Opposition Leader Peter Dutton has urged the Labor government to add more gas to Australia’s power grid to reduce energy bills for households and businesses. This comes after The Australian Energy Regulator (AER) released the new default market offer, which caps the maximum rate energy retailers can charge residential and small business customers in New…
Opposition Leader Calls on Australian Government to Put More Gas on the Grid
May 26, 2023
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Oil Broadly Steady Amid OPEC+ Supply Cut Uncertainty, Demand Worries
LONDON—Oil prices were stable on Friday, as the market weighed conflicting messages on supply from Russia and Saudi Arabia ahead of the next OPEC+ policy meeting, a stronger U.S. dollar and worries of weaker-than-expected demand growth. Brent crude was up 40 cents at $76.66 a barrel at 0959 GMT, while U.S. West Texas Intermediate rose…
Hyundai Motor Group, LG Energy Jointly Investing $4.3 Billion in EV Battery Plant in Georgia
May 26, 2023
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South Korea’s Hyundai Motor Group and LG Energy Solution Ltd. plan to invest 5.7 trillion won ($4.3 billion) to build an electric vehicle (EV) battery plant in the United States as part of a push to “drive the EV transition in America” and take advantage of tax credits provided by the Inflation Reduction Act (IRA). The two companies…
Investors Hold Their Breath as US Debt Talks Edge Towards Deal
May 26, 2023
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LONDON—Global stock markets were muted on Friday, with investors holding their breath as the White House and U.S. lawmakers edged towards a deal on funding government spending to avoid an economy-shattering default. U.S. President Joe Biden and top congressional Republican Kevin McCarthy are closing in on an agreement that would raise the government’s $31.4 trillion…
New South Wales’ Renewable Plan Suffers Cost Blowouts and Delays
The government of the Australian state of New South Wales (NSW) has revealed that its plan to replace coal-fired power stations and transition to renewable energy will be subject to higher costs and delays. In her briefing on the Labor government’s network infrastructure strategy, NSW Energy Minister Penny Sharpe expressed concerns that the project would…
Ford EV Customers to Access Tesla’s 12,000 Superchargers
Ford EV customers will gain access to Tesla’s 12,000 high-speed Superchargers in North America in early 2024, according to the CEOs of the two companies. Ford CEO Jim Farley disclosed the deal during a live chat with Tesla CEO Elon Musk on Twitter Spaces on Thursday. The deal makes Ford the first major car manufacturer…
Energy Department Officials Refuse to Testify at House Hearing on Biden’s Gas Stove Rules
Two senior Department of Energy (DOE) officials refused to testify during a May 24 hearing before the House Oversight Subcommittee on Economic Growth, Energy Policy, and Regulatory Affairs regarding the Biden administration’s proposed rule on gas stoves. The hearing was titled “Consumer Choice on the Backburner: Examining the Biden Administration’s Regulatory Assault on Americans’ Gas Stoves.” Alejandro…
More Short Term Pain for Consumers Amid Labor’s Pursuit of Net-Zero
The Albanese Labor government’s energy plan will likely leave a significant mark on Australia’s economic future. Resources Minister Madeleine King discussed her government’s intention to implement the Future Gas Strategy, an initiative designed to curtail the natural gas industry’s contribution to national emissions. “The gas industry is a major contributor to Australia’s emissions profile,” she…
Energy Bills to Fall From July After Cut to Ofgem’s Price Cap
Household energy bills in the UK will fall from July after the energy regulator lowers its price cap from the current £3,280 per year to £2,074. Ofgem said the £1,206 reduction to the cap—which will come into effect on July 1—reflects recent falls in wholesale energy prices. The price cap has rocketed from £1,162 a…
Oil Eases as Russia Downplays Additional OPEC+ Cuts
LONDON—Oil prices fell on Thursday after Russian Deputy Prime Minister Alexander Novak played down the prospect of further OPEC+ production cuts at its meeting next week. Brent crude futures was down 41 cents, or 0.5 percent, to $77.95 a barrel at 0815 GMT. U.S. West Texas Intermediate crude (WTI) fell 51 cents, or 0.7 percent,…
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