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Natural Gas

Prices of gas in Europe trade within a narrow range due to strong supply

The Dutch and British wholesale prices of gas were in a tight range on Monday due to the strong supply from Norway, and LNG. According to LSEG, the benchmark Dutch contract for August deliveries at TTF hub increased by 0.06 euros to 33.46 Euro per megawatt-hour (MWh) as of 0843 GMT. The contract for the day ahead was up by 0.15 euros at 32.65 Euro/MWh. The British contract for tomorrow's day has dropped by 0.25 pence, to 78.25 cents per therm. Fundamentals remain the same. The fact that Norwegian production is back at normal levels, and the low wind generation...

Fossil Fuels

AGL Energy purchases South Australia's Virtual Power Plant (VPP) from Tesla

AGL Energy announced on Friday that it has acquired South Australia's Virtual Power Plant from Tesla. The Australian power retailer is looking to increase its battery storage to help drive the green energy transition. AGL is aiming to achieve zero net carbon emissions in 2035 by implementing grid-scale storage projects of 1.4 gigawatts. AGL will be able to access residential solar and battery system networks consisting of approximately 7,000 Powerwall batteries. More are expected to be installed in this year. SAVPP is an extensive network of Powerwall and solar home battery systems installed in South Australian community and social housing....

Nuclear Power

Dominion Energy is allowed to continue operating South Carolina nuclear plants until 2062

Dominion Energy has received approval from the U.S. Nuclear regulator to extend its operating license for its V.C. The utility has announced that it will continue to operate the Summer power station in South Carolina until 2062. After decades of stagnation in the U.S., nuclear power is undergoing a revival. This is due to a record-breaking demand for data centers that are used by artificial intelligence technologies as well as electrifying industries like transportation and manufacturing. President Donald Trump signed Executive Orders In late May, the U.S. Nuclear Regulatory Commission was directed to reduce regulations and expedite new licenses for...

LNG

Australia's review of the market rules includes a gas reservation for the east coast

As part of an extensive review of the market rules, the Australian government announced on Monday that it would consider creating a reserve of gas on Australia's east coast. The Competition Regulator has warned about looming shortages on the east coast of the country. According to the most recent forecast, a gap will be created by 2028 if no new investments are made. The majority of reserves are in the remote north-west. The review will also aim to preserve Australia's reputation as an important reliable exporter of LNG. The market regulations are being reviewed. They include export controls, an east...

Energy Markets

Palantir and AI software partners for nuclear construction

Palantir Technologies announced on Thursday that it had teamed up with a company that specializes in nuclear deployment to create a software-driven artificial intelligence system for the construction and operation of nuclear reactors. Investors and companies are re-engaging in nuclear energy, which is seen as a more reliable and cleaner fuel source than solar or wind energy. Palantir and Nuclear Company are creating the Nuclear Operating System (NOS) together. This will simplify construction and allow the firm to build faster and cheaper. The agreement follows U.S. president Donald Trump's executive order that sought to boost U.S. production of nuclear energy...

Climate Change

World Bank and IAEA will cooperate on nuclear energy development and safety

The World Bank, the United Nations Nuclear Watchdog and other international organizations have signed a new agreement on cooperation in the development of safe nuclear energy for developing countries. This includes extending the lives of existing reactors. Ajay Banaga, President of the World Bank and Rafael Grossi, Director General of the International Atomic Energy Agency were to sign a memorandum in Paris as part of the return of the World Bank to nuclear energy finance. In a joint statement, the IAEA, the World Bank, and other international organizations have agreed to collaborate to improve knowledge of the nuclear industry, including...

Power Markets

Three Mile Island nuclear reactor restart fast-tracked until 2027

Constellation Energy executives said that the former Three Mile Island nuclear plant in Pennsylvania could restart in 2027. This is about a full year earlier than originally planned. The plant was put on a faster track to connect with the regional grid. Constellation Energy signed a contract last September for Microsoft data centers. This paved the way for the reopening of Three Mile Island. Three Mile Island is known as the site where a partial nuclear meltdown occurred in 1979, which shook the industry. Constellation’s 20-year agreement to purchase power from Microsoft is emblematic for the lengths that Big Tech...

