Oil prices rise on China demand recovery expectations, supply concerns

RIYADH: On a macro level, the energy sector remains unstable as a result of the Russia-Ukraine war. Carbon emissions are anticipated to increase drastically should Europe replace all Russian gas imports.

On the other hand, the Czech Republic is still trying to find alternative sources of supplies in case Russia stops flows.

On a micro level, the UK’s Drax Group Plc is planning to double its capacity at a plant in Scotland. 

Meanwhile, Texas’ Infinitum Electric has received a significant investment from major energy firms that will help it ramp up production.

Looking at the bigger picture: 

·Should Europe replace 100 percent of Russian gas imports, up to 800 million tons of carbon dioxide equivalent could be released into the atmosphere over the span of one year, Reuters reported. This comes as such a decision will mean that coal will make a comeback consequently causing an increase in emissions. 

·The Czech republic’s industry ministry has announced that it intends to launch a new state energy trader in an attempt to strengthen energy security in the country as it drifts away from Russian supplies, Reuters reported. This comes as Russia halted supplies to Bulgaria and Poland which raised concerns about other European countries.

Through a micro lens:

·UK-based power generation business Drax Group Plc has announced that it plans to double its capacity at a plant in Scotland by adding a new hydropower station there, Bloomberg reported. The firm intends to make room for the new station by excavating part of a mountain residing in Scotland.

·Texas-based electric motor maker Infinitum Electric has secured $80 million in investments from multiple energy giants, Bloomberg reported. 

The amount will be utilized in helping the firm bolster its production. This comes as motors are projected to drive an estimated 30 percent of industrial electricity demand growth by 2040, according to analysts from UK’s multinational professional services network Deloitte.