Iceland

Power Markets

Iceland to release spot power trading with help of Nord Pool exchange

Icelandic energy exchange Elma will comply with Norwaybased power bourse Nord Pool for the launch of the island nation's very first shortterm physical electricity trading market by 2025, the business stated on Wednesday. The new Elma power market will begin with day-ahead trading in late 2024 or early 2025, followed by intraday trading at a. late stage, the firms stated when signing the cooperation. arrangement. Running an organised power market for the very first time is a. big step forward for Iceland, Nord Pool CEO Tom Darell said in. a declaration. The move will benefit performance, openness, the. provision of...

Fossil Fuels

Houthis say they can reassess Red Sea attacks if Israeli 'hostility' stops

Yemen's Houthis said on Tuesday they could only reconsider their rocket and drone attacks on international shipping in the Red Sea as soon as Israel ends its hostility in the Gaza Strip. Asked if they would stop the attacks if a ceasefire deal is reached, Houthi representative Mohammed Abdulsalam informed the scenario would be reassessed if the siege of Gaza ended and humanitarian aid was complimentary to go into. There will be no halt to any operations that help Palestinian individuals other than when the Israeli aggression on Gaza and the siege stop, he stated, ahead of new reports of...

Fossil Fuels

Houthis say they can reassess Red Sea attacks if Israeli 'aggression' stops

Yemen's Houthis said on Tuesday they could only reevaluate their missile and drone attacks on international shipping in the Red Sea when Israel ends its aggressiveness in the Gaza Strip. If they would stop the attacks if a ceasefire deal is, asked reached, Houthi spokesman Mohammed Abdulsalam told the situation would be reassessed if the siege of Gaza ended and humanitarian aid was totally free to go into. There will be no halt to any operations that assist When the Israeli hostility on Gaza, palestinian people except and the siege stop, he stated. Shipping risks have actually intensified due to...

Environment

Volcano in Iceland erupts for fifth time since December

A volcano in southwestern Iceland sent radiant hot lava shooting more than 50 metres into the air on Wednesday, its 5th eruption since December and the most powerful one given that its volcanic system ended up being active three years earlier. Authorities had actually alerted of the threat of restored volcanic activity in the location simply south of the capital Reykjavik as research studies revealed lava accumulated underground. The eruption began quickly after the end of an eight-week long eruption that occurred between Hagafell and Stora-Skogfell on the exact same Reykjanes peninsula. The lava fountains reached 50 metres (164 feet)...

Environment

West, Russia manage restricted cooperation in Arctic regardless of chill in ties

When Arctic nations simulated a. large oil spill for a virtual training workout in March off. northern Norway, Russia likewise took part a rare indication of. cooperation between Moscow and the West that highlighted the. special status of the polar area. Relations in between Russia and Western countries have actually remained in. the deep freeze given that Moscow's full-scale invasion of Ukraine in. February 2022, but Norway has actually been keen to keep some limited. cooperation alive through the Arctic Council. We had good interaction (during the oil spill workout). with all states, consisting of Russia, and Russia likewise offered....

Climate Change

Climeworks opens world's largest plant to extract CO2 from air in Iceland

Climeworks has opened the world's largest operational direct air capture (DAC) plant to suck carbon dioxide out of the environment, with its Mammoth plant in Iceland practically ten times bigger than the current record holder. Worsening environment change and insufficient efforts to cut emissions have actually led U.N. researchers to estimate billions of loads of carbon needs to be eliminated from the atmosphere annually to meet international environment goals. DAC works by utilizing a technical procedure to suck carbon dioxide (CO2) out of the air and store it, usually underground. The Mammoth DAC plant has a capability to catch 36,000...