US energy giant ExxonMobil is suing the European Union (EU) in a bid to stop its new windfall tax on oil firms.
A windfall tax is imposed on firms that benefited from something they were not responsible for.
Energy firms are getting much more money for their oil and gas, partly due to supply concerns after Russia’s invasion of Ukraine.
But Exxon has accused Brussels of exceeding its legal authority, calling the measure “counter-productive”.
ExxonMobil reported a quarterly profit of almost $20 billion (£17.3 billion) in October.
The company, along with other major players in the oil and gas sector, has argued that a crackdown, however, would discourage investment.
What Is The Windfall Tax On Oil And Gas Companies?
In September, European Commission chief Ursula von der Leyen announced an emergency plan for major oil, gas and coal companies to pay a “crisis contribution” on their increased 2022 profits.
A 33% tax on this year’s profits was announced – those profits were more than 20% higher than the average for the three previous years.
Exxon has also argued that the levy undermines investor confidence, in a challenge filed at the EU’s Luxembourg-based General Court.
“Whether we invest here primarily depends on how attractive and globally competitive Europe will be,” Exxon spokesperson Casey Norton told the Reuters news agency.
In an investor meeting earlier this month, ExxonMobil’s chief financial officer estimated that the EU tax would cost the group “over $2 billion”.
The European Commission said it “takes note” of Exxon’s lawsuit.
In a statement on Thursday, its spokeswoman said it would now be up to the General Court to rule on the case.
“The Commission maintains that the measures in question are fully compliant with EU law,” Arianna Podesta said in a statement.
The EU is largely trying to wean itself off Russian energy in the wake of the invasion of Ukraine, but that has left it scrambling for alternative sources.
EU ministers estimate that they can raise €140bn (£123bn) from the levies on non-gas electricity producers and suppliers that are making larger-than-usual profits from current levels of demand.
Source: BBC
South Africa’s National Prosecuting Authority has set free the driver whose tanker exploded and killed scores of people in Boksburg.
The 32-year-old driver, who works for Infinite Transport, was taken into custody on Sunday, but not charged.
According to a report filed by News24, the National Prosecuting Authority said they were told by the police that there was not enough evidence against the suspect.
The report said that the number of deaths had risen to 26 as of Wednesday.
The man was supposed to appear at the Boksburg Magistrate’s Court on Wednesday, but after waiting the whole morning, an NPA official told reporters that the driver would not be appearing.
According to the NPA, based on their assessment, they decided to release the driver because there was not enough evidence against him.
“Police never presented a docket to the NPA. There is no docket in court and no suspect,” the NPA said.
According to the police’s preliminary investigation, the gas tanker got stuck as the driver attempted to drive under a low-level bridge.
The impact resulted in an explosion, which spread to the nearby Tambo Memorial Hospital and the residential street where onlookers had gathered to watch the initial fire.
Thirty-seven people–24 patients and 13 hospital staff members who were in or near the accident and emergency unit at the time of the blast–sustained severe burns and were sent to neighbouring hospitals.
Source: https://energynewsafrica.com
Russian President Vladimir Putin has banned the supply of Russian oil and oil products to countries that impose a price cap, allowing deliveries to those nations only on the basis of a special permission from the Kremlin leader.
According to the decree, the retaliatory measures are scheduled to come into effect Feb. 1 and last through July 1, 2023.
Russia’s actions are a response to what the decree described as unfriendly actions of the U.S., foreign states and international organizations that contradict international law, and are designed “to protect the national interests of the Russian Federation,” the decree said.
The European Union and the U.K. earlier this month banned the import of seaborne Russian crude, while the Group of Seven nations put a ceiling on other sales by barring Western companies from insuring, financing or shipping Russian crude at above $60 a barrel.
And now, Russia has flipped the story on its head, saying not only will it not sell below $60, but it has banned the sale outright to all countries that engaged in this most glaring virtue-signaling exercise, one which paradoxically was not meant to punish Putin but to keep Russian oil flowing.
While the price cap has not seen a major impact on pricing so far, that will likely change soon: As shown below, Urals oil is trading with a generous discount to spot Brent, and was last seen around $50.
