-Round 15% Biofuel Blend in Gasoline

The US House of Representatives on Wednesday passed a bill to allow nationwide year-round sales of E15, a gasoline grade containing 15% ethanol, following a one-hour debate, with a Senate vote on it yet to follow.Lawmakers approved the Nationwide Consumer and Fuel Retailer Choice Act, also known by its bill identification number HR 1346,by a majority of 218 to 203, to allow fuel retailers to sell E15 permanently."The bill amends the Clean Air Act to address the limitations on reid vapor pressure (a measure of gasoline's volatility) that are placed on gasoline during the summer ozone season," according to the bill definition. That effectively aligns E15 RVP regulations with E10, which is currently the standard US gasoline blend.The bill, once passed by the Senate and signed by President Donald Trump, will also remove the need for temporary waivers that allow for richer ethanol blends, during summer months.The US Environmental Protection Agency last issued an emergency waiver in March to ensure availability of domestic fuel during the so-called driving season when road travel peaks.Congressman Adrian Smith of Nebraska, the sponsor of the bill, said in a press conference on Tuesday that the move could lower fuel prices and bolster energy security, while boosting demand for corn, Nebraska Public Media reported.Supporters also agreed that E15 can help stabilize gasoline prices, as it can be offered at discounts of 10 cents to 30 cents per gallon versus regular gasoline, according to the local news outlet.The Renewable Fuels Association said E15 can generate savings of 20 cents to 40 cents per gallon, citing data from E15prices.com, with E15's discount to E10 averaging around 10% in recent days."As Americans continue to face pressure from rising energy costs, this bill delivers greater certainty for consumers while expanding choices at the pump," American Petroleum Institute president Mike Sommers said.The bill could also provide market stability to farmers by increasing corn demand by up to 2.4 billion bushels per year, according to the American Farm Bureau Federation.Some critics, however, argued that costs for refiners may rise due to higher compliance requirements from biofuel mandates, Reuters said.The bill could also increase US debt, with the Congressional Budget Office estimating that the net deficit could increase by about $2.3 billion between 2026 and 2036, if the legislation took effect in August 2026, Reuters and agriculture data provider DTN reported.A Senate vote on the legislation has yet to be scheduled.

Commodities87d ago

Northland Power Offshore Wind Production Surges 31% Q1

Northland Power has reported a strong start to 2026, headlined by a 31% surge in electricity production from its International offshore wind portfolio, the company said on Wednesday.Total consolidated electricity production reached 3,403 gigawatts-hour for the quarter ended March 31, up from 3,015 GWh in the same period last year.This growth was primarily driven by higher wind resources across facilities in Germany and the Netherlands, which contributed CA$418 million ($305 million) in energy sales revenue representing 31% year-over-year increases for the offshore segment.In the Americas, the business unit saw mixed results as lower wind and solar resources in New York and Canada caused a 14% drop in onshore production to 531 GWh.However, revenue for the unit rose 19% to CA$112 million, bolstered by the first full-quarter contribution from the Oneida energy storage facility.Meanwhile, Northland's natural gas assets maintained steady performance with 1,002 GWh of production, while the Spanish onshore segment faced a 25% revenue decline due to lower market prices despite a 15% increase in local production to 315 GWh.

Commodities87d ago

CEZ Group Reports Lower Q1 Nuclear Output, Capex Jumps 130%

CEZ Group, one of the largest energy utilities in Europe, reported mixed Q1 performance in terms of output along with a surge in capital expenditures, according to its earnings report published on on Thursday.The Czech Republic-based conglomerate reported a 4% year-over-year drop in electricity output, at 13.8 terawatt-hours, primarily due to relatively long planned outages at its Temelin nuclear power plant, as it transitioned to a longer fuel cycle.Meanwhile, output at its Pocerady combined-cycle power plant, which is natural gas-fired, surged 50% from the prior year, helping partially offset the decline in its nuclear output.On the distribution front, electricity was up 4% during the same period, at 9.9 TWh, while gas distribution stood at 25.5 TWh, an increase of 8% from last year, which the company attributed to colder weather conditions this past winter.The company's capital expenditures during Q1 stood at 15.7 billion Czech Koruna ($760 million), up 130% from the prior year, largely tied to long-term energy infrastructure and decarbonization initiatives.

