Latest news with #energy markets
Reuters
6 days ago
- Business
- Reuters
Indian Energy Exchange falls on fears of rising competition from new pricing rules
July 24 (Reuters) - Shares of Indian Energy Exchange (IEX) ( opens new tab fell as much as 15% on Thursday, as investors grew concerned that a planned overhaul of electricity pricing could increase competition and erode the bourse's market dominance. IEX, currently India's leading platform for spot electricity price discovery, faces pressure as the power regulator prepares to introduce market coupling from January in a phased rollout. Under the new system, other power exchanges will also act as market couplers, challenging IEX's central role. The stock was on track for its seventh consecutive session of losses and logged its worst intraday single-day performance since listing in 2017. Market coupling is an economic model used in energy markets to create a single, uniform price for electricity across different trading platforms or exchanges. The order is "worse" than "what we have built in" and IEX is likely to feel the impact on its market share, says Bernstein. The brokerage, which maintains a "market perform" rating on the stock, has cut its target price to 122 rupees from 160 rupees to "reflect full impact of market coupling". On an average, IEX shares are rated "buy" with median target price of 215 rupees, per data compiled by LSEG. Shares of the company were trading down 15% at 159.7 rupees as of 1019 local time.
Zawya
11-07-2025
- Business
- Zawya
Oman's oil reserves down 2.8% but gas is up
Oman's crude oil and condensate reserves totaled around 4.825 billion barrels at the end of 2024, reflecting a decrease of 2.8 per cent compared to the previous year, according to official data. Natural gas reserves stood at 23.3 trillion cubic feet (TCF), up from around 23 TCF a year earlier, the Energy and Minerals Ministry said in a report. The report said that Petroleum Development Oman (PDO) — the largest oil and gas producer in the Sultanate — accounted for about 62 per cent of total crude oil and condensate reserves in 2024. 'Amid global challenges facing energy markets — ranging from price volatility to evolving demand dynamics — Oman, guided by strategic foresight and sound policies, succeeded in maintaining stable production levels in the oil and gas sector. The average daily production of crude oil and condensates reached 992.6 thousand barrels, with total exports of approximately 308.4 million barrels,' Minister of Energy and Minerals Salim bin Nasser Al Aufi said. 'The average price for Omani crude stood at $80.79 per barrel. In the natural gas sector, average daily production reached 149.2 million cubic meters, comprising 117.5 million cubic meters of non-associated gas and 31.7 million cubic meters of associated gas. Exports of liquefied natural gas (LNG) totaled 12 million tonnes, delivered across 181 shipments — a clear indication of the sector's operational efficiency and resilience.' As of end-2024, Oman was home to 475 producing fields, comprising 400 oil fields and 75 gas fields. A total of 73 exploration and appraisal wells were drilled last year — 54 for oil and 19 for gas, the report noted. Green energy On the green hydrogen front, 2024 marked a year of 'pioneering milestones' aimed at reinforcing Oman's position as a regional hub for renewable energy and green hydrogen, Al Aufi noted. This was underscored by the signing of eight major hydrogen production agreements — five in Al Wusta Governorate and three in Dhofar. Electricity generated from renewable sources — chiefly solar and wind — accounted for roughly 9 percent of total power generation in the country last year. This modest but growing share underscores the Ministry's commitment to diversifying the national energy mix and advancing low-carbon solutions, Al Aufi said. The contribution of renewables is set to increase steadily with the commissioning of the Manah 1 and Manah 2 solar farms, which will have a combined capacity of 1,000 megawatts (MW). Also slated for launch by 2026 are the North Oman Solar project and the Riyah 1 and 2 wind farms, which together are projected to reduce CO2 emissions by over 1.4 million tonnes annually, the Minister noted. (Writing by Nadim Kawach; Editing by Anoop Menon) (