In other words, those nations buying Urals – mostly China and India – are not violating the G-7 pact… yet. However, once Urals follows Brent higher, and its price rises above $60/barrel that will change, and at that point it will be interesting to see how the G7 responds to the two fastest growing economies and two most populous nations openly defying the G7’s Russian oil price floor.
The news, which was largely as expected, has not had an impact on the price of oil with WTI and Brent both trading at three week highs following news that China was ending zero-covid policies and reopening its economy.
As for the US stepping in a providing emergency cover to nations who may be caught in the crossfire, sorry – Joe already drained a third of the SPR to get Democrats reelected.
A former Chairman of the Nigerian Electricity Regulatory Commission (NERC), Dr. Sam Amadi says the problems in Nigeria’s power sector will not abate until the power value chain including gas, is properly addressed.
In his view, the West African nation’s power sector needs to be properly situated to ensure that it is commoditised in a way to ensure investment.
He noted that gas availability in Nigeria, despite being a gas processing country, is very poor due to a variety of reasons like the ability to make the necessary funds available and provide the necessary facilities and infrastructure to ensure gas gets to the gas companies and gets to lower companies for transmission.
He said the gas needs to be properly commoditised in a way that would ensure the availability of gas across the value chain.
Dr. Amadi said in a report filed by TVC News that Nigeria has enough gas to generate all the electricity it needs, but said the country does not possess enough liquidity to put this into operation until the right thing is done.
He called for another look to be taken at the electricity sector reforms that led to the privatisation of the sector, saying that the fundamentals for the sector do not add up.
Touching on the call for cost reflective tariff in the power sector, Dr Amadi said that it may not be completely cost-reflective now but added that significant improvements have been made in getting a better tariff structure in place in the sector.
He described the call as one borne out of the penchant for wanting quick and easy wins in the long-tenured sector.
He, however, called for better leadership in the sector to mitigate the inefficiency in government business.
He disclosed that the first thing to do was to make short-term improvements by ensuring up to 90 per cent of generated power available to homes and businesses across the country.
He described this as the first step towards enhanced power supply to all Nigerians.
He called for a new power sector roadmap that would take into consideration current realities, adding that no sector develops without an effective handshake between an efficient public service and a dynamic private sector.
Source: https://energynewsafrica.com
Ghana’s technical electricity regulator, Energy Commission (EC), has honoured a former Executive Secretary of the Commission, Dr Alfred Ofosu-Ahenkorah, for his visionary leadership during his over twelve years of service as Executive Secretary.
Dr. Ahenkorah served as the Executive Secretary of the Commission from 2005 to 2014 and between 2017 and 2019.
He is a trained research engineer and a certified energy manager.
Dr. Ahenkorah holds an Executive MBA with a concentration in Finance from the University of Ghana Business School.
Dr. Ahenkorah was the founding Executive Director of the Ghana Energy Foundation.
He was a member of the first board of the National Petroleum Authority (2005-2009), that developed the strategic framework for the development and operations of the NPA.
At a Dinner and Awards ceremony in Accra to climax the Commission’s 25th Anniversary, Dr Alfred Ofosu-Ahenkorah was recognised as the longest serving Executive Secretary of the Commission and was honoured with a citation for his visionary leadership during his tenure.
The citation enumerated number regulations which were developed under his leadership.
The citation reads: “You led the Energy Commission to achieve the following: To develop the necessary regulatory structures, licensing frameworks and legislation for electricity and natural gas production, transmission, distribution and energy efficiency.
“Passage of 15 legislative instruments, including the Renewable Energy Act, 2011, Act 832 and the Local Content and Local Participation Regulations for the Electricity Supply Industry,
“Amendment in 2016 of Act 541 to enable the Energy Commission to enforce the Local Content and Participation Regulations.
“Publication of the Strategic National Energy Plan for Ghana was published in 2016 and the second, the IPSMP, was also published in 2017,
“Spearheading and leading the implementation of the Ghana Efficient Lighting Initiative in 2007 which resulted in the mass replacement of six million incandescent lamps with energy efficient Compact Fluorescent Lamps. This exercise resulted in a reduction in electricity demand by 124MW and energy cost saving of US$33million (more than double the total cost of procurement, distribution and installation of the lamps) in 2008. Light Emitting Diode (LED) lamps which are more efficient than the CFL were introduced in 2010 and is now the basic lighting device in Ghana for residential, commercial and industrial applications and for street lighting.
