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This week, the second opposition leader to die in state custody in Nicaragua has been reported.
Local media and opposition parties reported that a critic of the authoritarian Nicaraguan government died in custody two weeks after being arrested. This comes days after another longtime critic died in detention. The deaths suggest that President Daniel Ortega, and his wife, Rosario Murillo (co-president), have intensified their crackdown on dissent, and arrested hundreds of opponents over the past few years. Since 2019, five government critics have reportedly died in government custody. Carlos Cardenas was arrested in August during police raids against government opponents. He was previously imprisoned in 2018 following a social uprising. On Saturday, the Great Nicaraguan Opposition Confederation said that the "dictatorship had handed another dead political prisoner over to his family." The Nicaraguan Government did not respond immediately to a comment request. On Monday, Nicaraguan leaders of the opposition condemned the death of Mauricio Alonso, a political activist who was detained by authorities in mid-July. Gabriela Selser, Diego Ore, and Nick Zieminski edited the story.
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FT reports that Rolls-Royce is weighing funding options for a small nuclear unit including an IPO.
The Financial Times reported that Rolls-Royce Holdings was exploring financing options for its small reactor unit. This included the possibility of a public offering. The report said that the board of directors is not in a hurry to make a decision, and the talks with banks and investment houses are still at an early stage. The Rolls-Royce SMR unit has been selected by the British government to build the first Small Modular Reactors in its plan to accelerate the decarbonisation power network starting from mid-2030. The British engineering company, which owns the majority of the unit, is planning to build three nuclear reactors. The British government has pledged to invest 2.5 billion pounds ($3.4billion) in the SMR program over the next four-year period, with the aim of launching one of Europe's earliest small-scale nuclear industries. SMRs are being pursued by other countries, including the United States of America, Canada, Romania, and the Czech Republic. If the British project is successful, it could create a global market. Rolls-Royce SMR and Rolls-Royce did not respond immediately to requests for comments outside of regular business hours. Surbhi misra, Bengaluru (Reporting and Editing by Bernadettebaum and Alex Richardson).
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Ukrainian former parliament speaker Parubiy is killed in Lviv
Andriy Parubiy, a former Ukrainian parliamentary speaker, was killed in Lviv (west Ukraine) on Saturday. A manhunt is underway to find the assailant. The office of the Prosecutor-General said that a gunman shot several times at Parubiy and killed him instantly. It said that the attacker fled, and a manhunt had been launched. Parubiy was 54 years old and a member in the parliament. He was the speaker of the chamber from April 2016 until August 2019 and was also one of the protest leaders who called for closer relations with the European Union during the 2013-14 period. From February to August of 2014, he was the secretary of Ukraine’s National Security and Defence Council. This was a time when fighting broke out in eastern Ukraine and Russia annexed Crimea. The officials did not immediately indicate whether this murder was directly linked to Russia's conflict in Ukraine. "Minister for Internal Affairs Ihor Klymenko, and Prosecutor-General Ruslan Kravchenko just reported the first circumstances known of an horrific murder in Lviv. Andriy Paraubiy was killed," Volodymyr Zelenskiy wrote in a letter to X. He expressed his condolences to Parubiy's loved ones and family, adding: "All the necessary means and forces are being used in the investigation and the search for the murderer." The shooting was reported to the national police at about noon (0900 GMT). Lviv Mayor Andriy Sadovyi stressed the importance of finding the attacker and determining the circumstances of this attack. He wrote on Telegram: "This is about security in a war-torn country, where we can see that there are no places completely safe." TRIBUTES POUR IN The government and parliament colleagues paid tribute to Parubiy for his contribution to Ukraine’s struggle for independence and sovereignty as one of the leaders in the protests that became known as Euromaidan in 2013-14. On Telegram, the former president Petro Poroshenko stated that the murder of Parubiy was "a shot at the heart" of Ukraine. Parubiy was a member the parliamentary committee for national security, defense and intelligence. "Andriy is a great person and a friend." "They are afraid, and that's why they want revenge," he said. He praised Parubiy for his contribution to the building of the Ukrainian Army. In a Telegram statement, Andrii Sybiha, the Foreign Minister, described Parubiy, as "a patriot, a statesman, who has made a tremendous contribution to the defense of Ukraine's independence, freedom and sovereignty." He is a man that belongs in history. The Ukrainian police did not provide any information about the identity or motives of the killer. Yulia Shvyrydenko, Ukrainian Prime Minister, called for an immediate investigation into the murder. She described it as "a profound loss" to the country. She wrote: "You have always been a patriot and contributed greatly to the creation of our country."
