The Bord Gáis Energy Index rose 8% in July, its largest monthly increase since February 2012, as prices increased across oil, natural gas, coal, and electricity. Wholesale fuel prices rose due to supply concerns from events in Norway, Colombia, and tensions in the Middle East, as well as expectations that governments would provide more economic stimulus. Additionally, ongoing weakness in the euro amplified commodity price gains. As a result, the Index now stands at 144, up 4% from July 2011.
The Bord Gáis Energy Index rose 1% in January as a strengthening euro offset increases in Brent crude oil and wholesale UK gas prices. The index now stands at 150, up 4% from January 2012. While rising commodity prices pushed the index up 3% without the euro's gains, a strong euro benefits Irish consumers by insulating them from higher international energy costs. Political instability in North Africa and the Middle East contributed to a 1% rise in Brent crude prices in euro terms over the month.
Ongoing concerns about oil supply together with increased optimism that Central Banks would act to stimulate growth drove oil prices to record highs, resulting in a 4% rise in the August Bord Gáis Energy Index. Small improvements in the strength of the euro versus the US Dollar helped to suppress oil price rises which rose over 9% in US Dollar terms. Marginally lower gas and coal prices had only a minimal impact on the overall Index in August.
The Bord Gáis Energy Index fell 2% in October due to a 4% fall in oil prices influenced by weak corporate earnings reports, concerns about global economic growth, and weaker stock markets. Natural gas prices increased 6% due to supply issues from Norway and fewer liquefied natural gas deliveries to the UK. Coal prices fell 5% on ample European supplies and weaker demand in China from economic slowing.
This document provides information on energy policy and the oil and gas industry in the United States. It discusses factors that influence gas prices, the components that make up the price at the pump, U.S. refining capacity and the country becoming a net exporter in 2011. It also outlines projections that the U.S. will require more energy by 2035 with over half from oil and gas, increased domestic production from shale plays, and benefits of developing Canadian oil sands for both countries' economies. The document argues increased domestic development will boost jobs, revenues, and energy security while the industry pays high taxes and is widely owned by Americans through pensions.
Honours Thesis 2015 - An Analysis of Fuel Prices and Fuel Taxation in South A...Justin de la Hunt
This document analyzes fuel prices and taxation in South Africa. It finds that the general fuel levy is a more appropriate taxation method than VAT due to its progressive nature and the control it gives policymakers. The document also develops models to predict fuel prices based on lagged oil prices and exchange rates, in order to help policymakers estimate future tax revenue from the fuel levy. This analysis concludes that the general fuel levy is the preferred policy tool for South Africa.
The document discusses Jesus' lordship and credentials. It asserts that Jesus is Lord over heaven, hell, life, and death based on biblical passages where he calms a storm, heals a demon-possessed man and a woman with an issue of blood, and raises a little girl from death. It also discusses the conditions of following Jesus, saying his followers must follow him by leaving everything behind, and that Jesus must have first place in their lives above all others.
Use of GIS information to select priority areas for mass inseminationILRI
Presented by Yasin Getahun at the IPMS Workshop on Alternatives for Improving Field AI Delivery System to Enhance Beef and Dairy Production in Ethiopia, ILRI, Addis Ababa, 24-25 August 2011
This document discusses learning styles, personality types, self-concept, and creating a personal mission statement. It describes different learning styles like visual, auditory, reading/writing, and kinesthetic. It also discusses the four major personality dimensions of introversion/extroversion, intuition/sensing, thinking/feeling, and judging/perceiving. Developing self-esteem and accepting all parts of one's self-concept are also addressed. The document concludes by providing steps to create a personal mission statement that reflects one's values, needs, and long-term goals.
The Bord Gáis Energy Index rose 1% in January as a strengthening euro offset increases in Brent crude oil and wholesale UK gas prices. The index now stands at 150, up 4% from January 2012. While rising commodity prices pushed the index up 3% without the euro's gains, a strong euro benefits Irish consumers by insulating them from higher international energy costs. Political instability in North Africa and the Middle East contributed to a 1% rise in Brent crude prices in euro terms over the month.
Ongoing concerns about oil supply together with increased optimism that Central Banks would act to stimulate growth drove oil prices to record highs, resulting in a 4% rise in the August Bord Gáis Energy Index. Small improvements in the strength of the euro versus the US Dollar helped to suppress oil price rises which rose over 9% in US Dollar terms. Marginally lower gas and coal prices had only a minimal impact on the overall Index in August.
The Bord Gáis Energy Index fell 2% in October due to a 4% fall in oil prices influenced by weak corporate earnings reports, concerns about global economic growth, and weaker stock markets. Natural gas prices increased 6% due to supply issues from Norway and fewer liquefied natural gas deliveries to the UK. Coal prices fell 5% on ample European supplies and weaker demand in China from economic slowing.
This document provides information on energy policy and the oil and gas industry in the United States. It discusses factors that influence gas prices, the components that make up the price at the pump, U.S. refining capacity and the country becoming a net exporter in 2011. It also outlines projections that the U.S. will require more energy by 2035 with over half from oil and gas, increased domestic production from shale plays, and benefits of developing Canadian oil sands for both countries' economies. The document argues increased domestic development will boost jobs, revenues, and energy security while the industry pays high taxes and is widely owned by Americans through pensions.