“Introduction of Appliance Standards and Labeling in Ghana in 2005 and the development and implementation of energy performance standards and labels for electrical appliances including refrigerators, deep freezers ,air conditioners and lighting devices,
“Develop and implement the refrigerator efficiency and rebate project from 2011 to 2014 which was funded by the Global Environment Facility (GEF), the Government of Ghana and UNDP.
“Develop in 2019 the Drive Electric Initiative, a policy that sought to introduce and promote the widespread use of electric mobility. The same policy document advocates for the replacement of diesel fuel with natural gas for trucks. These two policy recommendations are now on part of Ghana’s Energy Transition Plan.
“In retirement you have supported the Commission to prepare and secure Parliamentary approval for 22 new legislative instruments on Appliance Energy Performance Standards and Labeling for 21 appliances, including improve woodfuel cookstoves in November 2022.”
Source: https://energynewsafrica.com
At least 15 people including a 10-year-old have died in South Africa after a tanker loaded with 60,000 litres of gas got stuck and exploded under a bridge near Tambo Memorial Hospital in Johannesburg.
The incident, which occurred on Saturday, 24th December 2022, also resulted in the injury of several people as well as the destruction of the Emergency Department of the Tambo Memorial hospital, two houses, and several cars.
Among the dead were three staff of Tambo Memorial Hospital—a driver and two nurses.
Some eyewitnesses who spoke to the press narrated what they saw.
“I went upstairs to have my cup of tea and I saw immense flames. I thought a house was on fire. I phoned the fire brigade immediately and they responded. They said: “no ma’am it’s fine. We are sending somebody. It’s ok…help is on its way.”
“And after that, I just received one bit of bad news after another. There are two children here across the road, 16, the girl and 25. The boy who came and did my lawn every weekend for me.
“They’ve charred. They’re gone. They’ve died,” lamented resident Jean Marie Booysen.
Another resident, William, added “I think I was 50 meters away from the scene and when the third one exploded, I was about 400 meters away, of which like, where we are standing here, most of us…we did burn behind our backs. Because even some of the stones from the rail (railway line, Ed.) you can see them on the floor here.”
According to a report by News24, South Africa’s Health Minister, Joe Phaahla, and Gauteng Health MEC Nomantu Nkomo-Ralehoko have been at the hospital to assess the infrastructure and medical equipment damaged as a result of the truck explosion.
Minister Phaahla said major structural damage was reported at the accident scene, as well as at the emergency unit and x-ray departments of the hospital.
The 32-year-old driver of the tanker has been arrested and charged with multiple counts of culpable homicide, negligence causing an explosion resulting in death, and malicious damage to property.
Source: https://energynewsafrica.com
The Uganda Electricity Generation Company Limited (UEGCL) has posted a net profit of 27.9 billion Ugandan Shilling (UGX7, 652,970) projecting the company’s growth trajectory for the year ending 2022.
The company grew its revenue from UGX 169.7 billion to UGX210.9 billion representing 24.3%growth, with its operating profit rising from UGX 54.7bn to UGX 66.3bn representing 21%growth.
According to a report by Daily Express, the company also grew its assets from UGX7trillion to UGX7.2 trillion representing 2.9%.
Board chairperson of UEGCL, Eng. Dr. Proscovia Margaret Njuki revealed this during the company’s 12th Annual General Meeting held on Tuesday, 20th December 2022 at Kampala Serena Hotel.
According to her, the growth was made possible through continued operations of the flagship Isimba power project and the newly acquired Namanve (50MW) Thermal power plant.
“UEGCL has now gained the three years of hands-on operational experience, which has indeed proven that the indigenous model of the company has borne the fruits of success,” Ms Njuki said.
“In summary, therefore, UEGCL is now a profitable going concern and the future is bright as we prepare to commission the Karuma (600MW) hydropower plant,” she added.
Ms Njuki further explained that from UEGCL’s financial perspective, the company has for the fourth year running, continued to exhibit bottom-line profits, with Isimba continuing to be the cash cow of the Company.
