COP31 co-presidents Turkey and Australia two of world’s worst coal culprits, shows report

Turkey's coal-fired Afsin-Elbistan power station. In early 2024, Turkey overtook Germany to become Europe’s top user of coal in the production of electricity. / Javabite, wiki, public domainFacebook

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By IntelliNews Turkey desk October 5, 2026

Turkey and Australia, co-presidents of the upcoming United Nations COP31 climate summit, are connected by a coal supply chain responsible for more than 75mn tonnes of CO₂ emissions since the signing of the landmark 2015 Paris Agreement on climate action, reveals a new report released on October 4 by 350.org.

The report, compiled with UN Comtrade data, also shows that the two countries are not only retaining their bilateral coal ties, they are also expanding fossil fuels by broadening their trade into liquefied natural gas (LNG).

In May 2024, IntelliNews reported on how Turkey had overtaken Germany to become Europe’s top user of coal in the production of electricity.

350.org, an international environmental organisation and grassroots climate movement, warned that entrenched fossil fuel interests compromise Australia and Turkey’s willingness to lead the transition away from fossil fuels despite COP31 happening amidst the biggest fossil fuel crisis in history. 

The group pointed out that Turkey has lately proposed the expansion of the CENAL coal power plant in Karabiga, Canakkale. It would add 1,050 MW of new coal capacity to an existing 1,320 MW plant and lock in further dependence on imported coal, it said.

Efe Baysal, 350.org Türkiye manager, said: “By hosting COP31, Türkiye has a chance – and a duty – to show that climate leadership starts at home. But Türkiye still generates more coal power than any other country in Europe, with no phase-out date in sight.

“Recent growth in wind and solar power shows the country can move in a better direction to strengthen energy security and shield families from fossil fuel price shocks. COP31 gives Türkiye a platform to build on that progress. It must now act to stop new coal projects, set a clear date to phase out coal, and lay out a credible national plan to leave fossil fuels behind.”

350.org called on both Turkey and Australia to announce national plans to transition away from fossil fuels, with the inclusion of planned coal phase-out dates. Both Turkey and Australia are among the very few industrialised countries without such a specified announced schedule.

The report has been released ahead of the preparatory Pre-COP to the 2026 UN Climate Change Conference, which is being held on South Pacific Ocean island nation Fiji.

Australia is the second largest coal exporter in the world and is dominant in the global coal expansion, accounting for 56% of the global coal mine project pipeline. Turkey’s energy plan envisages roughly 30% more coal and gas power capacity by 2035, said 350.org.

The COP31 summit, which will take place in the Turkish Mediterranean city of Antalya, is just a month away. Australia will serve as “president of negotiations”.

Australia’s prime minister, Anthony Albanese, is expected to join representatives of more than 50 countries for the pre-COP, where the plight of low-lying island nations exposed to rising sea levels will be high on the agenda.

COP31 co-presidents Turkey and Australia have largely ignored fossil fuels – the primary cause of the climate crisis – in public statements made before the summit, according to 350.org. Three letters to countries outlining the summit mission, two from the Turkish government and one joint letter with the Australians, did not mention fossil fuels. Albanese, meanwhile, did not mention fossil fuels in a keynote speech at Climate Week in New York two weeks ago, according to the Guardian.

Andreas Sieber, 350.org head of political strategy, concluded: “As people are hit by soaring oil prices and horrible climate impacts, the presidencies of COP31 keep ignoring the core problem, fossil fuels. Our report exposes that Türkiye and Australia are bound together by a dirty coal trade whose emissions exceed those of many developing countries, while both continue to expand fossil fuels incompatible with the Paris Agreement they are tasked to shepherd.

“Prime Minister Albanese and [Turkish] President Recep Tayyip Erdogan should start announcing overdue coal phase out dates at home. Both should also lay out a clear indication that COP31 will address the core problem behind climate breakdown and volatile energy bills: our dependence on fossil fuels.”

 

US Treasury chief leaves door open to fresh financial support for Milei

"I was able to use the balance sheet of the United States of America, make money for the American people with a fully secured currency swap, central bank to central bank, and the bridge President Milei during the election," Scott Bessent said during an interview with Axios.Facebook

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By IntelliNews Latam desk October 6, 2026

US Treasury Secretary Scott Bessent has left open the possibility of renewed financial intervention to support Argentina's government under President Javier Milei, citing the US response during the country's 2025 market turmoil and arguing that economic stability can serve Washington's broader strategic interests.

