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Good morning. The global energy landscape is undergoing significant transformations, with notable developments across various sectors.

One of the most striking shifts is unfolding in the U.S. power market. According to the Energy Information Administration, electricity demand is set to hit record highs in 2025 and 2026, with usage projected to rise to over 4,250 billion kilowatt-hours. This spike is being fueled by the explosive growth of AI and crypto data centers, along with the broader electrification of transportation and heating. Residential and commercial consumption is climbing fast, pushing the grid into new territory.

^_MARKETS

_{OIL & GAS}
US oil and gas rig count falls to lowest since January, Baker Hughes says

The U.S. oil and gas rig count has fallen by six to 578, marking its lowest level since January. This decline is attributed to energy firms focusing on shareholder returns and debt reduction amid lower oil and gas prices.

_{GREEN ENERGY}
UK's Crown Estate gives green light to expand capacity at offshore wind sites

The UK's Crown Estate has approved an expansion of high-density wind farms on existing offshore sites, adding 4.7 GW of capacity. This move supports the UK's goal to generate up to 50 GW of offshore wind energy by 2030.

_{POLICY & REGULATION}
States Sue Over Energy Emergency Order

A coalition of 15 U.S. states has filed a lawsuit against President Trump's executive order that designates a "national energy emergency" to fast-track oil and gas projects, arguing it bypasses key environmental reviews and federal regulations

_{ENERGY STORAGE}
Georgia Power's BESS Projects

Georgia Power has commenced construction on 765 MW of new battery energy storage systems across the state to meet increasing electricity demand and support grid reliability.

_{NEWS
What Else Is Brewing}

• Chevron Pulls Back from Argentina
  Chevron has threatened to walk away from its joint venture with Argentina’s YPF after a court ordered a freeze on dividends and key assets. The company cited severe restrictions on capital access as the primary concern. Read More
  
  

• Saudi Aramco Raises Oil Prices Despite Demand Concerns
  Aramco increased its Arab Light crude price by $0.20 per barrel for June shipments to Asia, signaling confidence even as global demand shows signs of slowing. Read More
  
  

• TotalEnergies Secures Angola Solar Project
  TotalEnergies has won approval for a 35-MWp solar park in Angola, expanding its African renewables footprint and aligning with its 2030 climate targets. Read More
  
  

• Treasury Finalizes Clean Hydrogen Tax Credit Rules
  The U.S. Treasury released final guidance for Section 45V hydrogen tax credits, offering up to $3/kg for the cleanest hydrogen pathways. The rules aim to catalyze investment in low-carbon hydrogen infrastructure. Read More
  
  

• BP Joins Egypt’s Green Hydrogen Coalition
  BP is partnering with Masdar, Infinity Power, and Hassan Allam Utilities to develop a large-scale green hydrogen hub in Egypt, part of the country's strategy to become a regional energy exporter. Read More
  
  

• ExxonMobil Advances Gulf Coast CCS Project
  ExxonMobil is preparing to launch its first U.S. Gulf Coast carbon capture project in 2025. The initiative is central to the company’s net-zero roadmap and aligns with mounting pressure for decarbonization. Read More