Six additional countries signed a pledge to triple global nuclear generation capacity by 2050 at the UN's Climate Change Conference, COP29, in Baku, Azerbaijan. The Declaration to Triple Nuclear Energy was originally signed Dec. 2 at COP28 in Dubai by 22 countries. The six new signatories are El Salvador, Kazakhstan, Kenya, Kosovo, Nigeria, and Turkey, the World Nuclear Association said...
The Biden administration has announced a plan to deploy 15 GW of new nuclear power per year by 2040, with the ultimate goal of tripling the current fleet by 2050. The White House plan released Nov. 12 calls for 35 GW of new nuclear capacity to be operating or under construction by 2035, with 200 GW deployed by 2050. The...
Hawaiian Electric credit risks tied to wildfires and the costs associated with them resulted in Clearway Energy canceling power purchase agreements that the renewable power project developer had with the utility, Leo Asuncion, chairman of the Hawaii Public Utilities Commission, said Nov. 10. If more clean energy project developers follow that path, Hawaii risks missing renewable portfolio standard targets, Asuncion...
Trump's election as US President "is set to have far-reaching, significant effects on global gas markets," Axpo Singapore Managing Director Sophie Ducoloner told S&P Global Commodity Insights in an interview. "Trump is expected to fast-track new LNG projects. On the other hand, had the Democrats won, they may not have necessarily rejected these projects but could have implemented more regulatory...
The Thailand International Renewable Energy Certificate (I-REC) market continues to grapple with significant oversupply, despite recording its highest issuance figure in October 2024. The market saw an issuance of 1.48 TWh from January to October 2024, marking a 2.3% increase from the previous month. However, redemption rates remained low, reaching only 0.4 TWh, a modest 9.99% increase from the prior...
Japan's Ministry of Economy, Trade and Industry is set to unveil a set of proposed LNG policy steps Nov. 8, including a first-of-its-kind measure to help build new LNG storage tanks for the country's energy security, a METI source told S&P Global Commodity Insights Nov. 7. The proposed actions will be released at a METI subcommittee on energy resources development...
The Vietnamese government has proposed revisions to its Electricity Law to enhance its energy landscape by boosting the renewable energy sector and paving the way for nuclear power development. These legislative changes aim to attract foreign investment in the renewable energy sector by promoting policy and institutional advancements -- essential for integrating new energy sources into the grid -- advancing...
California voters overwhelmingly passed a ballot measure allowing the state to borrow $10 billion to fund environmental and energy initiatives aimed at addressing climate change impacts. The Associated Press called the race at 10:07 a.m. Pacific Time on Nov. 6, at which time Proposition 4 was leading by 15.9 percentage points with 52.88% of the vote cast. Prop. 4 authorizes...
Strong power demand and an unusually hot summer have driven Japan's coal imports to a 20-month high, as the country turns to additional suppliers to meet energy needs. In September, Japan imported 15.90 million mt of coal, marking a 17.35% year-on-year increase, according to the latest trade statistics data from the Ministry of Finance. This surge in coal consumption defies...
Republican candidate Kelly Ayotte will likely be the next governor of New Hampshire after winning a tightly contested race against Democrat Joyce Craig, according to preliminary election results. Ayotte led Craig by 7.5 percentage points with 62% of votes counted when the Associated Press called the race at around 10:35 pm ET on Nov. 5. Ayotte, a former New Hampshire...
Anticipation of potential increases in 2025 spot LNG prices is shaping buyers' purchasing strategies, as the global LNG market braces for tight conditions amid concerns over supply vulnerabilities and increasing demand. Spot LNG prices in 2025 remain vulnerable to supply-side shocks and unforeseen events as the global LNG balance is expected to remain tight from delays in LNG liquefaction capacity,...
Northwest European LNG prices flipped to premium territory versus Northeast Asian benchmarks for the first time this year as European worries over supply shortages bolster sentiment. Platts, part of S&P Global Commodity Insights, assessed the JKM -- the benchmark price reflecting LNG delivered to Northeast Asia -- for December at $13.821/MMBtu on Nov. 14, up 31.4 cents/MMBtu or 2.3% day...
Republicans gained full control of the US Congress, adding tailwinds for the incoming Trump administration's deregulatory agenda. The election results also increase risks to clean energy spending through the Inflation Reduction Act and bipartisan infrastructure legislation. The Associated Press projected late Nov. 13 that Republicans have won 218 of the 435 seats in the US House of Representatives, with nine...
Germany's economy ministry has instructed state-owned LNG terminal operator Deutsche Energy Terminal (DET) to reject any cargoes of Russian LNG that may attempt delivery, the Financial Times reported Nov. 14. The FT cited a letter dated Nov. 6 sent by the ministry to DET that told the terminal operator "not to accept any deliveries of Russian LNG." It came after...
Chinese state-owned Sinopec's heads of agreement with TotalEnergies for the supply of LNG is likely being discussed at a price of around 12% crude oil slope or lower amid current market conditions, sources told S&P Global Commodity Insights. The HOA signed on Nov. 4 allows France's TotalEnergies to supply 2 million mt/year of LNG to Sinopec for 15 years, starting...
