RE: Today news13 Sep 2022 21:35
India May Need 28 GW of New Coal Capacity. CEA, India’s advisory body to the power ministry, claimed India may need up to 28 GW of new coal-fired capacity by 2032 to meet soaring power demand, expected to double over the upcoming 8 years from the current 404 GW.
Diesel No Longer That Attractive. The U.S. and European diesel contracts have seen the biggest selloff since early March, both totaling -8 million barrels and reversing three consecutive weeks of middle distillate purchases as fears of slowing growth sap confidence across the Atlantic.
U.S. Shale Growth Might Not Be That Stellar. With well costs edging up by 15% year-on-year and drilling costs up 10% y-o-y, Scott Sheffield, the head of Pioneer Natural Resources (NYSE:PXD), forecast U.S. oil output growth will only be 500,000 b/d this year, with 2023 increments perhaps even lower than that.
Saudi Arabia Bets Big on Steel. According to the Saudi industry minister Bandar bin Ibrahim al-Khorayef, the Middle Eastern country intends to build three steel plants at a cost of $9.3 billion, with total assumed capacity at 6.2 million tons.
Norway Fervently Rejects EU Gas Price Cap. Norway’s prime minister Jonas Gahr Stoere has warned against a price cap on Norwegian gas sold to EU countries, saying that such steps would lead to “unintended consequences” aggravating the EU’s access to energy.
Instead of Caps, EU Mulls Levy on Energy Profits. With gas caps rather unlikely, the European Commission has unveiled a draft proposal that would see EU countries introduce a so-called solidarity contribution, effectively a levy based on taxable surplus profits made in 2022 by oil, gas and companies.
U.S. Courts Poland to Build Nuclear Plants. Poland has received an offer from the U.S. nuclear energy firm Westinghouse to build six large-scale reactors in the European country, trying to ward off French and South Korean competitors as Europe is gradually changing its perception of nuclear.
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