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OWC Gets Cable Engineering Job for GreenVolt Floating Wind Farm
Renewable energy consultancy OWC has secured cable engineering support job for the 560 MW GreenVolt floating wind farm offshore Scotland, being developed by Flotation Energy and Vårgrønn, a joint venture firm created by Plenitude (Eni) and HitecVision.OWC’s scope of work includes cable engineering for both offshore and onshore cables.The subsea scope focuses primarily on the export cable, but OWC will also support inter array cable system design and alignment.The onshore engineering scope includes technical responsibility for the cable that runs from the landfall site near Aberdeen to an onshore substation.“It is a privilege to support a project that is setting new standards for floating wind and local content. Our contribution demonstrates the value of U.K.-based engineering talent and strengthens our position as a go-to partner for complex offshore wind developments,” said Will Cleverly, CEO of OWC.The GreenVolt project will deliver renewable electricity to oil and gas platforms, replacing existing natural gas and diesel power generation, while also providing power to the U.K. grid.The project has received support as part of Crown Estate Scotland’s Innovation and Targeted Oil & Gas (INTOG) leasing round.
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Elliott Affiliate's bid of $5.89 billion recommended as the winner of Citgo's auction
According to documents filed by the officer overseeing sale, a $5.89 billion offer from an affiliate hedge fund Elliott Investment Management was recommended as the winning bid in a U.S.-court-organized auction for shares of the Venezuelan-owned refiner Citgo Petroleum. Robert Pincus, a court officer, made the recommendation despite an attempt by a Gold Reserve subsidiary to sweeten their $7.4 billion deal earlier in the week. Pincus, in a ruling earlier this month said that an improved offer from Elliott's subsidiary Amber Energy was superior. The court then gave the Gold Reserve Group three days to match the bid. Pincus stated on Friday that Gold Reserve's Dalinar Energy transaction "didn't match or exceed the Amber Sale transaction and therefore the Amber Sale transaction continues to be a superior proposition." The proceeds of the auction are expected to compensate a few creditors who have been fighting in U.S. court since 2017 for nearly $19 billion after Venezuela expropriated its assets and defaulted. (Reporting and editing by Julia Symmes Cobb; Marianna Pararaga)
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California waives penalties for high profits from refineries
California's Energy Commission decided on Friday to set aside for a temporary period penalties for excessive refinery profits, which were adopted in response to the rise of gasoline prices over $8 per gallon by 2022. Phillips 66 Los Angeles refinery, which is preparing for a permanent shutdown by the end of next week, has delayed implementing penalties by five years. In an email, the staff of the Commission stated that "the fact is that supply is decreasing faster than demand and we need them to align: this means aggressively pursuing a transition to zero-emission vehicles while slowing down supply loss." California's Democratic governor Gavin Newsom proposed the penalties but has now changed direction due to fears of price spikes after 2026 following the closure of Phillips 66 refinery, and a plant in the San Francisco area operated by Valero Energy Corp. Both companies said declining gasoline demand promoted by state's policies in favor of non-fossil-fuel-powered vehicles made the once-lucrative California market untenable in the long-term. California has set a goal of banning the sale fossil fuel-powered cars by 2035. Western States Petroleum Association, which called for a 20-year delay in the penalties, said that global oil markets determine prices and not state policies. Consumer Watchdog, a group within the state of California, has criticized officials for their change in policy. Consumer Watchdog's Jamie Court wrote in a letter before the vote that by removing the penalty, California officials were opening the market up to the price spikes of 2022. The commission also adopted policies to stabilize California’s refinery capacity and increase motor fuel imports, as well as to promote the development of the oil reserves in the state. California is separated from U.S. refinery centers in the Midwest and along the Gulf Coast by the Rocky Mountains. The state depends on the refineries in Washington and California as well as Asian imports.