“In line with the National Development Plan, government manifesto and Vision 2040, the Company’s strategy continues to prioritize increased installed capacity to support the generation of affordable electricity for socio-economic development,” she said.
During the same financial year, UEGCL was also able to see an additional revenue stream from Namanve Thermal Power Plant (TPP) which further boosted the company’s income in-flow.
“Together, Isimba and Namanve accounted for 80% (UGX 169 billion) of the Company’s income.The Nalubaale–Kiira Power Complex concession accounted for about 5% (UGX10.5 billion), while other incomes accounted for15%(UGX31.5billion).”
The increase in profit levels also enabled UEGCL to service its debt obligations on Isimba to the tune of UGX129.8 billion (Principal and Interest).
The UEGCL annual general meeting was attended to by the company’s shareholders who included Hon. Dr. Ruth Nankabirwa, the Minister of Energy and Mineral Development and Hon. Matia Kasaijja – Minister of Finance, Planning and Economic Development who was represented by Hon. Amos Lugolobi – State Minister for Finance, Planning, and Economic Development.
Source: https://energynewsafrica.com
Nigeria’s Military have destroyed 57 illegal refining sites and arrested 21 persons for oil theft in Bayelsa, Delta and Rivers, local reports have suggested.
According to the report, the troops also destroyed 953 cooking ovens, 68 wooden boats,172 storage tanks and 149 dugout pits all in three weeks operations.
The report further said the troops recovered 445,000 litres of crude oil, 1.04 million litres of Automotive Gas Oil, 22,000 litres of Premium Motor Spirit (PMS) and 2,000 litres of Dual Purpose Kerosene.
It said eight tankers, 63 vehicles, two-speed boats, one thug boat, 14 motorcycles, one tricycle, three bicycles, 11 pumping machines and three outboard engines were also apprehended.
The report added that 21 oil thieves and pipeline vandals were also apprehended within the period under review.
“Cumulatively within the weeks in focus, oil thieves were denied a total of N713.6 million in the region.
“The large quantity of illegal crude oil and other petroleum products recovered and destroyed and the number of arrested oil thieves and pipeline vandals, shows the unrelenting efforts by the troops of Operation Delta Safe in denying them freedom of action,” Musa Danmadami, Director for Defence Media, said as quoted by the report.
In the South East, Danmadami said the troops and other security agencies in the zone, neutralised seven criminals, apprehended 25 others and rescued eight kidnapped civilians.
He said the troops also recovered five AK47 rifles, eight pump action guns, three locally made pistols, three Dane guns, several locally fabricated hand grenades with leg cuffs and chains, among others.
According to him, all recovered items, rescued civilians and apprehended criminals have been handed over to the relevant authority for further action.
In the South West, he said the troops of Operation AWATSE in the conduct of Operation Swift Response recovered 1,680 (50kg) bags of foreign rice, 997 jerrycans of 30 litres of PMS, one truck, two golf cars, bales of used clothing, among other items.
Mr Danmadami said that the troops also arrested two criminal elements during the operation.
He said that all recovered items had been handed over to the Nigerian Customs Services while the arrested criminals were handed over to the relevant authority for further action.
Source: https://energynewsafrica.com
Saudi Aramco, the world’s biggest oil producer, is set to enter the Kenyan market through the acquisition of US motor oil and lubricants group Valvoline which has a presence locally.
The Competition Authority of Kenya (CAK) gave Aramco Overseas Company, the investment arm of Saudi Aramco, the nod to acquire the Kenyan operations of VGP Holdings as part of the global deal worth $2.65 billion.
The acquisition looks set to trigger shifts in Kenya’s fuel lubricants market that is currently dominated by multinational firms such as Vivo – seller of Shell products —, Total Energies and Rubis.
Saudi Aramco is the largest oil company in the world and the second most valuable after Apple with a market capitalisation of $1.82 trillion (Sh223.86 trillion). Apple is valued at $2.154 trillion (Sh264.94 trillion).
“The Competition Authority of Kenya excludes the proposed acquisition of control of VGP Holdings LLC by Aramco Overseas Company B.V from provisions of the Act ,” CAK Director-General Wang’ombe Kariuki said in a notice.
