Energy / Automotive News As Reported to 06 March 2023
London, March 06, (Oilandgaspress) U.S. Oil Rigs Count down down 8 to 592, gas rigs up 3 to 154 and miscellaneous rigs up 1 to 3
One of the big selling points of electric cars is that, despite the current increases in energy prices, they are cheaper to run than fossil-fuelled cars but the higher purchase price is the biggest deterrent to sales.
New car buyers opting for an electric model are still paying a large premium over a similarly sized petrol or diesel car.
It has long been expected that cost parity between electric, petrol and diesel models will be the tipping point in favour of electric car sales. Given how cheap electric vehicles (EVs) are to run, it will not make financial sense for most people to choose a petrol or diesel car.
The International Energy Agency’s Electricity Market Report 2023 offers a deep analysis of recent policies, trends and market developments. It also provides forecasts through 2025 for electricity demand, supply and CO2 emissions – with a detailed study of the evolving generation mix. This year’s report contains a comprehensive analysis of developments in Europe, which faced a variety of energy crises in 2022. The Asia Pacific region also receives special focus, with its fast-growing electricity demand and accelerating clean energy deployment.Renewables are set to dominate the growth of the world’s electricity supply over the next three years as together with nuclear power they meet the vast majority of the increase in global demand through to 2025, making significant rises in the power sector’s carbon emissions unlikely, according to a new IEA report. Read More
DNO ASA, the Norwegian oil and gas operator, today reported the below transactions made under the Company’s share buyback program, which commenced 9 December 2022 and will end no later than 30 April 2023. For further information regarding the program, please see the Company’s stock exchange notification from 8 December 2022.
Natural gas markets worldwide continued to tighten last year despite global consumption declining by an estimated 1.6% in 2022. Demand is forecast to remain flat in 2023, but the outlook is subject to a high level of uncertainty, particularly in terms of Russia’s future actions and the economic impacts of fluctuating energy prices. Unprecedented price rises led to a 13% reduction in Europe’s gas demand as governments responded swiftly with emergency policies, industry scaled back production, and consumers dialled down thermostats. Milder winter weather conditions also helped reduce space heating needs. Gas demand in Asia dropped by 2% as a result of high liquefied natural gas (LNG) prices, Covid-related disruptions in China and consistently mild weather in Northeast Asia. LNG was a particularly dynamic area in 2022 as the value of global trade hit an all-time-high, doubling to USD 450 billion. Traded volumes increased by 6%, slightly slower than 2021, once again highlighting the distortive impacts that sharp rises in energy prices have had on global economic activity. Europe was the primary driver behind the increase in LNG demand as it pivoted away from Russian pipeline. LNG cargoes delivered to Europe increased by 63% last year. Read More
The International Energy Agency held the first meeting of its new Finance Industry Advisory Board, bringing together 40 representatives of leading actors in the world of energy finance, including banks, asset managers and international financial institutions. The IEA convened the new advisory board to enable a more structured dialogue with the energy finance community on a range of issues affecting energy investment, in particular as they relate to clean energy transitions.The Finance Industry Advisory Board joins other informal consultative bodies that the IEA has established for dialogue with important stakeholders, including the Energy Business Council, the Renewable Industry Advisory Board and others. Read More
Tata Power joins hands with Enel Group to power digitalization and automation of India’s Distribution Network. Partnership to enable future- proofing of network by enhancing grid intelligence, thereby making it resilient and sustainable
Keeping pace with the changing energy landscape and embracing digital transformation, Tata Power joined hands with Enel Group for implementing two key pilot projects through former’s Delhi based distribution business. Both organizations share the mutual goal of driving energy security for efficient and sustainable operations and this partnership will help speed up private sector participation in the digital transformation of power distribution grids in India. It will also support customization of innovative solutions as per the Indian landscape and help in future- proofing the grids by enhancing grid intelligence, thereby making them resilient and sustainable.
The MoU towards the same was signed by Dr. Robert Ronald Denda – CEO Gridspertise Srl and Dr. Praveer Sinha CEO & MD, Tata Power at New Delhi in the presence of other senior officials of both the companies. The signing was done on the sidelines of the official visit of the President of the Council of Ministers of Italy, Ms. Giorgia Meloni.
