Energy

Tuesday, August 15

A loophole in the oil price ceiling allows the Russian Federation to earn billions.

A loophole in the oil price ceiling allows the Russian Federation to earn billions. Inflated transportation costs allow Russian companies to make much more from selling crude oil to India than previously recognized. According to the FT, these cost overstatements could bring in more t...

Monday, August 14

Ukraine is working with partners within the Peace Formula to restore and protect the energy system.

Ukraine is working with partners within the Peace Formula to restore and protect the energy system. “Ukraine is working with allies worldwide to increase the power equipment supply, which will allow us to add 2.9 GW of power to the power system by December,” said Prime Minister Denys Shm...

Friday, August 11

Production and sale of nuclear generated electricity in Ukraine decreased by 25%.

Production and sale of nuclear generated electricity in Ukraine decreased by 25%. According to results from 2022 and the first half of 2023, Energoatom’s electricity production and sales volumes fell by a quarter, said the vice president of the state enterprise, Hartmut Jacob...

Thursday, August 10

The operator of the Gas Transportation System of Ukraine will become an electricity producer.

The operator of the Gas Transportation System of Ukraine will become an electricity producer. The Ukrainian Parliament adopted a law that optimizes the ownership structure of the GTSU Operator. This step will make it possible to change the profile of some compressor stations to gas power stati...

European gas prices jumped to a two-week high on concerns about LNG supplies.

European gas prices jumped to a two-week high on concerns about LNG supplies. Based on fears of shrinking LNG flows, natural gas futures jumped more than 8% to over €33 per MWh, their highest level in two weeks. These concerns outweighed the fact that gas reserves in storage ar...

Wednesday, August 9

EU gas prices are falling due to full gas storages, and traders have switched to Ukrainian gas storage.

EU gas prices are falling due to full gas storages, and traders have switched to Ukrainian gas storage. Futures on the TTF hub in the Netherlands fell 1.7% to €29.97 per MWh (about $350 per thousand cubic meters), according to data from the ICE exchange. Bloomberg notes that sluggish demand after last y...

Tuesday, August 8

Without the EU market, pipeline exports of Russian gas will drop by 62%.

Without the EU market, pipeline exports of Russian gas will drop by 62%. Russian business media reported that the export of gas to the European region will fall from 206 billion cubic meters in 2021 to 80 billion cubic meters in 2023. Due to sanctions against Russia and Ga...

Monday, August 7

The NBU predicts a slight increase in oil prices in the second half of the year,

The NBU predicts a slight increase in oil prices in the second half of the year, against the background of the global economy’s upturn, particularly in China. In the rest of the year, prices will be under downward pressure due to the active production increase in the US and ...

Ukraine will not renew the contract for the transit of Russian gas to the EU after 2024.

Ukraine will not renew the contract for the transit of Russian gas to the EU after 2024. Ukraine has warned Austria that it does not plan to extend the gas transit contract, DW economic expert Andriy Gurkov said. He notes that the Ukrainian route mainly serves Austria, with some small gas...

Friday, August 4

Ukraine’s state oil and gas company, Naftogaz, plans to increase gas production by 8% this year.

Ukraine’s state oil and gas company, Naftogaz, plans to increase gas production by 8% this year. In 2023, Naftogaz Group intends to increase gas production by 8% compared to 2022, announced company CEO Oleksiy Chernyshov. “Despite the war, Naftogaz maintained their gas production volume. Mo...

US Senators have proposed a $1.8B bill to restore the energy sector of Ukraine.

US Senators have proposed a $1.8B bill to restore the energy sector of Ukraine. Two American senators introduced a bill for consideration by the upper house of Congress, allocating more than $1.8B for the restoration of Ukraine’s energy sector. In a statement from the chair...

Imports of liquefied natural gas into the EU fell to the lowest since autumn 2021.

Imports of liquefied natural gas into the EU fell to the lowest since autumn 2021. According to Bloomberg, Europe’s liquefied natural gas imports slumped to their lowest level since Russia invaded Ukraine after a price drop reduced the region’s appeal, reported Bloomberg...

Thursday, August 3

The UN will implement a $50M energy project in Odesa.

