Day: February 4, 2022

 Russian coal merchants are proving to be the winners as European buyers, nervous a feared Russian invasion of Ukraine could lead to disrupted gas supplies, stock up on the dirtiest fossil fuel. Despite Europe’s ambitions to reduce carbon emissions to net zero by the middle of the century, which means weaning itself off all fossil fuels, but especially coal, the continent has been switching to coal from gas since the middle of last year. Even before the current risk invasion and possible Western sanctions on Russia could choke off gas…

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With 17 new wind farm projects planned for Scotland, the UK’s offshore wind power capacity is set to more than double. But what happens when the wind is blowing, the turbines are cranking out electricity and there’s no demand for it? It’s already a problem. In 2020, enough electricity to supply more than one million homes was wasted due to a lack of storage, according to a report by KPMG that was commissioned by the power company Drax. But one firm, which won a 2022 Best of Innovation award at the CES…

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The 23-nation OPEC+ group said in a statement that it will increase production by 400,000 barrels per day in March, the same amount as in previous months. The group, which includes the 13 members of the Saudi-led Organization of the Petroleum Exporting Countries (OPEC) and their 10 allies, including Russia, has resisted US pressure to further boost production to tame prices. OPEC+ said in its statement following a ministerial videoconference that the decision was made “in view of current oil market fundamentals and the consensus on the outlook”. The alliance´s…

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