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LEREXIS/Getty Images A paper highlights just how many jobs in a commuting zone are wind or solar based on job opening data. Places with higher shares of job postings that are wind tended to be down the middle of the US. With the Inflation Reduction Act signed into law, there could be more postings for […]
The UK lifted a moratorium on fracking for shale gas amid the energy crisis. Jae C. Hong/AP Photo The UK lifted a temporarily ban on fracking amid the ongoing energy crisis. It had temporarily banned fracking over fears of earthquakes from the shale-gas extraction process. UK energy bills are expected to be 80% higher in […]
Atef Hassan/Reuters Roughly 1 million barrels of Russian crude could be redirected come 2023 as Europe's new sanctions kick in. Energy research firm Kpler broke down potential destinations where Russian oil could pivot to as Moscow seeks new markets. Those nations include Indonesia, Pakistan, and Brazil, among others. Once Europe's partial ban on Russian oil […]
Russian President Vladimir Putin said Europe's "green agenda" started the bloc's energy crisis. Getty Images Europe is dependent on Russia for natural gas, but Gazprom has turned off the Nord Stream 1 pipeline. Russian President Putin said the EU just has to turn on Nord Stream 2 for more natural gas. The Nord Stream 2 […]
Cooling towers at Uniper's coal-fired power plant in Germany. Fabian Strauch/picture alliance via Getty Images Germany pledged €67 billion ($ 66.9 billion) in funding to assist utility companies, the FT reported. The money will be redeployed from a COVID-19 bailout fund established to help companies avoid insolvency. Gas importers have been forced to pay higher […]
A fuel tanker navigates near Cienfuegos Oil Refinery southeast of Havana Thomson Reuters Asian utility companies are stocking up on dirtier fuel oil amid natural gas shortages. That's due to a slash in Russian gas supplies, leading Europe and Asia to compete for the alternatives left on the market. In August, Japan's fuel-oil purchases soared […]
British people are removing their Aga stoves, which are enduringly popular in the UK. REUTERS/Luke MacGregor British people are removing their beloved Aga stoves to combat surging energy costs. One worker told Bloomberg he's removed 35 of the vintage-style appliances this year. Some owners have been left in tears because they couldn't afford to keep […]
ECB president Christine Lagarde has presided over two consecutive interest rate hikes. Philipp von Ditfurth/Getty Images The European Central Bank just pulled the trigger on its biggest interest rate hike. The central bank increased rates by 75 basis points, and signaled further hikes. Economies around the world are raising rates as they battle to keep […]
Germany's Economy Minister Robert Habeck said the country would delay the phasing out its last two nuclear plants amid its energy crisis. Roberto Pfeil – Pool/Getty Images Germany was set to phase out nuclear energy by end-2022 but will now keep two plants as backups. The two nuclear plants would come online only when necessary, […]
Russian President Vladimir Putin. Mikhail Svetlov/Getty Images A halt in gas supplies to Europe could cost Russia as much as $ 6.6 billion a year, per Bloomberg. The export slump could lead to deep cuts in Russian gas output, hitting domestic energy goals. The EU's oil embargo could also cause production of the fuel to […]