Honours Thesis 2015 - An Analysis of Fuel Prices and Fuel Taxation in South A...Justin de la Hunt
This document analyzes fuel prices and taxation in South Africa. It finds that the general fuel levy is a more appropriate taxation method than VAT due to its progressive nature and the control it gives policymakers. The document also develops models to predict fuel prices based on lagged oil prices and exchange rates, in order to help policymakers estimate future tax revenue from the fuel levy. This analysis concludes that the general fuel levy is the preferred policy tool for South Africa.
The document discusses Jesus' lordship and credentials. It asserts that Jesus is Lord over heaven, hell, life, and death based on biblical passages where he calms a storm, heals a demon-possessed man and a woman with an issue of blood, and raises a little girl from death. It also discusses the conditions of following Jesus, saying his followers must follow him by leaving everything behind, and that Jesus must have first place in their lives above all others.
Use of GIS information to select priority areas for mass inseminationILRI
Presented by Yasin Getahun at the IPMS Workshop on Alternatives for Improving Field AI Delivery System to Enhance Beef and Dairy Production in Ethiopia, ILRI, Addis Ababa, 24-25 August 2011
This document discusses learning styles, personality types, self-concept, and creating a personal mission statement. It describes different learning styles like visual, auditory, reading/writing, and kinesthetic. It also discusses the four major personality dimensions of introversion/extroversion, intuition/sensing, thinking/feeling, and judging/perceiving. Developing self-esteem and accepting all parts of one's self-concept are also addressed. The document concludes by providing steps to create a personal mission statement that reflects one's values, needs, and long-term goals.
The Bord Gáis Energy Index increased 12% over the last three months. In September, oil prices fell slightly due to efforts by global powers to increase oil supply and ease high prices, however Brent crude remains at historic highs above $112. The Energy Index is now at 150, up 11% from September 2011. Natural gas prices were also up 11% despite low UK demand due to reduced supply. Geopolitical issues continue to put pressure on oil prices along with concerns about global economic growth.
The Bord Gáis Energy Index rose 11% in March as unseasonably high demand coupled with gas supply constraints pushed wholesale gas prices to record highs in the UK. Despite negative market reaction to Cyprus’s bailout and weak economic numbers from Europe and China, Brent crude oil prices in euro terms rose by 1%. As a result, the Bord Gáis Energy Index now stands at 166, an increase of 8% on March 2012. Severe spikes occurred in the price of prompt UK gas contracts but these did recede back to more acceptable levels, albeit still relatively high. Events in Cyprus and worries over European debt piled on to bearishness in the European coal market, pushing prices lower. The euro
BORD GÁIS ENERGY INDEX INCREASES 1% DUE TO GAINS IN THE PRICE OF OIL
- INDEX 21% HIGHER THAN OCTOBER 2010 -
The continued volatility in the commodity markets was reflected in a 1% increase in the Bord Gáis Energy Index (BGEI) for October. While the index recorded a 3% increase in the price of oil for the month, the gains in oil prices were offset by falls in both coal and electricity prices. The lingering threat of a second global recession was the major influence on the movements in October’s index. The index, which now stands at 136, is 21% higher than it was in October 2010.
The Bord Gáis Energy Index rose 2% in November due to higher Brent crude oil prices driven by ongoing unrest in the MENA region. Wholesale UK gas prices also increased 1% from higher demand due to colder weather. Electricity prices rose 1% from increases in the prices of coal and gas, which are the primary fuels for electricity generation. Looking ahead, oil prices are expected to decline in 2013 if tensions ease in the MENA region, while gas prices will depend on weather and supply factors over the winter.
The Bord Gáis Energy Index was unchanged month-over-month as negative economic news weakened optimism about the global recovery. Brent crude oil prices fell nearly 4% in US dollar terms due to ample supplies and diminished geopolitical tensions, though the euro's weakness prevented eurozone buyers from fully benefiting. Wholesale electricity prices in Ireland also fell 1% despite rising gas and coal prices.
The Index fell 2% as euro zone buyers of oil benefited from a combination of a weaker US dollar and marginally lower Brent crude oil prices. Lower wholesale Irish electricity prices in December also contributed to a fall in the index. As a result, the Bord Gáis Energy Index now stands at 149, an increase of 4% on December 2011.
The document summarizes recent economic developments in Botswana in the 2nd quarter of 2008. Inflation has risen rapidly to 12.1% due to higher international food and fuel prices. Food price inflation reached 18.5% in May while fuel inflation was 42%. Apart from food and fuel, underlying inflation has remained low at 5.2%. Prospects are that inflation will continue rising to between 14-15% due to ongoing increases in fuel costs. Some policy measures have been introduced that could exacerbate inflation pressures, such as a new 40% tariff on imported milk and a computer tax intended to support musicians.
2007 Q3: Feature on Economic Diversificationeconsultbw
Botswana's economy has remained resilient despite global financial turbulence. Inflation has risen due to higher food and fuel prices, and is projected to increase further. Economic growth remains positive but low, with quarterly GDP data confirming recovery but at 3.3% annual growth in 2006. Government revenues met targets but spending was well below budget, resulting in a large budget surplus. Non-diamond exports grew strongly while the diamond sector saw modest growth. Monetary policy remains unchanged despite inflation concerns due to external factors beyond Botswana's control.
