An Expanding Global Energy Crisis

Banks Call for Better Government Guidance on Net-Zero Path Amid Energy Crisis

The Glasgow Financial Alliance for Net Zero has urged G-20 governments to provide greater clarity on how response measures to the unfolding energy crisis are impacting the energy transition. The alliance also wants better guidance on how nations intend to get "back on track" in terms of their climate commitments.

NATO Vows 'United and Determined' Response in Event of Energy Infrastructure Attacks

The North Atlantic Treaty Organization on Sept. 29 vowed a "united and determined" response in the event of deliberate attacks on critical energy infrastructure, describing recent damage to the Nord Stream gas pipelines in the Baltic Sea as deliberate acts of sabotage and a risk to shipping that also entailed substantial environmental damage.

Energy Crisis to Disrupt European Banks' Net-Zero Agenda in the Short Term

More than half of Europe's major banks expect the current energy crisis to negatively impact their short-term ability to stay on track with their climate transition agenda, according to new research.

The ‘A’ Factor: The Role of Algorithmic Trading During an Energy Crisis

Algorithmic trading is becoming increasingly common in European natural gas and electricity markets, with traders often blaming the innovation for extreme volatility, as regional prices have been swinging this year on the back of tight supply and accelerating uncertainty.

South Korea Outlines Crisis Response for Winter; Raises Gas and Power Prices

South Korea will undertake crisis response measures to tackle the coming winter, including curbs on energy demand, raising gas prices for city gas and power sectors, securing LNG supply and boosting finances of energy importers.

Bangladesh to Lean on More Coal than Natural Gas in Power Generation to Curb Costs

Bangladesh is expected to see a huge ramp up in coal-fired power generation in coming months as new capacity comes online, which will boost the share of coal in its energy mix to its highest on record.

Pakistan Floods Endanger Power Plants, Aggravate Energy Crisis

Severe floods in Pakistan, triggered by record monsoons and a glacial melt in the mountainous north, have endangered grid stations and exacerbated power shortages at a time when the country is already grappling with an acute energy crisis and limited LNG supplies.

Asian VLCC Rates Close To 2-Year high As Tonnage Supply Tightens

VLCC freight rates for hauling crude from the Middle East to North Asia neared a two-year high Aug. 29 on the back of burgeoning oil demand and following altered trade flows which began with the Russia-Ukraine war.

OPEC+ Chops Oil Quotas, in Another Snub to the U.S., as White House Threatens Retaliation

OPEC and its allies on Oct. 5 slashed their production quotas by 2 million b/d for the next 14 months in a bid to stabilize sliding oil prices, provoking a strong backlash from the U.S., which had warned the group to avoid a potential supply squeeze and distance itself from Russia.

U.S. Natural Gas Prices Could Ease in 2023, Potentially Lowering Northeast Power Prices: EIA

U.S. Energy Information Administration analysts discussed the relationship between fuel costs and power prices, and how recent U.S. LNG export growth has created uncertainty about energy supply, with the New York Independent System Operator in a podcast released Aug. 10.

Argentina to Expand Tax-Free Diesel Imports for Power Sector as Demand Rises

Argentina said Aug. 8 it has authorized Cammesa, operator of the wholesale power network, to increase the amount of diesel supplies it can import under a tax-free scheme this year to 25.2 million barrels from 15.7 million barrels as diesel demand for electricity generation grows faster than previously expected.