Energy

EU Unveils €100bn Plan to Power Industry with Affordable Green Energy

February 26, 2025

EU Unveils €100bn Plan to Power Industry with Affordable Green Energy

The European Commission has unveiled an ambitious industrial plan to bolster EU competitiveness by transforming the energy landscape. Central to the strategy is the creation of an Industrial Decarbonisation Bank with €100bn in capital, alongside initiatives to lower energy costs, simplify regulatory burdens, and invest in workforce training and infrastructure. The plan, which also includes a comprehensive administrative simplification package, seeks to balance the EU’s decarbonisation targets with the need to maintain affordable energy and sustain industrial growth amid global geopolitical uncertainties.

Moscow Seeks the Return of Western Energy Groups

February 25, 2025

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Moscow Seeks the Return of Western Energy Groups

Russian officials are actively courting major Western energy companies to return to Russia, promising lucrative investment opportunities as an incentive. Amid hopes that political tensions will ease and sanctions be lifted, companies like TotalEnergies are considering resuming operations in the country, despite significant risks. Moscow’s proposal aims to lure these firms back by offering high-profit potential, though American companies might find the prospect less attractive due to stronger alternative opportunities in regions such as the Gulf of Mexico and Brazil.

February 18, 2025

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Enagas Plans €4bn Investment, €3.1bn for Hydrogen Infrastructure

Spanish gas grid operator Enagas plans to invest €4.04 billion by 2030, with more than three-quarters—approximately €3.13 billion—dedicated to hydrogen infrastructure. The company, which is shifting its focus from traditional gas due to declining demand, is also venturing into ammonia and CO₂ capture through a new subsidiary, Scale Green Energy.

Air Liquide and TotalEnergies to Invest Over €1bn in Green Hydrogen Projects

February 18, 2025

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Air Liquide and TotalEnergies to Invest Over €1bn in Green Hydrogen Projects

French energy giants TotalEnergies and Air Liquide are set to launch two green hydrogen projects aimed at decarbonising TotalEnergies' refineries in the Netherlands and Belgium. The projects, involving the construction of electrolysers, represent a combined investment of more than €1bn and are expected to reduce CO₂ emissions by up to 450,000 metric tons annually.

Norway to Open Protected Rivers to Hydropower Plants

February 16, 2025

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Norway to Open Protected Rivers to Hydropower Plants

Norway’s parliament has approved a controversial bill permitting the construction of hydropower plants over 1MW in protected waterways if the societal benefits are significant and environmental impacts acceptable. Environmental campaigners decry the move as a “historic attack on Norwegian nature,” fearing irreversible damage to fish, waterfalls, and ecosystems. Critics argue the decision was rushed without adequate public consultation, while supporters stress the need for enhanced flood and landslide protection.

BNP, EIB Seal €1bn Guarantee to Boost EU Wind Investments

February 13, 2025

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BNP, EIB Seal €1bn Guarantee to Boost EU Wind Investments

BNP Paribas has signed an agreement with the European Investment Bank to support wind energy projects across the EU. The deal establishes bank guarantees worth €1 billion to back new wind farm investments, potentially unlocking up to €8 billion in total investments for the sector. This collaboration is set to drive significant growth in renewable energy across the bloc.

Chevron to Lay Off 15% to 20% of Global Workforce

February 12, 2025

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Chevron to Lay Off 15% to 20% of Global Workforce

Chevron has announced plans to cut 15% to 20% of its global workforce by the end of 2026 as part of an extensive cost-cutting and organizational simplification strategy. The move comes amid production challenges, delays in a major Kazakhstan project, and uncertainties surrounding its $53-billion acquisition of Hess. The restructuring effort is expected to generate up to $3 billion in savings by leveraging technology, asset sales, and revised work practices.

BP Set to Scale Back Green Investments as Profits Plummet

February 11, 2025

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BP Set to Scale Back Green Investments as Profits Plummet

BP has announced plans to "fundamentally reset" its strategy as its profits fell to $8.9bn (£7.2bn) in 2024, down from $13.8bn the previous year. The oil giant is expected to scale back its renewable energy investments and increase oil and gas production, following similar moves by Shell and Equinor. The company is likely to cut its previous $10bn commitment to renewables by up to 50%, abandon its 50GW renewable energy target, and focus more on fossil fuels amid shareholder pressure and falling energy prices.