Latest News
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EIB accelerates 3 billion Euros to ease carbon market concerns
The European Commission announced on Thursday that the European Investment Bank would provide 3 billion euros ($3.5billion) in funding to governments for investments to shield poorer citizens from a future EU carbon market. The new carbon market in the European Union will set a price on CO2 produced by transport and heating fuels from 2028, to encourage the shift to cleaner vehicles and heating systems. Poland and the Czech Republic have opposed this policy, claiming that it would increase fuel and heating costs. The EU has already delayed the launch of the policy by one year until '2028 to try to quell the opposition. The EIB is providing 3 billion euros in funding to EU governments for the purpose of kicking-starting investments that will help people switch to cleaner technologies prior to the CO2 pricing launch. This move is designed to ease these concerns. After 2028, the EIB will be able to repay its funding through revenues generated from the carbon market. The European Consumer Organisation, a non-profit organization, has welcomed the initiative to assist consumers and small business invest in electric cars, heat pumps and insulation of drafty homes. "To hit consumers with higher prices for fuel without alternative options would be a recipe for failure." "Member states must'step up their efforts to shape policies that will benefit consumers," said Robin Loos. BEUC's head of sustainability. After 19 countries requested this last year, the EU has taken other measures in order to address concerns regarding the new carbon markets, including tighter price controls.
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NYSE-parent ICE exceeds profit expectations on robust trading volume
Intercontinental Exchange surpassed fourth-quarter profit expectations on Thursday as persistent market turmoil boosted trading volumes at the New York Stock Exchange parent, sending its?shares?up more than 4% early in trading. The Federal Reserve's interest rate path and geopolitical tensions have fueled speculation. Volatile markets usually boost exchange volumes as traders hedge positions more aggressively, and investors reshuffle portfolios. ICE has seen growth in the energy sector for three consecutive quarters, as the protracted conflicts in Ukraine & the Middle East have fueled turbulence on the oil markets. The fourth quarter saw a 15% increase in revenue from the energy trading segment. This boosted the exchanges segment to a new record of $1.36 billion. A STRONG YEAR?AHEAD Jeff Sprecher, CEO of Sprecher Group, said that "we believe the tailwinds are strong" for our businesses in 2026. Exchange operator raised quarterly dividends by 8%, to 52 cents a share, in the first quarter 2026. This raise provides reassurance for the coming year. Analysts at ICE were told by ICE executives that the momentum of?derivatives trades, which reached record volumes in 2025 is now spilling into 2019. The company announced earlier this week that January was the most active trading month of its history with over 245 million contracts traded. ICE also wants to expand beyond its existing segments. It is seeking approval for a digital 'platform' that would allow 24/7 trading of tokenized assets and a prediction market bet by purchasing up to a $2 billion stake in Polymarket. Fixed income and data services, which sells pricing data subscriptions for certain debt assets through the segment, saw a 5% increase in revenue. LSEG data shows that adjusted profit per share of $1.71 beat the expectation of $1.67. (Reporting by Utkarsh Shetti in Bengaluru; Editing by Arun Koyyur)
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In northeastern India, a blast at an illegal mine killed sixteen people
An explosion in India's northeastern Meghalaya state killed at least 16 people and trapped more, according to an official. This is the latest of many similar incidents that have occurred in the area in recent years. Manish Kumar, East Jaintia Hills District's deputy commissioner, said that the blast occurred at 10 am local time (0430 GMT). The mine is called a "rat-hole" because the tunnels are only big enough to allow workers to get through. In India's northeastern state, the use of rat-hole mines was once widespread. However, they were banned in 2014 due to the high number of deaths and environmental damage. The deputy commissioner stated that local police had been on the scene and were conducting rescue operations. However, attempts to reach the miner have been suspended because of a lack in equipment. He added that eight people were injured as a result of the incident. The'remote location' of the mine hampered rescue work, Kumar said. He added that it would require several hours for state and federal rescue workers?to reach the site and resume search and rescue operations. "The Government of Meghalaya ordered a thorough investigation into the incident." Conrad Sangma, the state's chief minister, said that those responsible would be held accountable and face strict legal action. According to estimates by the federal government, 63 people died in illegal rat-hole mines in Assam and Meghalaya (north-eastern Indian states) since 2012. Shilpa jamkhandikar, Jan Harvey and Shilpa Jamkhandikar contributed to this report.
