Oil prices slide gathers pace on Greek worries

Oil prices have extended their falls from the end of last week amid continuing concerns about the Greek debt crisis and the weak US recovery.

The International Energy Agency's decision to release emergency reserves last week has also depressed prices.

Shareholders Push Tepco to Abandon Nuclear Power

Masafumi Asada bought shares of the Tokyo Electric Power Company almost a decade ago with a single purpose: To vote against the use of nuclear power.

Mr. Asada, a 70-year-old resident of Fukushima prefecture, the epicenter of Japan’s nuclear crisis, will speak on behalf of 402 shareholders on Tuesday at the annual general meeting of the utility known as Tepco, to ask it to stop atomic generation.

Oil price drops on reserve sale

The price of oil has fallen after the International Energy Agency said that its members will sell some of their reserves on the world market.

Brent crude ended Thursday trading down $6.95 to $107.26, a four-month low. US light crude fell by $4.39 to settle at $91.02.

Shanghai to ration electricity due to power shortage

Offices and shopping malls in the Chinese city of Shanghai will be urged to close their doors on the hottest days of the year this summer.

The power rationing is necessary due to the country's shortage of electricity.

The electricity grid serving China's financial hub does not have the capacity to meet peak demand the authorities say.

European energy security: Lessons of 2011

In recent years one of the main aims of the EU energy policy was to reduce dependence on Russian energy. In particular, diversification of the fuel basket and increasing the share of gas supplies from the Middle East and North Africa were a clear priority. However, the start of 2011 has prompted to take a different view on the security of energy supply to Europe, especially given an unprecedented increase in gas demand observed in the European market in 2010.

In the first three months of 2011 oil prices rose by over 20%, while European spot gas prices came close to 400 US Dollars / 1000 cm (22% more than the average price of gas supplies to Europe under Gazprom’s long term contracts). This is primarily a reaction to geopolitical risks, since a tense situation in Africa and the Middle East became the main driver behind price rises. Secondly, this was a reaction of the market to the situation in Japan and an abrupt change in the prospects for the European nuclear power industry.

Estonia, Lithuania vow energy security

TARTU, Estonia, June 21 (UPI) -- Regional cooperation between the Baltic states on energy security and other issues is deepening, the presidents of Lithuania and Estonia say.

Lithuanian President Dalia Grybauskaite and Estonian President Toomas Hendrik Ilves met late last week in Estonia and stressed their common goal of "enhancing the energy security and independence of the region" as both countries seek to counter the regional energy dominance of Russia.

Green growth critical to Asia-Pacific food and energy security, UN says

Asia-Pacific countries can cushion themselves against food and fuel price shocks and natural disasters by more efficient use of resources and energy, the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP) said today.

The current “energy, resource and carbon-intensive” development pattern must give way to green growth to reduce wasteful use of resources and energy, Noeleen Heyzer, Executive Secretary of ESCAP, told 800 people from 25 countries attending the Global Green Growth Summit in Seoul, organized by the Republic of Korea (ROK) and the Organization for Economic Cooperation and Development (OECD).

Dr. Alexander Mirtchev Discusses the U.S. Government's Measures to Deal With the Global Economic Crisis and Stresses the Imperative for Viable Exit Strategy on the Riz Khan Show

Dr. Alexander Mirtchev, founder and president of Krull Corporation, discussed the U.S. government's actions in response to the crisis in the economy on Al-Jazeera's Riz Khan Show. The complexities created by the precarious economic and financial situation are exacerbated by what is perceived as a "failure of the reigning 'social contract'" between Main Street, Wall Street and the U.S. government. "To put it simply, Main Street was relying on Wall Street to go about its business, with the government perceived as the arbiter and even guarantor of sure returns. Presently, the collapse of this 'contract' is giving rise to calls from different quarters for overhauling the whole system," according to Dr. Mirtchev.

Tepco Halts Filtering of Tainted Water at Japanese Plant

TOKYO — The Tokyo Electric Power Company said Saturday that the filtration system it had struggled to put into operation at the damaged Fukushima Daiichi nuclear power plant had broken down after just five hours, a disappointing setback in its efforts to cool the reactors.

The company said that the sprawling system, which is designed to siphon oil, radioactive materials and salt from the water used to cool the reactors, was shut down because of readings that indicated one of the filters had filled up with radioactive cesium. The rapid depletion of a filter that was supposed to have lasted several weeks suggested the presence of far greater radioactive material than anticipated.

Battlefield Energy Plan Aims to Spark Major Changes in the Pentagon

In the most significant step the Defense Department has yet taken to address its substantial thirst for energy, the Pentagon yesterday released its first strategy (pdf) for changing the way it uses energy on the battlefield.

The plan will be fleshed out with more details in the next three months, including the goals and timelines that motivate the Pentagon's bureaucracy. They will target three main areas: reducing consumption on the battlefield, transitioning to alternative energy sources and building more energy-efficient vehicles and weapons systems.

Financing, Incentives Key to Driving Greater Energy Efficiency in Buildings

WASHINGTON, July 17, 2011 /PRNewswire via COMTEX/ -- Availability of financing and incentives are among the key elements to driving increased energy efficiency in buildings, according to leaders who attended the North America Energy Efficiency Forum. The forum, co-sponsored by Johnson Controls and the U.S. Energy Association, examined how advanced efficiency technologies, energy policies and consumer education can improve energy security, global competitiveness and accelerate economic growth.