Bessent made the remarks in an interview with Axios' co-founder Mike Allen after Argentina's country risk reached 655 basis points last week, its highest level of 2026. The increase came amid higher global interest rates, weaker domestic economic indicators and investor concerns about the future of Milei's radical economic programme beyond 2027.

Asked whether the United States could intervene in financial markets again, Bessent pointed to Washington's support for Argentina ahead of its October 2025 legislative elections, when the Treasury extended a $20bn currency swap line that he described at the time as a "lifeline."

“Let’s think about what we did in Argentina,” Bessent said. He described Milei as “a great ally of the United States who had done a great series of reforms” and said the president's opponents had been trying to turn markets against him and create “financial panic” ahead of the October 2025 mid-term vote, which Milei's party went on to win by a large margin.

Bessent said the previous intervention had been carried out “with the blessing of President Trump” and under the principle that “economic security is national security, and national security is economic security”.

He said the United States had used its balance sheet through a fully collateralised currency swap and had generated a return for US taxpayers while helping Argentina's government navigate the political and financial pressure surrounding the election.

The Treasury secretary linked the operation to Washington's wider efforts to strengthen relationships in Latin America, as part of the Trump administration's renewed focus on the Western Hemisphere. “I would say that the stabilisation of Argentina has led to a sea change in Latin America, something generational or maybe first time in history that we’ve never had this many Latin American countries allied with the US. So could we do that again? Sure." he said.

The comments come as Argentina prepares for a year in which access to external financing and foreign-currency liquidity are expected to remain important issues. Economy Minister Luis Caputo has presented investors with what he described as a financial “shield” of about $72bn to navigate the electoral period.

The figure includes a $20bn currency swap with China, a $20bn facility with the US Treasury, a $17bn target for reserve accumulation and about $15bn in potential intervention through futures markets. The components differ in their practical availability, with only part of the Chinese swap described as potentially flexible and the futures position providing exchange-rate protection rather than liquid dollars.

The availability of the US facility during 2027 has been a specific concern among investors. Caputo has said the line remains available, while Bessent's latest comments provided an additional political signal without specifying the conditions under which any future operation could take place.

The 2025 intervention remains the principal precedent. Ahead of Argentina's legislative elections that year, the US Treasury intervened in the foreign-exchange market and agreed to a currency swap of up to $20bn. Argentina's central bank drew $2.5bn from the arrangement and repaid the amount before the end of that year, later reporting $17.7mn in interest payments.

The US government and Argentina have since expanded cooperation beyond financial support. In September, the two countries advanced the Andes-Atlantic Corridor, a framework intended to facilitate up to $7bn in financing in 2027 for energy, mining and infrastructure projects through institutions including the US Export-Import Bank and the Development Finance Corporation.

Argentina LNG, developed by YPF with Eni and XRG, has emerged as a central project under that framework. The Exim Bank has presented a non-binding indicative proposal for up to $6bn in financing, although any funds would depend on project approvals and conditions and would not represent an immediate increase in Argentina's central bank reserves.

 

Gaps in Awareness, Poor Communication Caused Tug, Barge, Workboat Collision

Former ferry Isabelle X being used for accommodations (TSB)

Published Oct 2, 2026 6:36 PM by The Maritime Executive

Marine investigators in Canada released a report outlining how gaps in situational awareness and a breakdown in communication caused a collision involving a tug, a barge, and a workboat in Squamish Harbor, British Columbia, in December 2024. The incident involved the tug Haisla Northwind, the barge BSG Lubricator, and the workboat Triton 1. It occurred in the marine safety zone of the Woodfibre LNG Project site.

The incident on December 18, 2024, occurred while the tug was pushing the barge on a scheduled run carrying provisions to the Isabelle X, a former ferry that was being used as a floating accommodation (floatel) for project workers, which was moored at the site. The barge collided with Triton 1, which was idling on standby, causing the workboat to capsize and sink.

The workboat’s operator, who was the only person on board, entered the water before being rescued by the workboat Roe 5 that was nearby and was treated for hypothermia. Only minor pollution was observed following the collision, with spill containment booms being deployed as a precaution. While no damage to the tug or barge was reported, the Triton 1 was not salvaged.

