Following last week’s announcement on the South Stream project cancellation, last Saturday (6/12) Gazprom CEO Alexei Miller gave an extensive interview to a major Russian TV channel, Russia 24. In his interview Mr Miller explains the reasons for abandoning South Stream, outlines Gazprom’s prospects of the new gas delivery route through Turkey and touches upon the project’s financial aspects. … [Read more...]
To cut carbon emissions and keep the lights on, it has got to be nuclear power
Crunch time is here: energy security and affordability concerns are colliding with the need to reduce CO2 emissions, writes Malcolm Grimston of Imperial College London. That's why the UK government is right to want to get new nuclear power plants built, argues Grimston. (See the previous article, by Peter Strachan and Alex Russell of Robert Gordon University. for a different viewpoint.) … [Read more...]
UK nuclear policy takes another step in the wrong direction
In its annual National Infrastructure Plan, published on 2 December, the UK government announced it has signed a cooperation agreement with Toshiba, GDF Suez and NuGen toward the financing of a new 3.4 GW nuclear power plant at Moorside. This is one of three new nuclear megaprojects being planned in the UK, next to Hinkley Point C (3.3GW) and Wylfa Newydd (3GW). The UK plans to spend ÂŁ45 billion on these projects until 2021 and hopes to raise … [Read more...]
Could falling oil prices spark a financial crisis?
To what extent are financial investors exposed to the oil sector? And what will happen on the financial markets if oil stocks and oil companies go under on a large scale? We are far from a crisis yet, writes Nick Cunningham of Oilprice.com. But, he adds, falling oil prices are not just a problem for oil companies. … [Read more...]
Lima: a trillion reasons why climate talks may still fail
Hopes are high at the UN Climate Conference that has started this week in Lima, Peru. There are many signs that a turning point has been reached, writes Giles Parkinson of Reneweconomy.com. But the hurdle is still high: to meet the 2C target, two-thirds of known fossil fuel reserves have to stay in the ground, costing the oil and coal sector $1 trillion a year in lost revenue. … [Read more...]
Juncker’s €300bn investment gamble – and what it might mean for energy
The EU and European Investment Bank (EIB) have teamed up to launch a new investment programme for Europe – with energy, as well as transport, research, innovation and education, its key objects. A modest €21bn in public money is set to be multiplied up to a whopping €315bn in total investments over the next three years, pushing Europe toward that long-hoped for economic recovery. There is no dedicated share of the money for individual sectors or … [Read more...]
Fossil-fueled Republicanism: what to expect from the new US Congress
While more and more people around the world are coming to recognize the need for restraints on fossil fuel consumption, the new Republican-dominated Congress will lead the United States in the opposite direction, writes Michael Klare, author of many books and articles on energy policy. Klare outlines the energy policies the Republicans in Congress are likely to pursue and explains what is behind their fervent commitment to oil and gas. In an … [Read more...]
World Energy Council: Germany and Spain less energy secure, UK and Japan on watch list
The new release of the World Energy Council’s annual Energy Trilemma Index, a ranking of countries based on their energy security of supply, affordability and sustainability, shows that Germany and Spain have gone down in their ratings. The UK and Japan have been placed on “negative watch”, showing a downward trend in energy security. In an interview with Energy Post, Joan MacNaughton, Executive Chair of the World Energy Trilemma work, notes that … [Read more...]
The Five Energy Labours of Juncker
The new team heading the European Commission in Brussels is lucky. Its predecessors closed two sensitive deals before the reshuffle: a European energy and climate strategy for 2030 and a gas winter package between Ukraine and Russia. On top of that, outgoing Energy Commissioner GĂĽnther Oettinger finished off a thick report on the way forward for a European energy market. The new Commission will follow up on these three dossiers, plus two more … [Read more...]
Let’s not forget those fossil fuel subsidies
The IEA’s World Energy Outlook (WEO), published on 12 November, has – not for the first time – put the spotlight on the huge subsidies given worldwide for the use and production of fossil fuels. And these do not include other costs (e.g. the hundreds of billions in US military spending to garrison the Middle East) and externalities caused by our oil, gas and coal use. Sophie Vorrath of RenewEconomy presents the main figures from the WEO. … [Read more...]
viEUws VIDEO: Brussels Briefing on Energy – All you need to know for November 2014
In this latest Brussels Briefing on Energy viEUws.eu, leading energy journalist Hughes Belin provides anoverview of the latest EU energy policy developments: … [Read more...]
Interview Joe Phillips, DNV GL: “For offshore wind there is only one way forward: together”
“Offshore wind offers great promise but the industry is at a very delicate stage now. We can’t afford to make mistakes in construction that lead to cost overruns,” warns Joe Phillips, Head of Strategy & Policy for Renewables at DNV GL, one of the largest technical energy consultancies in the world. DNV GL has recently issued an “offshore wind cost reduction manifesto” that commits the company to help reduce costs in the sector by 25% and … [Read more...]
Europe’s nuclear future may hinge on UK’s Hinkley deal
The fate of future nuclear power projects in Europe could hinge on whether government-backed guarantees for Britain’s Hinkley Point C power station survive an expected challenge from Austria in Europe’s highest court. Analysts agree that large nuclear undertakings have become too costly and risky for private investors alone. For this reason many EU countries are backing the UK’s support for nuclear power. Timothy Spence reports from Vienna. … [Read more...]
Cleantech innovation in Europe: here are the gamechangers of the future
At a “business booster” event in Barcelona, sixty European cleantech startups supported by KIC InnoEnergy, presented themselves to the world. They offered an impressive variety of new technologies and market innovations, ranging from new storage devices and solar chips to energy saving techniques, financing models and consumer engagement platforms. In this article we present to you some of the gamechangers of our future energy system – all made … [Read more...]
The end of an era: is the US petrodollar under threat?
Western sanctions imposed on Russia are driving Moscow further into the arms of Beijing, writes Andrew Topf for Oilprice.com. This may have the unintended consequence of ushering in the demise of the “petrodollar” – with profound consequences for global energy markets. … [Read more...]
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