Flash comment: Estonia - September 7, 2011Swedbank
- Consumer price inflation in Estonia was higher than expected in August at 5.5% year-over-year, driven by increases in food, transportation, and housing costs. Housing costs rose significantly due to an 8.4% increase in electricity and heating prices.
- The ongoing high inflation is reducing purchasing power for many households and forcing some to cut spending, which could threaten the recovery in domestic demand. Producer margins appear to be growing rapidly or competition is weak as some global commodity prices have fallen.
- Inflation is forecast to slow in the last months of the year but likely not as much as previously expected, as administratively set price increases continue and electricity price increases could spill over to other prices
Consumer price growth in Estonia accelerated to 4.4% in March, exceeding expectations. Higher alcohol, tobacco, and food prices contributed significantly due to excise tax increases and seasonal factors. Housing costs, which increased 11% year-over-year, accounted for over 40% of annual inflation as global energy prices rose. Transport costs also increased due to higher oil prices and airfares. Inflation is expected to be higher than the previous forecast of 3.2% for the year due to the strong first quarter price rises, with housing costs being the main driver in the first half and moderating in the second half.
The Bord Gáis Energy Index increased 3% in March as oil prices rallied over 5% on a currency adjusted basis. Other energy sources showed mixed performance, with UK gas down 1%, European coal down 3% and Irish electricity up 1%. Oil prices rebounded over 10% on expectations that a production freeze agreement between major producers will be reached in April to curb the global oil surplus. However, rebalancing the oil market may take time due to high global inventory levels. The euro strengthened against the US dollar and British pound.
In February 2016, the Bord Gáis Energy Index fell 1% month-over-month. Oil prices rose 3% while UK gas, European coal, and Irish electricity prices declined between 3-10% from the previous month. The report provides an overview of movements in prices for oil, natural gas, coal, and electricity in February and discusses factors influencing these markets such as supply and demand fundamentals as well as geopolitical issues.
- In January 2016, the Bord Gáis Energy Index fell 7% as wholesale prices declined for Brent crude oil (-7%), UK gas (-9%), European coal (-3%), and Irish electricity (-8%).
- Brent oil prices hit 12-year lows of $27.88/barrel in January due to oversupply and the lifting of Iranian sanctions.
- UK natural gas prices averaged 32.02 pence/therm in January, down from 34.16 pence/therm in December, as mild weather and ample supplies weighed on prices.
- Most energy commodity prices recorded losses in January as supply remained high and demand was weak.
- In December 2015, the Bord Gáis Energy Index fell 13% as wholesale prices for Brent crude oil, UK gas, European coal, and Irish electricity all recorded losses. The index stood at another record low of 79.
- Prices continued to decline across the board, with oil falling 19% to close below $38/barrel for the first time in a decade due to oversupply and weak demand. Other fuels like UK gas and European coal also recorded losses.
- The euro strengthened against the US dollar and British pound over the month, exacerbating losses in the energy index which is adjusted for currency movements.
- The Bord Gáis Energy Index fell 5% in November 2015 to its lowest ever point of 90, as the wholesale prices of Brent crude oil, UK gas, European coal, and Irish electricity all declined month-over-month.
- The document discusses how low oil prices are significantly impacting oil-exporting countries in the Gulf region, with Saudi Arabia still relying on oil for 85% of its budget despite efforts to diversify its economy.
- OPEC failed to agree on output limits at its December 2015 meeting, allowing oil production to remain high and adding to the global supply glut that is depressing prices.
The Bord Gáis Energy Index rose 4% in October due to higher prices for Brent crude oil, European coal, and wholesale electricity. A weaker euro contributed to higher prices for oil, coal, and gas, which are traded in dollars and pounds. Global gas supplies have expanded significantly in recent years due to new sources like shale gas, coal seam gas, and floating LNG facilities. This has led to a surplus of natural gas and lower wholesale gas prices in many markets like the UK. The oversupply situation could persist for some time as new LNG export capacity continues to come online through 2020.
The September 2015 Bord Gáis Energy Index fell 6% due to excess global oil supplies weighing on oil prices, with Brent crude falling to its lowest point since March 2009 of $48.37 per barrel. The index stood at 91 in September, a new record low. The document also discusses the Volkswagen emissions scandal casting doubt on the future of diesel engines in Europe. While diesel demand has surged in Europe due to tax policies and fuel efficiency, the scandal uncovered that diesel vehicles were emitting nitrogen oxide at levels seven times the legal limit. Continued low oil prices are driven by a global supply glut as US frackers and OPEC countries like Saudi Arabia and Iraq maintain high production levels.
1) The Bord Gáis Energy Index fell 1% in August as modest increases in the Brent crude oil price were offset by falls in the wholesale prices of gas, coal, and electricity.
2) Commodity prices have fallen significantly from their highs in recent years due to oversupply issues in almost all raw materials markets driven by slowing demand from China.
3) The US administration took steps toward ending its ban on crude oil exports, which could benefit US oil producers and allies while hurting countries like Russia, Venezuela, and Iran if the ban is fully lifted. However, many political and economic issues still need to be addressed.