The UN will implement a $50M energy project in Odesa. The UN Development Program plans to implement a project by the start of winter to increase the capacity of Odesa’s energy infrastructure with a price of more than $50M. The Ministry of Foreign A...

Wednesday, August 2

Oil became cheaper after the price spike at the end of July.

Oil became cheaper after the price spike at the end of July. Oil prices eased slightly on August 1 after rallying in July amid supply cuts from OPEC+ and positive macroeconomic statistics from the world’s largest economies. The October futures price for B...

Ukraine wants to attract Slovak investors for RES projects in Transcarpathia.

Ukraine wants to attract Slovak investors for RES projects in Transcarpathia. The Deputy Minister of Energy of Ukraine, Yaroslav Demchenkov, and the State Secretary of the Ministry of Economy of Slovakia, Peter Shvets, discussed the possibilities of expanding Slovak business ac...

Monday, July 31

Ukraine is repairing energy infrastructure and will add 1.7 GW to the power system before the heating season.

Ukraine is repairing energy infrastructure and will add 1.7 GW to the power system before the heating season. Ukraine is currently undergoing its largest repair campaign on its energy system. The task of adding 1.7 GW to the power system before the start of the heating season has already been partially implem...

Friday, July 28

State energy trader ECU guarantees the sale of 100% green electricity to its counterparties.

State energy trader ECU guarantees the sale of 100% green electricity to its counterparties. JSC Energy Company of Ukraine has concluded the first agreements with energy producers from renewable energy sources (RES) regarding balancing services and guaranteed purchase of electricity, said the...

Thursday, July 27

An American company will assess Ukrnafta’s gas fund.

An American company will assess Ukrnafta’s gas fund. PJSC Ukrnafta and the American company Weatherford will work together to increase gas production, said the head of Ukrnafta, Serhii Koretsky. Weatherford will conduct an engineering assessment of Ukra...

Friday, July 21

The Ukrainian state energy company has attracted about $1B from partners for restoration.

The Ukrainian state energy company has attracted about $1B from partners for restoration. As specified by Ukrenergo, the money will be provided through loans and grants to restore the country’s energy supply. The chairman of the board, Volodymyr Kudrytsky, noted on the air of a telet...

Thursday, July 20

Fitch has confirmed the likely default of the Ukrainian energy company.

Fitch has confirmed the likely default of the Ukrainian energy company. The Fitch Ratings agency confirmed the long-term default rating for the NEC Ukrenergo electricity system company at the CC level (probable default) and the priority unsecured rating of its $825M in st...

Tuesday, July 18

Velta Partners with EAS Advisors LLC to Secure Funding for Titanium Plant Construction in the U.S.

Velta Partners with EAS Advisors LLC to Secure Funding for Titanium Plant Construction in the U.S. The Velta group of companies with assets for the extraction of titanium-bearing ores in the Kropyvnytskyi region signed an agreement with the private New York consulting company EAS Advisors to attrac...

Friday, July 14

Global demand for fossil fuels has already reached its peak.

Global demand for fossil fuels has already reached its peak. Fossil fuels are no longer economically viable, and their use has peaked. At the same time, the growth of renewable energy sources is driving down global electricity prices, according to a report by t...

One of the largest retailers in Ukraine is installing solar panels on its stores’ roofs to generate 30% of their energy needs with green electricity.

One of the largest retailers in Ukraine is installing solar panels on its stores’ roofs to generate 30% of their energy needs with green electricity. Over the past 1.5 months Epicenter K installed solar energy systems (SES) in three Kyiv stores and two in Vinnytsia. It is noted that the total capacity of the five SESs, which have already been put ...

Wednesday, July 12

Zhytomyr launches a green CHP plant that will burn sorted garbage.

Zhytomyr launches a green CHP plant that will burn sorted garbage. One of the bio-CHP plants in Zhytomyr, which was planned to operate on wood chips, will switch to 50% refuse derived fuel (RDF) from the local waste processing plant, Deputy Mayor of Zhytomyr Serhii K...

The gas war with the EU has deprived Russia of $28B in revenue.