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California waives penalties for high profits from refineries
California's Energy Commission decided on Friday to set aside for a temporary period penalties for excessive refinery profits, which were adopted in response to the rise of gasoline prices over $8 per gallon by 2022. The delay of five years in implementing penalties comes at a time when Phillips 66 Los Angeles refinery prepares to start shutting down production next week, ahead of a complete closure. California's Democratic governor Gavin Newsom proposed the penalties but has now changed direction due to fears of price spikes after 2026 following the closure of a Phillips 66 plant and a Valero Energy Corp. plant in the San Francisco area next year. Both companies said declining gasoline demand promoted by state's policies in favor of non-fossil-fuel-powered vehicles made the once-lucrative California market untenable in the long-term. California has set a goal of banning the sale fossil fuel-powered cars by 2035. Western States Petroleum Association, which called for a 20-year delay in the penalty, supported this decision. WSPA has criticized the Energy Commission's claim that the threat of fines had kept gas prices low in the State. Catherine Reheis Boyd, WSPA president, said late last year that "no mandates, rules or decrees have been issued by Sacramento since 2019." Consumer Watchdog, a group within the state of California, has criticized officials for their change of direction. Consumer Watchdog's Jamie Court wrote in a letter before the vote that by removing the penalty, California officials were opening the market up to the price spikes of 2022. The commission also adopted policies to stabilize California’s refinery capacity and increase motor fuel imports, as well as to promote the development of the oil reserves in the state. California is separated from U.S. refinery centers in the Midwest and along the Gulf Coast by the Rocky Mountains. The state depends on the refineries in Washington and California as well as Asian imports.
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Brazil investigates JBS, other beefpackers and their purchase of cattle from deforested lands
According to a document seen on Friday, the Brazilian environment agency Ibama notified 12 meatpacking facilities, including two JBS SA plants, that they were being inspected for their alleged involvement with a scheme involving buying cattle from illegally cleared lands in the Amazon rainforest. Ibama announced on Thursday that it would be investigating 12 plants for violations of the law, but refused to name any companies. JBS issued a statement in which it said that it had not purchased cattle from the farm Ibama claimed to have illegally destroyed. The meatpacker said it could provide more information to the agency after it receives the full inspection report. The document seen by also shows that Frigol and Mercurio, both privately owned, are included in the 12 beef producers being reviewed. Frigol replied that Ibama made a mistake and added it had also not purchased cattle from the farm which the agency claimed had been illegally destroyed. Mercurio chairman Lincoln Bueno said that a third party firm monitors origin of animals it processes and that the company does not deal with properties which have environmental and labor irregularities. Ibama said on Thursday that it was inspecting factories which were "acquiring suspect cattle, triangulated by 'clean' farm, to conceal their illegal origin". Ibama said that six meatpackers who were not named had been fined 4 million reais (740,000 dollars) for buying directly 8,172 cattle from "embargoed zones." Ibama also seized over 7,000 cattle on 2,100 hectares that it had banned from commercial use due to illegal deforestation. It fined violators 49 million reais (9.04 million dollars) without naming the companies or individuals. Ibama said that producing, selling or purchasing cattle from embargoed regions is an environmental offense and the responsible parties are fined. Ana Mano, Richard Chang and Daina Beth Solon edited the article.
Europe's inflamed gas stocks drive prices lower: Kemp
Northwest Europe is roughly twothirds of the way through the heating season, with a record volume of gas in storage for the time of year, which is putting down pressure on gas costs.
Gas inventories across the European Union and the United Kingdom stood at 771 terawatt-hours (TWh) on Feb. 10, according to information assembled by Gas Infrastructure Europe (GIE).
Stocks were 238 TWh (+45% or +1.95 basic discrepancies). above the prior 10-year seasonal average and the surplus had. swelled from 167 TWh (+18% or +1.70 basic deviations) at the. start of October.
As an outcome, storage centers were still 67% complete compared. with a ten-year seasonal average of 49% ( Aggregated gas storage. inventory, GIE, Feb. 13).
Futures prices have actually currently fallen greatly, particularly for. nearby months, to motivate more intake before winter season ends. and flush out a few of the excess stocks.
