UK boosts renewables as energy crisis looms
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- The International Energy Agency (IEA) warns of worsening oil supply disruptions in April due to the Iran war and is considering another release of strategic oil reserves (CNBC).
- The International Monetary Foundation (IMF) predicts "all roads lead to higher prices and slower growth worldwide" if the war continues to choke oil, gas, and fertilizer supplies, noting the UK and Italy are "especially exposed by their reliance on gas-fired power" (Guardian).
- The EU is considering "reviving energy-crisis measures" like grid tariffs and electricity taxes, similar to those used at the start of the Ukraine war (Reuters).
- France is exploring new actions to electrify its economy and reduce fossil fuel import dependence (Le Monde), while various countries are implementing responses such as fuel rationing, tax cuts, and free public transport (BBC News).
- Italy, Germany, and South Korea are delaying coal-plant shutdowns, with Italy pushing its phaseout to 2038, though a Bloomberg comment piece suggests "any shift to burn more coal in 2026 will be short-lived."
- New Zealand may scrap plans for an LNG import terminal due to rising gas prices (New Zealand Herald), and Vietnam might replace its largest LNG power plant with a renewable energy project (Reuters).
- 46 countries, including major oil producers, will attend a fossil-fuel phaseout summit in Colombia later this month (Climate Home News).
- India is forecast to experience higher than normal heatwave days through June, raising the risk of power shortages as Middle East conflicts worsen energy strains (Bloomberg).
- The Trump administration is reportedly offering buyouts to developers to halt remaining US offshore wind projects in exchange for fossil-fuel development (Bloomberg).
- Heavy rainfall and floods in Afghanistan have killed at least 48 people and damaged communities after years of drought (Kabul Now).
Why it matters: The Iran war is directly causing the IEA to consider releasing strategic oil reserves, impacting global energy security.
