Latest news with #energysupply
Bloomberg
12 hours ago
- Politics
- Bloomberg
Mauritius Seeks to Boost Power Supply and Warns Cuts are a Risk
Mauritius is exploring temporary measures to increase electricity supply and warns that it may have to impose scheduled power cuts in coming months if these measures fall short. 'From now till end of December or January next year, we have, by hook or by crook, to add 100 megawatts to our network,' Energy and Public Utilities Minister Patrick Assirvaden said on Wednesday. Otherwise, he said, the country will need to implement rotating power outages to avoid a possible collapse of the national grid.
Bloomberg
a day ago
- Business
- Bloomberg
Global LNG Supply to Surge Most Since 2019 Next Year, IEA Says
By and Elena Mazneva Save Global supply of liquefied natural gas is set to surge the most since 2019 next year, primarily driven by production additions in North America, the International Energy Agency said. The increase in supply will accelerate to 7%, or 40 billion cubic meters a year in 2026, following a 5.5% expansion this year, the IEA said in its quarterly gas market report. A project in Qatar will also add to the growth.
Yahoo
2 days ago
- Business
- Yahoo
BASF enters long-term natural gas supply agreement with Equinor
Chemical company BASF has entered into a strategic ten-year agreement with Equinor, securing an annual supply of up to 23 terawatt-hours of natural gas, equivalent to two billion cubic metres. This deal will provide a significant portion of BASF's natural gas requirements in Europe. Deliveries are scheduled to commence on 1 October 2025. Equinor president and CEO Anders Opedal said: 'This agreement further strengthens our partnership with BASF. Natural gas not only provides energy security to Europe but also critical feedstock to European industries. 'I am very happy that our gas also supports BASF's efforts to reduce their carbon footprint. Gas from Norway comes with the lowest emissions from production and transportation.' Natural gas serves a dual purpose for BASF, acting as both an energy source and a raw material for producing essential chemicals. The deal aligns with BASF's objective of diversifying its energy and raw materials portfolio, ensuring competitive terms and supporting the company's sustainability goals. BASF chief financial officer and chief digital officer Dirk Elvermann said: 'We are very happy to enter into this long-term partnership with Equinor for the reliable supply of natural gas for BASF's operations in Europe. 'Equinor is a trusted and valued partner. The supply agreement not only comes with competitive terms but also supports our sustainability targets.' BASF's diverse portfolio includes solutions for consumer goods including sportswear, car interiors, personal care items and agricultural products. The new contract follows Equinor's recent deal with Centrica to supply natural gas to the UK over the next ten years in a contract valued at around £20bn ($27.11bn). "BASF enters long-term natural gas supply agreement with Equinor" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
RNZ News
7 days ago
- Business
- RNZ News
Heavy rain fills hydro lakes, boosts winter energy supplies
Lake Pūkaki, New Zealand's largest hydro storage lake, in March. Photo: Supplied/Meridian The country looks set to get through this winter with no squeeze on energy supplies but is still at risk from energy demand peaks. The national grid operator Transpower said concerns at the start of the year about reduced gas supply and dry conditions had eased after wet weather filled hydro lakes. Large generators had also struck deals with major industrial users such as Methanex and the Tiwai Point aluminium smelter, along with an increased coal stockpile. Transpower said hydro lake levels had recovered to be at average levels for this time of year. In the past week alone total hydro storage increased by 18 gigawatt hours, according to data from Energy Link. Transpower's executive general manager of operations Chantelle Bramley said the outlook for this winter "has definitely improved". "We started the year with a dry period, and we did see our hydro storage rapidly decline," she said. "But we've seen a strong market response, particularly with increased thermal generation and that set us up well to meet New Zealand's electricity needs this winter." However, Bramley said demand peaks - such as those seen last year - remained a risk. "Those are challenges that we will always potentially face - making sure that we've got enough generation plants available to meet those coldest evenings and mornings," Bramley said. "Events can always happen, and power plants can always break down," she said. Bramley said the industry spent "a lot of time and energy" ensuring their plants were in working order for winter. "It's really important that generators do work to keep [power plants] available and we've certainly seen that for this year." Sign up for Ngā Pitopito Kōrero , a daily newsletter curated by our editors and delivered straight to your inbox every weekday.
Russia Today
14-07-2025
- Business
- Russia Today
European gas reserves sink below normal
Europe's natural gas inventories are particularly low for this time of year, Bloomberg has reported, citing rising demand for air conditioning amid a regional heatwave. Underground storage sites are currently around 62% full, the outlet stated, while typically reserves reach around 80% by early summer, helping ensure a robust buffer ahead of the winter heating season. Extreme heat in Asia has also caused fuel shipments to be diverted away from Europe, as buyers worldwide compete for limited supplies. As a result, European natural gas futures have hovered near a two-week high, meaning 'the continent needs to pay up to keep supply coming,' the outlet wrote. Despite the trend, the EU may still be able to top up its gas inventories to about 80% by the end of the summer, the outlet quoted a note by Goldman Sachs as saying. The EU imports nearly 90% of its natural gas, with Russia still accounting for a significant share in the supply despite sanctions. In May, European Commission President Ursula von der Leyen unveiled a plan to phase out all Russian oil and gas imports by the end of 2027, as part of the EU's REPowerEU roadmap, which aims to eliminate the bloc's dependence on fossil fuels from the country and shift to renewable sources. The plan has drawn criticism from landlocked Hungary and Slovakia, which have relied heavily on Russia's pipeline gas. Bratislava blocked the EU's 18th sanctions package, targeting Russia's energy and financial sectors, citing risks of shortages and rising prices. Budapest has joined the veto, and is pressuring the block to make concessions related to energy and broader RepowerEU rules. Moscow has argued that the EU restrictions are self-defeating, causing surging energy prices and weakening the bloc's economy. Since 2022, Germany, the bloc's largest economy, has fallen into recession, while growth across the EU has stalled.
