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This article is an on-site version of our Energy Source newsletter. Premium subscribers can sign up here to get the newsletter delivered every Tuesday and Thursday. Standard subscribers can upgrade to Premium here, or explore all FT newslettersHello and welcome to Energy Source, coming to you from New York.My Financial Times colleague Rachel Millard has examined a crucial part of the UK government’s effort to meet its decarbonisation goal: persuading consumers to adjust their electricity use.Financial incentives may be crucial in encouraging consumers to adjust their power consumption. Northern Powergrid, which serves parts of northern England, has been offering up to £900…
Mukesh Ambani-owned Reliance Industries has obtained a dual-currency borrowing of $2.9 billion-equivalent, the largest offshore Indian loan in over a year, as per a report by Bloomberg.About 55 lenders joined the facility, making it the largest bank group for a syndicated loan in Asia so far this year, people familiar with the matter told Bloomberg.The interest shows lenders’ appetite for quality assets in a market starved for deals. Asia Pacific ex-Japan loan volumes hit a 20-year low so far in 2025, closing about $29 billion of deals denominated in US dollars, euros and yen — also known as G3 currencies,…
In a unified appeal to the German government, a coalition of industry associations — including BDEW, AquaVentus, BEE, BWO, DWV, DVGW, FNB Gas, EEHH, EESH, Energieküste SH, HYPOS, WAB, the VDMA Association, and IG Metall (Coast District) — is calling for offshore hydrogen production through electrolysis to be fully incorporated into the country’s offshore wind expansion framework. This joint position, branded as the “Hydrogen Eight” initiative, aims to address the gap in current planning that overlooks the role offshore electrolysis could play in advancing both hydrogen supply and wind energy cost-efficiency. Offshore hydrogen production, enabled by combining submarine cables with…
INEOS Group and its partners on Wednesday named and launched what they call the first Europe-built carbon dioxide (CO2) carrier for capture and storage. Adapted for handling CO2 under pressure and at low temperatures, Carbon Destroyer 1 was built at the Royal Niestern Sander shipyard in the Netherlands to serve the Denmark-based Project Greensand. The vessel used the EasyMax design developed by Dutch shipping majors Royal Wagenborg and Royal Niestern Sander. The Project Greensand partners – diversified British company INEOS, London-based Harbour Energy PLC and Danish national oil and gas company Nordsøfonden – expect the ship and the other CCS components…
In an exclusive interview with Rigzone on Thursday, Bill Farren-Price, Senior Research Fellow and Head of Gas Research at the Oxford Institute for Energy Studies, said the oil price is down today on U.S. President Donald Trump “saying [the] U.S. [is] in serious talks with Iran for long term peace”. Farren-Price told Rigzone this implies the possible lifting of sanctions on Iran oil. Lucas Herrmann, the Head of Oil & Gas Equity Research at BNP Paribas Exane, told Rigzone in a separate exclusive interview on Thursday that the oil price is dropping today because of “dovish Iranian dialogue [on a]…
New Jersey Transit urged riders to reach their destinations before the end of the day Thursday or risk being stranded as talks continued in a bid to avert a rail strike by train engineers that would affect some 350,000 commuters who work in New Jersey and New York City.The advisory provided riders with details on contingency plans that would take effect if engineers walk off the job at 12:01 a.m. EDT Friday. The agency plans to increase bus service, saying it would add “very limited” capacity to existing New York commuter bus routes in close proximity to rail stations and…
UK-based Altilium has completed large-scale EV battery cell manufacturing trials using recycled cathode materials. The test results show near-identical performance to conventional materials, supporting industrial-scale circularity and the creation of a domestic battery supply chain. Altilium, a UK clean technology company, says the pilot, carried out at the UK Battery Industrialisation Centre (UKBIC) in Coventry, demonstrated that lithium-ion cells made with Altilium’s EcoCathode NMC 811-2036 CAM perform comparably to those using conventional mined materials, marking a key milestone in industrial battery circularity. The trials involved Altilium using cathode active material (CAM) recovered from end-of-life electric vehicle batteries at the company’s…
Toronto-based lithium battery recycling firm Li-Cycle said on Wednesday that it has filed for bankruptcy protection in Canada and expects to start a formal sale for its business or assets.The firm’s U.S. units have also commenced proceedings in the U.S. Bankruptcy Court for the Southern District of New York.Li-Cycle has entered into a $10.5 million debtor-in-possession financing and a stalking horse credit bid for at least $40 million with London-listed Glencore, its largest secured creditor.In March, Li-Cycle said it is seeking buyers for its business or assets as it needs additional funding to maintain operations. Glencore…
The Chinese bus manufacturer Yutong has started series production for the new generation of the electric double-decker U12DD. The model is set to bring comprehensive improvements in the areas of safety, durability, energy efficiency, comfort and intelligent functions. The first next-generation Yutong U12DD has now rolled off the production line in the Chinese city of Zhengzhou. Li Jia, Deputy CTO of Yutong High-End and International Engineering, explained that the launch of the U12DD is not only a product improvement, but also a strategic realisation of Yutong’s high-end strategy for new energy buses. Kent Chang, CEO of Yutong Asia-Pacific, added that…
(Oil Price) – On the heels of my recent article outlining how California’s unique fuel regulations — not corporate price gouging — are driving up gasoline prices in the state, new developments have added urgency to that conversation. On May 6, California Senate Minority Leader Brian W. Jones (R-San Diego) sent a letter to Governor Gavin Newsom sounding the alarm over what could become an energy and economic crisis in the state. Citing an analysis by University of Southern California professor Michael Mische, the letter warns that gas prices could spike 75% by 2026 — reaching as high as $8.43 per gallon — if two…