The UK energy regulator, Ofgem, has ordered an investigation into Drax, one of the leading producers of biomass energy. The purpose of this investigation is to assess Drax’s compliance with the rules on the renewable origin of the electricity it generates, particularly with regard to the use of wood as an energy source.
The German Volkswagen Group plans to revitalize its Skoda brand, which has been hit by component shortages and a drop in deliveries in 2022. To achieve this, Skoda is banking on the release of new electric models, but is not planning a radical electric shift, keeping an eye on the prospects for its combustion vehicles abroad.
Corruption at Eskom, South Africa’s state-owned power utility, is costing the country an average of $55 million a month, plunging the country into a serious energy crisis. The devastating consequences of corruption are affecting Eskom’s ability to produce enough electricity to meet the needs of the population.
Oil prices fell on Wednesday, erasing any gains made since the voluntary OPEC+ production cuts, as investors focused on recession fears rather than falling U.S. inventories.
U.S. commercial crude oil inventories unexpectedly and significantly declined last week, mainly due to an increase in demand. Commercial reserves fell by 5.1 million barrels, beating analysts’ forecasts, while gasoline inventories fell by 2.4 million barrels.
The EU imposes a minimum rate of “green” fuels for aircraft, with a gradual increase to 70% by 2050, to reduce polluting emissions from air transport. Sustainable fuels” include synthetic fuels, renewable hydrogen and biofuels.
Electric car sales are expected to account for 18% of the global market this year, leading to a reduction in oil demand, according to an IEA report. The main markets for electric cars are China, the United States and Europe, but the trend is growing in other countries.
The Netherlands has announced a €28 billion package of measures to reduce greenhouse gas emissions, including the closure of all gas and coal-fired power plants by 2035 and subsidies for the purchase of used electric cars.
Mozambique’s president has given the green light for TotalEnergies to resume its natural gas project, which has been suspended since 2021 following a jihadist attack. However, TotalEnergies is cautious about resuming its operations.
Teck Resources cancels its vote on splitting its operations into two companies, defeating takeover aspirations of Glencore, which had offered two rejected takeover bids, despite its willingness to make improvements.
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