Latest News
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One killed and power damaged by Russian shelling near Odesa
Russian strikes near Ukraine’s Black Sea Port of Odesa?on Thursday?killed a woman?in her vehicle?and damaged infrastructure?and asked residents who have been suffering from long power outages to stop blocking the roads in protest? Oleh Kiper of Odesa, in a Telegram post, claimed that a Russian drone had killed a woman who was driving her car across a bridge southwest of Odesa. The incident injured her three children. Kiper asked residents who have experienced extended power outages in their homes to show patience and remove roadblocks. Kiper stated that the energy infrastructure of Odessa has suffered extensive damage as a result if enemy attacks. "Power crews work around the clock and are doing everything they can to restore electricity to each home as soon as possible," Kiper said. The Ukraine border authority said that Russian attacks had halted the transport on the route connecting Odesa with?the Danube River Port of Reni. It said that border crossings into Moldova were also affected. Reporting by Ron Popeski, Editing by Chizu Nimiyama
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US Energy regulator orders PJM to implement rules on AI connections
The U.S. Energy regulator directed the largest U.S. Grid Operator, PJM Interconnection on Thursday to establish rules for the connection?of artificial-intelligence-driven data centres and other large electrical loads located?next? to power plants. AI supporters and others who consume large amounts power argue that placing them close to power plants can offer efficiency benefits. This includes reducing the need for transmission lines. Opponents claim it could damage grid reliability, and increase power bills in surrounding communities. Federal Energy Regulatory Commission (FERC) said that the decision will protect consumers throughout the mid-Atlantic'region, which includes 13 states plus the District of Columbia and about a fifth of Americans. Laura?Swett said that the order would be a "monumental move towards fortifying America’s national and economical security in 'the AI revolution, and ensure that power rates will remain "just and reasonably." After the onset of the influx of renewable energy, power bills are expected to continue rising. PJM Wednesday The new record capacity prices reflect the fact that data centers are using more electricity than they can supply. Energy prices have been intensified by the expansion of Big Tech data centers, which has caused a 1,000% increase in PJM's so-called "capacity" prices over PJM's roughly two-year time period. Problems with affordability The region is home to many people who work and live there. PJM's rising costs have impacted power bills across the grid territory. Some areas saw a jump of more than 20 percent in their utility bills since last summer. FERC also 'took aim at PJM’s open access transmission rate, which the operator claims governs its services to?allow a fair wholesale electricity market. The agency said the tariff was "unjust because of the lack of clarity, consistency, and fairness in the terms and conditions." The agency ordered PJM's tariff to be revised to include the terms and conditions that interconnection customers must follow when using generating plants to serve colocated loads. PJM didn't immediately respond to a comment request. (Reporting and editing by Timothy Gardner)
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Poland allocates 3.4GW of offshore wind power in its first auction
Poland's energy regulator - URE - announced on Thursday that it had allocated 3.4 gigawatts of?capacity at its first competitive auction for offshore wind. This is a positive sign for the renewables sector, after recent setbacks on neighbouring markets. The auction was viewed as a Investor confidence in offshore wind is increasing after U.S. president Trump's opposition towards renewable energy effectively The U.S. and recent?auctions held in Denmark, Germany and the Netherlands did not attract bidders. URE reported that Poland awarded 25-year contract?at a range of 476.88 zlotys (133.09 dollars) and 492.32 zlotys for megawatt hours, which is just?slightly lower than the maximum levels set by the regulator of 485.71 to 512.32 zloty for megawatt hours. PGE, the state-controlled utility, secured a?contract for 975MW at 489zlotys/megawatthour?while refiner Orlen was awarded a contract?for 900MW at a cost of 476.88zlotys/megawatthour? A consortium consisting of Polenergia, Equinor and the Norwegian company Equinor won a contract worth 1,56 GW for 492.32 zlotys/megawatt-hour. Offshore wind is crucial for Poland to bridge a looming gap in energy. Coal power has been phased out and nuclear energy will be available years from now. Its proximity to Russia also increases the importance of energy independence. Under ?the terms of the auction, support is offered to winners in the form of ?a contract-for-difference (CfD). Developers are guaranteed a fixed electricity price. Costs or savings will be passed on to consumers depending on wholesale price fluctuations. URE reported that the total amount of electricity covered under the contracts awarded in this auction was over 330 terawatt hours (TWH), nearly twice as much as Poland's last-year consumption. Poland plans to hold similar auctions twice a year until 2031. The regulator stated that the projects which won the auction had a deadline of seven years to start supplying electricity to the grid. $1 = 3.5832 Zlotys (Reporting and editing by Susan Fenton, Matt Scuffham and Rafal Nowak)