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Rival bidders pursue Lukoil assets despite Carlyle deal, sources say
Four sources say that Lukoil initially agreed to sell its global assets to U.S. Private Equity firm Carlyle last week. However, at least two companies are now vying for the portfolio. The U.S. Treasury has given Lukoil until February 28th to sell the assets. Last year, it imposed sanctions against Lukoil, Rosneft, and other Russian oil companies to force them to reach a peace agreement with Ukraine. According to two sources, a partnership between Chevron, Texas-based Quantum Energy Partners and a group headed by investment bank Xtellus Partners are still 'in talks' with Lukoil, the U.S. Government and other parties over the assets. Sources close to Lukoil said that the deal is not yet finalized. Carlyle has just begun to look more closely at Lukoil assets. "The wind could change in this sale." Lukoil said that it continues?negotiations' with other possible buyers. Quantum declined comment. Chevron did not immediately respond to an inquiry for comment. CARLYLE IN PARTNERSHIP TALKS At least a dozen companies, from Exxon Mobil, to Bernd Bergmair, the former owner and founder of Pornhub have expressed interest in the?Lukoil Portfolio, which was initially valued at around $22 billion. U.S. Treasury’s Office for Foreign Assets Control has rejected bids from Geneva-based commodity traders Gunvor and Xtellus. Carlyle has agreed to purchase Lukoil assets, except those in Kazakhstan. This agreement was made on January 29. Sources say that the fund is in discussions to partner with Abu Dhabi funds Mubadala XRG IHC and IHC as well as U.S. Development Finance Corporation 'for the deal. OFAC must still approve the agreement. According to sources involved in the process, Lukoil will also require the Kremlin's approval and that of the Russian central bank. Sources with knowledge of the situation have confirmed that Xtellus is a consortium between Todd Boehly, an American billionaire, and Allied Investment Partners in the UAE. The consortium proposed a plan to pay the deal with frozen Lukoil stock owned by U.S. shareholders, instead of cash. According to a sixth person, the consortium has been in contact with U.S. officials and is trying to move forward on this plan. (Reporting and editing by Anna Hirtenstein, Dmitry Zhdannikov, Emelia Sithole Matarise).
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Canada cancels mandate for EV sales in another move to reduce climate change
Canada announced on Wednesday that it would be scrapping its national mandate for electric vehicles, marking yet another retreat from climate measures by the Liberal government led by Prime Minister Mark Carney. Ottawa mandated in 2023 that by 2026, 20% of vehicles sold would be emission-free. Vehicle manufacturers were not happy with the push, claiming it imposed unsustainable cost and made them vulnerable to a new U.S. -administration that cut support for EVs. Canada is introducing stronger emission standards for the 2027-2032 model years, which will help it achieve its goal of 75%?EV sales in 2035 and 90%?EV sales in 2040. Carney's Office said that cutting the EV mandate would "rationalise emissions reduction policies and focus on outcomes that?"matter" to Canadians, without placing a?undue burden? on Canadian industry. Carney, citing U.S. Tariffs' damage to the highly-integrated North American auto industry, urges the country to diversify their trade and boost domestic manufacturing. In November last year, the federal government canceled a planned cap on emissions in the oil and gas industry?and lowered rules for clean electricity. These moves were designed to encourage investment?in energy production. Canada will continue to maintain counter-tariffs against auto imports coming from the United States. It is also looking for ways to encourage Canadian vehicle manufacturers to increase production and investment. The program offers incentives of up to C$5,000 on EVs manufactured in countries with which Canada has free-trade agreements. Canada has promised C$1.5 billion for the improvement of its national charging network. Keywords: CANADA AUTOS/
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Early Russian crop condition data indicates good harvest in 2026
Dmitry Patrushev, the Deputy Prime Minister, said that the share of Russian crops which were in normal condition as of February 5, was 97%, compared to 87% for the same period in 2025. Analysts suggested the data indicated a good harvest. In 2025, extreme weather conditions, particularly in the southern regions of the bread basket, will affect the harvest in Russia, which is the largest exporter of wheat in the world. According to the?estimates of experts, 97% are in normal condition. Patrushev stated that these are?very good results. Andrei Sizov, the head of Sovecon's consulting firm, said that there was concern in January over a?cold snap? that hit certain areas. However, it did not reach the southern regions. Temperatures are now rising. "It is possible to say with certainty that only 3% of crops are in poor condition. Sizov stated that this is significantly below the average of five years and is better than last season. Sizov said that the heavy snowfall in Russia indicates that there will enough moisture to grow winter crops when vegetation starts in spring. Patrushev told a meeting of the government that Russia's grain crop for 2025 was 142 million metric tons. This included the grain from Ukraine controlled by Russia. This included 93 million metric tons wheat. Patrushev said that the grain harvest in 2025 was the third-largest ever, an increase of 9% compared to the previous year, but still below the historical record set in 2023, which was 147 millions tons. Rosstat, the Russian statistics agency, did not include Russian-controlled territories in its figures. It reported earlier that they had harvested 3.2 millions tons of grain. (Reporting and writing by Olga Popova, editing by Guy Faulconbridge & Jan Harvey; Writing and reporting by Gleb Brnski)