Commodities87d ago

National Grid Targets $94.6 Billion Investments Across UK, US by 2031

UK-based utility firm National Grid (NGG) on Thursday said it is targeting investments of at least 70 billion British pounds ($94.61 billion) across its regulated energy networks and adjacent businesses in the UK and US in the five year period to 2031.About 85% of the investment is compliant with the European Union Taxonomy legislation and directly supports decarbonizing of energy networks, the company said in its earnings statement for the fiscal year ended March 31.In the UK, National Grid expects to invest about $31 billion pounds in electricity transmission to boost network capacity and support increased renewable generation, lower reduce constraint costs, connect new customers, and maintain network resiliency."We expect our Electricity Distribution network to invest around [9 billion pounds] in asset replacement, reinforcement and new connections, facilitating the infrastructure for electric vehicles, heat pumps and directly connected generation," the company said.In the US, the company projects investment of 17 billion pounds in New York, and 12 billion pounds in New England, with about 60% of this investment expected in electricity networks and the rest directed towards its gas business.Meanwhile, National Grid Ventures has committed to spend about 1 billion pounds, including maintenance investment across the six operational interconnectors, the company said.National Grid expects asset growth of about 10% compound annual growth rate through to 2030/31 following this investment, with total assets expected to grow to about 115 billion pounds by March 2031.For the fiscal year ended March 31, the company's UK Electricity Transmission segment reported an underlying operating profit of 1.68 billion pounds, 18% higher than the 1.43 billion pounds reported in the corresponding year-ago period.For the same period, the UK Electricity Distribution segment reported a 3% year-on-year rise in underlying operating profit to 1.24 billion pounds, compared with 1.2 billion pounds reported in the year before.Underlying operating profit for the New England division fell 1% year-on-year to 866 million pounds, whereas the New York division reported a 25% jump from the year-before to 1.71 billion.

$NGG

Commodities87d ago

NWS Warns of Critical Fire Weather Conditions in Great Plains, Great Basin, Central Rockies

The US National Weather Service on Thursday said elevated to critical fire weather conditions is expected in major portions of the Great Plains and parts of Great Basin and central Rockies into Friday due to the presence of gusty to high winds and low relative humidity.Meanwhile, the central Plains could experience severe thunderstorms, along with large hail and damaging wind gusts, into the weekend.The NWS early Thursday issued a red flag warning for Nebraska's Harrison, Chadron, Alliance, Scottsbluff, Bridgeport, Harrisburg, Kimball, Sidney, Oshkosh, Chappell, Hyannis, Arthur, Ogallala, Grant, Imperial, Mullen, Thedford, Tryon, Stapleton, Stockville, Burwell, Broken Bow, Brewster, North Platte, Norfolk, and O'Neill.The state falls under the service area of regional transmission organization Southwest Power Pool, with Midcontinent ISO also serving some areas.A red flag warning was also raised for Colorado's Gunnison, Leadville, Buena Vista, Salida, Canon City, La Veta Pass, San Luis, Trinidad, West Cliffe, Julesberg, Sterling, Fort Collins, and Greeley. Xcel Energy (XEL) and Black Hills' (BKH) Black Hills Energy are the major service providers in Colorado.In Kansas, where Evergy (EVRG) is among the major electricity service providers, a warning for fire weather conditions was issued for Ulysses, Liberal, and Dodge City.Also covered under a red flag warning were Oklahoma's Beaver, Alva, Woodward, Gage, Elk City, Guymon, and Altus; and Perryton, Pampa, Clarendon, and Canadian.OGE Energy (OGE) unit Oklahoma Gas & Electric and American Electric Power subsidiary Public Service Co. of Oklahoma are the major electric utility service providers in Oklahoma, while Xcel Enery and American Electric Power's (AEP) Texas unit serves the affected areas in Texas.In South Dakota, a red flag warning was raised for Sturgis, Spearfish, Belle Fourche, Deadwood, Faith, Raid City, Hermosa, Edgemont, Hot Springs, Wall, Pine Ridge, Phillip, Kadoka, Martin, White River, Pierre, Murdo, Mobridge, Aberdeen, Miller, Watertown, Sisseton, Brookings, Mitchell, Sioux Falls, Yankton, and Vermillion. Xcel Energy, Northwestern Energy (NWE), Black Hills Energy, MDU Resources (MDU) unit Montana-Dakota Utilities and Otter Tail's (OTTR) Otter Tail Power are among the major electric service providers in the state.A similar warning was also raised for almost the entirety of North Dakota except for Crosby, Minot, and Williston. The state is primarily served by Xcel Energy, Montana-Dakota Utilities, and Otter Tail Power.Iowa's Estherville, Storm Lake and Sioux City were placed under the warning for fire weather conditions, primarily served by Berkshire Hathaway Energy unit MidAmerican Energy and Alliant Energy (LNT).In Minnesota, a similar warning was raised for Marshall, Pipestone, Windom, Worthington, Roseau, Thief River Falls, Detroit Lakes, Fergus Falls, Morris, and Willmar. The main service providers in the state are Otter Tail Power, Allette (ALE) subsidiary Minnesota Power, Xcel Energy and Alliant Energy.The NWS also issued a flood warning for certain pockets of Washington, Louisiana, and Mississippi.

