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).