Biden administration officials have asked the European Commission to ensure imports of LNG that meet US regulations on methane emissions will satisfy new European standards for imported fuels, according to a letter obtained by S&P Global Commodity Insights. The letter was dated Oct. 28 -- a week before president-elect Donald Trump won a second term, having promised a deregulatory agenda...
Premiums for calendar year 2025 gas and LNG contracts versus 2026 contracts and beyond have shot up in the week since the US presidential election, with Donald Trump's victory seemingly injecting more volatility into a market already weighing stronger near-term demand signals, supply security concerns and delays to new liquefaction capacity, against expectations of a "looser balance" in 2026 when...
A series of initiatives to reduce methane emissions were unveiled on Nov. 12 at the UN Climate Change Conference, with several countries, industry bodies and financial institutions involved. The US, China and Azerbaijan convened a summit on the sidelines of COP29 focusing on cutting emissions of methane and other non-CO2 greenhouse gases. In a statement, the US Department of State...
BlueNord plans to focus on maximizing economic recovery from its resource base offshore Denmark and to maintain production levels through the development of existing assets, CEO Euan Shirlaw said in an interview. BlueNord -- formerly known as Noreco (Norwegian Energy Company) -- holds a 36.8% stake in the Danish Underground Consortium alongside TotalEnergies (43.2%) and Nordsofonden (20%). The DUC's main...
The supply of Russian LNG into Europe continues at a steady rate, with a number of EU countries still taking cargoes in the absence of EU-wide sanctions against imports. But EU sanctions banning the transshipment of Russian LNG at EU ports for delivery to non-EU countries will come into effect at the end of March 2025, while a ban on...
What are crack spreads and why are they elevated? Crack spreads are indicators of the profitability of refining crude oil into petroleum products such as gasoline and diesel. One common crack spread is calculated by subtracting the spot market price of a gallon of crude oil from the wholesale price of a gallon of refined product. Since May, the gasoline crack spread in New York Harbor has averaged about $1 per gallon (gal) higher than in 2025, when the crack spread peaked around 60 cents/gal. Gasoline crack spreads are elevated primarily because of tight gasoline supplies globally.
Sustained high temperatures have contributed to persistently high electricity demand in the Electric Reliability Council of Texas (ERCOT), the regional transmission organization for most of the state.
U.S. liquefied natural gas (LNG) exports averaged 17.4 billion cubic feet per day (Bcf/d) in the first six months of the year, 23% more than the same period in 2025, according to our Natural Gas Monthly. In our latest Short-Term Energy Outlook, we estimate U.S. LNG exports will average 17.3 Bcf/d in the second half of 2026 (2H26) before rising to 18.7 Bcf/d in 1H27.
In 2025, uranium concentrate production in the United States totaled 2.1 million pounds of triuranium octoxide (U3O8), the base component of nuclear reactor fuel. U.S. U3O8 production in 2025 was the most since 2017 and more than triple the volume produced in 2024.
In the 2026 release of our Liquids Pipeline Projects Database, we tracked the completion of 8 liquid fuels pipeline projects since the start of 2025, and an additional 14 new projects have been announced.
Seaborne petroleum product exports from Nigeria have grown seven-fold since 2023, playing an increasing role in the international market for petroleum products at a time when supplies from other areas have been constrained.
Well operators in the Permian region of western Texas and eastern New Mexico are getting more oil and gas out of the ground by drilling longer, horizontal wells and increasingly incorporating so-called super-lateral wells that exceed 15,000 feet.
Waterborne shipments of crude oil and petroleum products from the U.S. Gulf Coast (PADD 3) to the West Coast (PADD 5) more than quadrupled year-on-year in April and May following a waiver that permitted a broader group of ships to travel between U.S. ports. Shipments from the U.S. Gulf Coast to the East Coast (PADD 1) also increased.
We forecast U.S. marketed natural gas production will average 122.5 billion cubic feet per day (Bcf/d) in 2026, surpassing the previous record of 118.5 Bcf/d set in 2025, in our August 2026 Short-Term Energy Outlook (STEO).
In 2025, customers in Puerto Rico experienced an average of 36 hours of power interruptions that were not caused by major events such as hurricanes, 19% more than in 2024. On average, between 2021 and 2025, Puerto Rican customers experience 29 hours of power loss each year. By comparison, electricity customers in the mainland United States generally experience about two hours of electricity interruptions per year without major events.
Utility-scale battery storage capacity in the United States increased significantly during the last three years, with an annual average growth rate of 70%. By the end of 2025, the U.S. power system had operational battery storage capacity of 43.6 gigawatts (GW). During the first six months of 2026, operators added another 8.3 GW of battery storage capacity, reaching nearly 52 GW of nameplate battery storage capacity, based on our latest Preliminary Monthly Electric Generator Inventory.
Although the total value of energy trade between the United States and Canada fell by 11% in 2025 to an estimated $137 billion, according to data from the U.S. Census Bureau, the trade value of natural gas and electricity between the two countries increased slightly primarily because of increased natural gas prices and trade volume.
