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Apr 16, 2025

Daily (16.04.2025): Crude oil prices decreased on Tuesday amid potential U.S. tariff relief

Crude oil prices traded 0.3% lower on Tuesday, as global oil demand growth forecasts were revised downward by both the International Energy Agency and OPEC in response to weaker economic indicators and escalating trade tensions. The IEA's projections for 2025 and 2026 were reduced, and OPEC similarly lowered its 2025 outlook while also revis...

Apr 16, 2025

Coriance opens its second geothermal heating facility in Champigny-sur-Marne, France.

The Coriance Group has officially launched the second geothermal heating plant in Champigny-sur-Marne, located in the Île-de-France region of France. Although it began operations in 2024, the plant has now opened to the public with exhibitions on its equipment and the process of generating heat from groundwater. Since 2016, Coriance has operated t...

Apr 16, 2025

Gas usage increases in 2024 due to a shift in policy away from coal and oil.

Policies targeting a shift from coal and oil led to increased natural gas consumption last year, with China, India, and the US at the forefront, as reported by the Gas Exporting Countries Forum (GECF). Global natural gas usage rose by 2.5% in 2024, reaching 4.17 trillion cubic meters, primarily driven by the industrial and power generation sectors...

Apr 16, 2025

Eos and Frontier have signed a memorandum of understanding for a 5GWh energy storage system.

Eos Energy Enterprises has established a memorandum of understanding (MoU) with Frontier Power for a 5 gigawatt-hour (GWh) energy storage framework agreement. This partnership marks Eos' entry into the UK market, employing its zinc-based long-duration energy storage systems. The agreement supports Frontier’s intentions to participate in Ofgem's new...

Apr 16, 2025

OPEC+ producers with excess output are implementing new compensation schemes.

Seven of the eight Opec+ members that began gradually reducing a 2.2 million barrels per day output cut this month have submitted updated plans to address their excess production above quotas since early 2024. According to the Opec secretariat, Iraq, Kazakhstan, Russia, the UAE, Kuwait, Oman, and Saudi Arabia intend to produce about 305,000 barre...

Apr 16, 2025

Japan plans to advance geothermal energy as part of its net zero strategy.

The Japanese government is preparing to develop geothermal energy, which can help decarbonize the power sector with reliable output, unlike weather-dependent sources like solar and wind. On April 14, the trade and industry ministry, Meti, established a public-private council to explore next-generation geothermal energy, aiming to create a draft gu...

Apr 16, 2025

Kazatomprom has entered into a uranium supply agreement with ČEZ.

Kazakhstan's Kazatomprom has announced a seven-year agreement to supply natural uranium concentrate to ČEZ in the Czech Republic, marking a major expansion of its presence in Europe. This deal is expected to meet about one-third of the uranium requirements for Westinghouse fuel assemblies used at the Temelin nuclear power plant. ČEZ noted that the ...

Apr 16, 2025

The assembly of the Lufeng 1 containment vessel has begun.

The bottom head of the containment vessel for unit 1 of the Lufeng nuclear power plant has been installed on the central raft foundation of the nuclear island, according to China Nuclear Construction Corporation 22. This bottom head, nearly 40 meters in diameter, 11.5 meters high, and weighing over 800 tonnes, was positioned on April 9 using a 3,...

Apr 16, 2025

Household energy switching increases by 56% before the price cap hike in April.

Energy supplier switching in Britain saw a significant increase in March 2025 as households rushed to lock in fixed energy deals before the April price cap rise. According to new data from ElectraLink, there were 354,000 supplier changes recorded last month, representing a 56% increase compared to March 2024 and a 31% rise from February. This mar...

Apr 16, 2025

The EU is trying to terminate its gas agreements with Russia without incurring penalties.

The European Union is exploring legal options to terminate long-term natural gas supply contracts with Russia’s Gazprom without incurring large penalties, as reported by the Financial Times. Officials from the European Commission indicated that declaring a force majeure is the leading approach. One unnamed official stated that paying compensation w...

Apr 16, 2025

Oil Sanctions, Challenges for Hungary, and the EU's Subtle Power Moves

With the upcoming renewal of EU sanctions on Russia in July, Brussels is devising a workaround for Hungary, particularly Viktor Orbán, who has threatened to withdraw unless his demands are met. Renewing sanctions typically requires unanimous consent from all 27 EU member states, which has become tricky due to Orbán's close ties with Vladimir Puti...

Apr 16, 2025

The EU starts assessing the funding requirements for nuclear energy projects.

A comprehensive review of nuclear energy investment needs across Europe has officially begun, as the European Commission launched a four-week call for evidence, aiming to finalize a document in the second quarter. Following the energy crisis triggered by Russia's invasion of Ukraine, several EU countries are renewing their interest in nuclear powe...

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