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Northvolt Closes in on $300 Million Rescue Package to Stay Afloat

Batteries, CDN and International News, Energy Topics & Technology, Latest / By

Combination of shareholders, lenders and customers are participating in the bridge funding Bloomberg News Northvolt AB is closing in on a US$300 million rescue package that includes debt and equity, according to people familiar with the matter, buying time for the cash-strapped Swedish battery maker to stabilize production and line up longer-term financing. A combination of …

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Exclusive: BP Weighs Sale of Minority Stake in Offshore Wind Business, Sources Say

CDN and International News, Latest, Renewable Energy, Wind / By

By Andres Gonzalez and Ron Bousso CEO seeks to scale back focus on renewables, sources say BP seeks to reduce spending in offshore wind, sources say Company has projects in Britain, UK, Germany and Asia LONDON, Oct 17 (Reuters) – BP (BP.L) is considering selling a minority stake in its offshore wind business, according to …

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World Set for Cheaper Energy on Shift From Oil and Gas, IEA Says

CDN and International News, Coal, Conventional Energy, Electricity Grid, Energy Topics & Technology, Latest, Oil, US News / By

Demand for all fossil fuels to stop growing this decade World enters ‘Age of Electricity’ with EV sales set to climb The world is heading into an era of cheaper energy prices as a shift towards electricity use leaves behind surpluses of oil and gas, the International Energy Agency predicted. Global demand for all fossil fuels will …

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China’s Rapid Electrification is Catching Oil Producers Off Guard

CDN and International News, Electricity Grid, Energy Topics & Technology, Latest / By

(Reuters) – Over-estimating China’s appetite for crude has been a factor in oil markets this year, especially by OPEC, and it’s a theme that looks likely to continue in coming years. The increasing shift to electricity in transport from fossil fuels and what it termed “electric mobility” is “wrong-footing oil producers,” according to the International …

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OPEC Trims Its China Crude Demand Forecast, but Nowhere Near Enough

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(Reuters) – OPEC cut its estimate for China’s crude oil demand growth in 2024 for a third straight month in October, but the producer group is still massively optimistic given the reality of falling imports. The latest monthly report by Organization of the Petroleum Exporting Countries (OPEC) said China’s crude oil demand will expand by …

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Russia Seeks Over $1 Billion in Damages From Shell, Report Says

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(Reuters) – The Russian General Prosecutor’s office was seeking to collect more than 1 billion euro ($1.09 billion) in damages from international energy major Shell  the RIA news agency reported on Tuesday, citing the Moscow Arbitration court. Russia’s Prosecutor General earlier this month filed a lawsuit against eight units of Shell, which quit Russia following the start …

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TotalEnergies Expects Lower Q3 Results Amid Outages, Shrinking Refining Margins

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TotalEnergies expects lower Q3 results amid outages, shrinking refining margins PARIS, Oct 15 (Reuters) – French oil major TotalEnergies  expects its third-quarter downstream results to sharply decrease due to a 65% drop in refining margins in Europe and elsewhere, the company said on Tuesday amid a drop in global oil prices. TotalEnergies’ shares were around …

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India Needs to Explore Incentives to Improve Renewables Transmission Capacity, Power Secretary Says

CDN and International News, Latest, Renewable Energy, Solar, Wind / By

(Reuters) – India needs to explore the need for a production-linked incentive (PLI) scheme to improve its renewable energy transmission capacity, power secretary Pankaj Agarwal said at an event on Monday. “We need to think about how we should localize supply chain for transmission equipment,” Agarwal said, adding that 1,650 gigawatts (GW) of global renewable …

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OPEC Cuts 2024, 2025 Global Oil Demand Growth View Again

CDN and International News, Conventional Energy, Energy Topics & Technology, Forecasts, Latest, Oil, Tri-Pinned / By

(Reuters) – OPEC on Monday cut its forecast for global oil demand growth in 2024 reflecting data received so far this year and also lowered its projection for next year, marking the producer group’s third consecutive downward revision. The Organization of the Petroleum Exporting Countries in a monthly report said world oil demand will rise …

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Japan Could Boost LNG Buys for Emergency reserve to Nearly 1 Mln T a Year, METI Official Says

CDN and International News, Conventional Energy, Latest, Natural Gas / By

Japan is considering stepping up purchases of liquefied natural gas (LNG) for emergency needs to at least 12 cargoes a year from three now, an official of its industry ministry said, to guard against unexpected supply shocks. The reserve-boosting plan entails additional purchases by the world’s second biggest buyer of LNG after China, increasing its …

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