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Kuwait will sign a $4 billion port deal with China's CCCC in the next few days
Noura Al-Mashaan, Minister of Public Works in Kuwait, said that Kuwait will sign a deal with China Communications Construction Company next week to 'complete the Mubarak Al-Kabeer Port Project. According to the official journal, the 'Central 'Agency for Public Tenders has approved a contract on December 1, between the Ministry and CCCC for the engineering, procurement, and construction of port’s first phase. A government document seen by revealed that the contract is worth 1.219 billion Kuwaiti Dinars ($3.97billion). Al-Mashaan, a Kuwaiti news agency, said that the prime minister would?attend the ceremony of signing with the Chinese side. Mubarak al-Kabeer Port, located on Bubiyan Island, in northern Kuwait is "a strategic project" aimed at creating a safe regional corridor and a commercial hub. China is trying to connect it with its Belt and Road Initiative. Kuwait hopes that the project will help support economic diversification and boost GDP, as well as help it?restore their regional commercial and financial roles. The government has said that about half of the first phase is complete but did not provide any details regarding remaining work. Kuwait has a number of mega-projects that it is working on with Chinese assistance, including power plants and water treatment facilities, waste recycling and renewable energy projects. Kuwait signed several Memorandums Of Understanding?with China during a 2023 visit to Beijing of then Crown Prince Sheikh Meshal al-Ahmad, Al-Sabah. He became the emir in Dec 2023.
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Three sources claim that Russia has ordered Russian Railways (RRU) to sell the $2.4 billion Moscow Towers in order to pay its debts
Three sources have confirmed that the Russian government has ordered Russian Railways to dispose of a central Moscow skyscraper with 62 floors to help pay down some of the $50 billion debt owed by this railway monopoly. Last month, it was reported that the?government? is discussing ways to support Russia's largest commercial employer. The state-owned Russian Railways employs 700,000 workers and has seen its revenues fall amid the sharp slowdown of Russia's wartime economy. Meanwhile, debt costs are on the rise, driven by interest rates that have reached their highest levels in 20 years. A government meeting held last week discussed the possibility of selling "Moscow Towers", which are part of the "Moscow City" in the "Manhattan style", according to a source who spoke on condition of anonymity because of the sensitive nature of the matter. Three sources said that Russian Railways decided to sell the skyscraper in order to pay off a part of its debts and avoid major increases in cargo transportation prices. The Russian papers Kommersant, Vedomosti, and RBC all reported that the purchase price for 2024 was 193.1 billion Russian roubles, or $2.42 billion. Russian Railways, as well as the government, did not respond to comments. If it can find a purchaser, a sale could reduce some of Russian Railway’s debt. The economy in Russia is expected to grow by only 1.0% in this year compared to 4.3% in 2024. One source said that no decision had been taken on the other measures mentioned earlier. These included rising freight?transportation costs, debt restructuring and state subsidies, as well as reducing or delaying tax payments. Source: An option to convert a part of the debt into shares remains on the table. Source: Russian Railways, Ministry of Finance and Central Bank should discuss the possibility of a conversion lasting up to three (3) years, with a buyback option provided by the Ministry of Finance. VTB, the largest lender to Russian Railways, told creditors that they rejected a proposal to convert 400 billion Rubbles in debt into shares. Moscow City is an area of skyscrapers along the Moskva River, which is home to many Russian companies such as VTB Bank and government ministries. The Russian Railways planned to move their central office into a skyscraper, and cover the cost by selling off other office space in Moscow. But that didn't happen. Reporting by Gleb Stolarova and Darya Kosunskaya, Editing by Guy Faulconbridge & Alexander Smith.