The gas war with the EU has deprived Russia of $28B in revenue. The loss of the European gas market, which accounted for almost 80% of Gazprom’s exports, will cost the Russian federal budget $28B in tax revenue this year, according to Vygon Consulting. Gazpr...

Tuesday, July 11

A French company has started construction of modern power grids in Ukraine.

A French company has started construction of modern power grids in Ukraine. Work has begun in the Zaporizhzhia region by the French company, EDF International Networks. According to Deputy Energy Minister Yaroslav Demchenkov, the new networks are expected to be flexible, effi...

Friday, July 7

Ukraine may buy two Russian nuclear reactors from Bulgaria.

Ukraine may buy two Russian nuclear reactors from Bulgaria. Ukraine is close to concluding an agreement with Bulgaria on purchasing two Russian-made nuclear reactors and other critical energy equipment, reported the WSJ. According to the agreement, the negotia...

Thursday, July 6

Ukraine lost more than 10 cubic kilometers of water due through the Kakhovka HPP tragedy.

Ukraine lost more than 10 cubic kilometers of water due through the Kakhovka HPP tragedy. As a direct result of the destruction of the Kakhovka HPP dam, the reservoir’s area decreased by 80%, and Ukraine lost more than 10 cubic kilometers of water, said the Minister of Environmental ...

Ukraine’s largest gas producer has put three more wells into operation.

Ukraine’s largest gas producer has put three more wells into operation. State company Ukrgazvydobuvannya put into operation three highly productive wells in June, with a total throughput of 425,000 cubic meters of gas per day, reported the Naftogaz Group. The company adde...

Wednesday, July 5

The EU must invest an extra €700B annually to shift away from Russian fossil fuels.

The EU must invest an extra €700B annually to shift away from Russian fossil fuels. According to a draft report from the bloc’s executive arm, the European Union must invest an additional €700B a year to green the economy and shut out cheap Russian fossil fuels. Most of that fi...

The Armed Forces of Ukraine warn about provocation by the Russians at the Zaporizhzhia NPP.

The Armed Forces of Ukraine warn about provocation by the Russians at the Zaporizhzhia NPP. The Armed Forces of Ukraine have officially given notification of Russia’s possible preparation of a provocation in the coming days on the territory of the Zaporizhzhia nuclear power plant, whic...

Tuesday, July 4

The situation remains extremely fragile at the ZNPP despite its connection to the reserve line.

The situation remains extremely fragile at the ZNPP despite its connection to the reserve line. The Zaporizhzhia Nuclear Power Plant has been reconnected to the only available backup power line for the first time in four months, but the situation at the facility remains “extremely vulnerab...

Hungary wants to keep buying Russian oil products for its oil refiner, Slovnaft.

Hungary wants to keep buying Russian oil products for its oil refiner, Slovnaft. Hungary plans to ask the EU for a one-year extension of the sanctions exemption for oil refiner Slovnaft, allowing it to export products made from Russian oil to Czechia, said Péter Szijjártó, Ministe...

Monday, July 3

Ukraine opened access to a new route for importing gas into the country.

Ukraine opened access to a new route for importing gas into the country. From July 1, 2023 the National Energy Regulatory Commission set the tariff for natural gas transportation services through the Oleksiivka entry point at $4.45 (without VAT) per thousand cubic meters p...

The destruction of the Kakhovka HPP has caused UAH 146B in environmental damage.

The destruction of the Kakhovka HPP has caused UAH 146B in environmental damage. According to the Minister of Environmental Protection and Natural Resources of Ukraine, Ruslan Strilets, the Russian detonation of the dam in the Kherson region has caused UAH 146B ($4B) in damage. &#...

Friday, June 30

Ukraine is preparing for a possible attack on Zaporizhzhia Nuclear Power Plant.

Ukraine is preparing for a possible attack on Zaporizhzhia Nuclear Power Plant. Ukrainian authorities have launched large-scale emergency response exercises in four regions to prepare for “a possible terrorist attack” at the Russian-occupied Zaporizhzhia Nuclear Power Plant (ZNPP...

Green innovation fund InnovateUkraine starts its work.

Green innovation fund InnovateUkraine starts its work. Within the framework of cooperation between Ukraine and Great Britain, the InnovateUkraine Fund is starting its operations in the field of green innovation. It will provide grants to support businesse...

