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Italian Eni to invest $8 billion to strengthen Libyan energy production
The Italian oil giant Eni is planning to invest $8 billion in Libya over the next decade in developing its upstream business as it aims to strengthen its position on the international oil and gas market.
read more... 17/12/2012
Spain’s Garona shuts down
Spain’s oldest nuclear plant Garona, suffers shutdown due to a new energy tax imposed by the government. After years of selling power below costs, Spain’s government decided to introduce higher taxes on electricity generation as a measure to deal with a 24 billion euro energy tariff deficit.
read more... 17/12/2012
China: MoF has approved solar projects for a total of 2.83 GW under the Golden Sun project
The Golden Sun program was started by the Ministry of Finance (MoF), Ministry of Science and Technology, and the National Energy Administration in 2009, with the objective to support financially the projects ranging from photovoltaic generation facilities in industrial parks to large solar power stations. Under this program, the MoF has approved projects for a total of 2.83 GW, which need to be constructed by the end 2013.
read more... 14/12/2012
OPEC ready to cut oil production in 2013 amid oil prices drop
The Organization of Petroleum Exporting Countries (OPEC) announced this week that it will keep its oil output limit at 30 million barrels per day, with production running about 1 million barrels a day above the level of supply that OPEC expects the world will need from it next year. This decision was taken in reaction to higher output from the major consumer United States and a decrease of energy demand which will cause a fall of prices as predicted by some analysts.
read more... 14/12/2012
Daily: European power prices at new lows amid milder weather outlook
Brent and U.S. crude futures dropped on Thursday as U.S. lawmakers diverged from steps to avert automatic spending cuts and tax increases that take effect on Jan. 1 and threaten to curb economic growth and fuel demand. Meanwhile, Brent January crude eased by $1.59, or 1.45 percent, to settle at $107.91 a barrel, having traded from $107.80 to $109.52. U.S. January crude slipped 88 cents, or 1.01 percent, to settle at $85.89 a barrel, having traded from $85.81 to $86.97.
read more... 14/12/2012