The July 2015 Bord Gáis Energy Index fell 9% month-over-month due to weaker oil prices driven by abundant global supply. The index level of 98 was the lowest since December 2009. Brent crude oil prices continued to weaken, closing at the lowest price recorded by the index. The UK government announced plans to scrap an exemption to the Climate Change Levy for renewable electricity, contrary to the views of the green energy sector.
The June 2015 Bord Gáis Energy Index fell 3% due to weaker oil prices. Oil prices slumped toward the end of June as economic crisis in Greece weakened the dollar. The oil glut remains with supply exceeding demand by almost 3 million barrels per day. Natural gas prices were marginally weaker. Coal prices recovered slightly but electricity prices fell 9% due to lower demand in summer and a softening in power prices.
1) The Bord Gáis Energy Index fell 3% in May due to weaker wholesale gas and electricity prices, though the drop was softened by a weakening euro.
2) Brent crude oil prices were unchanged after recovering in previous months, but further gains are uncertain due to the ongoing oil supply glut.
3) Gazprom's profits declined in 2014 due to lower European demand, higher costs, and disputes with Ukraine over gas transit, and the company faces potential EU fines over antitrust issues.
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Similar to July 2012 Energy Index - Bord Gáis Energy
The Bord Gáis Energy Index increased 12% over the last three months. In September, oil prices fell slightly due to efforts by global powers to increase oil supply and ease high prices, however Brent crude remains at historic highs above $112. The Energy Index is now at 150, up 11% from September 2011. Natural gas prices were also up 11% despite low UK demand due to reduced supply. Geopolitical issues continue to put pressure on oil prices along with concerns about global economic growth.
The Bord Gáis Energy Index rose 11% in March as unseasonably high demand coupled with gas supply constraints pushed wholesale gas prices to record highs in the UK. Despite negative market reaction to Cyprus’s bailout and weak economic numbers from Europe and China, Brent crude oil prices in euro terms rose by 1%. As a result, the Bord Gáis Energy Index now stands at 166, an increase of 8% on March 2012. Severe spikes occurred in the price of prompt UK gas contracts but these did recede back to more acceptable levels, albeit still relatively high. Events in Cyprus and worries over European debt piled on to bearishness in the European coal market, pushing prices lower. The euro
BORD GÁIS ENERGY INDEX INCREASES 1% DUE TO GAINS IN THE PRICE OF OIL
- INDEX 21% HIGHER THAN OCTOBER 2010 -
The continued volatility in the commodity markets was reflected in a 1% increase in the Bord Gáis Energy Index (BGEI) for October. While the index recorded a 3% increase in the price of oil for the month, the gains in oil prices were offset by falls in both coal and electricity prices. The lingering threat of a second global recession was the major influence on the movements in October’s index. The index, which now stands at 136, is 21% higher than it was in October 2010.
The Bord Gáis Energy Index rose 2% in November due to higher Brent crude oil prices driven by ongoing unrest in the MENA region. Wholesale UK gas prices also increased 1% from higher demand due to colder weather. Electricity prices rose 1% from increases in the prices of coal and gas, which are the primary fuels for electricity generation. Looking ahead, oil prices are expected to decline in 2013 if tensions ease in the MENA region, while gas prices will depend on weather and supply factors over the winter.
The Bord Gáis Energy Index was unchanged month-over-month as negative economic news weakened optimism about the global recovery. Brent crude oil prices fell nearly 4% in US dollar terms due to ample supplies and diminished geopolitical tensions, though the euro's weakness prevented eurozone buyers from fully benefiting. Wholesale electricity prices in Ireland also fell 1% despite rising gas and coal prices.
The Index fell 2% as euro zone buyers of oil benefited from a combination of a weaker US dollar and marginally lower Brent crude oil prices. Lower wholesale Irish electricity prices in December also contributed to a fall in the index. As a result, the Bord Gáis Energy Index now stands at 149, an increase of 4% on December 2011.
The document summarizes recent economic developments in Botswana in the 2nd quarter of 2008. Inflation has risen rapidly to 12.1% due to higher international food and fuel prices. Food price inflation reached 18.5% in May while fuel inflation was 42%. Apart from food and fuel, underlying inflation has remained low at 5.2%. Prospects are that inflation will continue rising to between 14-15% due to ongoing increases in fuel costs. Some policy measures have been introduced that could exacerbate inflation pressures, such as a new 40% tariff on imported milk and a computer tax intended to support musicians.
2007 Q3: Feature on Economic Diversificationeconsultbw
Botswana's economy has remained resilient despite global financial turbulence. Inflation has risen due to higher food and fuel prices, and is projected to increase further. Economic growth remains positive but low, with quarterly GDP data confirming recovery but at 3.3% annual growth in 2006. Government revenues met targets but spending was well below budget, resulting in a large budget surplus. Non-diamond exports grew strongly while the diamond sector saw modest growth. Monetary policy remains unchanged despite inflation concerns due to external factors beyond Botswana's control.
Flash comment: Estonia - September 7, 2011Swedbank
- Consumer price inflation in Estonia was higher than expected in August at 5.5% year-over-year, driven by increases in food, transportation, and housing costs. Housing costs rose significantly due to an 8.4% increase in electricity and heating prices.
