Data from Epex Spot SE on Saturday showed that energy prices are negative in nearly a dozen countries across the European continent, including Germany, France, the Netherlands, and the UK. Prices in the Netherlands are set to fall as low as -€73.76 per megawatt hour by Sunday afternoon.

Negative power prices are believed to be a result of a record number of solar panels being added to European homes last year, a move that helped to curb overinflated natural gas prices. For the first time this summer, the EU’s monthly solar power generation surpassed that of coal-powered electricity.

“Negative pricing is an important signal in the electricity system to incentivize flexibility and storage, which is critical to a modern-day electricity system,” Tom Haddon, a consultant at Arcadis LLP remarked. The influx of renewable energy consumption is helping to costs for grid operators while making it easier for them to keep the system in balance.

The post European Energy Prices to Plummet Amid Solar Boom appeared first on theprimarymarket.com.

This decision comes after a two-day meeting on climate, energy, and environmental policy in the northern Japanese city of Sapporo. Russia’s invasion of Ukraine has elevated the urgency for the G7’s plan to establish new energy sources.

“While acknowledging that there are diverse pathways to achieve carbon neutral, we agreed on the importance of aiming for a common goal toward 2050,” Japanese industry minister Yasutoshi Nishimura stated during a news conference.”

Nishimura’s comments refer to the G7’s resolution to accelerate the phasing out of fossil fuel burning and the resulting CO2 emissions in order to achieve net zero in energy production by 2050. This comes in addition to the group’s decision last year to at least decarbonize most of their power sectors by 2035.

The post G7 Sets New Solar and Energy Goals appeared first on theprimarymarket.com.

The agreement is aimed at supplying Europe with green energy, thereby enabling the continent to diversify its energy resources away from Russia amid European sanctions over the Ukraine war.

“Given the current security context marked by the military aggression against Ukraine we need to cooperate better and show more solidarity to mitigate common challenges,” Romanian President Klaus Iohannis stated at the meeting. European Commission President Ursula von der Leyen was also in attendance.

According to von der Leyen, this meeting shows that the European Union’s strategy to diversify its energy to what she called “reliable energy partners” is working. In addition, von der Leyen offered the EU’s financial support for the project pending the outcome of a feasibility study.

Von der Leyen believes that the Black Sea cable can transform Georgia into an electricity hub while also reconstructing Ukraine’s energy system.

The post Four Nations Sign Agreement to Supply Europe With Azeri Energy appeared first on theprimarymarket.com.

Named the Group of 7 price cap, this latest sanction on the Russian oil trade was formulated with the aim of limiting the finances available to Russia as it continues its war efforts against Ukraine.

“These tools were created for political purposes and it is not clear yet whether they can achieve these political purposes,” Prince Abdulaziz said of the European sanctions. He added that central banks would also be preoccupied with implementing mechanisms to curb the ongoing inflation crisis.

While Russia claims that it may not be able to conform with the price caps, the OPEC+ alliance continues to restrict its own production. The alliance passed a decision on October 5 to cut its production by two million barrels per day. During a meeting on December 4, OPEC+ decided to keep its production levels unchanged as member nations continue to observe the oil market for changes amid the recent sanctions on Russia.

The post Results of Russian Energy Price Cap Still Unclear, Saudi Minister Claims appeared first on theprimarymarket.com.

Eskom, which generates most of its power using aging coal-fired power plants that are prone to breakdowns, aims to gradually shed about 6,000 megawatts (MW) of power in order to prevent the collapse of the national power grid. Stage 6 load shedding will leave South African households without power for at least six hours per day. The last time that Eskom reached Stage 6 was in December 2019.

With the ongoing power cuts hampering economic growth in Africa’s most industrialized nation, public frustration has spiked after the cash-strapped utility announced its intention to seek a 32% rate hike.

During an urgent board meeting on Saturday, Eskom’s board decided that it would approach independent power producers on Monday to procure an additional 1,000 MW. De Ruyter has also made 500 million rand available for the utility to purchase additional diesel.