Fossil Fuels

Owner says that the Three Mile Island nuclear power plant could restart in 2027.

Constellation Energy executives said that the former Three Mile Island nuclear plant in Pennsylvania could restart in 2027. This is about one year earlier than originally planned. The plant was put on a rapid track to connect with the regional grid. Constellation signed a contract in September last year to power Microsoft's data centers. This will pave the way for the reopening of Three Mile Island. Three Mile Island is widely known as the location of a partial nuclear meltdown that occurred there in 1979, which froze the industry. Constellation’s 20-year agreement to purchase power from Microsoft is indicative of...

Power Markets

WEC Energy delays coal power plant retirement due to surge in power demand

We Energies is a subsidiary of WEC Energy and plans to extend the operation of units 7 & 8 at the Oak Creek Coal-fired Power Plant in Wisconsin until the end of 2026. Now, the plant that was to be retired at the end 2025 will have units to meet the high energy demand. We Energies President Mike Hooper stated that "just this month, National Grid experts raised the alarm about elevated risks of electricity shortages and prices spikes due plant closures and increased energy demand in Upper Midwest." In April, U.S. president Donald Trump signed executive orders to boost...

Natural Gas Utilities

Prices of EUROPE GAS have fallen by over 10% following the news that Iran and Israel had reached a ceasefire

The wholesale gas price in the Netherlands and Britain fell by more than 10% Tuesday morning, following the news that Iran had agreed to a ceasefire with Israel. This removed the premium for risk the market had built into the market due to potential disruptions of oil and gas supplies. The benchmark Dutch front month contract at the TTF Hub fell by 4.86 euro to 36.38 Euros per Megawatt Hour (MWh), which is $12.38/mmBtu by 0939 GMT. It had traded as low 35.45 Euros/MWh earlier, LSEG's data showed. The British front-month contracts was down 13.72 pennies at 84.85 cents per...

Power Markets

Wall Street Journal, June 24,

These are the most popular stories from the Wall Street Journal. These stories have not been verified and we cannot vouch their accuracy. C&S Wholesale Grocers has agreed to purchase SpartanNash, for approximately $1.77 billion including debt. The company is looking to expand their supply chain while keeping grocery prices low, as inflation worries are on the rise in America. After the companies agreed not to collaborate on boycotts based on political motivations, the U.S. Federal Trade Commission has allowed Omnicom Group to purchase Interpublic Group. New York plans to build the largest nuclear power plant in the United States,...

Nuclear Power

IAEA: US attack on Iran's Isfahan nuclear site has destroyed entrances to tunnels, according to the IAEA

U.S. strikes on the Isfahan complex, which houses Iran's vast uranium-enriched stockpile, caused damage to the tunnels that store a portion of the uranium. The U.N. nuclear watchdog confirmed this Sunday. The International Atomic Energy Agency issued a statement saying that "we have established that the entrances to the underground tunnels on the site were affected." Isfahan is the site where officials have said that a large amount of Iran's highly enriched uranium is stored. Rafael Grossi, chief of IAEA, confirmed in a statement made to the U.N. Security Council shortly after the IAEA's statement that the tunnels were part...

Europe

Environment

EU creates Critical Chemical Alliance for supply chain security

The European Commission said that it will work with EU members states and the chemical sector to support the production of chemicals identified by the EU executive as being critical for Europe's supply chains. The EU executive said that it would establish a Critical Chemical Alliance later this year, which will bring together the Commission and member states as well as various stakeholders, in order to revitalize Europe's chemical industry. In a press release, the Commission stated that "the chemical alliance" will "identify key production sites in need of policy support and address trade issues such as supply chain dependence...

Energy Markets

Polish central bank expects the inflation rate to reach target by 2026

The central bank of Poland has predicted that the inflation rate in Poland will reach the target range in the first quarter 2026. This is earlier than expected. The following is a list of projected dates The bank announced on Friday. According to central bank forecasts from July, inflation is expected to reach 2.9% by the third quarter in 2025. It will then increase to 3.6% by the fourth quarter, and then drop to 3.5% at the beginning of 2026, the target inflation rate. The pace of growth in prices will slow to just 2.1% by the end of the...

