Energy

Portugal Aims for 10 GW Offshore Wind Capacity with New Ocean Cluster

January 20, 2025

Portugal Aims for 10 GW Offshore Wind Capacity with New Ocean Cluster

Portugal is advancing plans to develop a 10 GW offshore wind energy cluster along its Atlantic coast. The government approved over 2,000 square kilometers for wind farm installations and will hold its first offshore license auction this year. The initiative aims to attract investment, promote industry growth, and create a sustainable renewable energy infrastructure. Portugal plans to install 2 GW by 2030 and expand gradually.

Mongolia Signs $1.6bn Mining Deal With French Nuclear Giant Orano

January 20, 2025

Min

Mongolia Signs $1.6bn Mining Deal With French Nuclear Giant Orano

Mongolia and French nuclear company Orano have finalized a $1.6 billion investment agreement to exploit the Zuuvch-Ovoo uranium deposit in southwest Mongolia. Expected to produce 2,500 tonnes of uranium annually starting in 2027, the mine could supply a quarter of France's nuclear energy needs and make Mongolia a key global uranium player.

Sweden Begins Construction of 100,000-Year Nuclear Waste Storage Facility

January 17, 2025

Min

Sweden Begins Construction of 100,000-Year Nuclear Waste Storage Facility

Sweden has started building a final storage facility for spent nuclear fuel in Forsmark, making it only the second permanent site globally for highly radioactive waste. The repository, buried 500 meters underground, will store 12,000 tons of spent nuclear fuel in corrosion-resistant copper capsules encased in clay. It is expected to take its first waste in the late 2030s and be completed by 2080. Environmental concerns and potential delays have been raised by safety-focused NGOs.

Iraq and BP to Finalize Massive Kirkuk Oil and Gas Agreement in February

January 15, 2025

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Iraq and BP to Finalize Massive Kirkuk Oil and Gas Agreement in February

Iraq and BP are set to sign a landmark agreement in February to redevelop four oil and gas fields in Kirkuk, surpassing the value of a 2023 TotalEnergies deal worth $27 billion. The agreement aims to boost oil production by up to 150,000 barrels per day (bpd), expand gas production, and reduce gas flaring by 2028. This deal introduces a profit-sharing model and marks a significant step in Iraq's efforts to enhance energy infrastructure and efficiency.

Newcleo Signs Deals to Build Up to Four Nuclear Reactors in Slovakia

January 15, 2025

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Newcleo Signs Deals to Build Up to Four Nuclear Reactors in Slovakia

Newcleo, has signed agreements with Slovak nuclear companies Jadrová vyraďovacia spoločnosť (JAVYS) and VUJE to construct up to four lead-cooled fast reactors (LFRs) at a cost of €3.2 billion. The reactors will utilize spent nuclear fuel, providing a sustainable solution to nuclear waste while fostering opportunities for local companies.

Norway Awards Oil, Gas Drilling Permits, Plans Arctic Push

January 14, 2025

Min

Norway Awards Oil, Gas Drilling Permits, Plans Arctic Push

Norway has granted stakes in 53 offshore oil and gas exploration licenses to 20 companies in its annual licensing round, down from 62 licenses last year. The government also announced plans to expand Arctic exploration. Energy Minister Terje Aasland emphasized the need for continued drilling to maintain oil and gas production, particularly as Norway remains a crucial supplier to Europe.

Romania to Delay Coal Phaseout Until 2035

January 13, 2025

Min

Romania to Delay Coal Phaseout Until 2035

Romania's government plans to extend the operation of coal-fired power plants by three years due to delays in building replacement facilities. The move, announced by Energy Minister Sebastian Burduja, will require approval from the European Commission and deviates from the country’s initial coal phaseout deadline of 2032.

Austria's Top Energy Company Plans €100bn Climate Push Amid Political Challenges

January 9, 2025

Min

Austria's Top Energy Company Plans €100bn Climate Push Amid Political Challenges

Verbund, Austria's most valuable publicly listed company and leading electricity provider, has announced an ambitious €100 billion investment in sustainability initiatives aimed at achieving Austria's climate neutrality goal by 2040. However, the political instability following Austria's recent elections and resistance from some industries present significant hurdles to the plan.