The post South African Power Utility Eskom Ramps Up Nationwide Power Cuts appeared first on theprimarymarket.com.

Capping the revenues of those electricity generators that benefited from surging energy prices but do not rely on gas will be first priority, while fossil fuel-based producers will also be expected to share some of their profits from energy sales. The purpose of this move is to quell the financial strain being faced by businesses and households.

European gas prices have rocketed following Russia’s invasion of Ukraine, with Western-imposed sanctions against Russia leading to a severe reduction in Russian fuel exports to Europe. This has resulted in inflated energy bills for households across the continent.

Previously, the European Commission considered capping Russian gas prices. With EU member states expressing disagreement over this motion, Russia’s resulting threat to cut off all fuel supplies dissuaded the body from advancing this idea.

Ahead of the coming winter, Europe has been working towards filling its gas storage facilities, having already met its target of reaching 80% capacity by November.

The post EU Outlines Plan to Raise $140 Billion to Cope With Energy Crisis appeared first on theprimarymarket.com.

According to this analysis, the United Kingdom is set to continue facing high energy bills throughout 2023 as the government focuses on short-term financial support rather than long-term improvements to housing infrastructure.

Experts believe that an energy efficiency program is needed to extinguish the nation’s energy crisis, whereby improvements are made to leaky homes and insulation is provided.

Rising gas prices have also had a major impact on UK residents’ energy bills, with over four-fifths of UK homes being heated by gas boilers. Due to their age, most homes in the UK have older and less-efficient electricity and heating systems. 52% of UK homes were built before 1965, while 20% were built before 1919.

“Borrowing huge sums to freeze energy bills only makes sense if we also have a plan to reduce demand,” Tom Sasse, associate director at the IfG said of the UK government’s plan to tackle the energy crisis. “Announcing a national mission to boost energy efficiency – learning from successes abroad – could make a real difference in reducing the pain coming for households and businesses.”

The post UK Must Insulate Homes to Curb Energy Crisis, Experts Warn appeared first on theprimarymarket.com.

Prior to the Ukraine invasion, Russia supplied one-third of Europe’s natural gas. The nation declared that an absolute halt on gas supplies to Europe will be imposed should the EU decide to enforce a plan to cap Russian gas prices.

While the European Commission’s proposal to provide emergency liquidity to power firms facing soaring collateral requirements has gained widespread support, the proposal to cap power prices has drawn a mixed reception as critics fear the Russian response.

Some critics believe that the move will have a minimal effect other than to antagonize Russia, seeing as Russian exports are already low. “There is not that much Russian gas coming to Europe, so I don’t see the added value of that (a Russian gas price cap),” Belgium’s Energy Minister Tinne Van der Straeten remarked.

Others strongly support the move to cap prices, adding that this would deprive Russia of funds that could be used to advance their invasion of Ukraine. “Russia has said if you want our gas, take down the sanctions. It is blackmail. We cannot back down, we have to be united, we have to have the political will to help Ukraine win,” Estonian Economic Affairs Minister Riina Sikkut declared.

The post EU Energy Ministers Attend Emergency Meeting Over Energy Crisis appeared first on theprimarymarket.com.

The first option that Truss is considering would be to set a guaranteed unit price that businesses will pay on their energy bills. The alternative approach would be to set a percentage or price reduction that each business will be entitled to. The UK government will also ensure to reimburse energy suppliers for their lost income as a result of the bill reductions.

Scheduled to be announced later this month, the policy is expected to be reviewed on a quarterly basis at which point the price of energy charged to businesses may be adjusted. The policy is to be implemented in October when a large volume of companies’ energy contracts are ending.

A household energy policy is also in the works, with Truss’ government expected to spend £130 billion to reduce household energy bills over the next 18 months.

The post Incoming UK Prime Minister Plans £40 Billion Energy-Aid Package for Businesses appeared first on theprimarymarket.com.