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Russia sentences a man to 22 years in prison for blowing up trains on the Ukrainian's orders in Siberia
A Belarusian accused of bombing two trains in Siberia at the order of Ukraine's Intelligence Services was jailed on Thursday for 22 years by a military court. The General Prosecutor announced that Sergei Yeremeyev had been found guilty of committing an act of terrorism, and planting explosives in two freight trains, including one which was traveling through Russia's largest conventional rail?tunnel, at the time. The FSB?said that Yeremeyev admitted his 'guilt' at the time of arrest. Security Service of Ukraine (SBU), which claimed responsibility for the two attacks, said that it wanted to disrupt rail lines in Siberia, which Russia was using as a supply route. On November 29, 2023, explosives detonated in a cargo train traveling through the Severomuysky Tunnel which is 15.3 km long (9.5 miles) and along the Baikal-Amur Mainline Railway. A?day after the first attack, another freight train was hit as it crossed Chertov Bridge in the same area on a railway used to backup trains when they are diverted from the Severomuysky tunnel. The General Prosecutor said that the attacks had caused damage of 102 million rubles ($1.2 million), and disrupted rail traffic. In a press release, the organization said that Yeremeyev would serve his first five years in prison before being transferred to a maximum-security correctional camp. $1 = 79.8000 Rubels (Reporting and Editing by Guy Faulconbridge).
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Grinch of Peru spreads holiday cheer in a 'MotoNoel" taxi
Jeferson Castro, dressed in his familiar furry green suit and a festive motorcycle taxi, isn't prowling the streets of Lima to steal Christmas. He is instead delivering'smiles and hugging from his festive motorbike taxi, spreading holiday cheer to a city where crime is an everyday occurrence. Castro is a well-known local celebrity. He has a three-wheeled cab with lights and a plastic reindeer. Castro says that the act gave him the courage he needed to make sure fear didn't ruin the holiday season for Peru's capital. Castro said, "This is my tool of work," during a brief stop to speak with passengers. "I wanted my enthusiasm to be channeled, and the result is a taxi for people." Castro's illuminated vehicle has been dubbed the "MotoNoel," which is a combination of "moto" and "Noel", a mix of "moto" (motorcycles) and "Christmas". He wears the Grinch's costume every day to wave goodbye to his son, even though temperatures in the city are rising. The glimmer of his lights is a stark contrast to the precarious condition of some city streets as he drives through the city, day and night. The Grinch is known to take families on a ride and pose for pictures. He also makes people laugh by making them laugh. This joyful display unfolds in a dark background. Since October, Lima has been in a state-of-emergency. This is a government response to a surge of crime and extortion that has lasted for years. A report by the Public?Ministry this month shows that 134 transport workers were attacked or extorted between January and November in Lima and Callao. Of those, 73 people were killed including motorcycle taxi drivers. Jean Paul Cordova, an 18-year-old selling Christmas ornaments in the street, said: "We definitely live through violent times." "But Peruvians have a resilient spirit despite all that is happening." "They take the bad, find the good and bring out the best from it." The faces of Castro's travelers show their dissatisfaction. Carlos Avila said, "It is interesting to see the Grinch do his wonderful, crazy thing," as he showed the taxi to his son. "I enjoyed it, mainly for my son who was really entertained." Reporting by Carlos Valdez, Anthony Marina and Marco Aquino for TV; writing by Kylie Madry and editing by Christopher Cushing
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Big Tech coalition backs biowaste removal firm
The head of the coalition's deployment said that a coalition, backed by Google and Meta among others, had agreed to pay $44.2m for carbon credits to a Canadian firm that is aiming to remove carbon dioxide in biowaste. Frontier, launched in 2022 by Stripe and McKinsey with Google, Meta and Shopify, is designed to help scale up carbon removal technologies. By committing to purchase credits in advance, Frontier will 'derisk' the projects, and accelerate their growth. The group intends to spend $1 billion between 2022 and 3030 on?credits. The deal, signed in December 2017, covers 122,000 metric tonnes of CO2 that NULIFE GreenTech will store between 2026 and 2030. NULIFE converts industrial and agricultural waste - including greases from food processing – into bio-oil. The credits were bought at an average weighted rate of $362 per metric ton. NULIFE uses a high-pressure cooking process to convert waste into bio-oil. This oil is then injected in salt caverns located more than 1,000 metres below ground for storage. Frontier estimates that the technology can'scale up to 1.5 gigatons carbon removal per year by 2040. Hannah?Bebbington-Valori, Frontier's director of deployment, stated in an interview that the goal was to create a portfolio with solutions we believe will be most effective for a future of gigaton scale. Scientists believe that carbon removal projects will be critical in offsetting emissions from sectors which continue to use fossil fuels. (Reporting from Simon Jessop & Susanna Twidale. Mark Potter edited the article.