Electric Utilities

French nuclear regulator allows EDF 1300MW reactors to have their lifespan extended

The French nuclear regulator ASNR announced on Thursday that EDF's 1300MW EDF reactors can operate for longer than their 40-year original lifespan. It said that this would require upgrading to raise the safety standards in order to match those of European Pressurised Reactors. During its 40-year inspection, the regulator will set specific safety requirements for every reactor. EDF must also submit annual reports describing its progress towards meeting these requirements. The decision relates to 20 reactors of the 56-strong country's fleet that will reach their current lifespan approved between now and 2020. The regulator approved the extension of EDF's smaller...

Western Europe

Middle East

Energy Markets

G7 calls for talks to resume on Iran Nuclear Program

According to a statement released jointly, the foreign ministers of the Group of Seven nations stated that they support the ceasefire agreement between Israel and Iran. They also urged the resumption of negotiations for a nuclear deal with Iran. Iran and the U.S. began holding talks in April to find a diplomatic solution for Iran's nuclear programme. Tehran claims its nuclear program is peaceful, while Israel and its allies claim they want to prevent Iran from building a nuclear bomb. The G7 Foreign Ministers stated: "We call for a resumption in negotiations that will result in a comprehensive agreement, which...

Nuclear Power

IAEA chief: return to Iranian sites top priority

Rafael Grossi, the U.N.'s chief nuclear inspector, said that his priority was to get his inspectors to Iran to assess the effects of U.S. military strikes on Iran and to verify its stock of enriched Uranium. Grossi, the head of the International Atomic Energy Agency (IAEA), told a press conference during an Austrian cabinet meeting on security that "this is our number one priority." He wants his inspectors to return to Iranian sites, including the three facilities where it enriches uranium before Israel's strikes on June 13th. When asked if Iran informed him about the status of its stocks, especially...

Nuclear Power

UN Mission says Israeli strike on Iran could have violated international laws

An investigation by the United Nations found that Israel may have violated international humanitarian law in some cases, citing the deaths of three aid workers and civilians in an apartment building in Tehran. Israel launched airstrikes against Iran on 13 June in a surprise assault that resulted in the deaths of many top Iranian commanders. Since then, Israel has intensified its attacks and prompted an exodus out of Tehran. On Sunday, the United States also joined in by attacking Iran's nuclear underground sites. The Iranian Red Cross and several residents of a Tehran apartment complex were among those killed, as...

Energy Markets

Israel claims it has struck Bushehr and other nuclear sites on the Gulf Coast

A spokesperson for the Israeli military said that on Thursday, they had hit nuclear sites in Bushehr and Isfahan and Natanz and continued to target additional facilities. It was not immediately apparent the extent of Israel's assault on Bushehr. Bushehr, Iran's sole nuclear power plant, is located on the Gulf Coast and uses Russian fuel, which Russia takes back after it has been used to reduce the proliferation risk. Gulf States have been concerned about the potential effects of an attack, which could include contamination of air and water. Sources familiar with the issue said that Gulf countries are preparing...

Crude Oil

Japan re-signs long-term LNG contracts on AI boom and national energy plan

The emergence of artificial intelligence and the rising cost of cleaner energy, combined with a new energy plan and the rise in costs for cleaner energy, has brought Japan back into the limelight for LNG producers. Japan, which is the second largest LNG importer in the world, has secured long-term deals with Qatar, and other buyers are also securing such agreements. Japan's LNG exports have been falling for over a decade, as the nuclear power plants that were idled following the Fukushima catastrophe began to operate again and renewable energy sources grew. The AI boom will require enormous power consumption...