The Transportation Safety Board of Canada (TSB) has released its report on the incident, indicating that gaps in situational awareness and breakdown in communication were the main cause of the collision. The report shows that as Haisla Northwind pushed BSG Lubricator forward, visibility from the wheelhouse was obstructed by structures on board the tug and the barge, which reduced the tug master’s ability to visually detect the Triton 1 as it idled on the water.  

Due to the obstructed visibility from the wheelhouse, the master of Haisla Northwind was not aware of the workboat directly on his path. The investigators also established that bright lights from the construction site and nearby vessels also reflected off the water, creating glare that made the Triton 1’s navigation light difficult to distinguish from other lights in the area.

It was also established that Triton 1’s operator heard no arrival message on the VHF radio, did not expect any vessel to be approaching, and his attention was distracted by a cellphone call. Also, the operator is said to have expected the workboat’s navigation lights to make it visible to other vessels.

Built in 2018, the 110 gross tonnage Haisla Northwind was a multipurpose tug that supported various marine operations at the Woodfibre LNG project site, including anchor handling, crane operations, line handling, towing, and cargo stowage. She also transported wastewater, provisions, and equipment for workers. On the day of the incident, she had three crewmembers onboard. The 1964-built barge BSG Lubricator was mainly used to transport wastewater from, and provisions to, the Isabelle X. Built in 2021, the 7.6-meter Triton 1 did not have any fixed role at the site and was used as needed in various activities.

The investigation established that on the day of the incident at 1533, tug Haisla Northwind departed from Tymac Launch Station in Vancouver Harbor on a scheduled run to the floatel. She was pushing the barge BSG Lubricator, which was secured using a winch system on the tug’s bow. At around 1932, the two arrived at the project’s marine safety zone, approximately 600 meters south of the floatel. At this point, the tug’s speed was about 6.2 knots, with the master gradually reducing speed as she approached the ramp located at the floatel’s stern. The master relied primarily on visual navigation.

At about 1940, when the tug and barge were approximately 370 meters from the floatel, and while the deckhands were preparing to take their lookout positions, the master felt a sudden impact. The BSG Lubricator had struck the workboat Triton 1 that had been idling on standby. While initially the tug’s crew thought the barge had hit a submerged log, it soon became apparent that it was a workboat.

Investigators were able to establish that in the incident, gaps in situational awareness were a major factor in the collision. This is because the master of the tug was not aware that the workboat was in the path of the tug and the barge. Likewise, the operator of the workboat was unaware that the workboat was positioned in the direct path of the oncoming tug and barge. Another critical factor was visibility, as the view from the tug’s wheelhouse was obstructed by the crane located on the tug’s forward deck. Further, it was obstructed when pushing the barge with the four wastewater containers and one refrigerated container on the barge deck.

The investigation also found that operations at night posed further challenges to the tug master’s visibility. When approaching the floatel, bright lights from shore-based structures and nearby vessels caused significant light pollution, reflecting off the water and creating glare. This made it difficult for the tug master to distinguish the navigation lights of other vessels that may have been in the tug and barge’s path.  

TSB said that following the collision, organizations involved have since taken safety actions, including strengthening lookout and communication procedures, installing additional vessel-tracking and visibility equipment, and introducing new marine safety plans. Other measures include restricting all barge movements to daylight hours and improving coordination among vessels operating within the marine safety zone.
 

 

Oman’s Maritime Security Center Tightens Transit Rules

The remote, convoluted coast of Oman's Musandam Peninsula (center) is home to more activity than ever due to the Iran conflict (Sentinel-2)

Published Oct 4, 2026 1:29 PM by The Maritime Executive

Oman’s Maritime Security Centre has issued a series of new instructions regarding the passage and presence of ships transiting its territorial waters.

The new regulations are grounded in a Royal Decree (30/2026) published at the beginning of the year, before war broke out, and are based on the interpretation of the Royal Decree made by the Ministry of Transport, Communications and Information Technology. The Ministry is responsible for oversight of maritime matters in the Sultanate, and has been known for its commitment to the UN Convention on the Law of the Sea.

The new instructions do not apply either to warships, to ships designated for military purposes, or to vessels making their way to Omani ports. In other words, the rules apply to vessels transiting through Omani territorial waters, or those who wish to anchor in Omani territorial waters.

Foreign-flagged vessels are required to apply for a formal navigation license through a shipping agent at least three days in advance. Licenses will not be issued unless vessels have valid flag registration and insurance certificates, including Protection and Indemnity (P&I) insurance.

