ENERGY

Authored by Alex Kimani via OilPrice.com,

• Since the adoption of the REPowerEU Plan, the EU has diversified its supplies and drastically phased down Russian fossil fuel imports.

• Last year, renewable energy contributed 48% of the EU power generation mix, followed by nuclear at 24% and fossil fuels at 28%–the lowest share ever.

• Some European leaders are clamoring for a return of Russian gas to European markets.

Three years ago, Europe suffered one of its biggest (more…)

Authored by Felicity Bradstock via OilPrice.com,

• Egypt plans to build a $7 billion petrochemical complex and launch new oil and gas auctions to boost domestic production.

• The country aims to enhance energy security and attract foreign investment, despite recent economic challenges and energy shortages.

• Egypt is balancing its fossil fuel development with renewable energy targets, though it has adjusted its green energy goals.

Oil-rich Egypt has big plans for the (more…)

Via OilPrice.com,

BP boss Murray Auchincloss has defended the company’s move to increase fossil fuel production and ditch its renewable energy commitments.

Auchincloss is under mounting pressure from BP investors, who are frustrated at the oil major’s underperforming share price.

The executive unveiled plans for a “fundamental reset” two weeks ago, which included ditching a series of green energy targets set out five years ago.

Writing in the Times, he (more…)