The Netherlands said on Monday that large energy consumers would need to cut back on their usage beginning at the start of next year, Reuters has reported.
- Jul 04, 2022, 6:30 PM CDT
The restrictions are coming as part of the government’s desire to scale back CO2 emissions as well as reduce its reliance on Russian energy products. Under the new rule, large energy consumers will be forced to invest in all possible energy savings measures, provided the investment can be recouped within a five-year span. The government will fund regulations to aid in the enforcement of such a plan.
The government said the measures would save 19 petajoules of gas and 7 petajoules of electricity per year within the first 7 years. This is the equivalent of 4 million barrels of crude.The specific measures that need to be undertaken, designed to target those companies that use 50,000 Kwh of electricity annually or 25,000 cubic meters of gas, are now in the works.
The new rule is announced not even two weeks after the Netherlands said it would lift its current restrictions on coal-fired power plants, activating its “early warning” phase of its energy crisis plan. The Netherlands’ total coal-fired power capacity was 3.31 GW in 2020, and until the restrictions were lifted, this was set to fall to 3.18 GW by 2025, with eyes on a complete phase-out by 2030.
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Germany Considers Allowing Bailouts For Energy Firms | OilPrice.comGermany is considering amending its energy security law to allow the government to take stakes in struggling energy firms or impose levies on consumers, Reuters reported on Monday, citing three sources.
Read more »
Norway Ramps Up Natural Gas Production To Combat Energy Crisis | OilPrice.comNorway’s authorities have approved applications from operators to boost production from several gas fields, the Norwegian Ministry of Petroleum and Energy said on Monday, expecting record gas sales via pipelines to Europe this year.
Read more »
The One Issue Holding A New Iran Nuclear Deal Back | OilPrice.comIran is one of the largest potential sources of oil supply on the market today, but a new Iran nuclear deal won’t be reached until there is agreement on one key issue
Read more »
Russia Announces 82-Million-Ton Arctic Oil Discovery | OilPrice.comRussian oil and gas giant Rosneft claims to have made an 82-million-ton oil discovery in the Pechora Sea.
Read more »
Venezuela’s Largest Oil Refinery Halts Production Amid Blackout | OilPrice.comOperations at the biggest oil refinery in Venezuela have stopped following a blackout that was caused by an electrical fault, Reuters has reported, noting that the Amuay facility has a capacity to process 645,000 bpd.
Read more »
Germany May Need More Than $15 Billion To Solve Its Gas Crisis | OilPrice.comDespite a $15.7 billion credit line for gas purchases, Germany may not be able to secure enough gas for the winter
Read more »