Once licenses are issued, vessels must observe a new set of requirements:

- Only enter protected or restricted areas after having obtaining official approval. It is not clear where such areas are, but will presumably be updated in Notices to Mariners.

- Declare weapons and ammunition and obtain the required licenses.

- Refrain from photographing public and private properties.

- Maintain continuous operation of AIS while in Omani territorial waters.

Enforcement of these regulations will pose a considerable challenge to the Omani Coast Guard, given the volume of traffic and that the regulations apply to vessels transiting Omani territorial waters. Many such vessels may enter and exit Omani territorial waters before enforcement action can be taken.

It is not clear what particular incident has prompted the Maritime Security Center to publish this tighter application of the rules, first set out in Royal Decree 30/2026 and published on February 2. But it is likely to be an accumulation of incidents which has forced the Maritime Security Center’s hand. These are likely to include:

- The IRGC’s operation of unmarked boats in Omani territorial waters, conducting reconnaissance, mine-laying and attacks against shipping in transit.

- The operation of shuttle tankers through the Strait of Hormuz, which tend to remain in territorial waters, but which are subject to regular attack by the IRGC

- The possible covert use of civilian shipping to conduct clandestine military operations, in particular to provide anti-drone and missile protection against IRGC attack.

- The increasing use of Omani waters by dark fleet tankers with invalid or fraudulent flag registration and lacking valid P&I insurance, and others conducting ship-to-ship transfers of crude and LNG

Following the publication of the new regime by the Maritime Security Center, it remains to be seen how the new system will be enforced, and how it works out in practice. But the new regime marks a significant tightening of controls and assertion of Omani sovereign rights.

It will be a challenge to return order to what is currently something of a free-for-all, where there is not only significant risk of military attack from the IRGC - but also navigation hazards created by disuse of the designated channels in the center of the strait, a consequence of the ongoing conflict.

 

Yancoal Australia’s Premier Coal workers reject pay deal, set strike action

Reuters | October 2, 2026 | 

Yancoal is Australia’s second-largest coal producer. (Image: Yancoal 2024 results presentation.)

Majority of workers at Yancoal Australia’s (ASX: YAL) Premier Coal mine rejected the miner’s proposed workplace deal and will begin strike action on Saturday, Australia’s Mining and Energy Union said, citing demands for higher pay and greater job security.

Around 91.5% of Premier Coal workers voted against the agreement as the closure of the Collie mine approaches. The enterprise agreement is expected to be workers’ last, MEU WA District Secretary Greg Busson said on Friday.

Earlier in September, more than 90% MEU members voted in favour of industrial action, including work stoppages of more than 12 hours.

The move was also backed by members of the Australian Manufacturing Workers’ Union (AMWU) last month, with 93% voting in favour.

In an emailed response to Reuters on Friday, Yancoal Australia said Premier Coal acknowledges the rejection of pay deal and remains committed to reaching a fair and sustainable agreement.

“Workers need more of the wage increases delivered up front, while they can be certain of receiving their full value,” said AMWU WA State Secretary Steve McCartney.

The workers are seeking larger upfront pay increases, protections against roster changes and a commitment to a proper redundancy scheme, according to the union statement.

(Reporting by Anjali Singh in Bengaluru; Editing by Sherry Jacob-Phillips)

 

Op-Ed: Asia’s seaborne thermal coal market is shrinking very slowly

Reuters | September 30, 2026 |

Reference photo of a bulk freighter loading coal. (Image by Roy Luck, Flickr).

(The views expressed here are those of Clyde Russell, a columnist for Reuters)

The market for seaborne thermal coal in Asia is engaged in the slowest of races as a mild decline in demand competes with an equally gentle decline in supply in the coming years.

This means that the longer-term outlook for prices will largely be driven by which of supply and demand dips at a slightly faster pace than the other.

Asia dominates the seaborne trade in the type of coal most commonly used to generate electricity, accounting for nearly 90% of the volumes in recent years.

The continent’s seaborne imports peaked at 898.2 million metric tons in 2024, according to data compiled by commodity analysts Kpler, before dropping slightly to 856.3 million in 2025.

They are on track to decline again in 2026 as top importers China and India moderate demand amid higher prices as part of the wider fallout from the US-Israeli war against Iran.

The picture of moderating demand and supply was a common theme at this year’s CT Asia conference on the Indonesian resort island of Bali, the largest coal industry gathering globally.

But rather than being gloomy, most coal market participants see the gradual shrinking of the seaborne thermal coal market as largely positive.

