Natural Gas Utilities

Southern California Edison filed a lawsuit against Los Angeles County, Southern California Gas, and water agencies on Friday. They allege that they are responsible for the deadly Eaton Fire, which devastated thousands of homes and businesses last year. SCE, which is owned by Edison International, filed complaints in the Los?Angeles Superior Court where more than 1,000 lawsuits were filed by business and residential owners to hold SCE accountable for the destruction of property that occurred. The Eaton Fire erupted on January 7, 2025 and tore through Southern California. It killed 19 people, destroyed more than 9,400 homes, and destroyed other...

Duke Energy Florida, a U.S. utility, announced on Wednesday that the storm cost recovery charge will be removed from customers' bills a month sooner than originally planned. Costs are related to the company's response of nearly $1.1 billion dollars to hurricanes Debby Helene and Milton. For this, the Florida?Public Service Commission had received a plan from the company in late 2024. The utility announced that residential customers would see a?reduction of about $33 in their monthly bill starting in February, and another $11 in March, bringing the total?reductions up to $44 from levels in January. Commensurate with the reduction in...

The International Energy Agency's chief energy economist said that it will take some time to ramp up oil production after years of neglect in Venezuela. Donald Trump, the U.S. president, has asked U.S. oil companies to invest $100 billion in rebuilding Venezuela's industry after U.S. troops removed Venezuela's president on January 3, during an overnight raid by U.S. forces. The IEA Chief Energy Economist, Tim 'Gould, told a?energy conference held in Norway on Tuesday that the short-term implication of Venezuelan developments are likely to be relatively limited. Official data show that Venezuela has the largest estimated oil reserves in the...

Hungary has signed a framework deal with Azerbaijan to purchase up to 800,000,000 cubic meters of gas over a period of two years. Peter Szijjarto, Hungary's foreign minister, announced this at a press conference on Thursday. Hungary has signed a framework agreement with Azerbaijan for the purchase of up to 800 million cubic meters of natural gas over a two-year period, Peter Szijjarto, the Foreign Minister in Hungary told?a briefing on Thursday. This is a framework contract that allows up to?800 million cubic metres in deliveries to be realized. How much of the agreement will be completed in the next...

By Laila K. Kearney and Lewis Jackson NEW YORK - The CEO of GE Vernova, Scott Strazik, said on Tuesday that the company is working with?U.S. Scott Strazik, CEO of GE Vernova, said that the U.S. government is increasing its stockpiles for the rare earth element?yttrium. Strazik, one of the three largest gas turbine manufacturers in the world, said that GE Vernova has enough yttrium to last until 2025, and possibly into next year. He did not specify how long supplies would last. He added that the company was also looking at alternatives to certain rare 'earths' used in production,...

Turkey has finalised an extension of one year to its gas import contracts that expire with Russia, totalling 22 bcm. It is also considering investing in U.S. production, according to the energy minister. Both import contracts with Gazprom expire by the end of the year. Turkey's share of Russian gas has steadily decreased, and is now below 40%. Turkey, Russia's final major gas market in Europe has signed deals to buy long-duration LNG, a large part of which is from the U.S. This takes advantage of the expected global abundance of LNG over the next couple of years. Bayraktar, the...

The NOVA.RS TV in Belgrade reported that the operations at Serbia's Russian owned NIS oil refinery had ceased due to a shortage of crude oil. This is the latest indication that U.S. sanction on the project may threaten fuel supplies throughout the Balkan nation. NIS officials and the Serbian government declined comment. In January, the Office of Foreign Assets Control of the U.S. Treasury Department placed sanctions on Russia’s oil sector, including NIS. NIS is owned in majority by Russia’s Gazprom and Gazprom. US repeatedly granted NIS waivers until the sanctions came into force in October. The banks then stopped...

Five sources said that U.S. sanctions have dismantled what is left of Lukoil Litasco. Litasco was once Russia's largest oil trader, and a competitor to Swiss oil houses and major oil companies. Washington is trying to stop Moscow from funding its war in Ukraine. The new measures also target the state-owned Rosneft. They went into effect Friday. The measures have put Lukoil’s global operations in limbo - from oilfields across the Middle East, to fuel pumps and refining plants throughout Europe. Sources said that Litasco, cut off from the global system of finance, has fired most traders and operational employees,...

