Thursday, 8 October 2026

Southeast Asia's energy ministers gathered in Manila for energy security talks aimed at reducing the region's dependence on supply chains disrupted by the US-Israel war with Iran.

The meeting comes as the war pushed oil prices above USD 100 per barrel.

The Association of Southeast Asian Nations imports more than 55 percent of the crude used by its refineries from the Middle East.

The bloc is accelerating regulatory work on a power grid designed to connect the electricity networks of all 11 member countries.

The S&D Group in the European Parliament called for a fundamental change in Europe's energy policy so that cheaper clean energy reaches Europeans' electricity bills.

The group said renewables are already lowering wholesale electricity prices, particularly in countries where gas less often sets the price. Yet households and businesses still face high bills because Europe remains dependent on expensive and volatile fossil fuels, while taxes, levies and network costs add further pressure, according to the S&D Group.

Fidias Panayiotou said the government of Cyprus had failed its citizens, who are paying some of the highest electricity bills. He linked the burden to the country's reliance on fossil fuels, saying that 20% of electricity bills goes toward paying for CO2 emissions through the EU emissions trading system.

The Maharashtra Electricity Regulatory Commission (MERC) reiterated that consumers with rooftop renewable energy generating systems can simultaneously use Open Access and Net Metering under the amended Distribution Open Access (DOA) Regulations, according to Saur Energy.

In a separate matter, MERC disposed of a petition filed by Carbonminus Maharashtra One Private Limited (CMOPL) against Maharashtra State Electricity Distribution Co. Ltd. (MSEDCL), according to Solar Quarter. The dispute concerned the implementation timelines of a 730 MW grid-connected solar power project.

Global oil prices climbed after a surge in maritime attacks in the Strait of Hormuz, according to Event Registry.

The UK Maritime Trade Operations (UKMTO) reported nine attacks recorded in the strait so far this month.

Singapore shares opened lower on Wednesday, pulled down by rising oil prices as risks to Middle East energy flows outweighed any hints of improved supply.

The European Commission is reportedly weighing quotas on imported Chinese hybrid vehicles rather than a per-vehicle special tariff, according to electrive. The approach would mirror steps Canada has taken on electric cars from China.

Under the reported plan, a defined volume of Chinese hybrids could enter the EU at the regular 10% car tariff, with an additional tariff of unknown size applying to imports above that volume.

The move follows a sharp rise in shipments. Imports of hybrid vehicles from China climbed from 3,800 vehicles in October 2024, when anti-subsidy tariffs on electric cars took effect, to around 50,000 units by July 2026, electrive reported.

South Korea's government unveiled a 1,000 trillion won ($747 billion) energy transition and decarbonisation strategy running through 2035, according to the Economic Times Energy report on Wednesday.

The K-GX, or Korea-Green Transformation, plan combines 200 trillion won in fiscal spending with more than 790 trillion won in climate finance and 220 trillion won in private-sector investment, the Economic Times Energy report said.

The strategy targets 100 GW of renewable energy capacity by 2030, according to Oilprice.

Under the plan, electric and hydrogen vehicles are set to exceed 70% of new vehicle sales by 2035, Oilprice reported.