MODERATE WINTER
At Frankfurt in Germany, two-thirds of the heating degree. days each winter happen usually on or before Feb. 10.
With the heating season entering its final 3rd, it is very. likely stocks will end the exhaustion season at or near to a. record high.
Based upon the behaviour of inventories over the last 10. years, stocks are on course to end winter season 2023/24 at 628 TWh,. which would be the 2nd highest on record after 629 TWh at the. end of winter 2022/23.
The projected carryout has increased from 554 TWh on Oct. 1,. as a result of warmer than typical temperatures and the. ongoing effect of high rates suppressing usage by. market and households.
Temperatures at Frankfurt were above the long-term average. on 94 out of 133 days between Oct. 1 and Feb. 10.
Temperatures have actually been above typical every month so far this. winter however particularly in October (2.5 Celsius) higher than. regular) and December (+2.8 C).
The overall variety of heating degree days given that the start of. the heating year has actually been 21% lower than normal at 1,133 compared. with a long-lasting average of 1,441.
Chartbook: Europe gas stocks and rates
Offshore winds were more powerful than the seasonal average in. both December and January, improving electrical power production from. wind farms.
The windy and mostly mild weather has actually cut direct gas. consumption by homes and in other structures in addition to by. power generators.
At the same time, industrial intake has been curbed by. a combination of plant shutdowns triggered by high fuel prices and. a recession in the business cycle.
Germany's energy-intensive markets (including iron and. steel, ceramics, glass, fertilisers and chemicals) reported. production was down by more than 22% in December 2023 compared. with the exact same month 2 years earlier.
The European Union's 7 biggest gas-consuming nations. ( Germany, Italy, France, Netherlands, Spain, Belgium and Poland). reported below-average use monthly in 2023.
For the year as a whole, overall consumption in the seven. significant consuming nations was down by 7% compared to 2022 and. 19% compared to 2021.
EXCESS STOCKS
Storage sites across the European Union and UK. are on track to be almost 55% complete at the end of winter 2023/24. ( with a maximum likely range from 44% to 61%).
Temperature levels are predicted to remain above typical across the. European Union and UK through completion of February. according to the European Centre for Medium Variety Weather Condition. Forecasts.
The seasonal gas storage surplus is most likely to continue. swelling with storage likely to finish the winter nearly. 60% full.
With a lot gas carried over there will not be much less. storage space than usual to soak up more during the summertime refill. season in 2024.
RATE SLIDE
Costs for gas to be delivered in March 2024 have actually fallen to. approximately 30 euros ($ 32.15) per megawatt-hour so far in. February from 52 euros in October.
Costs for March 2024 (the last full cold weather) are. trading below rates for April 2024 (the very first spring month) to. encourage more consumption and purge some excess stocks.
As a result, the end-of-winter calendar spread from March to. April 2024 is in an average contango of 0.22 euro cents up until now. in February down from an average backwardation of 1.44 euros in. October.
Front-month prices of 28 euros in February are in the 55th. percentile for all months since the start of the century, when. adjusted for inflation.
Real front-month futures costs have actually retreated from 47 euros. ( 88th percentile) in October 2023 and a record 251 euros in. August 2022.
A lot of energy-intensive commercial customers purchase gas on the. forward market however here too prices have actually pulled away to encourage. more usage.
The calendar strip for the year-ahead (in this circumstances. purchases throughout 2025) has balanced 33 euros up until now. in 2024 below 52 euros in 2023 and 121 euros in 2022.
After adjusting for inflation, year-ahead costs are just 5. euros (21%) above the average for the ten years before Russia's. invasion of Ukraine in 2022.
Area and forward prices are most likely to stay under downward. pressure until the storage surplus stabilises and leaves enough. space to soak up excess seasonal gas production over the summertime of. 2024.
Related columns:
- Brazil's hydro power contributes to worldwide gas surplus (February. 9, 2024)
- Europe's gas price falls to encourage more industrial usage. ( January 4, 2024)
- Record heat leaves world with too much gas (December 15,. 2023)
- Europe's energy crisis is over (November 28, 2023)
John Kemp is a market expert. The views expressed. are his own. Follow his commentary on X https://twitter.com/JKempEnergy.
(source: Reuters)