The view is that the sharp rise in the prices of crude oil, refined products and liquefied natural gas (LNG) as a result of the constrained exports from the Middle East has definitely extended coal’s lifespan in Asia.

Seaborne thermal coal comes largely from the world’s biggest exporter Indonesia and Australia, and both producers aren’t subject to shipping chokepoints such as the Strait of Hormuz in the Middle East.

The next biggest suppliers to Asia, South Africa, Russia and the United States do suffer from higher freight costs, but are also viewed as producers that are relatively reliable.

However, the main issues on the supply side are in Indonesia, which is increasingly a policy-driven market rather than one that responds to price and demand fundamentals.

There are two main factors to look at in Indonesia, the first being the total volume of coal that the government authorises miners to produce.

Output, domestic demand

Indonesian coal output hit a record high in 2025 of around 790 million tons, prompting the government to institute cuts for 2026 as part of an effort to limit exports and thereby lift prices by tightening the seaborne market.

It’s not clear exactly how much coal will be mined this year, but the consensus was it will drop by around 60 million tons.

Coal industry representatives at CT Asia also said in off-the-record conversations that they believed the government is keen to cap coal production at around 700 million tons per annum.

The second factor driving Indonesia’s coal market is the ongoing strong rise in domestic demand, especially from the metals processing sector.

Indonesia is the world’s largest producer of nickel and is expanding capacity in other metals, such as aluminium.

Processing the metal ores into semi-refined or final metal products is energy-intensive and the bulk of this power comes from coal.

Sales of coal to domestic users rose at a compound annual growth rate of 11.1% from 2015 to 2025 and now account for 31% of total coal demand in Indonesia, according to data presented at the conference by Toby Hassall, the coal research lead at LSEG.

If Indonesia’s total coal output remains largely steady but domestic demand keeps rising, then supply to the seaborne market has no alternative than to decline.

The wild card is whether the government will move to keep output steady, or whether they will allow miners to increase production, and even if they do there remains a question mark as to how much more can be economically produced for export.

Outside of Indonesia the supply situation looks soft, with new output in Australia constrained by hard-to-obtain permits and a lack of available capital, while South Africa has rail transport constraints.

China policy

On the demand side, there are some similar problems with top buyer China also largely being seen as a policy-driven market.

Coal imports were weaker in the first half, but then rebounded after domestic output dropped amid a series of safety inspections after 82 miners died in an accident in May.

But the overall trend is likely to be slowing seaborne imports as renewables eat into coal’s market share and domestic production recovers.

India, the world’s second-biggest coal importer, may also see lower seaborne imports for power generation as domestic output lifts, but it is also likely to buy more coal for industrial sectors such as cement manufacturing.

Japan and South Korea, the third- and fourth-ranked buyers, are also likely to see lower imports over time as coal plants reach retirement and are replaced by renewables and LNG.

Growth from smaller importers such as Vietnam, the Philippines and Bangladesh is unlikely to compensate enough for lower demand from the top four buyers.

The view of most industry players at CT Asia was that the decline in seaborne thermal coal supply will be modest, but slightly faster than the drop in demand.

This means prices are likely to stay relatively stable, although still being subject to volatility caused by unexpected events, such as this year’s China mine inspections or weather-related supply outages in Australia or Indonesia in previous years.

(Editing by Christian Schmollinger)

Glencore, Peabody and Heeney Capital weigh Venezuela coal deals

Reuters | September 30, 2026 | 

Stock image: by Parilov.

Glencore (LON: GLEN), Peabody Energy (NYSE: BTU) and investment firm Heeney Capital are weighing deals to produce coal in Venezuela, Bloomberg News reported on Wednesday.

Glencore and Peabody are working together on a possible bid for assets in Zulia state, while Heeney is pursuing a separate potential bid with Alabama-based miner Drummond Co, according to the report, which cited people familiar with the matter.

The discussions between Venezuela and the companies have focused on operational control and off-take rights rather than outright ownership of the mines, the report said.

Glencore declined to comment on the report, while Peabody Energy, Heeney Capital and Drummond did not immediately respond to Reuters’ requests for comment.

The Trump administration is seeking greater US access to Venezuela’s minerals, expanding its push to gain control and influence over the South ​American country’s vast natural resources beyond oil, Reuters had reported earlier this month.

