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Time Magazine
5 hours ago
- Business
- Time Magazine
What Conflict in the Middle East Means for Climate Change
The consequences of the increasingly urgent hostilities between Israel and Iran are multifold—humanitarian, geopolitical, and so on. If the situation deepens, it could also have important implications for energy markets and, by extension, climate change and the energy transition. Central to that picture are oil prices. In the past month, oil prices have risen nearly 25% as hostilities have deepened. On its own, Iran is a significant supplier of oil to global markets, producing roughly 4 million barrels of oil daily, and traders fear that its supply could be cut off. A bigger conflagration could mean significantly higher prices with fears about supply issues across the region, especially as traveling through the Strait of Hormuz grows trickier. Governments play a key role shaping everything related to the production and consumption of energy, but nonetheless energy is not divorced from market fundamentals broadly and, specifically, the effect of prices. And perhaps no price is more closely tracked in energy markets than the price of a barrel of crude. But how a high-price environment for oil would shake out is complicated—with some clear pluses for decarbonization efforts as well as some big challenges. On the one hand, high oil prices incentivize investment in alternatives, in this case electrification. Consumers may take a closer look at electric vehicles to save at the pump. Or they may just buy smaller, more fuel efficient cars, a climate win. Meanwhile, companies may take another look at the numbers for ditching diesel in heavy industry. On the other hand, high oil prices incentivize fossil fuel companies to drill more to try to take advantage of high prices. Projects that looked too expensive when prices were low start to take on a new sheen when they're on the rise. None of these factors are likely to play out in a straightforward fashion—and we don't have to look too far back for a similar analogue. In 2022, oil prices rose dramatically following Russia's invasion of Ukraine, quickly shifting the conversation around clean energy. Clean energy advocates responded vociferously that renewables could provide stability as Europe tried to wean itself off of Russian energy. In the U.S., they argued, renewables would contribute to energy security. These arguments helped advance clean energy—even if they weren't decisive. The RePowerEU initiative, launched in the wake of the invasion, helped accelerate the expansion of wind and solar power in the bloc. And energy security was among the arguments that helped get the Inflation Reduction Act across the finish line. At the same time, oil companies largely avoided bringing new oil production online. It was hard to predict how long the high price environment would be sustained. Moreover, executives concluded that they could easily reap the financial benefits of higher prices and resulting higher profitability without taking on the risk of big new investments. This time around we can certainly expect Trump to double down on his pressure on the industry to drill more to keep prices down (Biden did this, too). But up to this point the industry has largely rebuffed these entreaties. So how should companies understand the oil price dynamic? For one, it's helpful to keep an eye on the long-term trajectory. In its annual oil market report released this week, the International Energy Agency found the market to be well supplied in the medium term even as demand continues to grow because of planned increases in output from the U.S., Canada, Brazil, Guyana, and Argentina But for companies the volatility is also a reminder of some of the greatest strengths of renewable energy: it's local and not prone to geopolitical disruption. And, while production may vary day-to-day as the winds blow, prices can be set for decades—immune from the whipsaws of global commodity prices. To get this story in your inbox, subscribe to the TIME CO2 Leadership Report newsletter here.
Budapest Times
9 hours ago
- Business
- Budapest Times
FM: Phasing out EU's imports of Russian gas and oil by end of 2027 would ruin Hungary
Péter Szijjártó, Minister of Foreign Affairs and Trade, warned that a plan drafted by European Commission President Ursula von der Leyen and Ukrainian President Volodymyr Zelensky would put an end to Hungary's energy security. Minister Szijjártó told the Financial Times' Energy Transition Summit in Athens that the RePowerEU roadmap for phasing out the European Union's imports of Russian gas and oil by the end of 2027 would 'ruin' Hungary, as the country couldn't manage its energy supply without deliveries from Russia. The foreign minister warned that, if the plan was implemented, the cost of Hungary's energy supply would climb by an annual EUR 2bn, causing household utility bills to double or triple. Minister Szijjártó said Hungary's energy supply was determined solely by geography and infrastructure, not by politics or ideology. He added that Russia had been the most dependable source of energy for Hungary so far. 'That is not a political declaration. That is not for ideological reasons. Rather, it is based on facts and our experience,' he said. Minister Szijjártó noted that Hungary, a landlocked country, had spent several hundred million euros on interconnectors with the energy networks of its neighbours in recent years. He also called out the EC for failing to provide financial support for the expansion of the gas network in Southeast Europe to support diversification. He said the plan to phase out Russian hydrocarbon imports would violate Hungary's sovereignty, as decisions on the national energy mix were in the scope of power of member states, according to the EU treaties. Instead of supporting diversification, the plan would lead to strong dependency, he added. Minister Szijjártó said the government would fight against the plan in order to preserve Hungary's energy security. 'We're not alone in the matter, as Slovakia is in a similar situation and depends on the same delivery routes,' he added. He welcomed the exclusion of Russian nuclear fuel from the plan, but suggested a close cooperation between the nuclear energy industries of Western Europe and Russia was the reason for the decision. 'That isn't a problem, but a double standard shouldn't be applied,' he added. Minister Szijjártó said energy diversification was important for Hungary's government, but only in the sense of tapping new sources, not exchanging one source of supply for another.
