Norway’s $1.9 trillion sovereign wealth fund pared back its holdings in oil and gas majors including Exxon Mobil Corp and Chevron Corp in the first half of the year. The fund trimmed its position in Exxon to 1.32% from 1.46% at the end of 2024. Its second-biggest energy holding, Shell Plc, was reduced to 2.55% from 2.78% during the same period. Positions in Chevron, BP Plc and TotalEnergies SE were all cut, according to holdings posted on its website on Tuesday. Oil prices retreated in the first half, despite a spike in June due to the conflict between Israel and Iran. President Donald Trump’s trade policies and moves by OPEC+ nations to keep increasing output quotas weighed on the outlook for energy demand and raised concerns around oversupply. Energy stock holdings as a whole for Norges Bank Investment Management — the official name of the fund — returned 6.3% in the first half of 2025, the fund said in its first half report Tuesday. The sector accounts for 2.9% of the equity portfolio. Norway’s wealth fund, the world’s largest, owns about 1.5% of listed stocks globally. More than two thirds of the fund is in equities, all outside of Norway. The manager of the Nordic country’s oil and gas wealth is to a large degree an index tracker. WHAT DO YOU THINK? Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Oil slipped as investors weighed US President Donald Trump’s deferral of lofty tariffs on China against possible outcomes from his planned meeting with Russia’s Vladimir Putin. West Texas Intermediate dropped near $63 a barrel in muted summer trading, near last week’s two-month low. Trump extended for another 90 days a truce that was set to expire Tuesday. US inflation data, meanwhile, bolstered speculation the Federal Reserve will soon be able to cut interest rates. Absent any major drivers, traders are looking to the summit between Trump and Putin later this week for signs sanctions on the major oil producer will be eased, although the US president on Monday downplayed expectations for a deal to end the war in Ukraine. The aggregate trading volume of global benchmark Brent is well below its daily average — suggesting traders are exercising caution as they seek further insight into the oil market’s outlook. Prices are down by more than 8% this month after trade and geopolitical tensions eased, while many analysts anticipate a supply glut later this year. Meanwhile, the US government now expects domestic oil production to fall next year, reversing years of output growth. The EIA also estimated the supply glut would increase to 1.7 million barrels a day in 2026. Looking ahead, the International Energy Agency will release its report on Wednesday. Oil Prices WTI for September delivery fell 79 cents to settle at $63.17 a barrel in New York. Brent for October settlement dropped 51 cents to settle at $66.12 a barrel. What do you think? We’d love to hear from you, join the conversation on the Rigzone Energy Network. The Rigzone Energy Network is a new social experience created for you and all energy professionals to Speak Up about our industry, share knowledge, connect with peers and industry insiders

Portland General Electric announced Thursday it has brought a trio of battery projects online totaling 475 MW/1.9 GWh to maintain reliability and limit price volatility in the metropolitan area. The three projects bring PGE’s large-scale battery storage capacity to 492 MW, representing a significant expansion. Energy storage plays “an important role in helping PGE build a more flexible, reliable and diverse generation portfolio,” Darrington Outama, PGE’s senior director of energy supply, said in a statement. Along with providing energy during hours of grid stress, batteries “enhance our ability to respond to sudden changes in the grid and help keep energy supply and demand balanced,” he said. The four-hour batteries are “strategically located at key substations” in North Portland, Troutdale and Hillsboro, Oregon, PGE said. They will reduce the utility’s need for expensive short-term electricity purchases and support the integration of intermittent sources like wind and solar, the utility said. The projects include: The 200-MW Seaside project, located in North Portland and developed for the utility by Eolian under a fixed-cost build-transfer agreement. The project began commercial operations in July. The 200-MW Sundial project in Troutdale, developed by Eolian and operated by NextEra Energy Resources under a 20-year storage capacity agreement with PGE. Sundial came online in December. The 75-MW Constable facility in Hillsboro, which was constructed for PGE under an engineering, procurement and construction agreement with Mortenson. The facility achieved commercial operation in December. Eolian won the Seaside and Sundial projects as part of an all-source request for proposals PGE held in 2021. “Battery energy storage systems sited at major substations radically improve the use of existing high voltage transmission lines, avoiding expensive or challenging new grid upgrades and providing a low-cost load growth solution through existing infrastructure,” Eolian CEO Aaron Zubot said in a statement. PGE also has a 17 MW Coffee