(Reporting by Sri Hari N S in Bengaluru; Additional reporting my Megha Anilkumar Nair; Editing by Shilpi Majumdar)

 

Power Demand Is Surging Faster Than Grids Can Keep Up

By Tsvetana Paraskova - Oct 01, 2026

• Global electricity demand is surging at its fastest pace in 15 years, driven by AI, data centers, electrification and industrialization.
• 
  
• The U.S., Europe and Asia are taking different paths to meet rising demand, with APAC expected to account for nearly three-quarters of global demand growth through 2035.
• 
  
• Power grids are emerging as the biggest bottleneck, with the IEA estimating annual grid investment must rise 50% from today’s roughly $400 billion by 2030.

After years of stagnation in key developed markets, power demand is rising again at a pace not seen in decades as data centers, electrification, and industrialization drive a surge in electricity consumption.

The Age of Electricity, as the International Energy Agency (IEA) put it in its 2026 Electricity report, is gathering pace, changing long-term assumptions and forecasts about power markets in all regions, and posing new challenges for policymakers, power generators, and grid operators.

One common feature in the Age of Electricity is that power demand is rising everywhere in the world, driven by higher electrification rates and the AI and data center boom. But different countries and regions have taken different pathways to meet higher electricity demand, reshaping their regional power markets in different ways, analysts at Wood Mackenzie say.

Booming Power Demand

In the United States, electricity consumption set a new record high last year and is on track for new all-time highs this year and next, as the AI boom has ended America’s decade of stagnant power use.

This growth was mostly due to the data centers, as “data center load is emerging as the dominant driver of long-term U.S. electricity growth,” as the U.S. Energy Information Administration (EIA) said in its annual outlook earlier this year.

Despite a pause in connecting new data center projects in Texas to the grid, the West South Central region will still account for the largest regional share of growth in total electricity sales, totaling nearly 20% of nationwide growth in 2026 and almost 40% in 2027, according to the EIA’s forecast in the Short-Term Energy Outlook (STEO) for September.

WoodMac’s analysts forecast 3.2% annual electricity sales growth in the U.S. through 2035, two-thirds of which will come from data centers. With the backing of the Trump Administration, gas remains a popular choice and will meet 52% of the increased power generation through 2035.

However, gas investment costs have hit a record high, and bottlenecks in gas turbine deliveries are complicating decisions to rely too much on gas-powered generation.

“The need for electrons must be balanced against the risk of stranded assets,” Wood Mackenzie’s power and renewables market analysts say.

“The tension between speed to power and affordability are spurring reforms across regional US power markets,” they added, but noted that state policy responses remain fragmented and there is no silver bullet to solving the challenge.

Power demand in Europe is also rising, due to the same global factors plus another major driver—the European Union’s decarbonization policies and drive to boost the share of renewables as a way to protect against geopolitical challenges to energy security, such as the lack of LNG supply from Qatar because of the Iran war and the disrupted traffic through the Strait of Hormuz.

The Asia-Pacific region is set to see the biggest power demand growth of any region, driven by industrialization, economic expansion, and urbanization in China, India, and Southeast Asia, according to Wood Mackenzie.

The APAC region will account for nearly three-quarters of overall global demand growth to 2035, WoodMac says.

Grids Aren’t Ready for the Power Demand Surge

Despite the fact that the pathways to meeting rising power demand diverge among regions, another common thread has emerged in recent years. It’s that the grids are not ready to handle the surge in electricity loads.

Global power demand is expected to grow by more than 3.5% per year on average through the end of the decade, the International Energy Agency (IEA) said in its Electricity 2026 report.

Global electricity demand is rising at the fastest pace in 15 years and will continue to do so at least until the end of the decade as AI infrastructure, advanced manufacturing, and electrification have ushered in The Age of Electricity, the IEA says.

As demand grows, developers of new capacity, especially renewables and natural gas, face constraints in connecting to the grids. Regional and country-specific trends are not the same, but the need for rapid and efficient expansion of grids is a pressing global issue. Without increased system flexibility and rapid grid expansion, the Age of Electricity could roll out at a slower pace than expected.

Today, global investments in grids are about $400 billion per year. If the world is to meet the expected growth in power demand through 2030, it would need to boost annual grid investment by about 50% from $400 billion, according to the IEA.

“A lack of grid capacity is emerging as a critical bottleneck in many regions, driving higher levels of congestion and slowing the deployment of new electricity generation, storage and demand,” the agency said in the report.

“Grid connection queues have reached record levels worldwide.”

