A meeting of the Cabinet Committee on Energy was held in Islamabad with Minister for Planning, Development and Special Initiatives Asad Umar in the chair. The meeting was apprised about the progress on the formulation and approval of the Renewable Energy Policy and the introduction of competitive bidding process for the entry of new producers in the renewable energy sector…
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Last week, the city of Los Angeles inked a deal for a solar-plus-storage system at a record-low price. The 400-MW Eland solar power project will be capable of storing 1,200 megawatt-hours of energy in lithium-ion batteries to meet demand at night. The project is a part of the city’s climate commitment to reach 100 percent renewable energy by 2045. Electricity…
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French supermajor Total proved more resilient than some peers in the first quarter, remaining profitable despite a 35-percent decline in net income to $1.8 billion. The company said it would continue to distribute dividends, unchanged from last year’s first quarter. Total also declared a goal of becoming net neutral in terms of carbon dioxide emissions by 2050 despite the challenging…
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The executive director of the International Energy Agency (IEA), Fatih Birol, said that the turmoil in the oil sector caused by the covid-19 pandemic gives governments the perfect opportunity to embrace green energy as a source of jobs that also serves climate goals. In an interview with Reuters, Birol said that not only well-established technologies, such as those behind solar and wind generation…
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Bank of China has told its clients that it would pick up the tab for part of the $1.4-billion total loss that its retail customers amassed from investing in a crude oil futures-linked product, several Chinese retail investors told Bloomberg on Tuesday. Bank of China, one of the largest lenders in the country, has a paper investment structured product for…
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Oil prices surged early on Tuesday, heading for a fifth consecutive day of gains, amid signs that demand is crawling back up with eased lockdowns in some U.S. states and major European economies, which would help ease the global oil glut. As of 10:45 a.m. EDT on Tuesday, WTI Crude was rallying 12.47 percent to $25.72 per barrel, and Brent…
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Ryan Sitton, the Texas Railroad Commissioner who first floated the idea of state-mandated oil production cuts, has thrown in the towel after failing to convince his two co-commissioners of the need for mandatory cuts. Sitton first suggested that Texas could join OPEC and other producers in curbing oil production purposefully in March. However, the industry had a mixed reaction to the proposal. While some…
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