Under the agreement, Tata Power’s distribution arm, Tata Power Delhi Distribution Ltd. (TPDDL), serving 1.9 million customers in North Delhi will work closely with Enel Group affiliate company Gridspertise, jointly controlled by Enel Grids and CVC Capital Partners, on project implementation. The first pilot project will focus on to accelerating digitalization and automation of secondary substations and see Tata Power joining the international co-creation program of Gridpertise’s proprietary QEd – Quantum Edge® Device. This collaborative program will virtualise grid functionalities and enable protection and control, automation, real-time fault detection and service restoration of the network. Read More
TP Renewable Microgrid announces the “Less is More” initiative to empower rural entrepreneurs with affordable energy-efficient machines and appliances
Making Sustainable is Attainable at its microgrid sites in UP & Bihar
Partners with leading consumer durable brands for affordable energy-efficient appliances
TP Renewable Microgrid is transforming rural India’s power supply by enabling clean, affordable, reliable & green electricity. The company, on the occasion of Tata Group’s “Founder’s Day” has announced a “Less is More” initiative which focuses on addressing issues such as lack of awareness about new technologies & quality products, financial constraints for buying premium products and inaccessibility to energy-efficient appliances and machines. This initiative, launched at the Microgrid sites in rural UP & Bihar, will create awareness for BEE 4-star and 5-star appliances by enabling rural micro-enterprises to access these at an affordable price without compromising quality.
The scheme will be launched at the sites in the districts of Lakhimpur, Sitapur, Gonda, Bahraich, Balrampur, Siddharth Nagar & Shravasti in Uttar Pradesh and in the districts of Muzaffarpur, Vaishali & Samastipur in Bihar. This initiative will make the availability of appliances such as BLDC Fans, Coolers, and Mixers Grinders, as well as energy-efficient machines such as Deep Freezers, Visible Coolers, and Refrigerators, possible for rural entrepreneurs. Read More
Tata Power Renewable Energy Limited (TPREL), has received the second and final round of investment of Rs 2,000 crore (US$ 262.5 million) from GreenForest New Energies Bidco Limited (GreenForest) and has successfully allotted 20,00,00,000 Compulsorily Convertible Preference Shares (CCPS) at face value of Rs 100 each at par aggregating to Rs 2,000 crore on a preferential basis to GreenForest.
Subsequent to this second tranche, TPREL has now received Rs 4,000 crore (US$ 525 million) of investment pursuant to the binding agreement signed on 14th April 2022 between Tata Power, TPREL and BlackRock Real Assets-led consortium, including Mubadala Investment Company (Mubadala) within the targeted timelines. GreenForest holds 6.06% equity in TPREL and on conversion of the above CCPS, will hold 9.76% to 11.43% equity stake in TPREL, subject to the equity valuation on final conversion.
The equity infusion will fund India most comprehensive, renewal energy platform, consisting of five distinct businesses delivering long-term, customer-oriented solutions. TPREL houses all renewable energy businesses of Tata Power including those in: Utility Scale Solar, Wind & Hybrid Generation assets; Solar Cell & Module Manufacturing; Engineering, Procurement and Construction (EPC) contracting; Rooftop Solar infrastructure; Solar Pumps and Electric Vehicle Charging infrastructure.
The completion of this equity infusion will fund TPREL’s aggressive growth plans. Over the next five years, it aims to achieve a portfolio of over 20 GW of renewables assets and a market leading position. Read More
The UK is less attractive than the United States for energy investment, due to the high windfall taxes on energy producers in Britain and the lack of incentives for clean energy investments similar in scale to the American provisions to boost green energy, Shell’s CEO Wael Sawan told The Times in an interview published on Monday.
The UK government should “take a page from some of the things that the US have done recently, through the Inflation Reduction Act,” Sawan told the newspaper. Read More
Germany and Italy have thrown a planned European Union ban on new petrol and diesel cars into disarray as they seek exemptions to protect their powerful car industries.