In other words, today’s grids are not ready to handle tomorrow’s electricity needs.

“Meeting this demand will require annual investment in grids to rise by 50% by 2030,” Keisuke Sadamori, IEA Director of Energy Markets and Security, said earlier this year.

“Expanding flexibility will also be crucial as power networks continue to evolve – so will a strong focus on security and resilience.”

By Tsvetana Paraskova for Oilprice.com

 

Eni CEO Meets Argentine President as LNG Project Nears Investment Decision

By Charles Kennedy - Oct 02, 2026

Argentina President Javier Milei met Eni CEO Claudio Descalzi in Paris on Friday to discuss energy investment and the progress of the Argentina LNG project, as its developers work toward a final investment decision before the end of the year.

The meeting, held during Argentina Week events in Paris, focused on developing the country's natural gas resources and expanding Argentina's position in international energy markets, according to Eni.

Argentina LNG, being developed by Eni, state-controlled YPF and Abu Dhabi-based XRG, is designed to monetize Vaca Muerta gas through an integrated production, processing, transportation and export system.

The initial development would have LNG production capacity of 12 million tonnes per annum, using two floating LNG facilities capable of producing 6 million tonnes annually each. Production is currently scheduled to begin in 2030, while the partners are evaluating an expansion that could lift capacity to 18 million tonnes per year.

The developers have steadily advanced the project during 2026. Eni, YPF and XRG signed a binding joint development agreement in February covering the 12-mtpa phase.

In June, Eni agreed to acquire a 32% interest in the Meseta Buena Esperanza, Aguada Villanueva and Las Tacanas blocks in Vaca Muerta, giving the Italian energy major a direct upstream position in acreage intended to supply the LNG development. At the time, completion of that transaction remained subject to regulatory approvals.

The project also applied in August to enter Argentina's Large Investment Incentive Regime, or RIGI, a step the consortium described as a milestone toward the planned year-end investment decision. The two FLNG units are expected to be located offshore Río Negro province.

For Argentina, the development represents an effort to translate Vaca Muerta's large unconventional gas resources into sustained LNG exports. For Eni, it would add another major floating LNG development to a portfolio that already includes projects using FLNG technology elsewhere in the world.

Eni said Friday that Milei and Descalzi also discussed the importance of a stable framework for long-term energy investment as the partners advance the capital-intensive project. The company has identified international markets, including Europe, as potential destinations for future Argentine LNG supplies.

By Charles Kennedy for Oilprice.com

 

TotalEnergies to invest $10 billion in Argentina, CEO Pouyanne says

Reuters | October 1, 2026 | 

Vaca Muerta is one of the world’s largest shale deposits. (Image courtesy of Vaca Muerta.)

French oil company TotalEnergies (EPA: TTE) plans to invest $10 billion in Argentina, Chief Executive Patrick Pouyanne said on Thursday at a conference in Paris.

The investment will be spread across different projects, including the drilling of new wells in Tierra del Fuego and an expansion of its gas production in Neuquen.

“We want to enhance production to 16 million cubic metres per day,” Pouyanne said, adding that investments of $4 billion to $5 billion are expected over the next 10 years.

TotalEnergies accounts for around a quarter of Argentina’s gas production, according to the company’s website. The energy firm is targeting growth of 4% in energy output annually through 2030 and between 2% and 3% in oil and gas output between 2030 and 2035, it told investors earlier this week.

Pouyanne spoke at an investment conference in Paris as Argentine President Javier Milei visits France as part of a broader push to attract foreign capital. Milei is due to meet French President Emmanuel Macron later on Thursday, with Buenos Aires promoting opportunities in strategic sectors such as energy, mining and infrastructure.

Argentina’s Vaca Muerta shale formation, one of the world’s largest unconventional oil and gas reserves, produced 670,000 barrels of oil and 95 million cubic metres of natural gas per day in August. That accounted for 72% of Argentina’s total oil output and 62% of its gas production, according to consultancy GKC.

The formation has become a cornerstone of Argentina’s energy growth strategy and a key source of future export revenue. State-run energy company YPF projects that by 2031 Vaca Muerta will generate $50 billion in export dollars, potentially rivaling Argentina’s agriculture sector.

(Reporting by Lucinda Elliott and Inti Landauro. Additional reporting by Dominique Patton in Paris and Eliana Raszewski in Buenos Aires. Editing by Sudip Kar-Gupta, David Goodman and Mark Porter)