Illinois State Treasurer Urges Exxon Shareholders To Vote Against CEO Woods, Director Hooley
The Illinois state treasurer has urged Exxon Mobil shareholders to vote against the election of Executive Chair and CEO Darren Woods, as the oil major pursues a lawsuit against two shareholders, a filing showed on Monday.
The treasurer has also recommended voting against Lead Independent Director Joseph Hooley during the company’s annual shareholders meeting scheduled to take place on May 29.
Exxon, which is frequently the focus of critical shareholder resolutions, struck back earlier this year when it filed a lawsuit seeking to block a vote on a climate proposal submitted by two small activist investors.
While the investors responded by dropping the proposal, Exxon has refused to drop the legal action against them.
“The actions taken by the company signify poor judgment and oversight by board leadership,” the filing cited the treasurer as saying in a letter dated May 9.
Exxon did not immediately respond to a Reuters request for comment.
Last Friday, Glass Lewis had recommended investors vote against Hooley, citing concerns about Exxon’s “unusual and aggressive tactics” in pursuing a lawsuit against activist investors.
Source :Reuters
Zambia: Managing Director Of Zesco Limited Sacked Over Load-Shedding
The Managing Director of Zesco Limited, Zambia’s power utility company, Mr Victor Mapani, has been reportedly sacked, according
It is not clear what caused his dismissal but it is likely his dismissal has to do with the ongoing load-shedding in the southern African nation.
In a WhatsApp chat with a Zambia-based journalist, Francis, he said Mr Mapani is alleged to have hiked electricity tariff a week ago without consulting the government, despite the debilitating power crisis in the country.
According to him, Mr Mapani was forced to proceed on leave with no sign of his return.
Zesco Limited began eight hours of load-shedding in Lusaka and surrounding towns in March this year.
After a few weeks, the company reviewed the load-shedding hours upwards.
On Sunday, May 12, 2024, Zesco Limited reviewed the load shedding hours to between 12 and 22 hours.
A few weeks ago, some Zambians who are into small-scale and medium enterprises demanded the resignation or dismissal of the Managing Director of Zesco Limited.
In the petition which was signed by Daimone Siulapwa, the group stated that the unprecedented levels of load shedding have plunged homes, businesses and essential services into extended periods of darkness.
“This chronic power shortage has had devastating consequences on our daily lives, hindering productivity, disrupting education, compromising healthcare, and stifling economic growth.
“Despite repeated assurances from ZESCO’s management, led by Managing Director Victor Mapani, the situation has only worsened, with no tangible solutions in sight. Instead of addressing the root causes of the power crisis and implementing effective measures to alleviate the burden on citizens, ZESCO’s leadership has failed miserably in fulfilling its mandate,” a portion of the petition said.
The group accused the Managing Director and his team of grossly failing to meet the expectations of the Zambian people, stating that “his inability to provide reliable and sustainable power supply demonstrates a lack of leadership and competency that cannot be tolerated any longer.”
They demanded that the top management salaries should also be cut by 25 per cent.
“The resignation of Managing Director Victor Mapani and salary cuts for the remaining management team are necessary steps towards restoring the integrity and credibility of ZESCO and ensuring that the citizens of Zambia receive the reliable and affordable electricity they deserve.”
Source: https://energynewsafrica.com
Ghana: Gas Explosion At Spintex Kills Two Persons, Leaves Five Seriously Injured
Two people died, with five others sustaining varying degrees of injuries following an explosion that occurred at Joyea Construction at Spintex, a suburb of Accra, the capital of Ghana, Friday afternoon.
The remains of the deceased have been deposited at a morgue while the injured persons are hospitalised and responding to treatment.
Confirming the incident, the Tema Regional Public Relations Officer of the Ghana National Fire Service, DOI Ebenezer Yenzu, said his outfit received a distress call at about 2:20 pm, Friday, and quickly, a team of firefighters was dispatched to the scene.
“The call was about a blast at Joyea Construction and had to respond immediately. We, then, dispatched the personnel at the fire station around Kasapreko to the scene.
“Joyea is into construction works, roofing sheets, trusses and other things. We gathered that one of the oxyacetylene gas tanks used as part of metal fabrication ruptured. Oxyacetylene is obtained by combining acetylene gas and oxygen, and it is used for welding and cutting of metal,” he narrated in an interview with Accra-based Joy News.
He stated that there was no fire generated in the explosion.
However, he said the fire team would be finding out the exact cause of the explosion as several factors could play out.