Where are the barrels of oil? IEA gap deepens confusion over looming glut: Bousso
The International Energy Agency (IEA) continues to predict a significant oil supply glut, but the uncertainty surrounding the location of nearly 1.5 million barrels of crude oil per day is putting this forecast into question. Since months, the oil market has been unable to find a direction. Prices have remained in a tight range as traders tried to understand starkly divergent projections of supply and demand from IEA and OPEC. The IEA has predicted a severe glut of oil this year and in the next year due to increased global production. The Paris-based agency's latest report, released on Tuesday provided an even more pessimistic outlook. It forecast a surplus in 2025 of 2,35 million barrels a day and 4 million bpd, or nearly 4%, of global demand, next year. OPEC on the other side expects that global oil supply will closely follow demand until 2026.
This difference is remarkable, as it has never been seen before in the history of the largest commodity market in the world.
Missing Barrels
On Tuesday, the murky picture of crude oil became even more muddy when the IEA reported that it had been unable to account 1,47 million bpd in its global balances. This is the equivalent of 1,4% of the annual demand. The IEA's "unaccounted balance" for July was 850,000 bpd or 370,000 bpd overall for the second-quarter.
This 1,47 million bpd number is a huge blind spot that has significant implications for global supply and demand. According to the IEA, supply exceeded demand by 2,04 million bpd during August. This means that, theoretically, oversupply can grow to 3.5 millions bpd, or even shrink to 500,000 bpd. This is a big difference which could have an impact on crude oil prices.
The IEA calculates the global oil balance using data from official government sources as well as private companies and analysts who provide figures on production, consumption and exports.
Due to the size of the oil market, it is not uncommon for forecasters' calculations to be "holes". This can be due to the delays in reporting by government agencies and the absence of certain data sets.
In fact, the IEA updates its historical data regularly. In its May monthly report, the agency revised upwards significant amounts of recent oil demand. This included increasing 2024 oil usage by 350,000 barrels per day, turning a reported surplus into a deficiency.
The sheer magnitude of missing barrels reported by the IEA in its August report should cause traders and investors to pause. This is especially true because it comes at a moment when the market has already been trying to make sense out of forecasters' wildly different projections.
Barrels that disappear
The IEA stated that the discrepancy in August "may be due to the delay of reporting data or the lack of data for non-OECD nations."
It will take some time to fully account for the missing barrels. It is reasonable to believe that the missing barrels are due in part to two factors which have confounded the crude market for the past year: the trading and stockpiling of China.
The first question is how much oil sanctioned is being traded. According to Kpler, the volume of crude oil transported by sea last week reached 1.25 billion barrels. This is the highest level since the Covid-19 Pandemic began. Oil held at sea, or "oil in water", has never been greater.
This buildup on the seas could be a precursor for a dramatic increase in storage overland - and a significant global surplus. The picture is further complicated by the fact over a quarter (25%) of the oil in the water comes from countries that are under western sanctions, namely Russia, Iran and Venezuela. The majority of oil produced by these countries is transported in so-called "shadow" fleet tankers, which evade western sanctions and often hide their location by turning off satellite transponders.
The IEA may have missed some barrels because it is difficult to track the movements of oil by sea.
CRUDE HARDING
There is also the issue of China's huge oil storage volumes.
According to the IEA's forecast, global observed inventories – oil in storage and on vessels – grew by 225,000,000 barrels from January to August, reaching the highest level for four years.
China, as the world's biggest oil importer, is clearly responsible for a large portion of the increase in inventories. Beijing, however, does not publicly disclose the size of its oil storage capacities or changes to inventories. In the absence government data, traders use secondary sources to estimate China's rapidly growing storage network. According to the IEA, Chinese crude stockpiles rose by 110,000,000 barrels between April 2025 and August 2025. This estimate is based on data provided by satellite analytics firm Kayrros.
It is possible, given the lack firm data, that China's crude stock has increased by much more, and this could account for another part the IEA missing barrels.
The IEA's mysterious missing barrels may indicate that the task of calculating production, consumption and exports in the vast global oil market will become even more difficult as geopolitics continue to obscure large portions of the market.
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(source: Reuters)