Day: July 26, 2022

EU Members Clash Over Natural Gas Consumption Plan

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uropean Union officials are discussing on Monday revisions to plans unveiled last week for cutting natural gas use by 15% by next spring after several EU member states expressed concerns about the target for reduction, a draft document seen by Bloomberg showed. Last week, the European Commission unveiled measures for the EU to conserve gas in the face of risks of further reduction or a shutoff of Russian gas deliveries, asking member states to reduce gas consumption by 15% until the spring. The Commission proposed a new legislative tool and…

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Russia’s Gazprom says new turbine halt will further cut gas to Germany

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Russia’s Gazprom said on Monday it was halting another turbine in the Nord Stream 1 pipeline to Germany and the flow of gas, already at just 40% of capacity, would fall by another half from Wednesday. The new blow to supply comes at a moment of high tension as Russia and the West exchange economic blows in response to Moscow’s actions in Ukraine. The European Union has accused Russia of resorting to energy blackmail, while the Kremlin says the gas disruption has been caused by maintenance issues and the effect…

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Five export-oriented sectors: ECC decides to increase RLNG rate to $9 per MMBTU

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he Economic Coordination Committee (ECC) of the Cabinet has decided to increase the RLNG rate to $9 per MMBTU for five export-oriented sectors across Pakistan and gave approval for an increase in indigenous gas price for export-oriented sectors at Rs1,350 per MMBTU and for the general industry at Rs1,550 per MMBTU. The meeting of the ECC presided over by the Minister for Finance, Dr Miftah Ismail, on Monday, was submitted a summary by the Ministry of Energy with regard to RLNG rate at $9 per MMBTU, all inclusive to five…

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ECC fixes electricity and gas rates for five export sectors

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Minister of Finance Miftah Ismail on Monday presided over a meeting of the Economic Coordination Committee (ECC) during which electricity and gas rates for five export sectors were approved. According to the ECC meeting, gas will be supplied to export sectors at the rate of $9 per mmbtu. A decision was also made to supply electricity to five export sectors at the rate of 9 cents per unit. The new rates will be applicable from August 1, as confirmed by the Finance Ministry. The ECC also approved a supplementary grant…

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Coal: Back to the future

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For a while, it seemed the world was serious about exiting coal in pursuit of noble climate change targets. But the past two years (since covid hit the world) have shown that coal may be too difficult a habit to break. Global reliance on coal has only grown. Massive demand therefore has sent coal prices hurtling forward. To no end. At first the surge in demand came from China that had shut down due to covid resulting in a demand slump and subsequently witnessed it shoot up as restrictions relaxed.…

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