Day: May 11, 2022

Italy’s PM Suggests Forming Oil Purchasing Cartel With U.S.

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Italy’s Prime Minister Mario Draghi has suggested after a meeting with U.S. President Joe Biden this week that oil consumers unite to form a cartel with the goal of capping oil prices. Draghi visited the White House on Tuesday to discuss, among other things, the state of the energy market. According to Draghi, both he and President Biden have agreed that the current structure of the energy market isn’t working. Draghi also suggested pressuring OPEC to produce more—an idea that is not only not new, but has been attempted, both…

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The Call For Windfall Taxes On Energy Firms Is Growing

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Tesco chairman John Allan has joined calls for energy giants to be slapped with a windfall tax to ease the pressure on households suffering the most from the cost-of-living crisis. Speaking on BBC Radio 4’s Today program he argued there was an “overwhelming case” for a one-off levy on North Sea oil and gas companies, revealing some of the supermarket’s customers have started rationing the amount of food they buy at the supermarket. He warned the country was facing “real food poverty for the first time in a generation,” and…

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Is This The Most Disruptive Event Ever For U.S. Solar?

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As much as 17.5 gigawatts (GWac) of planned US solar capacity installations in 2022 are in doubt after the Department of Commerce (DOC) opened an investigation into panel imports from southeast Asia, Rystad Energy research shows. The US was expected to install 27 GWac of solar energy capacity in the utility, residential, and commercial and industrial (C&I) markets this year, but with rising commodity prices and this new threat of tariffs on vital imports, 64% of those additions are now in jeopardy. The recent launch of an Antidumping and Countervailing (ADCV)…

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Oil tanker snarl-up persists at Port Qasim

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Many oil vessels are anchored at the sea awaiting berth, in some cases for days and weeks, at the oil jetty, FOTCO (Fauji Oil Terminal & Distribution Company Limited), which was dragging its feet on investing in expanding its capacity accordingly. “The government should address the congestion of vessels carrying petroleum products at Port Qasim, while the relevant ministry must form a special committee to devise and implement urgent strategy in this regard,” said Oil Companies Advisory Council (OCAC) in a letter to the Ministry of Energy. “The claims of…

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Power to remain costly

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March’s Fuel Charges Adjustment (FCA) has been approved by the regulator at Rs2.87 per unit. This is a respite of sorts, being the lowest monthly adjustment in six months. But this could well be the only respite on offer in the near future, as Pakistan’s power sector continues to operate with all-so-usual problems of miscoordination, rising payment issues, unbudgeted subsidies, and hard fuel supply and price choices. Nepra’s decision comes with a dissent note, questioning the operators’ inability to procure timely RLNG, leading to suboptimal utilization of various efficient RLNG…

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