AGP Executive Report
Last update: 10 hours agoOffshore Energy Risks: An environmental group says 14 of the Philippines’ 22 active petroleum contracts surround Palawan, with several near protected areas and fishing grounds. The UAE says the oil spill from tanker GEM NO. 2 has been contained, though coastal cleanup continues. Renewables: Masdar signed an agreement to explore up to NZ$1 billion in New Zealand solar, wind and battery projects. In China, installed solar capacity has overtaken coal as the country’s largest power source; renewables now make up nearly 61% of total capacity. Oil Shock: Brent briefly reached $118 a barrel amid attacks on vessels and energy assets and fears of renewed escalation with Iran. Five major oil companies reported combined third-quarter adjusted earnings of $56.3 billion as high fuel costs strain consumers. Grid Security: A Russian strike on a Kyiv energy facility cut power to parts of four districts, following wider outages in Ukraine. Energy Costs: Slovakia called for a coordinated EU response to high energy prices, warning of pressure on households, businesses and industrial competitiveness.
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