Power Markets

Trump calls for Tehran's evacuation as the Iran-Israel conflict enters its fifth week

Israel and Iran attacked one another for the fifth day in a row on Tuesday. U.S. president Donald Trump called on Iranians to leave Tehran citing his country's alleged rejection of a nuclear arms deal. The White House announced that Trump would leave the Group of Seven Summit in Canada a day earlier than planned due to the Middle East crisis. Fox News reported that he would convene the National Security Council. French President Emmanuel Macron stated that Trump's early departure is positive because the immediate goal was to get Israel to agree to a truce with Iran. "Iran would...

Energy Markets

Costa: It's not the right time to mess up with EU-US Trade

John Irish KANANASKIS (Alberta), June 15, 2015 - Instead of creating economic insecurity through trade tensions between the United States and Europe, the European Union's President Antonio Costa stated on Sunday. Costa, speaking to reporters alongside European Commission President Ursula von der Leyen before a G7 gathering in the Canadian Rockies was a chance to discuss "some problems" among allies and friends. Costa, in response to Washington's shift of its foreign policy away from China, said that the main issue between Europe, and the United States, is European defence. We should concentrate on this. "Since this is the primary issue,...

Oil & Gas

G7 needs to raise pressure on Russia, von der Leyen says

Ursula von der Leyen, President of the European Commission, said that more pressure should be applied to Russia in order to secure a ceasefire. She urged G7 nations intensify sanctions to achieve this goal. The leaders of the largest industrial countries are meeting in Canada’s Rockies, along with European nations. They want to keep the conflict in Ukraine on the minds of U.S. president Donald Trump, despite the fighting between Israel and Iran taking place in the Middle East. The European Union has decided to adopt new sanctions against Russia. However, they have not been able to convince Trump, who...

Power Markets

IAEA Board Resolution declaring Iran in violation of Non-Proliferation Duty

Here are some key passages of a four-page Iran resolution that the 35-nation Board of Governors of the International Atomic Energy Agency passed on Thursday, according to diplomats. The text was still classified and only seen by. The Board of Governors ,... (d) Referring to the Board of Governors resolutions of 19 juin 2020..., of 8 june 2022..., of 17 november 2022 ..., of 6 june 2024 ...,, and of 21 november 2024 ...,, which called on Iran to cooperate fully with the Agency, and decided it was essential and urgent for Iran to act in accordance with its legal...

Nuclear Power

IAEA Board declares Iran in violation of non-proliferation obligations

The U.N. Nuclear Watchdog's Board of Governors, which consists of 35 nations, declared Iran in violation of its nonproliferation obligations for the first time since almost 20 years on Thursday. This could lead to a report being made to the U.N. Security Council. The major step represents the culmination of several simmering standoffs between Iran and the International Atomic Energy Agency that have arisen ever since President Donald Trump, during his first term in office, pulled the U.S. from a nuclear agreement between Tehran and other major powers. That deal then unraveled. Iran is likely to escalate its nuclear program,...

Nuclear Power

Iran's Khamenei refuses US nuclear demands, vows to continue enriching uranium

Ayatollah Ayatollah Khamenei, Iran's supreme leader, said that Tehran would not abandon its uranium-enrichment program, and rejected a U.S. request aimed at ending a decades long nuclear dispute. He said the demand was against Iran's interests. The U.S. proposal to a new nuclear deal Oman, the Middle East envoy of President Donald Trump, Steve Witkoff, and Iranian Foreign Minister Abbas Araqchi, presented a letter to Iran on Sunday. Iran insists on maintaining its uranium-enrichment program on its own soil, and Tehran refuses to send its entire stockpile of highly-enriched uranium abroad - a possible raw material for nuclear weapons. Khamenei...

Power Markets

Energy Minister: Turkey is in talks with Candu about nuclear plants

Alparslan Bayraktar, Turkish Energy Minister, said that Turkey has been in discussions with Candu Energy of Canada and other companies about plans to build Turkey's second and third nuclear plants. Bayraktar, who spoke to journalists during a trip to southeast Turkey Monday, said that Turkey wanted to "put names" on the projects it planned for this year. "Russia, South Korea, and China are all interested in the second or third power plant. He said that in addition to the countries and companies mentioned above, we were also in negotiations with other nations. Canada is one of them. "The Candu company,"...