The UN chief accused energy giants of “feasting on hundreds of billions of dollars in subsidies and windfall profits while household budgets shrink and our planet burns.” Guterres’ comments, at the UN General Assembly in New York, come on the heels of a European Union proposal to introduce a windfall tax on oil, gas and […]
Liz Truss, who earlier this week succeeded Boris Johnson, told lawmakers Wednesday that she would unveil her plans to tackle sky-high energy prices on Thursday. Truss is drawing up plans to freeze the average annual energy bill for households at around £2,500 ($2,860) for the next two years, the Financial Times reported. That would mean […]
The shift is part of a push by Russia to reduce its reliance on the US dollar, euro and other hard currencies in its banking system and for trade — a drive that Moscow has accelerated since it was hit with Western sanctions in response to its invasion of Ukraine. Russia has been forging closer […]
European benchmark natural gas prices spiked 28% on Monday morning to hit €274 ($272) per megawatt hour — the first day of trading after Russian energy giant Gazprom halted flows through the vital Nord Stream 1 pipeline indefinitely, claiming it had found an oil leak in a turbine. Last year, the pipeline delivered about 35% […]
Ofgem CEO Jonathan Brearley said the rise would have a “massive impact” on households across Britain, and another increase was likely in January, reflecting significant pricing pressure in energy markets. “It’s clear the new Prime Minister will need to act further to tackle the impact of the price rises that are coming in October and […]
In a statement, the provincial government vowed to be “at the forefront of the country,” and become a “top student in the carbon neutralization work, so as to demonstrate a beautiful calling card when making exchanges on climate change internationally.” “By 2030, there will be a complete ban on the sale of petrol vehicles across […]
Earlier this year, the UK government tried to protect households against 90% of the expected increases in energy bills through tax cuts, energy bill rebates and direct payments. But natural gas and power prices have shot up since then, as have forecasts of future increases. Researchers at the Institute for Government said Tuesday that the […]
China brought in 7.42 million metric tons of coal from Russia last month, data from the General Administration of Customs showed on Saturday. That was the highest monthly figure since comparable statistics began in 2017, up from 6.12 million metric tons in June and 6.49 million metric tons in July 2021. Western countries were avoiding […]
The unscheduled maintenance order on the Nord Stream 1 pipeline, which runs under the Baltic Sea to Germany, deepens an energy standoff between Moscow and Brussels which has already helped send inflation surging in the region and raised the risk of rationing and recession. Gazprom said the three-day shutdown was because the pipeline’s only remaining […]
By investing in Gazprom (GZPFY), Rosneft and Lukoil, Kingdom was likely seeking undervalued assets, but its move came as many Western nations imposed sanctions on Russian energy firms and their executives following Russia’s invasion of Ukraine on Feb. 24. Saudi Arabia and other Gulf states have so far tried to maintain what they say is […]