The exclusion was provided on grounds that it will not affect competition and that the US motor oil and lubricants group remains small in Kenya with annual sales of Sh14.2 million.
The Aramco unit is expected to seek a larger share of Kenya’s lubricants sector and is expected to tap new markets, including fuel importation.
Aramco Overseas Company offers support to operations of Saudi Aramco in Europe, Asia, Australia and Africa but excludes the Saudi Arabia and North American markets.
The support involves finances, supply chain management, technical support and other administrative services.
Valvoline deals in lubricants such as brake fluids, gear oils, greases and transmission fluids and its acquisition by Saudi Aramco will offer it financial muscle and a shareholder who has a focus for Africa.
A small club of dealers, mainly the multinationals like Vivo, Total Energies and Rubis, dominate the local lubricants market due to their vast footprint of retail stations across the country.
Consumption of lubricants in the local market has been growing over the past years, according to data by the Petroleum Institute of East Africa (PIEA) with market players fighting to capitalise on the rising demand.
Data from PIEA shows that consumption of lubricants jumped 10.67 per cent to 61, 602 tonnes last year from 55, 662 tonnes in 2019.
Saudi Aramco first disclosed its intention to acquire Valvoline Global for $2.65 billion in a deal that the Saudi oil firm says will boost its efforts for a wider distribution network.
Consumption of lubricants is set to remain on the rise on the back of increased car ownership and an aggressive industrial sector.
Saudi Aramco, like its international rivals, Shell and BP, has been one of the biggest beneficiaries of the global rally in crude prices since the start of the year.
The firm reported its highest quarterly profits since listing its shares in 2019 with its net income rising to $39.5 billion (Sh4.85 trillion) in the first three months of the year, reflecting an 82 per cent increase from a similar period last year.
Its forecast annual income of over Sh15 trillion is bigger than Kenya’s GDP of Sh14.2 trillion, reflecting the financial might of Aramco.
Saudi Aramco executives attributed the record profits to higher crude prices and volumes sold, along with improved refining margins.
The group’s total production including gas rose to 13 million barrels a day of oil equivalent, up from an average of 12.3 million last year.
The Saudi Arabian government owns 94.2 per cent of Aramco.
Saudi owns more than 11,000 retail fuel stations worldwide with locations in China, South Korea, the United States, and Japan.
It remains unclear if Saudi Aramco will use the acquisition to enter the local wholesale market for fuel which could trigger price reductions for oil marketers, ultimately passing the benefits to consumers.
The deal marks Saudi Aramco’s first direct involvement in the Kenyan fuel market, months after Kenya through the National Oil Corporation (Nock) approached the firm for fuel supplies on credit.
But the deal that would have offered Nock supplies to independent oil marketers in a bid to cut the dominance of the multinational firms was delayed due to the August General elections.
Source: Business Day
Shell plc, a British multinational oil and gas firm, has accepted to pay €15 million compensation to three Nigerian farmers and their villages in Niger Delta.
“The settlement is on a no admission of liability basis and settles all claims and ends all pending litigation related to the spills,” Shell said on Friday in a joint statement with the Dutch division of Friends of the Earth.
The farmers, with the help of Friends of the Earth, Netherlands, and two Nigerian lawyers— Chima Williams and Channa Samkalden—in 2007, initiated legal proceedings in The Hague for oil pollution in Goi, Oruma and Ikot Ada Udo.
A Dutch Court in 2021 ordered the international company to pay the claimants compensation for the oil spills in the villages between 2004 and 2007.
A statement issued by Mr Philip Jakpor, Media Head, Environmental Rights Action/Friends of the Earth Nigeria, ERA/FoEN, described the historic victory at the courts and the acceptance of Shell to do the needful as a victory for all.
Me Jackpor said the company had also agreed to install a leak detection system to prevent future oil spills.
Chima Williams, a counsel in the case and the Executive Director of ERA/FoEN, said the resilience of the farmers and the communities was a model that would galvanise other impacted communities in the region and elsewhere.
“Justice may have been delayed but it has now been served. The resilience of the farmers, their communities and their determination to make Shell pay is a model that will galvanise other impacted communities in the Niger Delta and elsewhere to act and stay on course.