“Several possibilities could lead to the oxyacetylene tank rupturing. It could be due to leakage from the tank, the nozzle, whether the concentration level was too high, positioning of the tank, exposure to heat and other factors. Our investigations will look at all these,” DOI Yenzu explained.
He said finding the exact cause would help avert a recurrence in future.
Asked if the management of Joyea Construction had shared any information, he said they would engage management and the staff after ensuring the place was safe enough.
“Aside from ensuring safety after the explosion, the Fire Service is monitoring the condition of the five injured,” DOI Yenzu added.
DOI Ebenezer Yenzu advised companies dealing in industrial materials of such nature to continuously monitor their location.
“You need to always check the temperature. Despite the accident happening in an open space, the proximity could be an issue. When dealing with welding equipment, ensure they are a distance from where you’re doing your hot work.
“Periodically, check your hoses, the gauge and nozzle if there are any leakages and anything that matters to ensure safety for all,” he cautioned.
Source: https://energynewsafrica.com
Ghana: Council of State Meets GRIDCo, VRA And EGG Over Power Sector Issues
The members of the Advisory Body of the Government of Ghana, the Council of State, have met with state-owned power sector players to interact with them on the happenings in the power sector.
The power sector agencies represented at the meeting were the Board and Management of GRIDCo, Volta River Authority (VRA) and the Electricity Company of Ghana (ECG).
The Council of State sought more information and clarification on the current state of the power sector to aid the Council in performing its advisory functions effectively.
GRIDCo outlined its role in the energy value chain, the capacity of its transmission infrastructure, and the factors influencing power delivery in the NITS.
VRA and ECG briefed the Council on their respective operations and current challenges.
There were extensive discussions covering the role of all stakeholders in resolving the issues facing the power sector.
Amb Kabral Blay-Amihere, Chairman of the Board, reiterated GRIDCo’s commitment to collaborating with other stakeholders in the energy sector to ensure a robust network and reliable power delivery to Ghanaians.
The Council of State expressed gratitude to the power sector players for their significant contributions to the country’s industrialisation agenda and advised on the need to work together to address challenges in the sector.
Source: https://energynewsafrica.com
Nigeria: Chinese Firm Caught For Operating Electricity Business Without License, Slapped With Hefty Fine
A Chinese firm in the Republic of Nigeria has been slapped with a hefty fine by the Nigerian Electricity Regulatory Commission (NERC) for operating an electricity generation and distribution company without obtaining a licence.
The firm violated section 62 of the outdated Electric Power Sector Reform Act (EPSRA) 2005, advisorsreports said in a report sighted by this portal.
The report, however, did not provide details of the fine the Chinese firm is expected to pay.
According to section 62 of the repealed Electric Power Sector Reform Act (EPSRA) 2005, “No person except in accordance with a license issued pursuant to this Act shall construct, own or operate an undertaking other than an undertaking specified in subsection 2 of this Section, or in any way engage in the business of electricity generation, excluding captive generation; electricity transmission; system operation; electricity distribution; or trading in electricity.’’
The Chinese firm, CCETC Suk Power Company Limited, has admitted to operating an electricity generation and distribution company without the appropriate licence.
The company had filed a petition to NERC to review an Order to it.
However, during the hearing of the petition, it was uncovered that the company was operating without a licence.
The company pleaded with the Commission to review the fine imposed on it to enable it to continue servicing its residential and industrial consumers.
Musiliu Oseni , NERC Vice Chairman, who chaired the panel urged power sector investors to obtain licenses before they begin operations.
He warned that failure to do so will attract hefty sacntions.
Ghana: Veep Accuses ECG Workers Of Sabotaging Govt’s Digitalisation Agenda…But ECG Workers Say Veep’s Claim Is False
Ghana’s Vice President Dr Mahamudu Bawumia has accused the workers of the power distribution company, Electricity Company of Ghana, of sabotaging the government’s attempt to digitalise the revenue collection of the company.
The Vice President, who was speaking at the Annual General Meeting of Anti-Corruption Agencies in Africa, mentioned that some ECG IT unit employees installed ransomware to stop the company’s IT system from functioning correctly.
He said that the ransomware caused the system to crash and so the National Security had to step in to identify the employees responsible for the damage.
“Every month, they simply maintained it at GH¢450 million. I, thus, indicated that we needed to deploy a team to digitalise the Electricity Company of Ghana’s revenue collection. As a result, we sent a team and started the digitalisation process.
“Can you believe that system employees installed ransomware throughout the entire system to ruin it? And that’s when the system fell apart. In the end, we had to call in National Security to determine that some employees of the IT department were responsible.
