Australia will impose a cap on domestic energy prices and provide as much as A$1.5 billion ($1 billion) in energy bill relief to ease cost of living pressures caused by soaring global commodity prices.
Australia says it’s doing what it can to ensure supplies of liquefied natural gas (LNG) to Asian customers will remain reliable, in response to concerns producers could be forced to redirect to relieve domestic shortfalls.
Australian east coast energy prices skyrocketed earlier this year as a winter cold snap sent gas, coal, and electricity to record-highs, triggering price caps at A$40/Gigajoule (US$27/Million British Thermal Units), around 400% above the normal A$8-10/GJ price range.
Russia’s war in Ukraine has Europe bracing for a tough winter, but the costs are piling up higher in emerging nations as governments struggle to keep energy flowing to citizens hit by surging inflation.
Australia should tighten measures to curb natural gas exports from one of the world’s biggest suppliers to avoid a domestic fuel crunch, according to the nation’s competition watchdog.
Thailand’s upstream natural gas sector is struggling to reverse falling output due to bad planning and policy from the government, coupled with a seeming lack of innovation at PTT Exploration & Production (BKK:PTTEP), a state-backed company, that is taking increasing control of the country’s gas resources.
Pakistan is facing an escalation of its power crisis after it failed to agree a deal for natural gas supply next month.
Thailand is curbing imports of liquefied natural gas (LNG) due to surging prices, potentially putting the country at risk of fuel shortages.
Australia’s new government, elected with a promise to accelerate a shift away from fossil fuels, is holding talks with oil and gas giants to ease an energy squeeze that’s delivered a first major test.
China’s energy crunch pulled in more coal and gas imports in September, as buyers scrambled to ensure adequate supplies to counter a deepening power shortage ahead of peak winter demand.
With winter fast approaching and a stunning energy price surge pummelling Europe, Russian President Vladimir Putin chose an opportune moment to use his country’s leverage as an oil and gas superpower.
Analysts expect Australian liquefied natural gas (LNG) supplier Woodside (ASX:WPL) to benefit as China faces a severe winter of energy shortages, with primary energy demand surging to a 10-year high.
The upstream supply chain “faces the very real threat of collapse”, a new report from Wood Mackenzie has warned, setting the industry on the path of another crisis as demand recovers.
Kuwait is trying to mediate a crisis in the Gulf after several Arab nations cut ties with Qatar, moving to isolate the energy-rich travel hub from the outside world.
Venezuela has introduced a two day week for public sector workers in a bid to prevent an energy crisis.
President Nicolas Maduro has a new strategy to stave off a major power crisis for Venezuela: a week-long holiday for all workers.
A special meeting of the Scottish cabinet is being held today with talks focused on the oil and gas industry.
The North Sea oil and gas industry was warned not to “waste a crisis” as consultants urged firms to adopt cost cutting measures. Risk management from DNV GL expects that the region’s oul and gas industry won’t be “trending positive” again until 2017, while demand for rigs won’t do so until 2018. Nevertheless, DNV GL’s Liv Hovam, director of divisional Europe and Africa, oil & gas, underlined a number of projects the consultancy firm has been undertaking which can save tens of millions of costs for firms in the North Sea -a basin which has experienced the highest cost inflation in the world in recent years.
In search of a way out of the energy crisis, Ukrainian experts claim to have found the solution - hydropower. The auxiliary resource has been successfully compensating the increasing energy demand triggered by the lack of power capacity and fuel in the past months. High liquidity and sustainability were identified as some of the major advantages of hydroelectric energy. “Prior to the anti-terrorist operation (ATO) in the east of the country and before the problems with energy supply, hydroelectric power stations produced electricity primarily during peak demand,” said the director general of Ukraine’s largest hydropower company, Ukrhydroenergo, Ihor Syrota.