- The ongoing high inflation is reducing purchasing power for many households and forcing some to cut spending, which could threaten the recovery in domestic demand. Producer margins appear to be growing rapidly or competition is weak as some global commodity prices have fallen.
- Inflation is forecast to slow in the last months of the year but likely not as much as previously expected, as administratively set price increases continue and electricity price increases could spill over to other prices
Consumer price growth in Estonia accelerated to 4.4% in March, exceeding expectations. Higher alcohol, tobacco, and food prices contributed significantly due to excise tax increases and seasonal factors. Housing costs, which increased 11% year-over-year, accounted for over 40% of annual inflation as global energy prices rose. Transport costs also increased due to higher oil prices and airfares. Inflation is expected to be higher than the previous forecast of 3.2% for the year due to the strong first quarter price rises, with housing costs being the main driver in the first half and moderating in the second half.
Similar to July 2012 Energy Index - Bord Gáis Energy (11)
The Bord Gáis Energy Index increased 3% in March as oil prices rallied over 5% on a currency adjusted basis. Other energy sources showed mixed performance, with UK gas down 1%, European coal down 3% and Irish electricity up 1%. Oil prices rebounded over 10% on expectations that a production freeze agreement between major producers will be reached in April to curb the global oil surplus. However, rebalancing the oil market may take time due to high global inventory levels. The euro strengthened against the US dollar and British pound.
In February 2016, the Bord Gáis Energy Index fell 1% month-over-month. Oil prices rose 3% while UK gas, European coal, and Irish electricity prices declined between 3-10% from the previous month. The report provides an overview of movements in prices for oil, natural gas, coal, and electricity in February and discusses factors influencing these markets such as supply and demand fundamentals as well as geopolitical issues.
- In January 2016, the Bord Gáis Energy Index fell 7% as wholesale prices declined for Brent crude oil (-7%), UK gas (-9%), European coal (-3%), and Irish electricity (-8%).
- Brent oil prices hit 12-year lows of $27.88/barrel in January due to oversupply and the lifting of Iranian sanctions.
- UK natural gas prices averaged 32.02 pence/therm in January, down from 34.16 pence/therm in December, as mild weather and ample supplies weighed on prices.
- Most energy commodity prices recorded losses in January as supply remained high and demand was weak.
- In December 2015, the Bord Gáis Energy Index fell 13% as wholesale prices for Brent crude oil, UK gas, European coal, and Irish electricity all recorded losses. The index stood at another record low of 79.
- Prices continued to decline across the board, with oil falling 19% to close below $38/barrel for the first time in a decade due to oversupply and weak demand. Other fuels like UK gas and European coal also recorded losses.
- The euro strengthened against the US dollar and British pound over the month, exacerbating losses in the energy index which is adjusted for currency movements.
- The Bord Gáis Energy Index fell 5% in November 2015 to its lowest ever point of 90, as the wholesale prices of Brent crude oil, UK gas, European coal, and Irish electricity all declined month-over-month.
- The document discusses how low oil prices are significantly impacting oil-exporting countries in the Gulf region, with Saudi Arabia still relying on oil for 85% of its budget despite efforts to diversify its economy.
- OPEC failed to agree on output limits at its December 2015 meeting, allowing oil production to remain high and adding to the global supply glut that is depressing prices.
The Bord Gáis Energy Index rose 4% in October due to higher prices for Brent crude oil, European coal, and wholesale electricity. A weaker euro contributed to higher prices for oil, coal, and gas, which are traded in dollars and pounds. Global gas supplies have expanded significantly in recent years due to new sources like shale gas, coal seam gas, and floating LNG facilities. This has led to a surplus of natural gas and lower wholesale gas prices in many markets like the UK. The oversupply situation could persist for some time as new LNG export capacity continues to come online through 2020.
The September 2015 Bord Gáis Energy Index fell 6% due to excess global oil supplies weighing on oil prices, with Brent crude falling to its lowest point since March 2009 of $48.37 per barrel. The index stood at 91 in September, a new record low. The document also discusses the Volkswagen emissions scandal casting doubt on the future of diesel engines in Europe. While diesel demand has surged in Europe due to tax policies and fuel efficiency, the scandal uncovered that diesel vehicles were emitting nitrogen oxide at levels seven times the legal limit. Continued low oil prices are driven by a global supply glut as US frackers and OPEC countries like Saudi Arabia and Iraq maintain high production levels.
1) The Bord Gáis Energy Index fell 1% in August as modest increases in the Brent crude oil price were offset by falls in the wholesale prices of gas, coal, and electricity.
2) Commodity prices have fallen significantly from their highs in recent years due to oversupply issues in almost all raw materials markets driven by slowing demand from China.
3) The US administration took steps toward ending its ban on crude oil exports, which could benefit US oil producers and allies while hurting countries like Russia, Venezuela, and Iran if the ban is fully lifted. However, many political and economic issues still need to be addressed.
The July 2015 Bord Gáis Energy Index fell 9% month-over-month due to weaker oil prices driven by abundant global supply. The index level of 98 was the lowest since December 2009. Brent crude oil prices continued to weaken, closing at the lowest price recorded by the index. The UK government announced plans to scrap an exemption to the Climate Change Levy for renewable electricity, contrary to the views of the green energy sector.