The only refinery in Serbia will only continue to operate until November 25, as new crude oil deliveries have been stopped due to U.S. sanction against the Russian-owned plant operator NIS. This was reported by Tanjug News Agency on Wednesday, citing the energy minister. NIS, of which Gazprom, Gazprom and the Serbian Government each own 44.9%, operates the only refinery in Serbia, located in Pancevo. The Office of Foreign Assets Control of the U.S. Treasury placed initial sanctions on Russia's petroleum sector on 10 January and gave Gazprom a 45-day deadline to sell its NIS holdings. The sanctions had been...

Hong Kong and China stock prices rebounded on Monday sharply after a large selloff last Friday, as signs that Sino-U.S. tensions are easing boosted bets that U.S. president Donald Trump would once again retreat from his tariff threat. Investors also have their eyes on the Chinese Communist Party's leadership meeting, which will map out China's 5-year vision. On Monday, authorities released economic data for the third quarter that were in line with expectations. Hong Kong's Hang Seng Index, the benchmark index, jumped over 2% on Monday, driven by technology shares. It was its best day for two months. Both the...

CenterPoint Energy has agreed to sell its natural-gas distribution unit in Ohio for $2.62billion, in order to focus on its core electric and gas operations. In the morning trading on Tuesday, shares of National Fuel and CenterPoint both fell by a combined 4.7%. CenterPoint stated that the assets being sold include approximately 5,900 miles in Ohio of transmission and delivery pipelines serving around 335,000 metered clients. This is just the latest of a series of deals by U.S. utilities that are refocusing their efforts on regulated, higher-growth markets to meet the surge in power demand. Jason Wells, CEO of CenterPoint,...

The U.S. Energy Information Administration (EIA) said Tuesday that the Short-Term Energy Outlook, or STEO, will show record levels of natural gas production and demand in 2025. EIA predicted that dry gas production would increase from 103.2 billion cubic feet per day (bcfd) in 2024, to 107.1 bcfd by 2025, and 107.4bcfd by 2026. This compares to a record of 103.6 bcfd for 2023. The agency also predicted that domestic gas demand will increase from 90.5 bcfd, a record in 2024, to 91.6 bcfd by 2025 and 2026. The EIA forecasts from September were 106.6 bcfd in production and 91.5...

Petromarket 'consultancy' said that Russia could increase its liquefied gas supply to China next year by 40%, to?1.125 millions metric tons, as Moscow pivots towards the East. In response to Western sanctions regarding its invasion of Ukraine in 2022, Russia has redirected oil flows from Europe towards China and India. The European Union's sanctions against Russia's LPG?took effect December 20, 2024. Russia now aims to increase its natural gas and LPG exports?to China. LPG (or propane and butane) is used primarily as fuel in?cars and heating systems, and for the production of other petrochemicals. Russia also supplies LPG to:?Turkey and...

Russia, which is the second-largest oil exporter in the world, is considering how it will respond to U.S. sanction against top oil companies Rosneft, and Lukoil, and to the possibility of reduced sales to India, its largest buyer. Since months, President Donald Trump and Vladimir Putin have been discussing a way to end the conflict. However, there has not yet been a breakthrough. What did the U.S. do? The U.S. Department of the Treasury’s Office of Foreign Assets Control, or OFAC, imposed sanctions against Rosneft, Lukoil and several of their subsidiaries on October 22, while calling on Moscow to agree...

Ilya Rebrov, the deputy director general of Rosatom's Chinese division, was quoted on Thursday as saying that Rosatom had made significant progress in placing bonds on the Chinese market. Interfax reported that Rebrov stated that a placement would take months or even weeks. He said that despite the "pressure" Russian industry was under, Rosatom managed to get a rating by a Chinese credit rating agency. It also took decisions which had brought it closer to its goal of being able raise debts in China. Atomenergoprom, Rosatom's power unit, received a "AAA" credit rating in April from China's Dagong Global Capital...

Germany and Canada agreed to intensify their cooperation in the area of critical minerals on Tuesday amid global concerns about China's export restrictions and Berlin's efforts to reduce dependence on a single source. Minerals like copper, tungsten and gallium are essential for Canada's and Germany’s advanced manufacturing, defence technologies and clean energy technologies. China's decision in April to stop exports of rare Earths and magnets related to them has disrupted the global supply chain, causing a major blow to automotive, aerospace, semiconductor, and military contractors. German Economy Minister Katharina Riede and Canada’s Energy and Natural Resources minister Tim Hodgson have...

