Since early November, the so-called ‘Dunkelflaute’, German for “dark wind lull”, have often resulted in wind farms in Europe’s biggest economy generating only a fraction of their nameplate capacity, leading to day-ahead electricity prices for peak demand hours to high levels not seen since the peak energy crisis in 2022.
Western governments crafted another way to benefit from soaring oil and gas company profitability–taxing share buybacks, such as has been done in the U.S. and Canada. Dividends could also be taxed more heavily. Both methods, suggests Wood Mackenzie, would actually “incentivize reinvestment, thus promoting jobs and additional energy supply”.
The share of projects under construction or equipped with final investment decisions has risen to 9% from 3% of the 2030 target of 11.3 gigawatts (GW) of electrolysis capacity, E.ON said.
SEFE to purchase up to nine billion cubic metres of natural gas from ConocoPhillips over the next ten years
Agreement further strengthens security of energy supply for Germany and Europe
SEFE CCO Frederic Barnaud: “This agreement is an important milestone in pursuing our ambition to diversify our natural gas portfolio.”
The first shipments of Senegalese crude oil from the Sangomar project are on their way to refineries in the Netherlands and Germany, marking a new era for the Senegalese economy.
Last April, Germany shut down its last three nuclear power stations, marking the end of the country’s atomic age.
Berlin has unveiled plans to spend €16 billion on 10 gigawatts (GW) of new gas-fired power plants in a major overhaul of the country’s energy grid.
Germany is also abandoning its short-lived love affair with coal.
Equinor’s 10-year, €50 billion gas supply agreement with SEFE addresses 33% of Germany’s current industrial demand.
The deal includes an option for a 5-year extension and Equinor also signed a non-binding letter of intent for long-term low-carbon hydrogen supply starting in 2029.
The partnership aims to accelerate the hydrogen economy, with SEFE expected to become a major off-taker of low-carbon hydrogen from Equinor in the future.
The European Commission has approved around USD 44.3 million to support construction of an onshore LNG terminal in Germany, the executive body of the EU reported on Thursday.
The energy crisis is not over yet, Klaus Müller, the president of Germany’s energy regulator, told the Funke media outlet on Wednesday.
Germans are criticizing a government plan to ban oil and gas boilers and replace them with heat pumps, arguing it is happening too fast and is going to cost a lot of money.