The June 2015 Bord Gáis Energy Index fell 3% due to weaker oil prices. Oil prices slumped toward the end of June as economic crisis in Greece weakened the dollar. The oil glut remains with supply exceeding demand by almost 3 million barrels per day. Natural gas prices were marginally weaker. Coal prices recovered slightly but electricity prices fell 9% due to lower demand in summer and a softening in power prices.
1) The Bord Gáis Energy Index fell 3% in May due to weaker wholesale gas and electricity prices, though the drop was softened by a weakening euro.
2) Brent crude oil prices were unchanged after recovering in previous months, but further gains are uncertain due to the ongoing oil supply glut.
3) Gazprom's profits declined in 2014 due to lower European demand, higher costs, and disputes with Ukraine over gas transit, and the company faces potential EU fines over antitrust issues.
1) The April Bord Gáis Energy Index rose 8% month-over-month as Brent crude oil prices increased nearly $12 per barrel due to geopolitical tensions and supply disruptions.
2) Robert Smithson argues that US tight oil production is more resilient to low prices than expected and that production costs are decreasing, suggesting oil prices may remain lower for longer.
3) Multiple factors including outages, declining spare capacity, and Middle East tensions supported higher oil prices in April, though stockpiles remain elevated and demand growth is expected to be modest.
1) The Bord Gáis Energy Index fell 9% in March as wholesale prices of oil, gas, coal, and electricity all recorded losses. A framework agreement between Iran and world powers added downward pressure on oil prices by potentially adding 1 million barrels per day of Iranian oil to global markets, though experts say this increase may not occur until 2016.
2) Natural gas prices in the UK fell as strong liquefied natural gas imports increased supplies. Coal prices also weakened due to high stock levels in Europe and declining demand from China.
3) Irish wholesale electricity prices fell due to lower gas and coal prices, but prices were also influenced by the intermittent pattern of wind power, which at times led to price
The February Bord Gáis Energy Index rose 16% month-over-month as the prices of oil, gas, coal, and electricity all increased. The main driver was a nearly $10 per barrel increase in the price of oil due to falling US rig counts restricting future US oil production growth. Despite the rally in prices, oil remains well below its 2011-2014 price range of $100-120 per barrel due to continued oversupply. Demand growth is not expected to be strong enough in 2015 to significantly reduce inventories and support further price increases.
1) The Bord Gáis Energy Index fell 5% in January due to lower wholesale prices for oil, gas, coal, and electricity. Brent crude oil prices stabilized around $50 per barrel after rapid declines in the previous months.
2) Concerns grew about weak economic growth in Europe and China. The ECB announced a quantitative easing program to try to stimulate inflation and demand.
3) Most energy commodity prices continued to decline in January except for small increases in oil and natural gas prices at the end of the month. Overall market sentiment remained bearish due to expectations of high supplies and weak demand growth.
1) The Bord Gáis Energy Index fell in December due to ongoing declines in global oil prices, with the index at 103.
2) A major factor has been the surge in US oil production, which has increased 80% since 2008 and now dominates price behavior after OPEC chose not to cut production in November.
3) Lower oil prices are good for the global economy as consumers benefit but pose challenges for oil-dependent countries and economies that rely on oil revenues to fund budgets.
The Bord Gáis Energy Index fell 9% in November 2014 to its lowest level in over four years as global oil prices continued to plunge. The document discusses factors contributing to declining oil prices such as increased North American oil production, OPEC's decision not to cut production, and geopolitical issues. It also summarizes trends in natural gas and coal markets, noting prices declines there as well driven by oversupply and weaker demand.
1) The Bord Gáis Energy Index fell 5% in October due to a 9% plunge in global oil prices from over $115 per barrel in June to $83.78 per barrel in October.
2) Wholesale natural gas prices in the UK increased 4% in October from seasonal higher demand despite record-high stock levels and mild weather so far.
3) The EU emissions trading scheme has failed to adequately incentivize the transition to low-carbon energy sources due to oversupply of carbon credits, keeping prices too low at around €6.59 per tonne of carbon emissions.
The Bord Gáis Energy Index for September 2014 saw significant increases in the wholesale prices of Natural Gas (21%) and Electricity (17%). This was mostly offset by a fall in Brent Crude Oil as the Bord Gáis Energy Index rises by 3%.
The Bord Gáis Energy Index was unchanged in August as stronger wholesale gas, coal and electricity prices offset lower Brent crude oil prices. Higher gas, coal, and electricity prices were driven by supply restrictions, rising demand, and uncertainty around potential conflict between Ukraine and Russia. Lower Brent crude prices were due to increased African oil supply and soft global demand, despite geopolitical risks in the Middle East.
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During the budget session of 2024-25, the finance minister, Nirmala Sitharaman, introduced the “solar Rooftop scheme,” also known as “PM Surya Ghar Muft Bijli Yojana.” It is a subsidy offered to those who wish to put up solar panels in their homes using domestic power systems. Additionally, adopting photovoltaic technology at home allows you to lower your monthly electricity expenses. Today in this blog we will talk all about what is the PM Surya Ghar Muft Bijli Yojana. How does it work? Who is eligible for this yojana and all the other things related to this scheme?