“And we located the machine on which the ransomware had been introduced into the network. Restoring the system takes some time. To make this work at all, they demanded a ransom. Is that even possible to imagine?
“So, they were taken into custody. We also digitalised the system, restored it, and said that Ghana would no longer accept cash payments for electricity. You solely use electronic bank transfers and mobile money to make payments. That is presently the situation. Is it not astonishing that monthly receipts have increased to more than one billion cedis from GH¢450 million?” he quizzed.
The comments by the Vice President who is also the presidential candidate of the governing New Patriotic Party (NPP), have not settled well with the staff of the ECG.
A source within the top executives of the ECG workers union told this portal that the comments by the Vice President were not true.
“That is not true. ECG system was attacked before we started the cashless system as a company,” the source said.
It would be recalled that in 2022, some customers of ECG in parts of the Volta Region, Takoradi, Tema, Cape Coast, Kasoa, Winneba, Swedru, Koforidua, Nkawkaw and Tafo were unable to buy electricity credit due to metering system downtime.
The development brought frustrations to electricity users in the affected towns.
The incident happened before the ECG went cashless in 2023.
In March 2023, the managing director of ECG, Samuel Mahama, told the media that some staff of the ECG had been arrested for the meter glitch but failed to give further details.
It is more than a year now and Ghanaians are yet to know the identity of those staff and the type of punishment that has been meted out to them.
Source: https://energynewsafrica.com
Benin Denies Niger Access To Cotonou Port For Oil Shipment To China
The Republic of Benin has denied Niger access to using its Cotonou Port for the first oil shipment to China due to frosty relations between the two West African nations following Niger’s continuous closure of its border with Benin.
Three vessels carrying crude oil from Niger and destined for China arrived in Benin but Benin authorities prevented them from docking at the port.
Niger produces just over 20,000 barrels of oil for domestic use per day and has advanced plans to increase daily production to over 100,000 for export using its neighbour’s ports to reach international markets.
The oil bound for China was part of a $400-million commodity-backed loan from China National Petroleum Corp, which Niger’s military junta agreed to at a seven per cent interest rate and repayment in oil for 12 months.
CNPC has invested some $4.6 billion in Niger’s oil industry, including the construction of a 1,200-mile pipeline transporting crude oil from Niger to Benin.
The pipeline was set to begin shipping 90,000 bpd in May and up to 110,000 bpd at full capacity.
Speaking about the effects of Niger’s ‘unfriendly posture’ on the economy of Benin, President Patrice Talon declared that the Contonou port would not be opened to Niger oil export unless the junta in Niamey ends the border blockade.
“If you want to load your oil in our waters, you can’t view Benin as an enemy and at the same time expect your oil to cross our territory,” Benin’s President, Patrice Talon, said in a statement.
“We’re open to working with Niger. They’re the ones that refused to allow trucks to cross.
“Benin is not an enemy country and if tomorrow the Nigerien authorities decide to collaborate with Benin formally, the boats will be loaded,” he added.
The authorities in Niamey are yet to respond to Benin’s posture.
Source: https://energynewsafrica.com
Ghana: Star Oil Lauds GOIL’s Decision To Sell Ron 91 Gasoline
Star Oil Ghana, the second leading indigenous oil marketing company in the Republic of Ghana, has commended GOIL, the leading OMC, for introducing Super XP Ron 91 to give customers affordable fuel options.
In a post on Facebook and sighted by energynewsafrica.com, Star Oil said it has always promoted Ron 91 as the recommended gasoline (petrol) for the majority of vehicles in Ghana, in both its economy and performance ‘and we are excited that GOIL has finally decided to provide this option at its stations across the country,” Star Oil’s Facebook post read.
Star Oil described GOIL’s decision as a worthy move that would help many Ghanaians avoid spending more on any grade of fuel without extra benefits.
“Good move, Team GOIL. Congratulations once again,” the post concluded.
It would be recalled that on Saturday, May 5, this year, GOIL announced the introduction of Super XP Ron 91 across its 400 stations in the West African nation.
A litre of Super XP Ron 91 is being sold at Gh¢14.40, a bit lower compared to the same product being sold by GOIL’s competitors.
With the introduction of the Super XP Ron 91, which is one of the high-quality and affordable fuel commodities, GOIL has now offered three products at its service stations, namely Super XP Ron 91, Super XP Ron 95 and Diesel XP.
The Super XP Ron 95 is now a premium fuel and consumers can choose from either Super XP Ron 95 or Ron 91 depending on their income level.
