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EU gas cap will be suspended if LNG cargoes go elsewhere – EU official

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EU gas cap will be suspended if LNG cargoes go elsewhere – EU official

The EU’s proposed cap to rein in excessive fuel costs might be “instantly” switched off if it results in unexpected and detrimental penalties for the bloc’s economic system, in response to senior EU officers.

There are fears {that a} value cap, which goals to curb market hypothesis, might scare away much-needed provides of liquefied pure fuel (LNG), which may be simply re-routed to Asian international locations.

As personal firms, LNG producers search to maximise their earnings and selected their markets accordingly.

Current media reviews recommend dozens of LNG ships have been lingering round Europe’s coast, ready for costs to go up earlier than unloading their provides.

“Now we have put a variety of thought into what can go flawed. If one thing goes flawed, we are going to pull the plug,” mentioned a senior EU official, talking on the situation of anonymity. “We’ll push the button.”

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The European Fee remains to be creating the value cap’s particular particulars, however a top level view shared with the press on Thursday provided a preview of how the unprecedented instrument will work in apply.

‘Panic-driven value spikes’

The cap will apply to the Title Switch Facility (TTF), the Dutch digital hub the place shippers and purchasers commerce fuel provides. The TTF serves as a number one reference for Europe’s complete vitality sector, with its costs having a powerful affect on the payments that firms and shoppers obtain each month.

Since Russia launched its invasion of Ukraine, the TTF has seen abrupt ups and downs, fuelled by hypothesis over the Kremlin’s subsequent transfer. This has led to record-breaking costs, significantly over the summer season, when the TTF reached an all-time excessive of €349 per megawatt-hour.

Though costs have stabilised since then, there are issues volatility might make a painful comeback within the winter as temperatures drop and demand for heating surges.

“We’re uncovered to plenty of spikes that aren’t justified by market fundamentals,” mentioned the EU official. “Now we have to ship a sign that Europe is just not prepared to pay any value at any second.”

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With this in thoughts, the European Fee intends to create a “deterrence impact” by establishing a most restrict for TTF transactions. In different phrases, a value cap.

However this extraordinary cap, formally often known as a “market correction mechanism,” will solely be triggered if two key situations are met:

  1. If TTF costs attain or exceed the EU’s fastened restrict, which is but to be outlined.
  2. If TTF costs don’t match hikes seen in different worldwide markets, significantly in Asia.

As quickly as each situations are in place, the cap might be activated “very swiftly,” officers mentioned, stressing it will likely be a “very last-resort” possibility to handle “panic-driven” spikes of outstanding nature and untenable scope.

“This isn’t a device to manage or administer fuel costs,” the senior official mentioned. “It is a device to handle a selected scenario of excessive costs not linked with market traits.”

As soon as activated, Brussels will perform month-to-month critiques, utilizing information from the European Central Financial institution and regulatory businesses. If a evaluate proves the 2 situations are not met, the cap might be deactivated.

‘Each LNG molecule we will safe’

Notably, the European Fee might outright droop the value cap if it threatens the EU’s safety of provides, creates monetary issues or sows market chaos.

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“If we’re in a scenario the place we see vital dangers, what issues is that we take a quick choice,” mentioned the EU official. “The danger is all the time there however now we have safeguards to minimise them.”

An financial slowdown in China has allowed Europe to draw loads of LNG cargoes this 12 months and partially offset the lack of Russian fuel. However this bonanza would possibly finish if the Chinese language economic system recovers and world competitors heats up, placing the bloc in a tighter spot to seize beneficial tankers.

“This winter, we will even want each molecule of LNG that we will safe,” Kadri Simson, European Commissioner for vitality, mentioned final month.

Aware of those dangers, the Fee plans to use the cap solely to long-term contracts, also called futures contracts, which can be struck on the TTF and spill over onto households and corporations.

In precept, this can exclude the offers that suppliers and purchasers ink on a bilateral foundation outdoors of the TTF, often known as over-the-counter (OTC).

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The chief believes this exception will act as a “security valve” to assist safe LNG cargoes which can be liable to being re-routed to different areas in the hunt for greater costs.

