DEWA records 12.5 million digital transactions in 2023
DUBAI, UAE - Dubai Electricity and Water Authority (DEWA) announced that its customers conducted around 12.5 million digital transactions in...
Business
France drops renewables targets in new energy bill
The proposed text affirms "the sustainable choice of using nuclear energy as a competitive and carbon-free" source of electricity. But...
Economy
Economy
European gas prices approach record peak on Russian supply fears
Europe's benchmark Dutch TTF gas contract advanced to 318 euros per megawatt hour before paring gains. That was not far...
- Prices have spiked in recent days as a three-day halt in Russian deliveries to Germany via the Nord Stream 1 pipeline approaches.
- One-year forward contracts for electricity prices in both France and Germany surged on Thursday to record pinnacles on worries over a winter energy crunch.
Economy
ENEC hosts top performing students from Al Dhafra region
The Emirates Nuclear Energy Corporation (ENEC) has hosted a recognition ceremony at the Barakah plant for top-performing students from the...
- The hosting of students reflects ENEC's stand to provide UAE youth with skills to become future leaders of the nation's growing nuclear energy sector.
- The event include an educational tour for students to visit Barakah Plant, the first multi-unit operational nuclear plant in the Arab World.
Geostrategy
Jordan’s power supply to West Bank doubles after Jordan Valley plant’s upgrade
Jordan's Prime Minister emphasized that the project reflects Jordanian commitment to assist in laying the foundation for an independent Palestinian...
- Jordan's Prime Minister emphasized that the project reflects Jordanian commitment to assist in laying the foundation for an independent Palestinian state
- He added that Jordan is doing everything possible to safeguard the historical and legal status of Al-Aqsa Mosque and Al-Haram Al-Sharif
Business
Kuwait raises oil production to meet growing demand
The increased production is consistent with announcements made by Kuwait Petroleum Corporation.
- The increased production is consistent with announcements made by Kuwait Petroleum Corporation
- Kuwaiti oil minister Dr Al Faris said that Kuwait will continue to support efforts to promote market stability
Economy
Two new solar projects to double Qatar’s renewable energy output
Qatar on Tuesday announced two major solar projects that will more than double its energy output from the renewable source...
- The plants at Mesaieed and Ras Laffan will take Qatar's solar output to 1.67 gigawatts by the end of 2024, Qatar Energy said in a statement.
- South Korean conglomerate Samsung will lead construction of the new solar plants, with an initial investment of more than $600 million.
Business
DEWA breaks own record for overhaul of gas turbines
Dubai Electricity and Water Authority (DEWA) has announced breaking its own world record in major inspection outage duration for the...
- DEWA has reduced the maintenance outages for critical inspection operations from 11 days to nine days.
- There is a reduction in the maintenance duration of 84 percent compared to 2006.
Geostrategy
Sadr supporters begin sit-in outside top Iraq judicial body
Several hundred supporters of Shiite cleric Moqtada Sadr launched a sit-in outside Iraq's top judicial body on Tuesday, ratcheting up...
- On August 10, Sadr gave the Supreme Judicial Council one week to dissolve parliament to end the political deadlock
- Last week, caretaker Prime Minister Mustafa al-Kadhemi convened crisis talks with party leaders, but they were boycotted by the Sadrists
Business
OPEC+ has ‘means’ to deal with oil volatility: Saudi Arabia
Prince Abdulaziz bin Salman said in an interview with Bloomberg that OPEC+ has the commitment, the flexibility, and the means...
- OPEC and 10 allies led by Russia a group known as OPEC+ agreed last month to raise production by 100,000 bpd in September
- They had agreed to increases of almost 650,000 bpd in July and August, but the cartel has struggled to meet its quotas
Market Report
Stocks slide as traders mull Fed outlook, gas price spike
World stocks sank Monday and the dollar rallied on concern the Federal Reserve will stick to its interest rate-hiking plans...
- The euro is under pressure after Russia's Gazprom said late Friday that the Nord Stream pipeline would be closed for maintenance.
- Oil slumped on speculation over an Iran nuclear deal that could ease a supply crunch caused by producer Russia's invasion of Ukraine, as well as recession fears.
Business
Hydrogen policy will help UAE in generating clean energy
Abu Dhabi Department of Energy (DoE) Monday announced that the development of its hydrogen policy and regulatory framework aims to...
- The development of hydrogen policy and regulatory framework aims to accelerate the UAE's global leadership in low-carbon and clean hydrogen.
- For the policy, the DoE is working with key Abu Dhabi government and private sector stakeholders.
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DEWA records 12.5 million digital transactions in 2023
DUBAI, UAE - Dubai Electricity and Water Authority (DEWA) announced that its customers conducted around 12.5 million digital transactions in...
Business
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Under UAE Presidency, COP28 will lead global efforts to protect the planet, safeguard future generations
"The UAE possesses essential capabilities such as modern infrastructure, a commendable track record in sustainability and environmental conservation, recognition as...
Economy
ADNOC, Tabreed say breakthrough in project to harness geothermal energy
ABU DHABI, UAE – ADNOC and the National Central Cooling Company (Tabreed) on Monday announced a breakthrough following the conclusion...
Business
Saudi Arabia, France vow to promote secure, affordable and sustainable energy
RIYADH, SAUDI ARABIA – Prince Abdulaziz bin Salman and Agnes Pannier-Runacher, Minister for Energy Transition of the French Republic met...
Geostrategy
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Geostrategy
US to invest $1.2 bn on facilities to pull carbon from air
The two projects -- in Texas and Louisiana -- each aim to eliminate one million tons of carbon dioxide per...
- Direct Air Capture (DAC) techniques focus on that CO2 emitted into the air, which is helping to fuel climate change and extreme weather.
- Each of the projects will remove 250 times more CO2 from the air than the largest carbon capture site currently in operation, the Energy Department said.
Business
IEA predicts record oil demand of 2.2m barrel a day in 2023
PARIS, FRANCE - The International Energy Agency said Friday it had revised upwards its forecast for global oil demand growth in...
- World oil demand already hit a record 103 million barrels per day in June and August and "could see yet another peak", IEA said.
- "For 2023 as a whole, global oil demand is set to expand by 2.2 million barrels per day to 102.2 million barrels per day," it said.
Business
DEWA Q2 revenue $2bn
Consolidated revenue of DEWA rose 4.1 percent in Q2.
- For the first half of 2023 (H1 2023), DEWA’s consolidated revenue was AED 12.7 billion ($3.46bn) and net profit was AED 2.7 billion ($740m).
- By the end of H1 2023, the Company’s net cash from operating activities increased by a record AED 837 million (227.88m) to AED 5.4 billion ($1.47bn).