$AEP$ALE$BKH$EVRG$LNT$MDU$NWE$OGE$OTTR$XEL

Commodities87d ago

Asia Biofuels Update: Malaysian Palm Oil Extends Losses on Weak Demand

Weak demand continued to pressure Malaysian palm oil futures, which declined for a third straight session on Thursday to hit their lowest in more than two months, despite stronger crude oil and soybean oil prices.The Bursa Malaysia Derivatives' June crude palm oil contract fell 1.04% to 4,363 Malaysian ringgit ($1,109.05) per metric ton. The July contract dropped by the same extent to 4,392 ringgit/mt.The lack of demand from key buyers, India and China, primarily weighed on sentiment, according to Paramalingam Supramaniam, director at brokerage Pelindung Bestari, as cited by Reuters.The discounts of palm oil to competing oils have eroded following a war-driven surge in prices, prompting Indian refiners to turn to rival soybean oil and sunflower oil.In April, industry data reportedly showed that India's palm oil imports dropped 26% month over month to their lowest in four months at 513,403 metric tons. Showing an opposite trend, soybean oil purchases rose 25% to 360,350 mt and sunflower oil shipments jumped 121% to their highest in 22 months at 434,240 mt.India typically buys palm oil from Malaysia and Indonesia, and sources soybean oil and sunflower oil from Argentina, Brazil, Russia, and Ukraine.In China, near-term purchases of palm oil have remained weak, although the market was seeing an appetite for forward buying."Domestically, basis levels remain persistently weak, and movement of goods is slow," Chinese price reporting agency MySteel said, adding that traders were mainly looking for December-loading cargoes.With this week's downward movement in palm oil prices, MySteel said that "vegetable oils have shown slight divergence, with palm oil leading the market decline."Going forward, analysts said that the market may find support from expanding biodiesel programs in Indonesia and Malaysia, geopolitical tensions in the Middle East, and El Nino-related supply risks.