Officers admit that, in instances of maximum climate occasions or world market disruptions, the cap might be rendered ineffective as a result of securing provides, slightly than inexpensive costs, will change into the EU’s utmost precedence.

Any of those eventualities are, in the interim, hypothetical.

The cap remains to be in improvement and is unclear when and the way it will enter into drive – if it ever does.

Constructing on the define offered this week, the European Fee hopes to get suggestions from EU international locations and use it to design a fully-fledged legislative proposal.

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Ambassadors had a primary likelihood to debate the doc on Wednesday, when cracks had been laid naked, in response to diplomatic sources consulted by Euronews.

On the one hand, a big group of nations, together with France, Italy, Spain, Portugal and Belgium, supported the value cap and requested the European Fee to desk a full proposal earlier than subsequent week’s assembly of vitality ministers – one thing the manager appears unlikely to do, given the tight timeframe.

Then again, Germany, Austria, the Netherlands, Denmark, Estonia and Hungary voiced robust issues over provide dangers and demanded an in-depth influence evaluation earlier than any additional step is taken.

In the meantime, the supply mentioned, Finland, Bulgaria, Latvia, Luxembourg and Eire took a slightly “cautious however constructive” place, and equally emphasised the necessity to assure the safety of provides.

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Health worker displaced by Israeli attacks in Gaza dies of ‘extreme cold’

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Health worker displaced by Israeli attacks in Gaza dies of ‘extreme cold’

Many people in Gaza lack adequate shelter and are malnourished after more than a year of Israeli attacks and blockades.

A Palestinian healthcare worker has died due to “extreme” weather conditions, according to a statement by the enclave’s Ministry of Health, as severe cold compounds the hardship faced by people displaced by Israel’s relentless attacks.

The body of Al-Hakim Ahmed al-Zaharneh, who worked at the European Gaza Hospital, was found inside his tent in al-Mawasi area, west of the city of Khan Younis, southern Gaza, the ministry said on Friday.

“This incident comes in light of the difficult humanitarian conditions that displaced citizens are experiencing, as the suffering of Gaza residents increases due to low temperatures and the lack of heating means in tents,” the ministry said.

The ministry said earlier that four Palestinian babies have died in tents in recent days amid the cold weather and widespread malnutrition.

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Al Jazeera’s Hani Mahmoud, reporting from Deir el-Balah in central Gaza, said that the number of casualties in vulnerable groups is increasing due to worsening weather conditions.

“For 14 months now, people here have been lacking basic necessities to help them survive these difficult conditions – even in summer,” he said.

“Now in winter, the temperature has dropped very low, [and] people in tent camps feel the cold as being [colder] than the actual levels.”

He said that mothers often lack the strength or ability to breastfeed as they are malnourished and unwell.

“The conditions are worse for vulnerable groups like babies and, in the absence of [humanitarian aid], it is natural that deaths will happen.”

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The vast majority of the Gaza Strip’s 2.4 million residents have been displaced at least once since war broke out with the Palestinian group Hamas on October 7, 2023, with many people living in tents that offer little protection from the cold, rain and flooding.

The United Nations and other organisations have repeatedly decried the worsening humanitarian conditions in Gaza, as Israeli attacks and blockades severely curtail access to food, water, medicine and other supplies.

A leading United States government organisation monitoring food crises around the world withdrew a new report this week warning of imminent famine in north Gaza under what it called Israel’s “near-total blockade,” after the US asked for its retraction, US officials told The Associated Press.

The move follows public criticism of the report from the US ambassador to Israel.

The report by the Famine Early Warning Systems Network (FEWS NET) had warned that a “famine scenario” was unfolding in northern Gaza where Israel launched a renewed offensive in early October.

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Meanwhile, on Friday, the director of Gaza’s Health Ministry told Al Jazeera that Israeli forces stormed the Kamal Adwan Hospital, one of the few remaining medical facilities in north Gaza, and forced the 350 people there to evacuate, including all the patients and staff. He said contact with the hospital had been lost.

Israel’s war in Gaza has killed at least 45,436 Palestinians and wounded 108,038 since October 7, 2023, according to figures released on Friday by Gaza’s Health Ministry.

An estimated 1,139 people were killed in Israel during the Hamas-led attacks that day and more than 200 were taken captive.