Data from Epex Spot SE on Saturday showed that energy prices are negative in nearly a dozen countries across the European continent, including Germany, France, the Netherlands, and the UK. Prices in the Netherlands are set to fall as low as -€73.76 per megawatt hour by Sunday afternoon.

Negative power prices are believed to be a result of a record number of solar panels being added to European homes last year, a move that helped to curb overinflated natural gas prices. For the first time this summer, the EU’s monthly solar power generation surpassed that of coal-powered electricity.

“Negative pricing is an important signal in the electricity system to incentivize flexibility and storage, which is critical to a modern-day electricity system,” Tom Haddon, a consultant at Arcadis LLP remarked. The influx of renewable energy consumption is helping to costs for grid operators while making it easier for them to keep the system in balance.

The post European Energy Prices to Plummet Amid Solar Boom appeared first on theprimarymarket.com.

This decision comes after a two-day meeting on climate, energy, and environmental policy in the northern Japanese city of Sapporo. Russia’s invasion of Ukraine has elevated the urgency for the G7’s plan to establish new energy sources.

“While acknowledging that there are diverse pathways to achieve carbon neutral, we agreed on the importance of aiming for a common goal toward 2050,” Japanese industry minister Yasutoshi Nishimura stated during a news conference.”

Nishimura’s comments refer to the G7’s resolution to accelerate the phasing out of fossil fuel burning and the resulting CO2 emissions in order to achieve net zero in energy production by 2050. This comes in addition to the group’s decision last year to at least decarbonize most of their power sectors by 2035.

The post G7 Sets New Solar and Energy Goals appeared first on theprimarymarket.com.

The agreement is aimed at supplying Europe with green energy, thereby enabling the continent to diversify its energy resources away from Russia amid European sanctions over the Ukraine war.

“Given the current security context marked by the military aggression against Ukraine we need to cooperate better and show more solidarity to mitigate common challenges,” Romanian President Klaus Iohannis stated at the meeting. European Commission President Ursula von der Leyen was also in attendance.

According to von der Leyen, this meeting shows that the European Union’s strategy to diversify its energy to what she called “reliable energy partners” is working. In addition, von der Leyen offered the EU’s financial support for the project pending the outcome of a feasibility study.

Von der Leyen believes that the Black Sea cable can transform Georgia into an electricity hub while also reconstructing Ukraine’s energy system.

The post Four Nations Sign Agreement to Supply Europe With Azeri Energy appeared first on theprimarymarket.com.

Named the Group of 7 price cap, this latest sanction on the Russian oil trade was formulated with the aim of limiting the finances available to Russia as it continues its war efforts against Ukraine.

“These tools were created for political purposes and it is not clear yet whether they can achieve these political purposes,” Prince Abdulaziz said of the European sanctions. He added that central banks would also be preoccupied with implementing mechanisms to curb the ongoing inflation crisis.

While Russia claims that it may not be able to conform with the price caps, the OPEC+ alliance continues to restrict its own production. The alliance passed a decision on October 5 to cut its production by two million barrels per day. During a meeting on December 4, OPEC+ decided to keep its production levels unchanged as member nations continue to observe the oil market for changes amid the recent sanctions on Russia.

The post Results of Russian Energy Price Cap Still Unclear, Saudi Minister Claims appeared first on theprimarymarket.com.

Eskom, which generates most of its power using aging coal-fired power plants that are prone to breakdowns, aims to gradually shed about 6,000 megawatts (MW) of power in order to prevent the collapse of the national power grid. Stage 6 load shedding will leave South African households without power for at least six hours per day. The last time that Eskom reached Stage 6 was in December 2019.

With the ongoing power cuts hampering economic growth in Africa’s most industrialized nation, public frustration has spiked after the cash-strapped utility announced its intention to seek a 32% rate hike.

During an urgent board meeting on Saturday, Eskom’s board decided that it would approach independent power producers on Monday to procure an additional 1,000 MW. De Ruyter has also made 500 million rand available for the utility to purchase additional diesel.