Commodities88d ago

Snam Reports Higher Q1 LNG, Pipeline Gas Volumes; Investments Jump

Snam reported Q1 earnings Wednesday, showing total gas injections of 16.31 billion cubic meters for Q1, up from 15.22 bcm a year earlier.Pipeline gas imports were 10.29 bcm for the quarter ended March 31, up from 9.81 bcm a year earlier, while national gas production fell to 0.71 bcm from 0.88 bcm.Gas inflows through Mazara del Vallo increased to 5.59 bcm in the first quarter from 5.42 bcm a year earlier, Snam said.Passo Gries gas inflows increased to 1.80 bcm in the first quarter from 1.50 bcm a year earlier, while Melendugno volumes rose to 2.42 bcm from 2.34 bcm.The company reported LNG inflows of 5.31 bcm for the quarter ended March 31, up from 4.53 bcm in the year-ago period.The company imported 2.32 bcm through Adriatic LNG in Q1, up from 2.26 bcm a year earlier, while Piombino LNG volumes rose to 1.11 bcm from 1.05 bcm.The company reported OLT LNG volumes of 1.12 bcm for the quarter, up from 1.08 bcm in the year-ago period.Snam said Italian gas demand reached 21.83 bcm in the quarter, compared with 21.72 bcm a year earlier, as thermoelectric demand increased to 7.13 bcm from 7.01 bcm.Snam advanced the Adriatic Line Phase 1 project to 80% completion during the quarter.The company raised Q1 investments to 991 million euros ($1.16 billion) from 361 million euros a year earlier.

Commodities88d ago

US Natural Gas Update: Futures Gain Ahead of Storage Data on Weather Forecast Shift

US natural gas futures maintained earlier gains in after-hours trade on Wednesday as warmer weather forecasts and expectations for stronger cooling demand offset lingering concerns about ample inventories.The front-month Henry Hub natural gas and the continuous futures contract both climbed 0.88% to $2.868 per million British thermal units.According to Barchart, natural gas prices gained support after forecasts shifted toward above-normal temperatures across key regions of the US.Above-average temperatures are expected across the Midwest and Southwest through May 17, potentially boosting demand from electricity providers for air conditioning, Barhcart said, citing information from the Commodity Weather Group.A decline in natural gas output also supported higher futures prices on Wednesday, Natural Gas Intelligence said Wednesday.US gas production averaged 109.8 billion cubic feet per day on Wednesday, up 3.1% from a year earlier, according to BNEF data cited by Barchart.Lower-48 gas demand rose 6.0% year-over-year to 67.8 Bcf/d, while estimated LNG net flows to US export terminals slipped 1.9% week-over-week to 17.3 bcf/day, data showed.Meanwhile, traders awaited the US Energy Information Administration's weekly storage report, due on Thursday.Analysts surveyed by The Wall Street Journal expect an 87 Bcf injection for the latest week, which would leave inventories 142 Bcf above the 2021-2025 average, compared with the prior week's surplus of 139 Bcf.The WSJ cited EBW Analytics as saying two more "supportive" EIA storage reports are likely before triple-digit injections return by the end of May.

Commodities88d ago

US Biofuels Update: US-China Trade Summit Underpins Soybean Futures Market

Biofuels feedstock futures closed mixed on Wednesday, as the soybean market remained supported by the start of the US-China trade summit.The Chicago Board of Trade July soybean futures contract closed 0.18% higher on Wednesday at $12.29 per bushel, while the CBOT July soybean oil futures contract settled 1.38% lower at 75.36 cents per pound.The Nymex June ethanol futures contract settled 1.81% higher on Tuesday at $1.96 per gallon.Rhett Montgomery, DTN analyst, said the new-crop soybean futures reached another 2026 high for the contract at $12.07 per bushel."Soybean futures were higher for a fourth straight session on optimism as President Trump arrives in China for meetings with China's President Xi," Montgomery said in a daily note.He added that soybean futures also drew support from cuts to old crop US supplies by the US Department of Agriculture on Tuesday, and the "borderline bullish" outlook for 2026-27, dependent on where production lands.On Wednesday, the Energy Information Administration reported that for the week ending May 8, US ethanol production averaged 1.08 million barrels per day, above 1.02 mmb/d last week and 993,000 b/d a year ago.The four-week average output at 1.04 mmb/d was above 1.02 mmb/d during the same time last year.Domestic ethanol inventories ended the week at 24.9 million barrels, below 26 mmbbls a week ago, and below 25.4 mmbbls a year ago.Meanwhile, US House lawmakers were scheduled to vote on a measure that would allow nationwide, year-round sales of E15-blended gasoline. If the measure passes the House, it will be sent to the Senate.