U.S. Sen. Jeff Bingaman, D-N.M., told leading policymakers and energy experts that: "The Senate Energy and Natural Resources Committee is very interested in advancing opportunities for the federal government to serve as a model for the increased utilization of energy efficiency and clean energy technologies. Such policies and measures can save significant taxpayer dollars, create private sector jobs, and greatly enhance energy markets. Two specific and highly effective ways for the federal government to achieve this goal have been through energy savings performance contracts (ESPCs) and federal power purchase agreements (PPAs)."

House Panel: Oil Sands Project Critical to U.S. Energy Security

Obama administration is the 'one thing standing in the way,' says energy committee chairman.

The United States should look to its neighbors up north for additional oil supplies that could have a major impact on the nation's energy security, say oil industry analysts and Republican lawmakers.

A proposed oil pipeline called Keystone XL could pump 700,000 barrels per day from Canada's oil sands to the U.S. Gulf Coast.

Tokyo Electric stock surges after approval of rescue plan

(CNN) -- Japan's beleaguered Tokyo Electric Power Co. received some rare good financial news Wednesday as its stock soared 32% after the government approved a rescue plan a day earlier.

TEPCO shares added 80 yen to close at 329 yen.

Speculators were in a buying mood after Japan's government approved the rescue plan for the owner of the crippled Fukushima Daiichi Nuclear Plant. The plan also must be approved by the Japanese parliament

U.S. Reactors Gird for the Next Fukushima

If a nuclear plant in the United States had a serious accident and the managers asked for help from a neighboring company, chances are that the nuclear Samaritans would arrive with radios that worked on a different frequency, or with emergency pumps that required hoses of a different size or pressure rating, industry officials say.

But three nuclear organizations said on Thursday that in response to Japan’s Fukushima accident, they are acting jointly to learn everything they can, seeking to reduce the risk of an accident and prepare for the consequences should one occur.

Atomic energy to be safe and affordable, Rosatom chief says

Atomic energy should be safe for people and affordable for everyone, Rosatom head Sergei Kiriyenko said.

Speaking at the third Moscow International Forum Atomexpo-2011 on Moscow on Monday, June 6, Kiriyenko said, “The number of exhibits showing achievements of the Russian nuclear industry has increased considerably from the previous years.”

Natural gas set to flourish

The world could be entering a 'golden age' of natural gas, according to research by energy policy adviser, the International Energy Agency (IEA), which predicts that gas could provide more than a quarter of global energy by 2035.

Gas is plentiful and widely spread geographically, which helps ease countries' concerns over energy security. The IEA's research shows that global resources exceed 250 years of current production and that each region of the world holds resources of at least 75 years of current consumption. But it has been the success of horizontal drilling and hydraulic fracturing (to increase the flow of gas from tightly compressed reservoirs) in recent years that has made it possible to transform these vast resources into usable energy. This technology has transformed the US from the verge of needing to import gas just a few years ago to a substantial exporter of gas.

Defense energy bill will save lives

Saving energy saves lives.

That is how Adm. Michael Mullen, chairman of the Joint Chiefs of Staff, described the imperative for the Pentagon to reduce the number of fuel convoys headed into harm's way in Afghanistan.

Congress must heed Mullen's advice and move quickly to pass legislation that was introduced last year by Congresswoman Gabrielle Giffords of Arizona and Sen. Mark Udall of Colorado. Their bill, the Department of Defense Energy Security Act, has been updated and will be reintroduced on June 8 by Udall.

WEF agenda to highlight food and energy security, sustainability

Business leaders will discuss new global trends, food and energy sustainability and security, inclusive growth, competitive connectivity, and regional leadership at the World Economic Forum (WEF) on East Asia in Jakarta from June 12 to 13.

More than 620 participants from across the world are expected to attend the two-day meeting at the Shangri-La Hotel.

Chevron's Welsh refinery buyer considers impact of fatal blast

The prospective buyer of Chevron's oil refinery in Wales is examining whether an explosion which killed four people at the site this week could affect the deal.

Valero, a US refining giant, agreed to buy the plant for $730m (£445m), plus $1bn for oil stocks and other businesses in March. The deal is due to close in the third quarter of this year.

Will Opec raise supplies? What the oil nations and analysts are saying

The Organisation of the Petroleum Exporting Countries (Opec), which pumps more than a third of the world's oil, is due to meet in Vienna on June 8 to discuss output and its response to a sharp rise in oil prices that could be a drag on economic growth. Here's what oil nations and analysts are perdicting:

Wood Group family sell most of stake in oil services company for £366m

Sir Ian Wood's family and charities are selling most of their £400m stake in Wood Group, the oil services company, as part of a £1bn share buy-back programme.

Wood Group is returning more than £1bn to its shareholders through the scheme, after selling its well support division to GE Energy last month.

Energy Security Index: U.S., Japan Rated 'High Risk' For Short-Term Energy Supply Interruption

Canada has the unique honor of being the sole "Group of Seven" member nation not to be at "high risk" for short-term energy security, a new report has found.

Released Thursday by British risk analysis firm Maplecroft, the 2011 Energy Security Index takes a look at short-term and long-term energy security in 196 countries. According to the firm, the study "highlight(s) the risks to countries as they strive to secure stable energy supplies in a time of geopolitical upheaval, dwindling traditional resources and a transition to a low carbon world."