The post South African Power Utility Eskom Ramps Up Nationwide Power Cuts appeared first on theprimarymarket.com.

Capping the revenues of those electricity generators that benefited from surging energy prices but do not rely on gas will be first priority, while fossil fuel-based producers will also be expected to share some of their profits from energy sales. The purpose of this move is to quell the financial strain being faced by businesses and households.

European gas prices have rocketed following Russia’s invasion of Ukraine, with Western-imposed sanctions against Russia leading to a severe reduction in Russian fuel exports to Europe. This has resulted in inflated energy bills for households across the continent.

Previously, the European Commission considered capping Russian gas prices. With EU member states expressing disagreement over this motion, Russia’s resulting threat to cut off all fuel supplies dissuaded the body from advancing this idea.

Ahead of the coming winter, Europe has been working towards filling its gas storage facilities, having already met its target of reaching 80% capacity by November.

The post EU Outlines Plan to Raise $140 Billion to Cope With Energy Crisis appeared first on theprimarymarket.com.

According to this analysis, the United Kingdom is set to continue facing high energy bills throughout 2023 as the government focuses on short-term financial support rather than long-term improvements to housing infrastructure.

Experts believe that an energy efficiency program is needed to extinguish the nation’s energy crisis, whereby improvements are made to leaky homes and insulation is provided.

Rising gas prices have also had a major impact on UK residents’ energy bills, with over four-fifths of UK homes being heated by gas boilers. Due to their age, most homes in the UK have older and less-efficient electricity and heating systems. 52% of UK homes were built before 1965, while 20% were built before 1919.

“Borrowing huge sums to freeze energy bills only makes sense if we also have a plan to reduce demand,” Tom Sasse, associate director at the IfG said of the UK government’s plan to tackle the energy crisis. “Announcing a national mission to boost energy efficiency – learning from successes abroad – could make a real difference in reducing the pain coming for households and businesses.”

The post UK Must Insulate Homes to Curb Energy Crisis, Experts Warn appeared first on theprimarymarket.com.

Prior to the Ukraine invasion, Russia supplied one-third of Europe’s natural gas. The nation declared that an absolute halt on gas supplies to Europe will be imposed should the EU decide to enforce a plan to cap Russian gas prices.

While the European Commission’s proposal to provide emergency liquidity to power firms facing soaring collateral requirements has gained widespread support, the proposal to cap power prices has drawn a mixed reception as critics fear the Russian response.

Some critics believe that the move will have a minimal effect other than to antagonize Russia, seeing as Russian exports are already low. “There is not that much Russian gas coming to Europe, so I don’t see the added value of that (a Russian gas price cap),” Belgium’s Energy Minister Tinne Van der Straeten remarked.

Others strongly support the move to cap prices, adding that this would deprive Russia of funds that could be used to advance their invasion of Ukraine. “Russia has said if you want our gas, take down the sanctions. It is blackmail. We cannot back down, we have to be united, we have to have the political will to help Ukraine win,” Estonian Economic Affairs Minister Riina Sikkut declared.

The post EU Energy Ministers Attend Emergency Meeting Over Energy Crisis appeared first on theprimarymarket.com.

The first option that Truss is considering would be to set a guaranteed unit price that businesses will pay on their energy bills. The alternative approach would be to set a percentage or price reduction that each business will be entitled to. The UK government will also ensure to reimburse energy suppliers for their lost income as a result of the bill reductions.

Scheduled to be announced later this month, the policy is expected to be reviewed on a quarterly basis at which point the price of energy charged to businesses may be adjusted. The policy is to be implemented in October when a large volume of companies’ energy contracts are ending.

A household energy policy is also in the works, with Truss’ government expected to spend £130 billion to reduce household energy bills over the next 18 months.

The post Incoming UK Prime Minister Plans £40 Billion Energy-Aid Package for Businesses appeared first on theprimarymarket.com.