Commodities88d ago

RenewableUK Calls for Planning Reform and Hydrogen Network in Energy Bill

RenewableUK urged the UK government to include planning, tax, and hydrogen measures in its proposed Energy Independence Bill to lower energy costs, it said on Wednesday.The bill was announced in the King's speech on Wednesday.RenewableUK Chief Executive Tara Singh said the legislation could strengthen UK energy security and help reduce electricity prices through cheaper renewable energy development."That means removing avoidable delays in planning, changing the tax treatment of wind projects so that investment costs can be recovered earlier," Singh added.She said the measures would lower financing costs and electricity prices, adding that a national hydrogen network could help expand long-duration energy storage."The prize of getting this right is cheaper, more secure energy built here in Britain, and less exposure to gas price shocks beyond our control," Singh said.

Commodities88d ago

Highlands Council Clears Onshore Works for Qair's 1GW Ayre Floating Wind Project

The Highlands Council has approved a planning application for the onshore infrastructure linked to Qair's proposed 1-gigawatt Ayre floating wind farm off Caithness and Orkney, the company said on Wednesday.The clearance covers the land-based components required to support the offshore development, marking a key milestone for the project, which is part of Scotland's wider ScotWind leasing round.The Scottish government has recently completed a consultation on the offshore consent application for the project, submitted in December. The ScotWind developments are expected to begin coming online in the early 2030s.

Commodities88d ago

Bundesnetzagentur Awards 2,299 MW in Oversubscribed Solar Auction

Germany's Bundesnetzagentur, or the Federal Network Agency, announced Tuesday that its latest solar auction received 4.62 gigawatts of bids against a tender volume of 2.3 GW.The Federal Network Agency said the auction for ground-mounted solar photovoltaic projects and other eligible solar installations closed for bids on Mar. 1.The Federal Network Agency's President, Klaus Muller, said the auction remained heavily oversubscribed, while successful bid prices declined again from the previous round.The agency received 532 bids totaling 4.62 GW, of which 268 representing 2.3 GW secured awards, and 39 bids were excluded from the process.Successful bids in the pay-as-bid auction ranged from 3.99 euro cents/kWh to 5.10 euro cents/kWh, with an average award value of 4.94 euro cents/kWh.Bavaria secured the largest awarded volume at 693 megawatts across 106 winning bids, followed by Lower Saxony with 340 MW and Baden-Wurttemberg with 333 MW.Projects located near motorways and railway lines received 123 winning bids totaling 1.026 GW, while disadvantaged farmland and grassland projects secured 760 MW across 73 bids.Special solar installations secured 59 winning bids totaling 439 MW, marking a sharp increase from earlier rounds, as developers expanded projects combining solar power generation with agricultural land use.

Commodities88d ago

EU Approves Messer, Ambrian Energy Carbon Storage Joint Venture

The European Union antitrust regulators have approved the creation of a joint venture between Germany's Messer and Ambrian Energy after concluding that the deal would not raise competition concerns under the merger rules, the European Commission said on Wednesday.The merger, which will create a company focusing on the intermediate storage of carbon dioxide, was cleared under the EU's simplified merger review procedure.The Commission concluded that the deal would not raise competition concerns because the joint venture has negligible activities within the European Economic Area. It added that the parent companies are not active in the same or vertically related markets.

Commodities88d ago

Swiss Study Finds 80-Year Lifespan for Nuclear Plants Feasible

A Swiss government report concludes that extending the operation of some of the country's nuclear fleet to 80 years would be technically feasible and economically viable, the Swiss Federal Council said in a statement on Wednesday.The assessment primarily covers the long-term operation of the Gosgen and Leibstadt Nuclear Power Plants. It also reviews whether building new nuclear capacity could strengthen electricity supply security during winter if expansion of low-emission energy sources proves too slow.A 2024 memorandum from the Swiss Federal Office of Energy had already concluded that extending the lifetimes of Swiss nuclear plants to 60 years was both technically and economically feasible.The government said it currently sees no need for public financial support to enable long-term operation, adding that required investments in upgrades and maintenance are expected to pay off under plausible electricity price and cost scenarios.However, it warns that the main risks are not economic but political and regulatory, including potential early closures or tighter safety requirements. It stresses that stable regulatory conditions are essential for long-term planning.The report also highlights workforce challenges, particularly the difficulty of maintaining specialized technical expertise over extended operating periods.It said continued operation of existing nuclear plants, combined with accelerated deployment of renewable energy, would reduce Switzerland's reliance on imports and improve winter power supply security.