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2. THE BORD GÁIS ENERGY INDEX RISES 8% IN JULY AS OIL PRICES RECOVER
– OIL, GAS, COAL AND ELECTRICITY PRICES ALL INCREASE IN JULY –
Bord Gáis Energy Index (Dec 31st 2009 = 100) Overall summary:
Bord Gáis Energy Index 12 Month Rolling Average The Bord Gáis Energy Index rose 8% in July,
180 the biggest monthly increase since February
2012, as wholesale oil prices rose on supply
concerns and expectations of additional
economic stimulus measures to battle global
140 weaknesses. Along with rising fuel commodity
Points
prices, the ongoing weakness of the euro
played a significant role in the monthly rise in
the Index.
100
As a result, the Bord Gáis Energy Index now
stands at 144, an increase of 4% on July 2011.
60
Jan-09 Apr-09 Jul-09 Oct-09 Jan-10 Apr-10 Jul-10 Oct-10 Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 Jul-12
1 Mth 8% 3 Mth -6% 12 Mth 4%
Despite the global economic backdrop, wholesale energy prices increased in July, with gains recorded in the wholesale price of oil,
gas, coal and electricity. In July we saw the vulnerability of fuel commodity prices to threats to global supplies or supply failures. A
combination of industrial action in Norway and Colombia, together with escalating tensions in the Middle East pushed prices higher.
Counter intuitively, Brent crude oil prices seemed to gain some support from the raft of poor economic data which stretched from
the US to Europe and Asia in July. As a consequence, the markets began to increasingly price in the benefit that oil would receive as
it became increasingly apparent that stimulus measures and plans from governments and institutions were required and that these
might be delivered. The euro performed poorly against its rivals during the month and lost more ground to the US Dollar and British
Pound. This weakness amplified the commodity price rise by nearly 30%, which impacts negatively on euro zone buyers.
Oil Index Oil
The oil element of the Index was up 10% to
180 157. Despite the negative economic backdrop,
the price of a barrel of oil rose 10% in euro
terms month-on-month in July due to
140 heightened geopolitical tensions and increased
expectations that the governing authorities
Points
in the US, Europe and China and the world’s
main Central Banks will act to stimulate global
100 economic growth.
During the month there appeared to be an
escalation in tensions between the West
60 and Iran as evidenced by the ordering of
Jan-09 Apr-09 Jul-09 Oct-09 Jan-10 Apr-10 Jul-10 Oct-10 Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 Jul-12 new economic sanctions against Iran by the
US, and an increase in the slim possibility of
military engagement or an attempt by Iran to
*Index adjusted for currency movements.
Data Source: ICE
close the Strait of Hormuz. The markets fear
is that Iran’s response to declining oil exports
1 Mth 10% 3 Mth -6% 12 Mth 5% and revenue could result in disruption to the
West’s vital oil supplies. Tensions in the oil
rich region are now not limited to Iran, and
there is increasing concern that the situation
in Syria could ultimately involve neighbouring
countries, which could destabilise the region
and oil supplies.
3. Natural Gas Index Natural gas
250 The natural gas element of the Index was up 4% to 201.
The majority of the month-on-month increase was due
to the ongoing weakness of the euro versus the British
200 Pound. Ireland purchases its gas on the wholesale
markets in the UK and a weakening euro makes those
purchases more expensive.
Points
150 Month-on-month, the average Day-ahead UK gas price
rose in sterling terms due to a pensions dispute at the
start of the month which raised the possibility that
100 Norwegian oil companies would lockout workers on
the Norwegian Continental Shelf and potentially shut
down Norway’s entire offshore oil and gas output.
50 As Norway accounts for 20% of all gas deliveries
Jan-09 Apr-09 Jul-09 Oct-09 Jan-10 Apr-10 Jul-10 Oct-10 Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 Jul-12
to Europe, concerns over gas supplies put upward
pressure on prices earlier in the month. Government
intervention to prevent the lockout meant prices eased
*Index adjusted for currency movements.
Data Source: Spectron Group back to trade within the now familiar 54-55p per
therm range.
1 Mth 4% 3 Mth -3% 12 Mth 13% Strong Norwegian supplies, better weather toward
the end of the month and expectations of healthy LNG
supplies to the UK weighed on prices but these factors
were not strong enough to lower the monthly average
price month-on-month.
Coal Index Coal
260 The coal element of the Index was up 12% to 131.
European coal prices rose dramatically in July due to
a rail strike in Colombia. The majority of Colombia’s
coal exports are shipped to European markets
205
and Ireland currently imports most of its coal from
there. Industrial action at certain coal mines and
Points
maintenance at Colombia’s main coal exporting
150 terminal has added to the impact of the strike.
Workers from the Colombian private railway
95 company Fenco, which transports coal from
Drummond, Prodeco and Colombian Natural
Resources to coal ports in northern Colombia, went
40 on strike over disagreements with management
Jan-09 Apr-09 Jul-09 Oct-09 Jan-10 Apr-10 Jul-10 Oct-10 Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 Jul-12 over pay and work conditions. With some vessels
being unable to load coal at certain ports for export,
there is a fear over future European coal supplies.
*Index adjusted for currency movements.
Data Source: ICE
However, despite worries over physical supplies in
the coming months there is no desperation yet as
1 Mth 12% 3 Mth 11% 12 Mth -11% the global seaborne market has been described
as ‘oversupplied’, with stocks in Amsterdam–
Rotterdam–Antwerp ports still high. The current price
increase could prove temporary in nature should the
issue be resolved.