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New 2025 laws hit hot topics from AI in movies to rapid-fire guns

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New 2025 laws hit hot topics from AI in movies to rapid-fire guns

Artificial intelligence. Abortion. Guns. Marijuana. Minimum wages.

Name a hot topic, and chances are good there’s a new law about it taking effect in 2025 in one state or another.

Many of the laws launching in January are a result of legislation passed this year. Others stem from ballot measures approved by voters. Some face legal challenges.

Here’s a look at some of the most notable state laws taking effect:

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Director of Photography Jac Cheairs and his son, actor Wyatt Cheairs, 11, take part in a rally by striking writers and actors outside Netflix studio in Los Angeles on Friday, July 14, 2023. (AP Photo/Chris Pizzello, File)

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Hollywood stars and child influencers

California, home to Hollywood and some of the largest technology companies, is seeking to rein in the artificial intelligence industry and put some parameters around social media stars. New laws seek to prevent the use of digital replicas of Hollywood actors and performers without permission and allow the estates of dead performers to sue over unauthorized AI use.

Parents who profit from social media posts featuring their children will be required to set aside some earnings for their young influencers. A new law also allows children to sue their parents for failing to do so.

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In advance of Instagram CEO Adam Mosseri’s Congressional testimony, to illustrate the harms children face on social media, parent activists brought an “Instagrinch” to the Capitol building in Washington, Dec. 7, 2021. (Eric Kayne/AP Images for ParentsTogether, File)

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Social media limits

New social media restrictions in several states face court challenges.

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A Florida law bans children under 14 from having social media accounts and requires parental consent for ages 14 and 15. But enforcement is being delayed because of a lawsuit filed by two associations for online companies, with a hearing scheduled for late February.

A new Tennessee law also requires parental consent for minors to open accounts on social media. NetChoice, an industry group for online businesses, is challenging the law. Another new state law requires porn websites to verify that visitors are at least 18 years old. But the Free Speech Coalition, a trade association for the adult entertainment industry, has filed a challenge.

Several new California measures aimed at combating political deepfakes are also being challenged, including one requiring large social media platforms to remove deceptive content related to elections and another allowing any individual to sue for damages over the use of AI to create fabricated images or videos in political ads.

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Parents, students, and staff of Chino Valley Unified School District hold up signs in favor of protecting LGBTQ+ policies at Don Antonio Lugo High School, in Chino, Calif., June 15, 2023. (Anjali Sharif-Paul/The Orange County Register via AP, File)

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School rules on gender

In a first nationally, California will start enforcing a law prohibiting school districts from adopting policies that require staff to notify parents if their children change their gender identification. The law was a priority for Democratic lawmakers who wanted to halt such policies passed by several districts.

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Christian F. Nunes, president of National Organization for Women speaks as abortion rights activists and Women’s March leaders protest as part of a national day of strike actions outside the Supreme Court, Monday, June 24, 2024, in Washington. (AP Photo/Mark Schiefelbein, File)

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Abortion coverage

Many states have passed laws limiting or protecting abortion rights since the U.S. Supreme Court overturned a nationwide right to the procedure in 2022. One of the latest is the Democratic-led state of Delaware. A law there will require the state employee health plan and Medicaid plans for lower-income residents to cover abortions with no deductible, copayments or other cost-sharing requirements.

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Seized firearms are displayed during a news conference Wednesday, Feb. 13, 2019, in Los Angeles. (AP Photo/Jae C. Hong, File)

Gun control

A new Minnesota law prohibits guns with “binary triggers” that allow for more rapid fire, causing a weapon to fire one round when the trigger is pulled and another when it is released.

In Delaware, a law adds colleges and universities to a list of school zones where guns are prohibited, with exceptions for those working in their official capacity such as law officers and commissioned security guards.

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Medical marijuana

Kentucky is becoming the latest state to let people use marijuana for medical purposes. To apply for a state medical cannabis card, people must get written certification from a medical provider of a qualifying condition, such as cancer, multiple sclerosis, chronic pain, epilepsy, chronic nausea or post-traumatic stress disorder. Nearly four-fifths of U.S. states have now legalized medical marijuana.

