RECOUNTING THE WILD YEAR FOR GAS IN EUROPE: Energy markets have had a rollercoaster year in the time since Russia invaded Ukraine a year ago today, an event that drove gas prices to record highs in Europe and triggered fears of rationing.What's changed: A Czech official warned his country would “burn anything we can” during winter to keep people warm.
Some have stressed that only so much gas can be diverted, cautioning of the limits of what else the U.S. can do to increase shipments over the next few years until new export terminals are finalized and built. LNG companies are getting the deals to do that, as we detailed Wednesday. The price point: The IEA has warned the Europeans still face the threat of a shortage of supply in 2023, but futures prices are much more tame for now, having fallen back from their peak above 338 euros per megawatt-hour in August to around 50 euros today.“[We said] the only way the market can balance without Russian pipeline gas is reduced demand, and that has been exactly what's happened,” Stoppard said.
MORE ON THE YEAR SINCE RUSSIA’S INVASION: As Ukrainian President Volodymyr Zelensky has said of Russia’s invasion: “We woke up early … and haven’t fallen asleep since.” We’ve rounded up some of the most significant effects the war has had on energy markets. Read it here. But Norfolk Southern’s train had passed through two such detectors without incident—-and by the time it passed the third, its wheel temperatures were more than 250 degrees above average, and far too high for the crew to come to a safe or controlled stop.
Most of the animals found dead include minnows, small fish, crayfish, amphibians, and macroinvertebrates, ODNR Director Mary Merks said yesterday. She said they appear to have died in the days immediately following the derailment. Scott Benner, a PJM analyst, detailed the forecast in a presentation yesterday before the regional transmission organization’s reliability committee, showing that 40 gigawatts of generating capacity is scheduled to retire by 2030.
EPA POORLY ADMINISTERING TOXIC CHEMICAL LAW: GAO: The Environmental Protection Agency has missed most deadlines for testing chemicals under the Toxic Substances Control Act over the past six years, according to a new report from the Government Accountability Office. UK MINISTER: U.S. AND IRA ARE PLAYING CATCH-UP ON CLIMATE: U.K. Finance Minister Jeremy Hunt said today that the Inflation Reduction Act is Biden’s attempt to play “catch-up” in the clean energy space and make up for inaction by his predecessor.
His remarks come days after European Commission president Ursula von der Leyen said that the EU is drafting its own clean energy subsidies to compete with the IRA provisions and create a “level playing field.”