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May 09, 2025

Good morning. You’re reading EnergyBrew — your daily pulse on the global energy landscape. From oil and gas shifts to renewable breakthroughs, regulatory changes, and market signals, we deliver the headlines that matter to energy professionals.

MARKETS

OIL & GAS
Russia's Oil and Gas Revenue Declines

Russia reported a 12% year-over-year decrease in oil and gas revenue for April, reflecting the impact of international sanctions and reduced global demand. The decline underscores the challenges facing Russia's energy sector amid geopolitical tensions and shifting market dynamics.

The average Russian oil price in has continued to slide in recent months, from 5,079 roubles in March to 4,562 roubles in April per barrel. This sustained fall in oil prices poses risks to Russia's budget and its ability to finance ongoing expenditures

GREEN ENERGY
AGL Acquires Pumped Hydro Projects in Australia

AGL has acquired two pumped hydro projects in New South Wales' Hunter Valley—Glenbawn Dam and Glennies Creek—from Upper Hunter Hydro Top Trust, owned by former Prime Minister Malcolm Turnbull. This acquisition supports AGL’s strategy to shift away from coal toward long-duration, zero-emission energy storage.

The Glenbawn and Glennies Creek projects could provide up to 770MW and 623MW of energy respectively, with potential for 10-hour storage, pending further approvals. AGL aims to close all coal power stations by 2035, evolving its energy portfolio to include more batteries and long-duration solutions like pumped hydro.

POLICY & REGULATION
EU Proposes Reducing Bureaucracy in Energy Laws

EU member states are advocating for the inclusion of energy policies in the European Commission's initiative to reduce bureaucratic barriers, particularly for industries struggling to remain competitive. The draft conclusions suggest that easing energy laws—like energy-saving obligations and methane emissions rules—could significantly reduce regulatory burdens for energy-intensive sectors without compromising original policy goals.

However, reactions are mixed; some industries welcome the changes as pro-competitive, while large companies, investors, and environmental campaigners criticize them for weakening climate-related regulations. The draft conclusions are still under negotiation and may change before the June 16 summit of EU energy ministers.

ENERGY STORAGE
UK Approves Over 120GWh of Battery Storage Project

The UK has reached over 120GWh of approved grid-scale battery storage projects, indicating significant growth in the sector. A total of 1,420MW/2,840MWh of battery energy storage system (BESS) projects were awarded planning consent over the course of April 2025, reflecting the country's commitment to enhancing energy storage capabilities

This expansion supports the UK's goal to integrate more renewable energy sources into the grid and improve energy reliability. The development of battery storage infrastructure is crucial for managing energy supply and demand, especially with the increasing adoption of intermittent renewable energy sources.

NEWS
What else is brewing

  • Chevron has paused exploratory drilling off the coast of Argentina citing rising operational costs and community opposition.

  • Saudi Aramco announced it will reduce June oil exports by 10% to stabilize global prices amid sluggish Asian demand.

  • TotalEnergies finalized a $1.8B investment in a solar and storage hybrid project in Angola—its largest African renewables venture to date.

  • The U.S. Department of Energy is set to release new hydrogen production tax credit guidelines by the end of May.

  • BP signed a memorandum of understanding with Egypt to jointly develop green hydrogen hubs by 2030.

  • ExxonMobil is expanding carbon capture pilot testing at three U.S. Gulf Coast refineries as part of its 2050 net-zero strategy.