Thursday, June 29

Half of the loans for green energy are non-performing.

Half of the loans for green energy are non-performing. The green energy crisis is causing losses for banks – the share of non-performing loans in the industry rose to 51% at the beginning of May, compared to less than 3% before the invasion says a F...

Wednesday, June 28

European traders are increasing gas flow to Ukraine.

European traders are increasing gas flow to Ukraine. Ukraine expects a jump in natural gas flow from the EU as traders are interested in its spare storage capacity to stockpile fuel for the coming winter. With European inventories already fuller than us...

For the first time, Europe imported more liquefied natural gas than pipeline gas.

For the first time, Europe imported more liquefied natural gas than pipeline gas. According to Institute of Energy data, imports of liquefied natural gas to Europe in 2022 exceeded the volume of pipeline imports for the first time. This suggests that the continent is rapidly rebuil...

Despite hostilities and damaged infrastructure, Ukraine has no electricity shortages.

Despite hostilities and damaged infrastructure, Ukraine has no electricity shortages. Ukraine’s energy system has enough capacity to cover the needs of all consumers; nuclear generation produces almost 46% of all electricity, reported the Ministry of Energy’s press service. The electri...

Tuesday, June 27

Gas prices increased after the Wagner coup over the weekend in Russia.

Gas prices increased after the Wagner coup over the weekend in Russia. Natural gas futures in Europe were little changed at €32 per megawatt hour, after rising more than 10% earlier, as investors monitor supplies following the short rebellion in Russia over the weekend. ...

Businesses calls on the state regulator to review the proposed price cap for electricity.

Businesses calls on the state regulator to review the proposed price cap for electricity. The European Business Association (EBA) considers the price ceiling on the electricity market proposed by the National Commission unjustified and calls for a review of the resolution regulating such p...

Friday, June 23

Investment opportunities for new energy capacities in Ukraine amount to $383B,

Investment opportunities for new energy capacities in Ukraine amount to $383B, said the Minister of Energy of Ukraine, Herman Galushchenko, presenting the Energy Strategy of Ukraine until 2050 at URC2023. In particular, the investment opportunities in wind generation are $134B, ...

Because of the war in Ukraine, electricity production has been reduced by a third.

Because of the war in Ukraine, electricity production has been reduced by a third. In the first four months of the current year, electricity production in Ukraine fell by 19.4% compared to the same period last year – to 36.5 billion kWh. Compared to the same period before the ...

Thursday, June 22

The EBRD predicts an increased flow of private investments in RES in Ukraine.

The EBRD predicts an increased flow of private investments in RES in Ukraine. However, the attractiveness of this sector of Ukraine’s economy will increase only after the war, said Harry Boyd-Carpenter, Managing Director of Climate Strategy and Delivery at the EBRD. He added t...

The development of Ukraine’s agricultural and energy capacities guarantees the security of the entire world.

The development of Ukraine’s agricultural and energy capacities guarantees the security of the entire world. The reconstruction and development of agricultural and energy facilities in Ukraine will protect the world from chaos, said President Zelenskyy during his speech in London. According to him, at least ...

Monday, June 19

The IEA expects a 30% increase in new renewable energy capacities this year.

The IEA expects a 30% increase in new renewable energy capacities this year. A report from the International Energy Agency (IEA) notes that these expectations are based on concerns about energy security following Russia’s full-scale invasion of Ukraine. Solar will accoun...

Friday, June 16

Addition route for transportation and gas storage will be launched in Ukraine.

Addition route for transportation and gas storage will be launched in Ukraine. The National Commission for Regulation of the Energy Market has approved a draft resolution that sets the tariff for the interstate connection entry point at Oleksiivka for Ukraine’s gas transportatio...

Thursday, June 15

High oil demand will fade into history as a result of the Russian invasion of Ukraine and high prices,

High oil demand will fade into history as a result of the Russian invasion of Ukraine and high prices, predicted the International Energy Agency (IEA). Energy experts predict that growth in global oil demand will come to a virtual halt over the next few years as high prices and Russia’s incursion...

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