The text of the following statement was released by Secretary of State Marco Rubio, Secretary of Commerce Howard Lutnick, Secretary of Energy Chris Wright, and Secretary of Transportation Sean Duffy. Begin Text: President Trump has made it clear that the United States will not accept any international environmental agreement that unduly or unfairly burdens the United States or harms the interests of the American people. This October, members of the International Maritime Organization (IMO) are poised to consider the adoption of a so-called “Net-Zero Framework,” aimed at reducing global greenhouse gas emissions from the international shipping sector. Whatever its stated goals, the proposed framework is effectively a global carbon tax on Americans levied by an unaccountable UN organization. These fuel standards would conveniently benefit China by requiring the use of expensive fuels unavailable at global scale. These standards would also preclude the use of proven technologies that fuel global shipping fleets, including lower emissions options where U.S. industry leads such as liquified natural gas (LNG) and biofuels. Under this framework, ships will have to pay fees for failing to meet unattainable fuel standards and emissions targets. These fees will drive up energy and transportation and leisure cruise costs. Even small vessels would incur millions of dollars in fees, directly driving up costs for American consumers. The Trump Administration unequivocally rejects this proposal before the IMO and will not tolerate any action that increases costs for our citizens, energy providers, shipping companies and their customers, or tourists. We will fight hard to protect the American people and their economic interests. Our fellow IMO members should be on notice that we will look for their support against this action and not hesitate to retaliate or explore remedies for our citizens should this endeavor fail. End Text.

NRG Energy will develop two gas units totaling 456 MW of capacity at its existing TH Wharton Generating Station in Houston, using a low-interest loan from the Texas Energy Fund that voters approved in 2023, state regulators announced on Aug. 4. The loan agreement between the Public Utility Commission of Texas and NRG is the second finalized under the TEF’s In-ERCOT Generation Loan Program, designed to incentivize development of new gas plants in the Electric Reliablility Council of Texas market. ERCOT, the grid operator for most of Texas, is anticipating about 152 GW of new load by 2030. “Demand for electricity across Texas is surging, and we’re working quickly to supply new dispatchable natural gas generation to the grid,” NRG Executive Vice President Robert Gaudette said in a statement. The new units are expected to begin generating next summer, NRG said. Last year, the commission selected 17 gas-fired generation projects totaling almost 10 GW to potentially receive state-backed loans. About a third of that capacity has been canceled or withdrawn amid escalating project costs and supply chain challenges, however. Under the loan agreement with NRG, total project costs are estimated to be less than $360 million, and the commission is providing a 20-year TEF loan up to $216 million, or 60% of total cost, at a 3% interest rate. The loan term runs through July 30, 2045. “This new power plant marks another major investment in Texas and in the ERCOT grid, helping prepare our state’s power supply to meet the demands of the future,” PUCT Chairman Thomas Gleeson said in a statement. “The Texas Energy Fund is accomplishing exactly what the Governor and the Texas Legislature envisioned — securing reliable, on-demand power to fuel Texas’ rapid growth and continued success.” The commission announced the first TEF loan in June

Multidirectional flows of power and information are the grid’s future | Utility Dive Skip to main content An article from Deep Dive In the frenzy to meet rising energy demand, utilities and others often overlook the value of power system innovations, industry participants say. Published Aug. 12, 2025 Attendees listen to lab presentations as part of a workshop on advanced distribution management systems at the National Renewable Energy Laboratory’s campus in Golden, Colorado, on Dec. 12, 2024. Retrieved from Gregory Cooper/National Renewable Energy Laboratory. The 20th century grid’s one-way electron flow is dead. On today’s multidimensional, multidirectional 21st century system, new tools can ease the burden of rising demand while limiting customer costs. But in the frenzy to meet rising energy demand, utilities and others often overlook the value of power system innovations, industry sources, regulators and technology providers say. Instead, many are calling for restarting aged power plants and touting immature energy sources, which could increase electricity prices 25% by 2030, according to Energy Innovation projections. New generation and transmission infrastructure is needed. But a sophisticated set of power system optimizations could allow operators to reduce the need for costly new infrastructure by maximizing the flexibility of loads and resources. “New large loads impart costs to the system,” said Kay Aikin, founder and CEO of technology provider Dynamic Grid. But “both data centers and generation can be flexible assets that increase system diversity, which increases reliability.” Southern California Edison, for example, is investing in artificial intelligence-enhanced system management that gives operators visibility into the “complex series of inputs and outputs that shift constantly throughout the day,” said Jeff Monford, a spokesman for the utility. It is a “forward radar,” he said, “reshaping how we plan, operate and maintain the grid.” Former Federal Energy Regulatory Commission Chair Jon Wellinghoff, now CEO of consultant