France: EDF to shut down oil-fired plants for half a year

06/03/2014 00:48 Oil Market


EDF French group will shut down its oil-fired plants for half a year starting from April, taking offline a power capacity of 5,000 MW, because the plants turned out to be uncompetitive among huge overcapacities in the European electricity sector.

The 680 MW two units at the EDF’s Cordemais plant in Brittany and the 680-MW units at the Aramon plant in the south-east France, as well as the four 600-MW tranches of the Porcheville plant will close in April. The total capacity to be taken offline by EDF corresponds to the overall capacity of five big nuclear reactors. In recent years, the power sector in Europe has had vast overcapacities as a result of an expanding solar and wind production due to the economic deceleration that has an essential influence on the electricity demand, usually leading to the inactivity of numerous gas and oil-fired plants. The necessity for the oil-fired plants has been reduced in France, due to the fact that this year the winter in the country was warm, for the second year consecutively, and the plants were mainly built for peak winter consumption period.

Eni announces new gas discovery offshore Egypt

17/09/2020 08:48:00

According to preliminary estimates, Great Nooros Area discovery may contain in excess of 4 trillion cubic feet of gas


Daily (16.09.2020): Oil prices ended higher on Tuesday as Hurricane Sally disrupted Gulf of Mexico energy production

16/09/2020 10:57:00

Crude oil futures rebounded on Tuesday, buoyed by rising Chinese industrial production and Hurricane Sally which curbed the supply in the Gulf of Mexico. However, bearish forecasts for the energy demand released by the IEA helped to limit the upside for oil prices. Hence, Brent crude for November delivery soared by 92 cents, or 2.3%, to settle at $40.53 a barrel. Meanwhile, U.S. WTI crude for October delivery climbed by $1.02, or 2.7%, to settle at $38.28 a barrel. Both contracts fell on Monday.


Investors call on EU to boost carbon-emission reduction goals

16/09/2020 09:04:00

An investor group with a combined €33 trillion ($39.1 trillion) in assets has called on the European Union to set 2030 carbon-emission reduction goals at 55%, in an effort to support low-carbon economy investments.