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Chevron namess new heads of strategy and trading as well as business development
Chevron Corp announced Thursday that it will be making senior leadership changes in 2026. Several long-serving executives are retiring and internal candidates will step into key roles across strategy, business development, and trading. The U.S. major oil company continues to integrate Hess' assets as it navigates a volatile market characterized by?fluctuating oil prices?, increasing capital discipline?and increased investor focus?on returns?. Frank Mount, the president of corporate business development at Chevron, will retire after 33 years in November. Jake Spiering will succeed him in August 1. He is currently the director of investor relations. Jeanine Wai has been appointed director of Investor Relations, with effect from April 1. Patricia Leigh will also retire from Chevron in July, after 35 years as president of Supply and Trading. Molly Laegeler will replace Leigh as chief strategy officer on March 1. She will oversee supply,?logistics, and trading. Kevin Lyon, the leader of the integration?of Hess will replace Laegeler in the role of chief strategy officer at the same date. Bruce Niemeyer will also retire from his position as?president for shale & tight in October, after 26 years. Gerbert Schoonman is to succeed him on April 1. Niemeyer, meanwhile, will continue as a senior executive adviser until October. (Reporting by Arunima Kumar in Bengaluru; Editing by Shreya Biswas)
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Norway Parliament rejects any challenge to LNG plant power supply
The Norwegian parliament rejected on Thursday a proposal that would have blocked Equinor from supplying electricity to its Hammerfest LNG plant via the region's electrical grid. This allowed for 'ongoing' development to continue. The Socialist Party, which had previously supported the LNG plant plan, withdrew their support, calling it "in fact unlawful". The opposition proposal was supported by 48 parliamentarians, while 54 members voted against it. The government approved a connection in 2023 to reduce greenhouse gas emissions from the plant located on Melkoeya Island off Hammerfest, and?extend the lifetime of the plant. Critics claim that connecting the "currently gas-driven" plant to the "regional grid" could deprive local companies of electricity and increase prices, as well as harming the interests of Sami Indigenous Reindeer Herders. The Red Party, a far-left party, had filed a motion in order to stop the project. They wanted to tell the minority Labour government that they should "facilitate" the release of power by the grid operator Statnett for the electrification projects on Melkoeya. The proposal of the Red Party was supported by several political parties including the right-wing Progress Party and the agrarian Centre Party. Anders Opedal, CEO of Equinor, warned on Wednesday that the passing of the motion could have wide-ranging repercussions. It would undermine confidence in Norwegian investments and the country's energy supply to Europe. Equinor, Petoro, TotalEnergies. Vaar Energi. and Harbour Energy own the plant. It accounts for 5% Norway's exports of gas. (Reporting and editing by Terje Solsvik, with Nora Buli)
Utility WEC Energy beats Q4 profit forecasts as gas, electricity sales increase
WEC Energy Group Inc reported a profit for the fourth quarter that exceeded Wall?Street expectations. This was due to an increase in residential?and?commercial sales, as well as?utility?sector?continued benefiting from steady demand.
U.S. utilities are supported by a steady demand for electricity from small and mid-sized businesses and households, but high regulatory, financing, and operating costs continue to put pressure on the sector.
As data centers dedicated to artificial-intelligence and cryptocurrency grow, and customers electrify their heating and transport, power consumption will also rise.
Milwaukee-based company that serves 4.7 million customers in Wisconsin, Illinois Michigan and Minnesota said'residential electric usage increased 3.5% over the past year while total retail sales increased 2.2%.
The company reported that the consumption of electricity by small commercial and industry customers increased 1.6% and large commercial and Industrial customers also increased 1.6%.
WEC reported that natural gas deliveries in Wisconsin will increase by?11.5% between 2025 and 2025. Natural gas is provided by the company through its?We Power unit and Wisconsin Public Service.
The quarter included a charge of 45 cents per share?related proceedings over infrastructure cost recovery?riders? in Illinois.
According to LSEG, WEC reported adjusted quarterly earnings of 1.42 cents per share for the three months ending December 31 compared to an average analyst's estimate of $1.40 cents per share. Reporting by Pranav mathur in Bengaluru, Editing by Tasimzahid
(source: Reuters)