Electricity Index
180
Electricity
The electricity element of the Index was up 2%
to 113. As the majority of power produced on the
island of Ireland is generated by burning gas, a 4%
140 rise in the average monthly wholesale Day-ahead
UK gas price in euro terms put upward pressure on
Points
the cost of producing electricity. Higher coal prices
also contributed to the rising cost of wholesale
100 power. A slightly higher average carbon price over
the month also put upward pressure on wholesale
power prices.
Beyond commodity monthly price movements,
60 the ever changing power generation dynamics in
Jan-09 Apr-09 Jul-09 Oct-09 Jan-10 Apr-10 Jul-10 Oct-10 Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 Jul-12 the month combined to inflate prices also. Wind
turbines produced fewer volumes of cheap power;
more efficient plants took the opportunity to shut
Data Source: SEMO for maintenance amid lower summer demand
and in advance of the winter; and the ongoing
partial outage of the subsea interconnector
1 Mth 2% 3 Mth -8% 12 Mth 0%
between Ireland and the UK deprived the market
of its full complement of competitively priced
imported power.
4. FX Rates FX rates
The euro continued to weaken in July and fell
3% versus both the US Dollar and the British
1.60 Pound. Nearly a third of the 8% rise in the index
this month can be attributed to the euro’s
weakness as commodity fuel prices like oil and
1.40
coal (which trade in US Dollars), and gas (which
Ireland buys in British Pounds) are traded in
1.20 currencies that are gaining versus the euro,
making them more expensive for euro zone
1.00 buyers, ceteris paribus.
Despite a brief reprieve for the euro in June
following the euro zone leaders agreeing to
0.80 instruct their finance ministers to implement a
new plan that would involve for the first time
0.60 the possibility of ‘Europeanising’ national debt,
Jan-09 Apr-09 Jul-09 Oct-09 Jan-10 Apr-10 Jul-10 Oct-10 Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 Jul-12
deepening problems in Spain (as reflected in
the Spanish ten-year bond) and resurfaced
worries about Greece’s future, pulled the euro
down once again. Until a euro zone backed
1 Mth -3% 3 Mth -7% 12 Mth -15% EURUSD plan that the market believes is economically
sufficient, politically feasible, implementable,
1 Mth -3% 3 Mth -4% 12 Mth -10% EURGBP and that delivers growth is presented, bouts
of weakness will continue to plague the euro
along with fears of contagion.
Market Outlook
The outlook for Brent Crude oil prices remains a struggle between market fundamentals, including geopolitical concerns, and
the performance of the global economy. Unfortunately, oil prices remain high despite what appears to be a weakening global
economic situation, and the enormous cost that economies are having to pay for fuels is challenging. During the month, OPEC
reported oil export revenues for 2011 of over $1 trillion for the first time due to escalating global oil prices. As an importer of
fuels, Ireland remains very exposed to market shocks and price movements which are beyond its control.
We did see a fall in natural gas spot prices in Asia over the last month which could mark the end of the very aggressive Japanese
buying following the Fukushima disaster and perhaps the start of higher LNG gas supplies to Europe which have been declining.
However, Japanese LNG imports are expected to remain high as its nuclear reactors are only expected to return gradually during
2012 and beyond so the competition for limited LNG deliveries will remain intense. Forward gas prices had been supported in the
recent past by the uncertainty of vital LNG supplies to the UK this coming winter. Future weakness in the euro has the potential
to amplify price rises or negate price falls for euro zone countries.
Re-weighting of Bord Gáis Energy index Oil 64.93%
Following the SEAI’s 2009 review of energy consumption in Ireland, released in
Q4 2010, there was a 9.3% drop in overall energy consumption. The most notable
drop of 1.39% was in oil consumption in the form of gasoline and diesel. This
reflects the economic downturn experienced at the time. The share of natural gas
Gas
13.52%
and electricity increased by 0.63% and 0.57% respectively. An increase in the use
of renewables and peat, at the expense of coal in electricity generation was also
observed. As a result the Bord Gáis Energy Index has been reweighted to reflect
the latest consumption data. This has had a minimal effect on the overall shape of Electricity Coal
the Index, but may indicate future trends. 18.40% 3.16%
For more information please contact:
Fleishman-Hillard — Aidan McLaughlin — 085 749 0484
Bord Gáis Energy — Christine Heffernan — 087 050 5555
The contents of this report are provided solely as an information guide. The report is presented to you “as is” and may or may not be
correct, current, accurate or complete. While every effort is made in preparing material for publication no responsibility is accepted
by or on behalf of Bord Gáis Eireann, the SEMO, ICE Futures Europe, the Sustainable Energy Authority of Ireland or Spectron Group
Limited (together, the “Parties”) for any errors, omissions or misleading statements within this report. No representation or warranty,
express or implied, is made or liability accepted by any of the Parties or any of their respective directors, employees or agents in
relation to the accuracy or completeness of the information contained in this report. Each of the Parties and their respective directors,
employees or agents does not and will not accept any liability in relation to the information contained in this report. Bord Gáis Eireann
reserves the right at any time to revise, amend, alter or delete the information provided in this report.