Commodities88d ago

US Natural Gas Update: Futures Gain Amid Conflicting Weather Forecasts

US natural gas futures ticked higher in choppy midday trading Wednesday, as slower LNG consumption, linked to planned maintenance schedules, helped to offset mixed US weather-driven demand signals.Front-month and continuous Henry Hub contracts both rose 0.98% to $2.871 per million British thermal units.Trading was volatile through the early session, with prices ranging from $2.813/MMBtu to $2.927/MMBtu and reflecting weakening northern heating demand offset by rising southern cooling load as temperatures shift into early summer.Gelber & Associates said residential and commercial consumption continues to soften, but strengthening power-sector burn tied to early cooling demand is beginning to provide offsetting support as weather outlooks continue to lean warmer across the central and eastern US into late May.For the Thursday weekly storage report, Gelber & Associates estimates an injection of about 83 billion cubic feet, while NRG Energy projects roughly 86 Bcf, underscoring looser fundamentals heading into peak injection season.NRG noted storage remains on track to approach roughly 3.9 trillion cubic feet ahead of winter.On the export side, LNG feedgas flows declined overnight to 109 Bcf per day due to maintenance and operational variability across several Gulf Coast export facilities, including lower volumes at Freeport LNG, Plaquemines LNG, and Golden Pass LNG, Gelber & Associates said.Those declines were partially offset by recovering throughput at Corpus Christi LNG as maintenance activity winds down.

Commodities88d ago

BP Whiting Refinery, USW Labor Union Set May 18 Talks as Lockout Continues

BP (BP) and the United Steelworkers Local 7-1 union will resume labor contract negotiations on May 18, marking the first scheduled talks in months amid a prolonged dispute at the Whiting refinery.In a Wednesday email to, BP media relations manager Cesar Rodriguez said the company and union leadership have agreed to meet on Monday to continue bargaining."The bp Whiting Refinery and the USW Local 7-1 union leadership have agreed to meet for continued labor contract negotiations on Monday, May 18th," Rodriguez said.He added that the company is seeking an agreement that maintains site competitiveness and safety."We look forward to returning to the negotiating table to work toward an agreement that preserves strong jobs by improving refinery performance, strengthening safety, and keeping the site competitive in a range of economic conditions over the long term," he said, adding, "We have negotiated in good faith from the start and will keep doing so."The planned meeting comes amid an ongoing dispute between BP and the union representing over 800 workers at the refinery in Whiting, Indiana, which has been locked out since March 18. The two sides last met on March 17.In a Facebook post on May 12, USW Local 7-1 criticized the firm's handling of negotiations, alleging that BP delayed talks and bargained in bad faith.Union president Eric Schultz said the union had repeatedly sought to resume negotiations, including a recent email request asking whether BP's bargaining committee was available to meet.Schultz said BP responded by asking for the agenda and indicating it would not be available to meet for nearly two weeks."They know exactly why we need to meet," Schultz said. "Asking what the agenda is, is not a serious response. It is just another delay tactic."The union also disputed BP's claims that it had sought to resume bargaining earlier, calling those statements "100% false," and accused the company of locking out workers after members rejected its proposals.Schultz said the union remains committed to reaching a settlement and returning experienced workers to the refinery."Our solidarity is our strength," he said. "Our continued resolve will eventually cause the company to bend."Price: $44.04, Change: $-0.37, Percent Change: -0.82%

