RIYADH: On a macro level, countries are pursuing measures and initiatives to further support consumers and businesses. While Italy is finalizing an aid package to ease the pain of rallying energy costs, Spanish consumers will pay for a temporary price cap on the wholesale price of natural gas.
Additionally, Argentina is eyeing a significant investment to start exporting liquified natural gas by 2027.
On a micro level, New York’s Metropolitan is onboarding new electric buses in line with its 2040 net zero ambition.
Looking at the bigger picture:
- Italy is finalizing an aid package worth 6 billion euros ($6.3 billion) to cushion consumers and businesses from the soaring energy prices, as a result of a deficiency in gas flows from Russia, Bloomberg reported. The amount represents the unspent remainder of a 10-billion-euro of fresh borrowing revealed at the beginning of April.
- Spanish consumers and firms will pay the cost of a temporary cap on the wholesale price of natural gas, Reuters reported, citing energy and environment minister Teresa Ribera. Even though natural gas will originally be capped at 40 euros ($43) per MW hour, it is expected to climb to an average of 50 euros per MW hour.
- Argentina is looking for as much as $10 billion worth of investment to kick off liquified natural gas exports by 2027, Reuters reported, citing economy minister Martin Guzman. The South American country is targeting $15 billion worth of exports by 2027; yet to achieve this, it will require liquefaction facilities to transform its gas into LNG.
Through a micro lens:
- New York’s Metropolitan Transportation Authority is anticipating 60 new electric buses in 2022, with an additional 470 similar buses set to arrive in 2025/26 respectively, Bloomberg reported. The public benefit corporation responsible for public transportation in New York aims to boost output to achieve net zero emissions by 2040.