Yahoo
20-05-2025
- Business
- Yahoo
Plug Power's GenEco Electrolyzers Power Live Customer Demos at The Green Box Innovation Hub
Live Demonstration Site in the Netherlands Already Hosting Leading Industrial Plug Customers Plug Power's GenEco Electrolyzers Power Live Customer Demos at The Green Box Innovation Hub SLINGERLANDS, N.Y., May 20, 2025 (GLOBE NEWSWIRE) -- Plug Power Inc. (NASDAQ: PLUG), a global leader in comprehensive hydrogen solutions, today announced that its GenEco electrolyzer systems are fully operational at The Green Box, a cleantech innovation campus in the Netherlands. The site features Plug's 1 MW and 5 MW PEM electrolyzers, which are now running at load and actively supporting live demonstrations and technical workshops for European customers. The GenEco platform is Plug's high-performance, modular electrolyzer system designed for flexible deployment across industrial applications such as refining, sustainable aviation fuel (SAF), and green ammonia production. 'Establishing a live demonstration site at The Green Box is a key step in supporting our European customers,' said Andy Marsh, CEO of Plug Power. 'Being able to showcase GenEco under real-world conditions reinforces confidence in our technology and supports commercial discussions already underway across the region.' Recent visitors to the site include Galp, Technip, Tata Steel, Sener, and several regulatory representatives and notified bodies. The site's successful hydrogen production launch in May 2025 demonstrated the 5 MW GenEco system operating at full load and on specification, primarily powered by on-site solar. Several testing periods aligned with negative electricity pricing, underscoring the economic advantages of integrating Plug's systems with local renewable power. Plug's deployment was enabled by The Green Box's advanced energy infrastructure, including a 6 MW public grid connection and an independently operated 10 kV network. With more than 18,000 solar panels, the campus meets most of its own electricity needs and functions as a smart energy hub—ideal for hosting and scaling technologies like Plug's GenEco electrolyzers. The Green Box strengthens Plug's European footprint, serving as both a live customer showcase and a hub for innovation. Plug continues to advance its regional strategy with an active electrolyzer opportunity pipeline exceeding $21 billion across 2025 and 2026, supported by policy programs such as the EU Green Deal, RePowerEU, and the UK Energy Act. About Plug Power Plug is building the global hydrogen economy with a fully integrated ecosystem spanning production, storage, delivery, and power generation. A first mover in the industry, Plug provides electrolyzers, liquid hydrogen, fuel cell systems, storage tanks, and fueling infrastructure to industries such as material handling, industrial applications, and energy producers—advancing energy independence and decarbonization at scale. With electrolyzers deployed across five continents, Plug leads in hydrogen production, delivering large-scale projects that redefine industrial power. The company has deployed over 72,000 fuel cell systems and 275 fueling stations and is the largest user of liquid hydrogen. Plug is rapidly expanding its generation network to ensure reliable, domestically produced supply, with hydrogen plants currently operational in Georgia, Tennessee, and Louisiana, producing 40 tons per day. With employees and state-of-the-art manufacturing facilities across the globe, Plug powers global leaders like Walmart, Amazon, Home Depot, BMW, and BP. Safe Harbor This communication contains 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act of 1995 that involve significant risks and uncertainties about Plug Power Inc. ('Plug'), including but not limited to statements about: the GenEco platform's applicability for flexible deployment across industrial applications; the Green Box cleantech innovation campus' ability to successfully demonstrate the 5 MW GenEco system; the economic advantages of integrating Plug's systems with local renewable power; and Plug's ability to continue to advance its regional strategy with an active electrolyzer opportunity pipeline exceeding $21 billion across 2025 and 2026. Such statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in these statements. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of Plug in general, see Plug's public filings with the Securities and Exchange Commission (the 'SEC'), including the 'Risk Factors' section of Plug's Annual Report on Form 10-K for the year ended December 31, 2023, Plug's Quarterly Reports on Form 10-Q for the quarters ended March 31, 2024, June 30, 2024 and September 30, 2024 and any subsequent filings with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements are made as of the date hereof, and Plug undertakes no obligation to update such statements as a result of new information. Media ContactFatimah Nouilati – AllisonplugPR@ A photo accompanying this announcement is available at in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
