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De Ruyter has laid out a case for decarbonisation to allay South Africa's deepening energy crisis, which he says would restore investor confidence and create jobs amid staggering unemployment levels.
The Uzbek government is looking to resolve the country’s gas supply crunch by making changes in legislation aimed at developing renewable energy sources (RES) and cutting gas consumption.
However, analysts predict stagnation for rest of year, with a strong recovery coming only in 2024.
The ongoing war in Ukraine is now creating a series of financially worrying knock-on effects across the Indian subcontinent, thanks to the ongoing SWIFT ban on Russian cross-border transactions.
European gas tank storage hit a low of 55.36% full at the start of April 1, and the volume held in tanks has grown since then to 57.94% full as of April 23, according to data from GIE.
Bulgarian gas transmission and storage system operator to invest €600mn in capacity expansion, €860mn in hydrogen pipeline.
In the first quarter, Russian goods imports to Georgia increased by 79% y/y, while Georgia's export of goods to Russia increased by 61%.
Hungary booked the contract at peak prices in August, which would mean the state-owned Hungarian Hydrocarbon Stockholding Association would incur a €1.8bn loss unless the gas was taken into reserves.
Food and energy prices surged to near historic highs in recent years amid the pandemic and the war in Ukraine, which prompted major supply disruptions. This was accompanied by a sharp rise in the volatility of commodity prices as well.
South Africa declares a state of disaster as it grapples with a severe energy crisis that has far-reaching impacts on its economy and society. The country's coal-fired power plants, which generate 95% of its electricity, fail to provide enough power.
At the peak of the energy crisis in October, Slovenia imported 56% of its electricity.
Iranian Oil Minister Javad Owji said at the weekend that crude oil and gas condensates would be sold to foreign customers on the Iran Energy Exchange (IRENEX). They would be available to domestic buyers at the same price during a particular period.
Bakers refuse to produce best-selling loaves in protest against government price caps.
The front-month contract at Europe’s premier TTF gas hub dipped below €50 per MWh ($567 per 1,000 cubic metres) on February 21 for the first time this year, amid easing fears of shortages, warm weather, ample LNG and lower industrial demand.
Gas reserves in Europe's underground storage facilities (UGS) have dropped to 69bn cubic metres and are 63.7% full as of February 22, Gas Infrastructure Europe (GIE) reports.
Russia's nuclear exports were already booming well before the war in Ukraine started but now they are growing even faster. Moscow is using nuclear power as foreign policy tool to bind allies in the non-aligned world more tightly to its cause.
Battered by the polycrisis in 2022 , the Eurozone’s industrial production ended the year with a nasty contraction of 1.1% m/m in December, Oxford Economics reports.
Central and Eastern Europe has experienced a sharp downturn in GDP in the fourth quarter of 2022 figures, but while the worst of the economic decline has passed, the region is likely to stagnate this year.
Central bank expects further disinflation this year with the inflation rate set to return to the target band in Q2 2024.