Author: omc_admin

California’s energy market regulator is backing off a plan to place a profit cap on oil refiners in the state.  Siva Gunda, vice chair of the California Energy Commission, said during a Friday briefing that the cap would “serve as a deterrent” to refiners boosting investments in the state. Gunda said the commission wants to increase gasoline supply in California after two refineries announced plans to close in the next year, accounting for about one-fifth of the state’s crude-processing capacity. The recommendation marks a reversal from years of regulatory scrutiny by Governor Gavin Newsom and the California Energy Commission that…

Construction work on solar power arrays continues at rPlus Energies’ Green River Energy Center in Emery, Utah, U.S. June 11, 2025. Jim Urquhart | ReutersClean energy stocks fell on Monday as President Donald Trump’s spending legislation now includes a tax on wind and solar projects using Chinese components and abruptly phases out key credits.Shares of NextEra Energy, the largest renewable developer in the U.S., fell 4%. Solar stocks Array Technologies, Enphase and Nextracker were down between 4% and 9%.The Senate is voting Monday on amendments to the legislation. The current draft ends the two most important tax credits for solar…

• Confirms continued commitment to anti-greenwashing law after confusion over withdrawal• Microenterprise exemption remains the key sticking point• Final outcome hinges on Council clarity and political consensus The European Commission has clarified that it has not withdrawn the Green Claims Directive, despite confusion following a statement last week that suggested the EU executive intended to pull the proposed anti-greenwashing regulation ahead of final negotiations. The clarification comes after political backlash, media reports, and the cancellation of the trilogue meeting that was set to finalize the law. The Green Claims Directive was introduced in March 2023 as part of the European…

85% of Europeans see climate change as a serious threat and support policies to reach net-zero emissions by 2050. 88% support stronger EU action on renewables and energy efficiency as a path to energy security and economic resilience. Public trust in institutions outweighs faith in individual impact, with national governments, the EU, and industry seen as best placed to lead on climate action. A strong majority of Europeans believe climate change is a critical issue requiring urgent action, according to the latest Eurobarometer survey. 85% of citizens say tackling climate change should be a priority to improve health and quality…

400,000 tonnes CO₂ saved: The SAF deal is projected to eliminate emissions equal to 240,000 round-trip flights between London and New York. 80% lifecycle carbon reduction: EcoCeres’ SAF, derived from 100% waste-based feedstock, slashes emissions compared to conventional jet fuel. Supports BA’s net-zero goals: The agreement advances British Airways’ target of 10% SAF by 2030 and net-zero emissions by 2050. EcoCeres has secured a multi-year agreement to supply British Airways with sustainable aviation fuel (SAF), enabling the airline to cut lifecycle carbon emissions by approximately 400,000 metric tonnes—the equivalent of flying 240,000 economy-class passengers round-trip from London to New York.…

€5B Guarantee Aims to Unlock €10B: New mechanism will de-risk projects in clean energy, infrastructure, and SME financing outside the EU. Broader Eligibility: For the first time, support extends to non-state-backed entities, speeding up funding deployment. Geopolitical Reach: Investments target North Africa, Middle East, Eastern Neighbourhood, Central Asia, and Latin America under the Global Gateway strategy. The European Commission and European Investment Bank (EIB) have introduced a new €5 billion flexible guarantee to expand EIB operations beyond the EU and unlock up to €10 billion in investment across strategic global regions. Announced at the 4th International Conference on Financing for…

Jonathan Brearley became chief executive of the UK’s energy regulator Ofgem in 2020.  Since then, he has seen the organisation through the Covid-19 pandemic, the impact of Russia’s war in Ukraine and the subsequent energy crisis.  In January, it was announced that Brearley will continue in the role until 2030, the target date for the UK’s electricity system to run on clean power.  This gives him an important position in overseeing the country’s electricity and gas networks, as well as the energy markets, retailers and consumer prices during a period of huge transition.  Carbon Brief sat down with Brearley to…

An oil tanker has suffered an explosion off Libya’s coast, without causing any injuries or pollution, the vessel operator said on Monday, adding that the cause of the explosion is not clear yet.The ship that carried about 1 million barrels of crude oil sustained a blast on June 27, a spokesperson for operator TMS Tankers told Reuters on Monday. The tanker had left the Libyan port of Zuetina and was en route to Gibraltar when an explosion occurred in the engine room. The Vilamoura, a Marshall Islands-flagged tanker, is currently being towed to Greece, with an estimated time of arrival on July…

SLB said it was awarded an engineering, procurement and construction (EPC) contract by Equinor for the OneSubsea joint venture related to a carbon dioxide (CO2) subsea injection system for the Northern Lights phase two project offshore Norway. The project scope includes two new satellite subsea CO2 injection systems with associated tie-in equipment. Work has already started, with first deliveries expected in 2026, SLB said in a news release. Financial terms were not disclosed. The award follows the successful delivery of two subsea injection systems for the first phase of this project in 2023, SLB said. Northern Lights is part of…

Google on Monday announced a partnership with Commonwealth Fusion Systems, or CFS, a private company spun off from the Massachusetts Institute of Technology, which marks the tech giant’s first commercial commitment to fusion.The company unveiled plans to buy 200 megawatts of clean fusion power from what CFS describes as the world’s first grid-scale fusion power plant, known as ARC, based in Chesterfield County, Virginia.ARC is expected to come online and generate 400 megawatts of clean, zero-carbon power in the early 2030s, which is enough energy to power large industrial sites or roughly 150,000 homes, according to CFS. The agreement also…