Source: https://energynewsafrica.com
Ghana: Petrol, Diesel Prices Go Up Marginally
The prices of petrol and diesel have gone up marginally at the pumps in the Republic of Ghana.
Petrol now sells between Gh¢13.65 and Gh¢15.22 while diesel is selling between Gh¢13.83 and Gh¢14.69 per litre.
Unlike in other parts of Africa where fuel prices are reviewed monthly, in Ghana, fuel prices are reviewed every two weeks.
During the second pricing window for April, which ended on April 30, 2024, a litre of petrol was sold between Gh¢13.13 and Gh¢14.99 while diesel was sold between Gh14.11 and Gh¢14.70 per litre.
The increment in fuel prices is due to the rising cost of refined products on the international market and exchange rate volatility.
Leading oil marketing company, GOIL Plc, sells petrol at Gh¢14.40 per litre while diesel is sold at Gh¢14.65 per litre.
Star Oil is selling petrol at Gh¢13.99 per litre while diesel is selling at Gh¢13.97 per litre.
Shell sells both petrol and diesel at Gh¢14.69 per litre.
TotalEnergies, one of the market leaders, is selling both petrol and diesel at Gh¢14.65 per litre.
Petrosol Ghana Limited, one of the top ten OMCs, has also adjusted its pump prices and is selling petrol at Gh¢14.39 per litre while diesel is sold at Gh¢14.59 per litre.
Zen is selling petrol at Gh¢13.73 per litre while diesel is selling at Gh¢13.96 per litre.
Engen Ghana is selling both petrol and diesel at Gh¢14.55 per litre.
Allied Oil is selling petrol at Gh¢13. 65 per litre while diesel is sold at Gh¢13.83 per litre.
Pacific Oil is selling petrol at Gh¢13.98 per litre while diesel was sold at Gh¢14.28 per litre.
Dukes is selling petrol at Gh¢13.65 per litre while is selling diesel at Gh¢13.80 per litre.
Cash Oil is selling both petrol and diesel at Gh¢13.75 per litre.
Lucky Oil is selling petrol at Gh¢13.96 and diesel at Gh¢13.93 per litre.
Alinco is selling both petrol and diesel at Gh¢13.69 per litre.
Data from the regulator, the National Petroleum Authority (NPA), showed that the prices of finished products—diesel and petrol—witnessed some changes.
While the price of petrol jumped on the international market, diesel, on the other hand, saw a reduction in price within two weeks.
Petrol went up to US$942.30 per metric tonne while diesel went down to US$792.02 per metric tonne.
Source: https://energynewsafrica.com
Sudan: We’ve Exploited Only 20% Of Our Oil Reserves –Energy Minister
Sudanese Minister for Energy and Oil, Dr. Mohi-Eddin Naeem has disclosed that Sudan has only exploited 20 percent of its known oil and gas reserves fields in the Red Sea.
According to him, the country has converted power stations to take greater advantage of the gas for electricity generation.
The minister pointed to the government’s efforts to maximize oil and gas production to meet the growing demand.
Minister Dr. Mohi-Eddin Naeem who was speaking at the Special Meeting of the just ended World Economic Forum on Global Cooperation, Growth and Energy for Development, in Riyadh, Saudi Arabia, explained that the merger of the Ministries of Energy and Minerals aims to benefit from gold resources in the country.
Dr. Naeem stated that Sudan meets 40 percent of its energy needs, and has initiatives in the field of solar, thermal, and wind energy to generate electricity, in addition to possession of a large oil reserve in the north.
He revealed that Sudan faces a challenge in cooperating with old or new players everywhere, adding that Sudan has no political problems with any country.
Source: https://energynewsafrica.com
China’s Nuclear Capacity Continues To Surge
China has added more than 34 gigawatts (GW) of nuclear power capacity over the past decade as new installations surge, the U.S. Energy Information Agency (EIA) said in an analysis on Monday.
As of April 2024, China had 55 operating nuclear reactors with a total net capacity of 53.2 GW, while another 23 reactors are currently under construction.
The United States still has the largest nuclear fleet in the world, with 94 reactors, but it took nearly 40 years to add the same nuclear power capacity as China added in 10 years, the EIA noted.
Although China has added nuclear power capacity in each of the past 10 years, nuclear power accounted for only about 5% of China’s cumulative power generation in 2022. To compare, nuclear power makes up about 18% of the electricity generation mix in the United States, according to the EIA data.