Minimum wages

Minimum wage workers in more than 20 states are due to receive raises in January. The highest minimum wages will be in Washington, California and Connecticut, all of which will top $16 an hour after modest increases.

The largest increases are scheduled in Delaware, where the minimum wage will rise by $1.75 to $15 an hour, and in Nebraska, where a ballot measure approved by voters in 2022 will add $1.50 to the current minimum of $12 an hour.

Twenty other states still follow the federal minimum wage of $7.25 an hour.

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A man talks on his cell phone while driving in Los Angeles, Monday June 30, 2008. (AP Photo/Kevork Djansezian, File)

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Safer traveling

In Oregon, using drugs on public transit will be considered a misdemeanor crime of interfering with public transportation. While the measure worked its way through the legislature, multiple transportation officials said drug use on buses and trains, and at transit stops and stations, was making passengers and drivers feel less safe.

In Missouri, law enforcement officers have spent the past 16 months issuing warnings to motorists that handheld cellphone use is illegal. Starting with the new year, penalties will kick in: a $150 fine for the first violation, progressing to $500 for third and subsequent offenses and up to 15 years imprisonment if a driver using a cellphone cause an injury or death. But police must notice a primary violation, such as speeding or weaving across lanes, to cite motorists for violating the cellphone law.

Montana is the only state that hasn’t banned texting while driving, according to the National Conference of State Legislatures.

Tax breaks

Tenants in Arizona will no longer have to pay tax on their monthly rent, thanks to the repeal of a law that had allowed cities and towns to impose such taxes. While a victory for renters, the new law is a financial loss for governments. An analysis by Arizona’s nonpartisan Joint Legislative Budget Committee estimated that $230 million would be lost in municipal tax revenue during the first full fiscal year of implementation.

Meanwhile Alabama will offer tax credits to businesses that help employees with child care costs.

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Kansas is eliminating its 2% sales tax on groceries. It also is cutting individual income taxes by dropping the top tax rate, increasing a credit for child care expenses and exempting all Social Security income from taxes, among other things. Taxpayers are expected to save about $320 million a year going forward.

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Election board inspector Pat Cook readies “I Voted” stickers for voters during early voting in Oklahoma City, Friday, Oct. 29, 2010. (AP Photo/Sue Ogrocki, File)

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Voting rights

An Oklahoma law expands voting privileges to people who have been convicted of felonies but had their sentences discharged or commuted, including commutations for crimes that have been reclassified from felonies to misdemeanors. Former state Sen. George Young, an Oklahoma City Democrat, carried the bill in the Senate.

“I think it’s very important that people who have gone through trials and tribulations in their life, that we have a system that brings them back and allows them to participate as contributing citizens,” Young said.

___

Associated Press writers Trân Nguyễn in Sacramento, California; Kate Payne in Tallahassee, Florida; Jonathan Mattise in Nashville, Tennessee; Randall Chase in Dover, Delaware; Steve Karnowski in Minneapolis; Bruce Schreiner in Frankfort, Kentucky; Claire Rush in Portland, Oregon; Summer Ballentine in Jefferson City, Missouri; Gabriel Sandoval in Phoenix; Kim Chandler in Montgomery, Alabama; John Hanna in Topeka, Kansas; and Sean Murphy in Oklahoma City contributed.

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Russia downplays speculation over deadly Azerbaijan Airlines crash as report lays blame for downed plane

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Russia downplays speculation over deadly Azerbaijan Airlines crash as report lays blame for downed plane

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An Azerbaijan Airlines flight that crashed in Kazakhstan on Wednesday, killing 38 people, was shot down by a Russian air defense system, Reuters reported Thursday.

The report cited four sources in Azerbaijan familiar with the investigation into the crash. One of the sources said preliminary results showed the plane was struck by a Russian Pantsir-S air defense system, and its communications were paralyzed by electronic warfare systems on the approach into Grozny, Reuters reported. 

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“No one claims that it was done on purpose,” the source told Reuters. “However, taking into account the established facts, Baku expects the Russian side to confess to the shooting down of the Azerbaijani aircraft.”