$BP

Commodities88d ago

Europe Unveils National Best Practices to Help Tackle Energy Crisis

The European Union on Wednesday published a catalog of national best practices to help member states reduce gas and oil consumption, cut energy costs, and strengthen resilience as the bloc continues to grapple with the fallout from the Middle East conflict.EU Commissioner for Energy and Housing Dan Jorgensen said the initiative is a practical toolkit for governments seeking immediate savings for households, businesses, and public authorities while advancing the clean-energy transition.The European Commission said the catalog highlights policies already implemented in some member states that can be replicated across the bloc.The initiatives focus on protecting consumers and industry while advancing clean transition goals, accelerating immediate energy savings and the rollout of energy-efficient solutions, and boosting investment in energy efficiency and renewable energy production.The catalog builds on last month's AccelerateEU communication.The Commission said accelerating the implementation of existing EU energy rules could reduce natural gas demand by 10 to 15 billion cubic meters per year and cut oil consumption by 15 to 20 million tonnes of oil equivalent.It also noted that such progress would help lower energy bills and reduce dependence on volatile fossil-fuel markets.The measures are considered practical, proven policies that are already delivering tangible benefits in countries that have adopted them, the Commission said.

Commodities88d ago

ERCOT Solar Output Could Top Coal for First Time in 2026, EIA Says

Solar generation in ERCOT could exceed coal-fired output for the first time in 2026, with solar reaching 78 billion kWh versus coal's 60 billion kWh, the US Energy Information Administration said Wednesday.The Electric Reliability Council of Texas grid has steadily increased solar generation as utilities add new capacity to meet fast-growing electricity demand across the state.Natural gas remained ERCOT's largest electricity source from 2021 through 2025, accounting for an average 44% of generation, while solar expanded its share of the power mix from 4% in 2021 to 12% in 2025.Coal's contribution to ERCOT generation dropped to 13% from 19% during the same period, EIA said.Texas could account for nearly 40% of all US solar capacity additions in 2026, equal to about 14 billion kWh, as developers continue expanding renewable energy projects, according to the EIA.Tehuacana Creek 1 Solar and Battery Energy Storage System, an 837-megawatt project expected to begin operating in 2026, could become the largest solar photovoltaic facility added in Texas.The EIA said developers currently have no plans to build additional coal-fired power plants in ERCOT, according to data from its Preliminary Monthly Electric Generator Inventory report.ERCOT solar generation first surpassed coal on a monthly basis in March 2025, when solar output reached 4.33 billion kWh, compared with coal generation of 4.16 billion kWh, the report said.ERCOT solar generation could exceed coal from March until December 2026, while solar may remain above coal in every 2027 month except January and December, the EIA said.The EIA forecasts ERCOT solar generation will rise to 99 billion kWh in 2027, while coal generation could total 66 billion kWh as electricity demand increases from data centers, crypto mining and industrial activity.

Commodities88d ago

BP Forays Into Uzbekistan with 40% Stake in Ustyurt Oil, Gas Project

BP (BP) has agreed to acquire a 40% interest in a production sharing agreement covering six exploration blocks in Uzbekistan's Ustyurt oil and gas project, marking the company's first project in the Central Asian country.The energy firm said the deal includes the Boyterak, Terengquduq, Birqori, Kharoy, Qoraqalpoq, and Qulboy blocks.Under the deal, BP acquired its 40% stake, 20% each from Azerbaijan's state-owned energy firm Socar and Uzbekneftegaz. Following the deal's closure, participating interests in the PSA are BP 40%, Uzbekneftegaz 30%, and Socar 30%, with the Azerbaijani energy firm acting as operator.BP said the investment marks its first project in Uzbekistan and forms part of its strategy to expand its exploration portfolio for long-term organic growth.The North Ustyurt region, located in western Uzbekistan, is considered prospective for hydrocarbons as the country seeks to attract foreign investment and develop its upstream sector.BP did not disclose financial details of the agreement.Price: $44.07, Change: $-0.33, Percent Change: -0.74%

$BP

Showing 2441-2460 of 3313

Commodities87d ago

NWS Warns of Critical Fire Weather Conditions in Great Plains, Great Basin, Central Rockies

$AEP$ALE$BKH$EVRG$LNT$MDU$NWE$OGE$OTTR$XEL