Despite China’s policy of adding more nuclear capacity to reduce emissions and to meet its power demand, coal continues to be the largest electricity generation source and is the source of much of the country’s air pollution, the EIA says.
China is currently constructing a total of 26 nuclear power units with a combined capacity of 30.3 GW, the highest in the world, according to a report by the China Nuclear Energy Association (CNEA) cited by local media last month.
Air pollution from coal-fired power plants is a major impetus for China to expand its nuclear generation fleet, according to the World Nuclear Association.
As of September 2023, China had 55 nuclear power units in operation with a combined installed capacity of 57 GW, and 24 units under construction with a total installed capacity of 27.8 GW, Xinhua quoted CNEA official Wang Binghua as saying. By 2060, that capacity is expected to jump to 400 GW, the official said
China is also expected to approve six to eight nuclear power units each year “within the foreseeable future.”
Source: Oilprice.com
Kenya: EV User Attests To The Quality Of Kenya Power EV Charging Station
David Alnwyck, Kenya’s first public user of the country’s electric vehicle charging station located at Stima Plaza, has attested to the quality of the charging station.
The expatriate resident in Nairobi, the capital of Kenya, owns a fully electric vehicle with a range of 250 kilometres.
He was the first person to have visited the station to charge his EV.
In a post, Kenya Power wrote: Mr David Alnwyck was the first public user of our electric vehicle (EV) charging station located at Stima Plaza, Parklands.
“During his second visit to use the EV charger last Friday, Mr Alnwyck, who owns a fully electric vehicle with a range of 250km, said the charger is one of the best in the country,” the post said.
Last month, Kenya Power inaugurated two EV charging stations–one at Stima Plaza, Parklands and the other at Ruaraka depot.
The company announced that it would be spending about Kshs258 million to install EV charging stations across the country in three years.
The company said an RFID card for charging would be required and could be obtained at the Kenya Power security desk at Stima Plaza and Ruaraka depot.
Source: https://energynewsafrica.com
Source: https://energynewsafrica.com Ghana: NPA Sets The Record Straight On Dadieso LPG Tanker Accident
Ghana’s petroleum downstream regulator, National Petroleum Authority (NPA), has clarified an incident that occurred at Dadieso in Ashanti Region where some irate youth of the town were captured in a viral video blocking the main road and throwing bottles on the road to make it impassable.
Media reports suggested that the irate youth were blocking the road because several calls to clear a Liquefied Petroleum Gas Tanker that had overturned in the area to avoid a possible explosion had fallen on deaf ears.
In a bid to ensure that the area was without any flammable objects or exposed to fire or exhaust fumes, the irate youth decided to block that section of the road where the accident occurred.
In a statement issued by the Corporate Affairs Department of NPA on Monday, the regulator provided details of the LPG tanker.
The NPA said the LPG tanker in question belonged to Society Nationale Burkinabe d’Hydrocarbures (SONABHY), a state-owned company responsible for fuel supply in Burkina Faso.
It said the tanker was transporting LPG to Burkina Faso when it was involved in an accident at Dadieso on the morning of Friday, May 3, 2024.
The NPA explained that the accident resulted in anxiety among residents due to the potential danger of the product, leading to demonstrations and blockade of the Accra-Kumasi trunk road by the residents.
According to the NPA, upon receipt of the information, it communicated the same to the Management of SONABHY and instructed them to dispatch an empty tanker and a pumping vehicle to evacuate the product.
The NPA said it temporarily arranged for a private company to evacuate the product.
“SONABHY’s empty tank and pumping vehicle later got to the accident scene on Saturday, May 4, 2024.
“The product has since been transferred into SONABHY’s empty tank and transported to Burkina Faso,” the NPA explained.
According to the NPA, there were no incidents leading to the loss of human lives and destruction of properties as speculated in the social media.
The NPA expressed gratitude to all who assisted in diverse ways to make the evacuation of the LPG successful.
Source: https://energynewsafrica.com
Ghana: Monday Rainstorm Wreaks Havoc On ECG Electric Poles In Gbetsile, Kubekrom, Other Areas(Photos)
A rainstorm that occurred on Monday morning in Tema and surrounding areas destroyed several electric poles belonging to the Electricity Company of Ghana at Gbetsile, Peaceland, Kubekrom and New York Aviation, all suburbs of the Kpone-Katamanso Municipality in the Greater Accra Region.
This development has resulted in power outages in the above-mentioned areas.
Meanwhile, ECG said it is working to restore power supply to the affected communities.
Source: https://energynewsafrica.com
Source: https://energynewsafrica.com