The European Commission has listed 235 cross-border energy projects as Projects of Common Interest (PCIs) and Projects of Mutual Interest (PMIs), only the second such list since its launch in 2023. “The selected projects will be eligible to apply for EU financing from the Connecting Europe Facility and will benefit from expedited permitting and regulatory processes for swift execution and delivery”, the Commission said in an online statement. “These cross-projects will strengthen energy connectivity across the continent, bringing nearer the completion of the Energy Union.  By allowing vital interconnections across the EU and with neighboring countries, these projects can play a strategic role in increasing EU’s competitiveness, decarbonization and enhancing Europe’s energy security and independence. “According to a recent Commission study, investment needs in European energy infrastructure – electricity, hydrogen and CO2 networks – will near EUR 1.5 trillion [$1.75 trillion] from 2024 to 2040. This project lineup and the related expected investments volumes will contribute to reaching the needs identified for 2040”. The new list includes 113 electricity, smart electricity and offshore grid projects to accommodate the growing share of renewables; 100 hydrogen and electrolyzer projects; 17 carbon transport infrastructure projects; three smart gas grid projects to digitalize the natural gas network. The Commission has also retained two projects to link Malta and Cyprus to the gas network of mainland Europe. The list will be submitted to the European Parliament and Council in the form of a Delegated Act for scrutiny, as mandated by the Trans-European Networks for Energy Regulation. “Both co-legislators have two months to either accept or reject the list in full but may not amend it”, the Commission said. “This process can be extended by two months, if requested by the co-legislators. “Once the list is adopted, the Commission will further reinforce its work with project promoters and member states to help ensure that the selected

The European Union is closing in on a deal to phase out Russian fossil fuels, a move that will embed into law the end of the bloc’s reliance on its former top energy supplier.  Negotiators representing member states, the European Parliament and the European Commission are scheduled to meet on Tuesday evening in Brussels to iron out the final shape of a regulation that will set a date for banning Russian gas imports. The measure was proposed by the commission in June to address risks to EU energy security after the crisis triggered by Russia’s invasion of Ukraine and Moscow’s subsequent curbs on gas flows to the bloc.  Despite recent attempts by the US to broker a peace deal in Ukraine, the EU has no plans to give up on the shift away from Russian gas. Speculation that a potential agreement could eventually lead to an easing of sanctions on Moscow’s energy exports, allowing other regions to buy fuel, has contributed to benchmark European gas futures recording their longest downward streak in almost four years. The EU talks will need to resolve the exact timeline for the phaseout. While member states in the EU Council endorsed the commission’s plan to ban all Russian gas supplies by the end of 2027, the Parliament is pushing to accelerate it by one year. That would align the end of piped-gas imports with the halt to seaborne deliveries already approved by the EU under its latest sanctions package on Russia.  But whereas sanctions are temporary by design, the regulation known as RePowerEU is a separate, long-term plan to cut reliance on Moscow for good. The commission has made it clear that the measure will remain, regardless of any peace deal.  “The European Union can make history tonight and change the course of our energy

Oil fell in a choppy trading session as traders assessed the state of the conflict between Russia and Ukraine amid a key day for peace negotiations. West Texas Intermediate swung in a roughly $1.40 range, dropping 1.2% to settle above $58 a barrel. Russian President Vladimir Putin threatened potential retaliatory measures on vessels from nations helping Ukraine in Moscow’s war, according to Interfax. But Putin also underscored the need for economic growth in Russia, commenting separately that the government is not satisfied with emerging imbalances in some industries. The comments come as Russia’s oil producers are struggling amid lower crude prices, sanctions and a stronger currency. US envoy Steve Witkoff arrived in Moscow to meet with Putin, who claimed a key Ukrainian city had fallen to Russia on the eve of Tuesday’s talks about a potential peace plan to end his war. Over the past week, four Russian oil tankers have been attacked, a sharp uptick in strikes on Moscow-associated shipping. Russia, though under stiff international sanctions, remains a major producer of oil in the global market, and further escalations in its war in Ukraine would increase bullish momentum for crude. But a deal to end the war could allow Russia’s oil to flow more freely into global markets, which are already bracing for oversupply. Geopolitical risks are also emanating from concerns over potential US military action in Venezuela, offering a floor for prices. Adding to those fears were suggestions from President Donald Trump on Tuesday that the Pentagon will soon start targeting drug cartels with strikes on land in Venezuela and beyond. Still, broader expectations for cheaper oil — traders have long expected an oversupply in the global market — loom large, said Rebecca Babin, a senior energy trader at CIBC Private Wealth Group. “Liquidity is rapidly drying up,

