China’s power paradox: record renewables, continued coal
Bangkok, Thailand -- Call it the China power paradox: while Beijing leads the world in renewable energy expansion, its coal...
Geostrategy
Meta secures nuclear energy in 20-year Illinois plant deal
Washington, United States -- Facebook owner Meta announced Tuesday a 20-year nuclear energy agreement with US-based Constellation Energy to secure...
Business
Business
Jordan’s EMRC grants approvals for EV charging infrastructure
AMMAN, JORDAN - The Energy and Minerals Regulatory Commission (EMRC) has issued over 300 authorizations for the installation of electrical...
- EMRC records indicate a distribution of 49 publicly accessible charging stations alongside 14 privately owned stations.
- The capacity for the installation of multiple charging units at a single site, with 230 charging facilities holding establishment permits.
Geostrategy
Parisians vote in anti-SUV parking and pollution referendum
Paris, France -- Parisians were voting on Sunday in a referendum on tripling parking costs for hefty SUV-style cars, a campaign...
- Some 1.3m people in Paris are eligible to cast their ballot on the change, which would see cars weighing 1.6 tons or more charged $19.50 per hour for parking in central areas.
- Fully electric cars would have to top two tons to be affected, while people living or working in Paris, taxi drivers, tradespeople, health workers and the disabled are exempted.
Business
Use of DEWA’s electric-vehicle green chargers up 59% in 2023
Dubai, UAE -- Dubai Electricity and Water Authority (DEWA)’s EV Green Charger initiative witnessed a 59 percent increase in the...
- Dubai has seen a notable increase in the use of EVs since 2015. The number of EVs in the Emirate reached 25,929 vehicles by December 2023.
- The number of EV owners registered under the initiative has increased from a mere 14 in 2015 to more than 13,959 by the end of December 2023.
Business
OPEC+ panel reaffirms cartel’s current output reduction strategy
In an effort to shore up prices, the OPEC+ oil alliance of 23 nations has implemented supply cuts of more...
- In a statement following a meeting via videoconference, the Joint Ministerial Monitoring Committee (JMMC) of OPEC+ stopped short of making any recommendations on its output policy.
- However, the panel said it "reviewed the crude oil production data for the months of November and December 2023", noting the "high conformity" among participating nations.
Business
Shell annual profit drops to US$19.4bn
Its revenue dived almost a fifth percent to US$316.6 billion.
- Revenue of the British energy major dived almost a fifth percent to $316.6 billion, Shell will nevertheless return $3.5 billion to shareholders
- "Shell delivered another quarter of strong performance, concluding a year in which we made good progress," said chief executive
Economy
Iran and Turkey to utilize modern tech for electricity exchange
Tehran, Iran - Iran and Turkey are set to enhance their electricity exchange capabilities through the implementation of modern technology,...
- The Iran Grid Management Company and the Turkish Electricity Transmission Company (TEIAS) will operationalize the Khoy-Van grid line
- The agreement sets the stage for full-scale operation, opening avenues for electricity exchange between Turkey and several European countries
Business
Schneider Electric, Charge&Go ink pact
The aim is to develop EV charging facility in the UAE.
- Demand for electric vehicles in the UAE market has steadily increased over the past few years.
- The collaboration also aims to deliver on the demand for sustainable transportation in the UAE.
Interview
WEF24: AI stays at forefront of energy revolution
There is a need for global policy alignment to meet the rising energy demands and tackle climate change challenges, Marco...
- There is a need for global policy alignment to meet the rising energy demands and tackle climate change challenges, Marco Arcelli, CEO of ACWA Power, tells TRENDS.
- AI revolutionizes energy production, including water desalination, spearheading the irreversible shift towards renewable sources and green molecules, Arcelli adds.
Business
KACST, ACWA Power sign pact
The aim is to develop technologies for clean energy.
- The center will conduct studies, scientific research, and work to attain technical development in clean energy and water sector.
- It will also work in developing solar energy technologies, energy storage technologies to support future energy networks.
Business
Oil sees fluctuating prices, shifting output trends
The crude oil market experienced significant volatility in the year 2023, with prices swinging dramatically, influenced by various global factors.
- The crude oil market experienced significant volatility in the year 2023, with prices swinging dramatically, influenced by various global factors.
- OPEC+ continues to dynamically adjust production, with US output reaching a record high and global demand growth led by non-OECD regions.
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China’s power paradox: record renewables, continued coal
Bangkok, Thailand -- Call it the China power paradox: while Beijing leads the world in renewable energy expansion, its coal...
Geostrategy
Company News
Geopolitical tensions boost oil, weigh on equities
Market Report
Latest News
TAQA, JERA sign pact with SATORP to develop plant in Saudi Arabia
ABU DHABI, UAE – Abu Dhabi National Energy Company (TAQA), together with JERA Co., Inc on Thursday announced that they...
Business
GCC leads the charge in global sustainability efforts
The region is spearheading sustainability initiatives to address climate challenges, with Saudi Arabia making significant strides towards renewable energy and...
Economy
Geopolitical tensions boost oil, weigh on equities
Geopolitical tensions sent oil prices climbing and weighed on equities as investors also continued to worry about prospects for interest...
Market Report
Most Read
Business
EU imports US$120.5bn worth of energy products in Q4 2023
BRUSSELS, BELGIUM – In the fourth quarter of 2023, the EU imported US$120.5 billion (€111.3 billion) worth of energy products...
- Compared with the same period in 2022, imports decreased both in value (-34.2 percent) and in net mass (-11.7 percent).
- Comparing 2023 with 2022, the value of energy products dropped by 35 percent, while the volume dropped by 9.4 percent.
Geostrategy
OPEC Fund provides US$50m loan to support agriculture in quake-hit Türkiye
VIENNA, AUSTRIA – The OPEC Fund for International Development (OPEC Fund) is extending a US$50 million loan to Türkiye to...
- The Development and Investment Bank of Türkiye (TKYB) will on-lend the funds to small and medium-sized enterprises.
- This will help efforts to overcome the calamity’s impact and to promote a more resilient and sustainable agriculture sector.
Economy
Unit 4 of Barakah Nuclear Energy Plant connected to UAE grid
Abu Dhabi, UAE – The Emirates Nuclear Energy Corporation (ENEC) today announced that its operations and maintenance subsidiary, Nawah Energy...
- Unit 4 will add another 1,400 megawatts of clean electricity capacity to power the national grid, representing another significant step forward towards full-fleet operations
- This further supports the UAE’s efforts in enhancing grid stability and energy security through abundant around-the-clock zero-emissions electricity