Germany, along with allies, is seeking an exemption for cars running on so-called e-fuels, such as kerosene made from waste, which are being developed by some manufacturers. It has forced EU officials to delay a vote that was due to happen on Tuesday. The laws cannot pass without Berlin’s backing and have led to a split within Chancellor Olaf Scholz’s coalition government, with his FDP partners agitating for the EU’s plans to be loosened. Volker Wissing, the FDP transport minister, said: “It is contradictory when the EU Commission calls for high climate protection targets on the one hand, but on the other hand makes it more difficult to achieve these targets through overambitious regulation.” Ursula von der Leyen, the European Commission president, is now expected to meet Mr Scholz over the weekend as diplomats scramble to resolve the row. Matteo Salvini, Italy’s deputy prime minister, cheered the delay and added: “The voice of millions of Italians has been heard.” Read More
Neste Corporation has established a EUR 2,500,000,000 Euro Medium Term Note (“EMTN”) programme. The Central Bank of Ireland has approved the base prospectus for the programme on 6 March 2023. Citigroup Global Markets Limited is acting as the arranger of the EMTN programme.
The net proceeds from notes issued under the EMTN programme will be applied for general corporate purposes or, in the case of Green Bonds, an amount equal to the net proceeds will be applied for Eligible Projects and Assets as set out in Neste’s Green Finance Framework. Read More
Tesla Inc. reduced prices of its more expensive models again, days after Elon Musk said cuts earlier this year had piqued interest in the company’s electric vehicles.The Model S and X now start at $89,990 and $99,990 in the US, down a respective 5.3% and 9.1%, according to Tesla’s website. The company lowered prices of the higher-performance Plaid versions of each vehicle by 4.3% and 8.3%. At $109,990, Plaid iterations of the S and X now cost $26,000 and $29,000 less than they did in early January.“We found that even small changes in the price have a big effect on demand, very big,” Musk said during Tesla’s March 1 investor day. Read More
Dana Incorporated (NYSE: DAN) announced today that it has accelerated the company’s climate commitments with a goal of achieving net zero by 2040. As part of this commitment, Dana is accelerating its plan to reduce Scope 1 and 2 greenhouse gas (GHG) emissions and plans to achieve a 75 percent reduction by 2030, up from its previously announced goal of 50 percent by 2030.Renewable Energy Projects Support Net Zero Target Reaching these accelerated targets will require Dana to continue implementing projects across each of its facilities to improve efficiency and reduce emissions and energy consumption. It will also include leveraging on-site renewable energy projects and renewable energy purchase agreements to support reductions across the globe. Last month, Dana completed a renewable power purchase agreement with Enel Green Power for an upcoming solar project in Spain. The agreement, commencing January 2025, will supply Dana with approximately 240,000 megawatt hours per year of renewable energy. This project will offset 100 percent of Dana’s emissions from purchased electricity in Europe. Read More
A media report that the United Arab Emirates is considering leaving OPEC is “far from the truth,” two sources with direct knowledge of the matter told Reuters.
Earlier on Friday, the Wall Street Journal reported that the UAE is having an internal debate about leaving the Organization of the Petroleum Exporting Countries. There was no immediate official comment from the UAE.https://finance.yahoo.com/news/2-media-report-uae-considering-150620862.html
| Oil and Gas Blends | Units | Oil Price $ | change |
| Crude Oil (WTI) | USD/bbl | $78.51 | Up |
| Crude Oil (Brent) | USD/bbl | $84.59 | Up |
| Bonny Light | USD/bbl | $85.72 | Up |
| Saharan Blend | USD/bbl | $86.01 | Up |
| Natural Gas | USD/MMBtu | $2.67 | Down |
| OPEC basket 03/03/23 | USD/bbl | $83.80 | Up |
Baker Hughes Rig Count
U.S. Rig Count is down 4 from last week to 749 with oil rigs down 8 to 592, gas rigs up 3 to 154 and miscellaneous rigs up 1 to 3.
Canada Rig Count is up 2 from last week to 246, with oil rigs unchanged at 158, gas rigs up 2 to 88.
The Worldwide Rig Count for February was 1,921, up 23 from the 1,899 counted in January 2023,and up 252, from the 1,669 counted in February 2022.
| Region | Period | Rig Count | Change from Prior |
| U.S.A | 03 March 2023 | 749 | -4 |
| Canada | 03 March 2023 | 246 | +2 |
| International | February 2023 | 915 | +1 |
OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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