WASHINGTON—The U.S. Department of Energy (DOE) today announced the selection of the Tennessee Valley Authority (TVA) and Holtec Government Services to support early deployments of advanced light-water small modular reactors (SMRs) in the United States. The project teams will receive up to $800 million in federal cost-shared funding to advance initial projects in Tennessee and Michigan and help expand the Nation’s capacity while facilitating additional follow-on projects and associated supply chains. The selections announced today will help deliver new nuclear generation in the early 2030s, strengthen domestic supply chains, and advance President Trump’s Executive Orders to usher in a nuclear renaissance and expand America’s Energy Dominance agenda. “President Trump has made clear that America is going to build more energy, not less, and nuclear is central to that mission,” said U.S. Secretary of Energy Chris Wright. “Advanced light-water SMRs will give our nation the reliable, round-the-clock power we need to fuel the President’s manufacturing boom, support data centers and AI growth, and reinforce a stronger, more secure electric grid. These awards ensure we can deploy these reactors as soon as possible.” With today’s announcement, DOE is supporting the following first-mover teams to develop and construct the first Gen III+ small modular reactor (Gen III+ SMR) plants in the United States: Tennessee Valley Authority (TVA) – $400,000,000  TVA plans to advance deployment of a GE Vernova Hitachi BWRX-300 at the Clinch River Nuclear site in Tennessee, as well as accelerate the deployment of additional units with Indiana Michigan Power and Elementl. Additionally, TVA plans to work with the domestic nuclear supply chain partners Scot Forge, North American Forgemasters, BWX Technologies, and Aecon. Other partners supporting the project include Duke Energy, Oak Ridge Associated Universities, and the Electric Power Research Institute. Holtec Government Services, LLC (Holtec) – $400,000,000 Holtec plans to deploy

Listen to the article 3 min This audio is auto-generated. Please let us know if you have feedback. U.S. electricity customers experienced an average of 11 hours of power outages in 2024, nearly twice as many as the annual average across the previous decade, according to a new report from the Energy Information Administration. Hurricanes accounted for 80% of those lost hours, with most of last year’s outages resulting from major weather events like hurricanes Beryl, Helene and Milton, EIA said in the report released Monday. “Interruptions attributed to major events averaged nearly nine hours in 2024, compared with an average of nearly four hours per year in 2014 through 2023,” EIA said. “Service interruptions that aren’t triggered by major events routinely average about two hours per year.” Optional Caption Courtesy of Energy Information Administration Customers in South Carolina were significant outliers in terms of outage duration, the report said, experiencing an average of 53 hours of outages in 2024. Much of this was due to last September’s Hurricane Helene, which left 1.2 million customers in South Carolina without electricity. The report appears to build on a growing body of evidence that extreme weather is taking a heavier toll on the electric power system in parts of the country. In October, JD Power released a report that found the average length of the longest outages are getting longer and concluded that disasters have become a “fact of life” for many utility customers.  Helene, in particular, caused severe damage to utility systems in the U.S. Southeast and Mid-Atlantic. Duke Energy said after the hurricane that transmission infrastructure in upstate South Carolina “was severely damaged and, in many cases, destroyed” and would need to be entirely rebuilt. Three days after the hurricane struck, 900,000 Duke customers remained without power across North Carolina and South

Petrogas (Basin) Ltd. spudded the Karim-1 exploration well in the Kepala Burung Production Sharing Contract (PSC), Southwest Papua, Indonesia. The well is being drilled onshore in a relatively under-explored area within Arar block and is about 23 km east of the Petrogas’ existing Arar production cluster. The well will be vertical and drilled to about 1,311 m TD. Drilling and completion is estimated to take 43 days. Karim-1 well is designed to assess the oil potential of the Miocene Kais reservoir within a structural closure located updip of the previous Klaifi-1 oil discovery, situated about 7 km northwest of Karim-1. The Miocene Kais formation is a carbonate sequence that forms a broad shallow marine platform with localized reefal complexes and is the main producing reservoir in the PSC. Following completion of Karim-1 well, the drilling rig will be deployed to drill the Northwest Klagagi-1 exploration well, which is about 15 km northeast of the Arar production cluster and about 12 km from the Karim-1 well site. The Karim-1 well and the Northwest Klagagi-1 well are part of exploration wells being drilled under the firm work commitment of the Kepala Burung PSC which began in 2020. Kepala Burung PSC covers an onshore area of 1,030 sq km within Salawati basin, which is one of the most prolific petroleum basins in Indonesia. Petrogas (Basin) Ltd. is a subsidiary of RH Petrogas Ltd. (82.65% owned). RH Petrogas is operator of the Kepala Burung PSC (70%) with Pertamina holding the remaining 30%.