“Shell’s acceptance to pay compensation and install a leak detection system is both unprecedented and signals a victory for all parties–the victims, environmental justice campaigners and Shell.
“Furthermore, if Shell can do this, it means that there is no hiding place for any corporate polluter as they may run, but cannot hide from the long arms of the law,” he said.
One of the plaintiffs in the case, Eric Dooh said the compensation would enhance a total transformation of the people as well as reinvestment in the community.
“The compensation we receive from the court case in The Netherlands will enhance a total transformation of the community people and myself in terms of reinvestment in our environment.
“It will be a relief for all of us when the money is finally paid as compensation for our losses after a long time of legal action against Shell,” said Dooh.
Source: https://energynewsafrica.com
The Management of Ibadan Electricity Distribution Company (IBEDC) Plc has assured customers across its network of its commitment to providing quality services during the Christmas holidays.
The Management while wishing all its customers and Nigerians a merry Christmas and New Year celebrations, said the birth of Jesus Christ was an embodiment of sacrificial love which all mankind should emulate.
“It is important that we dedicate ourselves to the service of humanity in line with the true teachings of Jesus Christ on tolerance, patience, brotherly kindness, care for the needy and love for one another,” the company said.
The Management explained that measures have been put in place to ensure network stability and smooth operations during the holidays.
“In anticipation of customers’ expectations during the holidays, we are fully equipped to ensure that faults are cleared as fast as possible to avoid unnecessary disruption of power supply,” the company stated.
The Management advised customers to take advantage of its hassle free channels of payment to pay bills and vend such as: Quick teller, etransact, Payarena, Jumia, Watu, Buypower and ATM to avoid disconnection during the holiday period.
IBEDC also admonished customers who may wish to pay in cash, to do so only at any IBEDC Office after which the customer must register his/her details and collect receipts. They can also pay through authorized agents.
“Customers can pay cash to IBEDC accredited Agents or at IBEDC Cash Offices, but they must demand for their receipts bearing IBEDC and FETS logos as proof of payment, IBEDC will not be liable for any unverified payment. Our offices will remain opened during the holidays from 9am-3pm, you can also reach us via our customer care line-0700123999 or email us at [email protected].”
It encouraged motorist to avoid drinking under the influence of alcohol and observe traffic rules to prevent collision with electrical poles and other accidents.
“Ensure proper supervision of your children and wards to prevent domestic and electrical accidents this period, avoid cooking or trading under a high-tension wire, switch off all electrical appliances not in use, and please, do not engage quacks to fix any electrical faults,’’ the Management further admonished.
The Public Utilities Regulatory Commission (PURC), together with the USAID/West Africa Energy Programme, (WAEP), has held a day’s workshop in Accra for selected stakeholders to educate them on the Commission’s Quarterly Tariff Adjustment (QTA) Guidelines and the Net Metering Guidelines.
The stakeholders included Civil Society Organisations, the media, the Energy Foundation, the Association of Ghana Industry, the Energy Commission and the Consumer Protection Agency.
The Executive Secretary of PURC, Dr Ishmael Ackah, in his opening remarks, disclosed that the Commission would introduce net metering in 2023.
Net metering is an arrangement whereby contracted customers feed excess renewable energy into the national grid.
Dr Ackah explained that “under this system, customer-generators are credited in kWh for electricity supplied to the grid. This will be done in close collaboration with the Energy Commission in the identification of 35 Customer-Generators.” So far, net meters have been installed for all customers but in series with their existing prepayment and postpaid meters.
These meters would be configured to be read remotely and electronically.
On his part, Ing Bernard Mordey, on behalf of the Chief Party of West Africa Energy Programme (WAEP), Mr Adaku Ufere, expressed the programme’s profound gratitude to the PURC for coming out with net metering guidelines for the first time to serve as an incentive for private sector participation in generating electricity from various renewable sources.
Ing. Mordey explained that the Programme and PURC are working to increase the supply and access to affordable and reliable electricity. According to him, “Net metering guidelines are welcome as it would encourage private sector investments in the renewables.”
Net metering would help increase the supply of electricity whilst reducing the cost of fuel in generating electricity.