Two people with knowledge of the situation said that Berlin was considering extending its trusteeship for the sixth time over the German assets owned by Russian oil producer Rosneft, as the efforts to sell this business continue. The renewed trusteeships put pressure on Berlin to create a more suitable legal structure for Rosneft’s activities in Germany. This situation is emblematic for the challenges Berlin faces when dealing with Russian assets located in Germany, at a moment when efforts are intensifying to end the conflict in Ukraine. In September 2022, the German assets of Rosneft, including the Schwedt refinery, MiRo refinery,...

Dmitry Medvedev, the former Russian president, said that the framework agreement between the European Union (EU) and the United States is "anti-Russian", comparing it to a ban de facto on the purchase of Russian oil and natural gas. On Sunday, the U.S. and the EU reached a deal that imposes a 15% tariff on the majority of EU goods. Ursula von der Leyen said, in a subsequent statement, that the agreement will help the EU phase out Russian fossils fuels and replace them with American alternatives. The purchase of U.S. Energy Products will help to diversify Europe's supply sources and...

Robert Fico, the Prime Minister of Slovakia, said that Slovakia would stop blocking approval of the 18th set of sanctions by the European Union against Russia this Friday. Fico said that the Slovakia has achieved all it can at this stage, after repeatedly blocking the EU approval of sanctions to demand guarantees for damages it fears will result from a separate EU Plan to stop all gas imports to Russia by 2028. Fico stated in a Facebook video that it would be counterproductive at this point to continue blocking the 18th package of sanctions tomorrow. EU diplomats have confirmed that...

A letter obtained by revealed that the European Commission would work to address Slovakia’s concerns about the EU’s plan to phase-out Russian gas imports. This comes as Brussels tries to reach an agreement on new EU sanctions towards Russia. The Slovakian government has blocked the latest EU sanctions against Russia over its invasion of Ukraine, until it is satisfied that the EU's separate proposal to phase-out imports of Russian Gas by January 1, 2020 has been addressed. Slovakia claims that stopping Russian gas production could lead to shortages, an increase in transit fees and prices, as well as damage claims...

Aleksandar Vucic, Serbia's populist president and a friend of Moscow, visited Odesa in Ukraine on Wednesday for a regional conference. It was the first visit to the country by the leader during his 12-year tenure. Vucic’s office released a statement saying that he will travel to Ukraine to attend the Ukraine-Southeastern Europe Summit at the Black Sea Port of Odesa. This week, Odesa was the target of a Russian drone attack and missiles. The summit was expected to bring together senior politicians from 12 nations in Southeastern Europe. Gazprom, Gazprom NEFt and Gazprom are the majority owners of the only...

The company announced on Tuesday that Alfred Stern, Chief Executive Officer of Austrian oil-and-gas group OMV, has decided to not run for reelection when his current term expires on August 31, 2026. Stern is CEO of the Vienna-based firm since September 2021. He previously ran the Borealis division, and tried to steer it away from fossil fuels toward sustainable fuels and chemical. In March, he oversaw the merging of Abu Dhabi National Oil Company with OMV's Polyolefin business, creating Borouge International, a chemical powerhouse with a $60 Billion enterprise value. The merger should be completed in the first quarter 2026....

What are the possible contours of a peace agreement between Russia and Ukraine? SECURITY GUARANTEE Ukraine, which has been subjected to a full scale invasion in 2022, and witnessed Russia annex Crimea, needs security guarantees from major powers, primarily the United States. The Budapest Memorandum of 1994, in which the U.S., Russia and Britain agreed to refrain from using force against Ukraine and respect Ukrainian sovereignty was not enough for the Ukrainian government. The powers agreed to take the matter to the United Nations Security Council in the event of an attack on Ukraine. Sources involved in the talks say...

Aleksandar Vucic, the president of Serbia, said that his country is committed to joining the European Union. He also wants to accelerate its application for membership. Vucic visited Russia for a celebration of the 80th Anniversary of World War II Victory on May 8-9. There, he also met with Vladimir Putin, the leader of Russia and Chinese President Xi Jinping. Vucic, who met Antonio Costa, President of the European Council on Tuesday, said that Belgrade wanted to accelerate its European Integration and open more negotiations with the bloc. "The atmosphere in the EU is not great, as I was convinced...