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Energy spend set to hit $3.3 trillion in 2025: IEA
Energy spend set to hit $3.3 trillion in 2025: IEA
London, 5 June (Argus) — Global energy investment is set to reach a record $3.3 trillion in 2025, two-thirds of which will be on "clean energy" technologies, double the amount going to fossil fuels, according to a report released today by the IEA. The total marks a 2pc rise "in real terms" compared to 2024 , "despite headwinds from elevated geopolitical tensions and economic uncertainty", the agency said. The IEA forecasts that around $2.2 trillion will go to renewables, nuclear, grids, storage, low-emissions fuels, energy efficiency and electrification in 2025, compared to $1.1 trillion for oil, gas and coal. The rise in "clean energy" investment reflects "not only efforts to reduce emissions but also the growing influence of industrial policy, energy security concerns and the cost competitiveness of electricity-based solutions", the agency said. Energy security is "a key driver" of the growth in investment globally, IEA executive director Fatih Birol said. Although the "fast-evolving economic and trade picture means that some investors are adopting a wait-and-see approach to new energy project approvals… in most areas we have yet to see significant implications for existing projects," he added. Age of electricity Investment trends are being shaped by a "rapid rise in electricity demand", the IEA said. Global spend on the electricity sector is set to hit $1.5 trillion this year, driven mainly by record investment on low-emissions generation, the organisation said. It expects solar power alone to attract $450bn this year. Investment in power grids is "struggling to keep pace with the rise in power demand", although spending is still forecast to surpass a record $400bn this year, it said. In contrast, investment in fossil fuel supply is expected to fall by around 2pc this year — the first decline since 2020 — owing to a "drop in prices and uncertain investment climate", the IEA said. Upstream oil and gas investment is forecast to fall by approximately 4pc to just under $570bn, led by a 6pc decline in upstream oil spending to roughly $420bn. "The sharp drop in oil prices, rising operational costs, the impacts of tariffs and concerns about potential oversupply have led many companies to revise their investment plans," the IEA said. Investment in coal supply is set to grow again in 2025, but more slowly — up by 4pc on the year, compared with an average 6pc annual increase over the past five years, the IEA said. Coal investment is largely driven by China and India. Spending on "low-emissions fuels" is expected to hit a new record in 2025, but will remain below $30bn, the IEA said. The agency flagged that such projects "are particularly prone to policy uncertainty". The IEA noted regional disparity across energy spending. China remains the world's largest investor "by a wide margin", it said, adding that the country's share of global clean energy investment has risen from a quarter a decade ago to almost one-third today. In the US, investment in renewables and lower-emissions fuels is "set to level off as supportive policies are scaled back", the IEA said. It noted that US shale oil producers are particularly challenged by falling oil prices, and that upstream oil and gas spending "is gravitating towards large resource-holders in the Middle East". By Georgia Gratton Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Lee Jae-Myung wins South Korea’s presidential election
Lee Jae-Myung wins South Korea’s presidential election
Singapore, 4 June (Argus) — Opposition candidate Lee Jae-myung won South Korea's presidential election on 3 June. His win could bring about significant shifts in the country's energy mix away from fossil fuels. Lee is the leader of the main opposition Democratic Party and was up against Kim Moon-soo of the incumbent People Power Party. South Korea has faced much political turmoil over the past few months. The country impeached then-president Yoon Suk Yeol on 14 December , after he declared martial law on 3 December and ended it about six hours later. Yoon "committed the crime of internal rebellion by abusing the right" to declare martial law, according to the National Assembly's impeachment motion, which called the martial law declaration an "unconstitutional and illegal act". Acting president and prime minister Han Duck-soo was also impeached less than two weeks later and subsequently resigned on 1 May. Lee's appointment as president could accelerate the country's energy transition efforts. He has campaigned to completely phase out coal-fired power plants by 2040. Coal took up 28.4pc of South Korea's energy mix in 2024, and the country is the world's fourth-largest coal importer, taking around 86mn t in 2024, Argus data show. Under Lee's plan, the share of nuclear energy in South Korea's power generation would rise from 31.4pc in 2024 to 60pc, and renewables would grow from 10pc to 24pc. The share of LNG would fall from 28pc to 15pc, but no specific timeline was provided for these changes. His proposals also include ramping up renewable energy initiatives, and introducing carbon taxes and incentives for green investment. Lee will also have to navigate economic uncertainty arising from US tariffs, like many other heads of states. US president Donald Trump has most recently indicated he will double tariffs on imported steel to 50pc, effective from 4 June. South Korea exported 1.55mn t of finished steel to the US in 2024, according to GTT data. By Prethika Nair Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Japan’s power utilities on course to rebuild LNG stocks