The Principal Manager in charge of Regulatory Economics at the PURC, Mr Robert Saka Addo made a presentation on PURC Tariff Setting Guidelines.
Mr. Addo took participants through the Commission’s Quarterly Tariff Adjustment (QTA) Guidelines.
Robert Saka Addo
The QTA enables the Commission to reflect changes in macroeconomic variables in the operations of utility service providers. These variables are the inflation rate, foreign exchange rate, and the cost of natural gas, electricity, and water supply. The QTA further helps to minimize the impact of these uncontrollable factors on the cost of natural gas, electricity & water provision and to ensure the delivery of quality services to consumers.
Mr Addo further explained that the Net Metering Guidelines approved by the PURC shall consist of a price (capacity and energy charges in GHp/kWh) for energy exchange (kWh) between the Customer-generator and the distribution utility and shall be valid for the duration of the Net Metering Agreement.
The Net Metering Quantity shall be determined from the energy produced by the customer-generator and the energy supplied by the distribution utility company to the customer-generator. Eligible customers under the Net Metering Scheme shall be classified into three categories namely Residential Customers, Non-Residential Customers, and Industrial Customers.
The Net Metering Credit shall take the form of Net Metering quantity (kWh) to the customer-generator if there is net energy exported to the distribution grid and charged to the customer-generator if there is net energy imported from the Distribution Grid.
Net Metering Credits shall attract the prevailing rate approved by the PURC to ensure rate uniformity for all qualified net metering customers at any given time.
Distribution utilities shall apply for the net metering credits against (per-kWh) charges on a customer-generator’s bill per PURC prevailing rate structure.
Mr Kofi EllisSource: https://energynewsafrica.com
Oil Marketing Companies (OMCs) in the Republic of Ghana have adjusted their pump prices further downward in a bid to cushion consumers during the festive season.
This comes barely a week when the OMCs adjusted their pump prices downward.
Currently, a litre of petrol is selling between Gh¢12 and Gh¢13.40 while diesel is sold between Gh¢14.47 and Gh¢15.85.
Fuel prices shot up astronomically in October, with diesel being sold at Gh¢23.49 per litre while petrol was sold at Gh¢17.89 per litre.
The increment in fuel prices, which was triggered by the weak Ghanaian cedi against major international currencies and the rise in crude oil prices, pushed prices of goods and services upward.
Fuel consumers lamented the situation due to the unbearable hardships it brought on them.
However, since November, fuel prices have been dropping significantly, bringing a huge relief to consumers.
Checks by energynewsafrica.com revealed that most of the OMCs have adjusted their pump prices as of Thursday, 22nd November 2022.
Leading Oil Marketing Companies, GOIL, Shell and TotalEnergies are all selling petrol at Gh¢13.40 per litre while diesel is sold at Gh¢15.85 per litre.
Petrosol is selling diesel at Gh¢12.79 per litre while petrol is being sold at Gh¢15.49 per litre.
Engen is selling diesel at Gh¢15.60 per litre while petrol is sold at Gh¢13.30 per litre.
Star Oil is selling petrol at Gh¢10.99 per litre while diesel is sold at Gh¢13.99 per litre.
Allied is selling petrol at Gh¢11.35 per litre while diesel is sold at Gh¢14.35 per litre.
Zen petroleum is selling petrol at Gh12.87 per litre while diesel is sold at Gh15.69.
Both Alinco and Goodness are selling petrol at Gh¢11.30 while diesel is being sold at Gh¢14.47
Duke’s petroleum is selling petrol at Gh¢11.50 per litre while diesel is sold at Gh¢14.95 per litre.
Source: https://energynewsafrica.com
Russian President Vladimir Putin has announced that there will be “no limitations” on spending for the military’s war in Ukraine, as Western sanctions and price caps hope to crush war coffers, Bloomberg reports.
“The country and government is giving everything that the army asks for–everything. I trust that there will be an appropriate response and the results will be achieved,” Putin told top military officials at the Defense Ministry’s annual meeting in Moscow on Wednesday.
Defense Minister Sergei Shoigu told Putin that Russia should expand its armed forces to 1.5 million troops, including 695,000 professional contract soldiers from the current 1.15 million in a bid to bolster security.
