The energy crisis in Ecuador has not yet been resolved. Although the conditions of the Mazar reservoir are good, according to the president of the College of Electrical and Electronic Engineers of Pichincha, Marco Acuña, the blackouts could return in April.

Acuña indicated that the reservoir is five meters from reaching its maximum level, so that “in the dry season it could provide energy for about 30 days and its capacity will depend on the rains that occur in the next months” and the new dry season is expected in April.

The January rains have delayed the rationing of electric power a little, according to analysts. However, they suggest that the authorities take several measures to avoid strong rationing, such as analyzing “the need to guarantee transparency in access to technical information on thermal and hydroelectric plants, in addition to ensuring the supply of spare parts for the maintenance of these facilities.”

On the other hand, they have asked the country’s authorities to present the real data on the state of the thermal park and its operational condition, considering that there may be approximately 1,200 recoverable megawatts (MW).

They have also asked for “transparency and breadth in the contracting processes for energy generation that the Government undertook last year, which includes renting barges, buying thermal generators on land and others.”

The “lack of adequate maintenance and the limited capacity to incorporate new electric generation put at risk the stability of the energy supply in the country” are among the reasons that stand out for this energy crisis. According to the Advisory Council, it is urgent to recover the thermal park that is not working, “which could deliver more than 500 MW to the National Interconnected System (SNI).”

M.Pino

Source: americaeconomia

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Starting December 20, Ecuador will suspend electric cuts of about 14 hours a day in the country.

The measure was taken after three months of power cuts that affect the country’s economy, as well as the normal development of Ecuadorians.

The presidency of the South American country announced the suspension of power cuts, indicating, among other reasons, “the recovery of thermal and hydroelectric plants that were under maintenance and that contribute 696.7 MW to the electrical system.”

They also indicated that the “Toachi Pilatón hydroelectric project with 204 MW” will begin operations on that date, reported AFP. This is in addition to the 100 MW produced by a plant on a rented barge and the energy that Ecuador buys from Colombia.”

It is important to note that 70% of Ecuador’s electricity depends on hydroelectric generation, which has been affected by climate change. At the moment, the weather conditions are favorable.

M.Pino

Source: finanzasdigital

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The European Commission has asked European Union (EU) countries to extend for a further year the voluntary 15 % reduction in gas consumption agreed two years ago at the onset of the energy crisis. According to the institution in a statement, this measure was scheduled to expire on March 31.

Brussels urges Member States to continue to take voluntary measures to maintain a collective reduction in gas demand of 15 %, compared to the average consumption recorded between April 2017 and March 2022. The recommendation, which must be approved by EU partners, will be discussed at the next meeting of EU 27 Energy Ministers, scheduled for Monday 4 March.

On gas demand, Brussels acknowledges that the energy situation in the EU has improved since the beginning of the crisis. Despite this, it believes that there is still a need to save energy due to the persistence of geopolitical tensions, the constraint of global gas markets and the decision to reduce Russia’s dependence on fossil fuels.

Continuous gas savings will help to maintain and improve market stability, as well as facilitate the filling of gas storage during spring and summer. It will also support the EU’s decarbonisation efforts, the EU executive argues.

Brussels estimates that the bloc has managed to reduce its gas demand by 18 % between August 2022 and December 2023, representing a saving of 101 billion cubic meters and exceeding the 15 % target agreed in the summer of 2022.

In addition to reducing gas demand, Member States committed to reach 90 % of gas storage capacity by 1 November 2023. The EU already achieved this target in August last year, and by November it was already at 99% capacity.

K. Tovar

Source: Euronews

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La entrada The European Commission asked to extend the reduction of gas consumption apareció primero en Bitfinance.

Inflation and the energy crisis slowed down the German economy in the fourth quarter of 2022, which could lead to a recession in the first months of the new year, according to data from the Federal Statistical Office released on Monday.

The gross domestic product (GDP) contracted 0.2 % in the last three months of 2022 compared to the previous quarter, mainly due to the drop in citizen consumption. Initially, the Wiesbaden-based authority forecast stagnant GDP from October to December.

According to experts, economic output is likely to contract again in the first quarter of this year. If GDP falls for two quarters in a row, economists talk about a technical recession. “High inflation rates have driven the German economy into a winter recession,” said Ifo’s economics officer Timo Wollmershäuser.

Driven by high energy and food prices, inflation reached an annual average of 7.9 percent in 2022, the highest level since the founding of the Federal Republic.

Thomas Gitzel, chief economist at VP Bank, assumes that there will not be a serious collapse of the German economy. “However, there will be a slight recession, and German GDP is also likely to fall slightly again in the current quarter.”

At the end of 2022, consumer spending, which had supported the German economy following the end of most coronavirus restrictions, fell in price, seasonal and calendar-adjusted terms compared to the previous quarter.

“Consumers are not immune to the erosion of their purchasing power due to record inflation,” explained Jörg Krämer, Commerzbank’s chief economist.

Deutsche Bank’s chief economist for Germany, Stefan Schneider, also expects Europe’s largest economy to contract in the first quarter of 2023. “However, it will only really be a technical recession. That is, two consecutive quarters of GDP contraction, and not a decline in growth as was feared until recently.”

Source: dpa

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The supply of gas to the Italian Eni from Russia was suspended by the government of Vladimir Putin. In this way, Gazprom has cut the supply arguing that it is a consequence of the recent change in regulations in Austria, the country through which the gas pipeline passes.

Deliveries to Eni were canceled this Saturday, Gazprom told the media. According to the Russian company, they cannot transport it across the border to Austria.

This was stated by Eni in a statement. The situation is delicate due to the consequences for the population of this cut, in the midst of the crisis aggravated by the leaks detected in the Nord Stream 1 and 2 pipelines, which link Russia and Germany.

For its part, the Russian Gazprom indicated in another statement that “the transport of Russian gas (…) through Austria has been suspended due to the refusal of the Austrian operator to confirm the transport authorizations” and that “it is working on the resolution of the issue”.

The European bloc’s sanctions on Russian gas exports have led dependent countries to look for alternatives, in the midst of the Russia-Ukraine conflict, which has also increased the prices of both gas and electricity in the rest of the world.

M.Pino

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Source: bancaynegocios

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A close official of the French presidency assured that they requested the reincorporation of Venezuela and Iran into the oil market.

“France considers it essential that the entire international community, buyers and producers, mobilize to ensure that the necessary volumes are marketed, to ease tensions and lower prices,” the palace source said.

The objective of this move is to help alleviate the Russian pressure on energy supplies that has caused a significant increase in prices.

Along with this request, it is also sought to create a mechanism that allows limiting the price of oil, so that it is as broad as possible and is not limited to Russian production.

The French official also said that Ukrainian President Volodymyr Zelenskiy assured G7 leaders that conditions were not right for negotiating with Russia and that he wanted to be in a position of strength before starting any negotiations.

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Source: CNN Español

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