Japan’s power utilities on course to rebuild LNG stocks
Osaka, 4 June (Argus) — LNG stocks at Japan's main power utilities are steadily increasing ahead of the peak summer demand season, and the latest stocks already exceed 2024 levels. The utilities held 2.26mn t of LNG inventories on 1 June, up by 4.6pc from a week earlier, according to a weekly survey by the trade and industry ministry Meti. This is higher by 1.3pc compared with 2.23mn t on 2 June 2024 and up by 7.6pc against 2.1mn t, the average end-June stocks over 2020-24. Lower utilisation of gas-fired fleets to meet weaker electricity demand in the week to 1 June helped utilities increase LNG stocks. Gas-fed output averaged 22GW in the week to 1 June, down by 8.3pc from a week earlier, according to nationwide transmission system operator the Organisation for Cross-regional Co-ordination of Transmission Operators (Occto). Reduced gas-fired generation came despite a 13pc weekly decline in base-load coal-fired output to an average of 18GW on 26 May-1 June. Oil-fed generation averaged at 158MW in the week, higher by 36pc from a week earlier. Large parts of Japan experienced cooler-than-normal weather last week, which limited electricity use for cooling purposes. The country's power demand averaged 82GW over 26 May-1 June, down by 4.3pc from a week earlier, Occto data show. Weaker power demand weighed on Japan's wholesale electricity prices and worsened generation economics for the country's thermal power plants, especially gas. Margins from a 58pc-efficient gas-fired plant running on oil-linked LNG averaged at -¥1.44/kWh (-$9.99/MWh) over 26 May-1 June. This is down from the average loss of -¥0.32/kWh a week earlier. The 58pc spark spread using spot LNG fell to an average loss of -¥2.20/kWh from -¥0.74/kWh a week earlier, based on the ANEA — the Argus assessment for spot LNG deliveries to northeast Asia. Coal remained competitive in Japan's merit order. The dark spread of a 40pc-efficient coal-fired unit averaged at ¥1.99/kWh in the week to 1 June, despite a 38pc drop on the week, based on Argus ' spot coal and freight assessments. By Motoko Hasegawa Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Mexico factory contraction extends into May
Mexico factory contraction extends into May
Mexico City, 3 June (Argus) — Manufacturing activity in Mexico contracted for a 14th consecutive month in May, though at a slower pace, according to a purchasing managers' survey. The manufacturing purchasing managers' index (PMI) rose to 47.4 in May from 45.5 in April, marking the 14th consecutive month below the 50-point threshold between contraction and expansion, the finance executives' association IMEF said. The subindex for new orders increased by 2.7 percentage points to 44.4, recovering from a post-pandemic low in April. The production subindex rose by 3.1 points to 46.6, while employment held almost steady at 44.6. New orders and production have now been in contraction for 15 consecutive months, and employment for 16. The inventories subindex rebounded by 5 points to 51.2 in May, returning to expansion after one month in contraction. The upticks in May likely reflect firms restarting production to process backlogged orders previously paused because of US tariff uncertainty and re-build inventories as new orders also began to arrive last month, IMEF's head of economic studies Victor Herrera told Argus. "The initial implementation of tariffs led many to put the brakes on production, but this was ultimately short-lived, as reorders started to come through," Herrera said. The non-manufacturing PMI — covering services, commerce and trade — also rose slightly to 49.4 in May from 49.1 in April, marking a sixth month in contraction, under 50. Within that index, new orders increased by 0.7 points to 48.8, production by 1.7 points to 49.5 and employment fell by 0.4 points to 48.5. IMEF, which compiles the PMIs with statistics agency Inegi, said both indexes remain in contraction and May data "confirm the fragility of the Mexican economy at the beginning of the second quarter, in line with a weak growth trajectory and lack of sustained momentum." By James Young Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
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