Shoigu, however, has not explained where the additional recruits would be found with the latest mobilization drive deeply unpopular inside Russia.
Putin’s bluster and show of defiance will, however, be put to the test in the coming months as revenue from energy exports comes under pressure following price restrictions imposed by the U.S. and its allies.
Whereas Russia is running a record current-account surplus for the current year, cash flows are expected to weaken considerably in 2023 as oil and gas sales to Europe plunge.
Ukraine’s Ministry of Economy says it expects that the EU embargo on Russian oil and petroleum products should cut Russia’s profits by at least 50%.
“We expect the collapse of profits from oil and gas exports to be at more than 50%, precisely because of the introduction of the EU embargo on oil and petroleum products and the introduction of price restrictions. Oil and gas account for 60% and 40% of federal budget revenues. We expect that Russia’s revenues will fall below the critical level of $40 billion per quarter,” Yuliya Svyrydenko, First Deputy Prime Minister and Minister of Economy of Ukraine has said. She has expressed hope that plunging profits will make it more difficult for Russia to continue waging an expansive war.
Source: Oilprice.com
At a Dinner and Awards ceremony in Accra to climax the Commission’s 25th Anniversary, Dr Alfred Ofosu-Ahenkorah was recognised as the longest serving Executive Secretary of the Commission and was honoured with a citation for his visionary leadership during his tenure.
The citation enumerated number regulations which were developed under his leadership.
The citation reads: “You led the Energy Commission to achieve the following: To develop the necessary regulatory structures, licensing frameworks and legislation for electricity and natural gas production, transmission, distribution and energy efficiency.
“Passage of 15 legislative instruments, including the Renewable Energy Act, 2011, Act 832 and the Local Content and Local Participation Regulations for the Electricity Supply Industry,
“Amendment in 2016 of Act 541 to enable the Energy Commission to enforce the Local Content and Participation Regulations.
“Publication of the Strategic National Energy Plan for Ghana was published in 2016 and the second, the IPSMP, was also published in 2017,
“Spearheading and leading the implementation of the Ghana Efficient Lighting Initiative in 2007 which resulted in the mass replacement of six million incandescent lamps with energy efficient Compact Fluorescent Lamps. This exercise resulted in a reduction in electricity demand by 124MW and energy cost saving of US$33million (more than double the total cost of procurement, distribution and installation of the lamps) in 2008. Light Emitting Diode (LED) lamps which are more efficient than the CFL were introduced in 2010 and is now the basic lighting device in Ghana for residential, commercial and industrial applications and for street lighting.
“Introduction of Appliance Standards and Labeling in Ghana in 2005 and the development and implementation of energy performance standards and labels for electrical appliances including refrigerators, deep freezers ,air conditioners and lighting devices,
“Develop and implement the refrigerator efficiency and rebate project from 2011 to 2014 which was funded by the Global Environment Facility (GEF), the Government of Ghana and UNDP.
“Develop in 2019 the Drive Electric Initiative, a policy that sought to introduce and promote the widespread use of electric mobility. The same policy document advocates for the replacement of diesel fuel with natural gas for trucks. These two policy recommendations are now on part of Ghana’s Energy Transition Plan.
“In retirement you have supported the Commission to prepare and secure Parliamentary approval for 22 new legislative instruments on Appliance Energy Performance Standards and Labeling for 21 appliances, including improve woodfuel cookstoves in November 2022.”
Source: https://energynewsafrica.com
Another resident, William, added “I think I was 50 meters away from the scene and when the third one exploded, I was about 400 meters away, of which like, where we are standing here, most of us…we did burn behind our backs. Because even some of the stones from the rail (railway line, Ed.) you can see them on the floor here.”
According to a report by News24, South Africa’s Health Minister, Joe Phaahla, and Gauteng Health MEC Nomantu Nkomo-Ralehoko have been at the hospital to assess the infrastructure and medical equipment damaged as a result of the truck explosion.
Minister Phaahla said major structural damage was reported at the accident scene, as well as at the emergency unit and x-ray departments of the hospital.
The 32-year-old driver of the tanker has been arrested and charged with multiple counts of culpable homicide, negligence causing an explosion resulting in death, and malicious damage to property.
Source: https://energynewsafrica.com 