Officials in Russia and Kazakhstan have remained tight-lipped after the Azerbaijan Airlines flight crashed near the Kazakh city of Aktau with dozens of souls aboard.

RUSSIA BEING BLAMED FOR AZERBAIJAN AIRLINES PLANE THAT CRASHED HUNDREDS OF MILES OFF COURSE, KILLING DOZENS

The crash near the Kazakhstani city of Aktau killed 38 people on Christmas Day. (Azamat Sarsenbayev)

A Ukrainian national security official has blamed Russian air defense fire for the deadly crash, which killed 38 people on Christmas Day. 

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The Embraer 190 passenger jet flying from Azerbaijan to Russia had 62 passengers and five crew on board, according to Kazakh authorities. It had flown hundreds of miles off its scheduled route to crash on the opposite shore of the Caspian Sea. Twenty-nine people survived. 

Video of the crash showed the plane descending rapidly before bursting into flames as it hit the seashore, and thick black smoke then rising, Reuters reported. 

plane crash fuselage

The plane was en route from the Azerbaijani capital of Baku to the Russian city of Grozny in the North Caucasus, the Associated Press reports. (The Administration of Mangystau Region)

Officials did not immediately explain why the plane had crossed the sea, but the crash came shortly after drone strikes hit southern Russia. Drone activity has shut down airports in the area in the past and the nearest Russian airport on the plane’s flight path was closed on Wednesday morning.

On Thursday, Kremlin spokesman Dmitry Peskov said the cause of the crash is under investigation. He told reporters that “it would be wrong to make hypotheses before investigators make their verdict,” the Associated Press reported. 

Kazakhstan’s parliamentary Speaker Maulen Ashimbayev also warned against rushing to conclusions based on pictures of the plane’s fragments, describing the allegations of air defense fire as unfounded and “unethical.”

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Other officials in Kazakhstan and Azerbaijan have likewise declined to comment on the cause of the crash and pointed to the ongoing investigations for answers, according to the AP.

MORE THAN 30 DEAD IN BRAZIL BUS AND TRUCK COLLISION

plane crash scene

Emergency crews at the site of the Azerbaijani airliner crash on Dec. 25, 2024. (Azamat Sarsenbayev)

Earlier, Ukrainian national security official Andriy Kovalenko blamed a “Russian air-defense system” for the crash in an X post on Wednesday.

“However, admitting this is inconvenient for everyone, so efforts will be made to cover it up, even the holes in the remaining parts of the aircraft,” Kovalenko claimed. 

Aviation-security firm Osprey Flight Solutions also said the flight was “likely shot down by a Russian military air-defense sytem,” the Wall Street Journal reported Wednesday night.

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“Video of the wreckage and the circumstances around the airspace security environment in southwest Russia indicates the possibility the aircraft was hit by some form of antiaircraft fire,” Matt Borie, Osprey’s chief intelligence officer, said in an interview.

MALAYSIA AGREES TO RESUME ‘NO FIND, NO FEE’ HUNT FOR FLIGHT MH370, 10 YEARS AFTER PLANE DISAPPEARED

Memorial for Azerbaijan plane crash victims in St. Petersburg

St. Petersburg Gov. Alexander Beglov places flowers at the Consulate of Azerbaijan in memory of the crash victims, in St. Petersburg, Russia, Thursday, Dec. 26, 2024. (AP Photo/Dmitri Lovetsky)

Russia’s aviation watchdog, meanwhile, said it was an emergency that may have been caused by a bird strike.

The Kremlin did not immediately respond to a request for comment.

Azerbaijan observed a national day of mourning on Thursday for the 38 victims of the plane crash. National flags were lowered across the country, traffic stopped at noon and signals were sounded from ships and trains as the people observed a nationwide moment of silence, the AP reported.

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“We will never forget the beloved people we lost in the crash of the ‘Embraer-190’ aircraft,” Azerbaijan Airlines said in a statement Thursday. “This loss left a deep wound in the heart of an entire community. It reminds us to be more compassionate and connected to one another.” 

“May the souls of those who tragically lost their lives rest in peace, and may their memory live on forever.” 

Fox News Digital’s Pilar Arias and Elizabeth Pritchett, along with Reuters and the Associated Press contributed to this report.

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