Tax Policy The differences in proposed tax policy between the presumptive presidential candidates, at this point, in the two main parties — President Joe Biden and former President Donald Trump — are vast, according to Garrett Watson, senior policy analyst with Tax Foundation, a nonpartisan tax policy think tank. “The differences between what (the candidates) … Read more
The Republic of Cyprus is facing a dilemma due to illegal operation of EAC power plants, risking sanctions from the European Commission. The Environment Department has prepared a report for criminal action against EAC. The revision of the Industrial Emissions Directive may allow a derogation for compliance by 2030. The European Commission has requested information on Cyprus’s intent to apply for a derogation. A meeting with relevant stakeholders will decide on the submission of a request and preparation of an action plan for compliance by 2030.
South Africans will vote in a national election on May 29 with uncertainty about the outcome, as polls suggest the African National Congress may lose its majority after 30 years in power. Key issues include high unemployment rates, sluggish economic growth, power cuts, corruption scandals, high rates of violent crime, and rising anti-immigrant sentiment. The government is working to address these issues, with a focus on job creation, economic growth, and tightening immigration laws.
The Ministry of Energy and other governmental bodies are unable to determine the completion time of the Vasilikos LNG terminal and the start of using the new fuel for power generation. DEFA’s delayed procedures for selecting a contractor for the gas supply-transmission system plan have caused significant setbacks. The tender for this study has been challenged and is pending in the Administrative Court. As a result, the Ministry of Energy and DEFA are considering alternative options to expedite the construction of gas pipelines to power plants.
Energy ministers from the G7 countries have agreed to end the use of coal in power generation by the first half of the 2030s. However, there is a caveat that allows for flexibility based on each country’s net-zero pathways. Germany and Japan, which heavily rely on coal-fired power plants, have been given room for manoeuvre. The agreement on coal aligns with the goal set at the COP28 climate summit to phase out fossil fuels. Additionally, the G7 countries recognize the need to reduce Russian energy revenues to support Ukraine but did not reach a common position on potential sanctions on Russian LNG.
A Russian missile attack targeted power facilities in Ukraine, causing damage and fires. Ukrainian air defenses were able to intercept some of the incoming missiles. The attacks have led to a significant loss of power generation capacity in Ukraine. The United States approved a major aid package for Ukraine, including new weapons for air defense systems.
A lack of air defense missiles prevented Ukraine from stopping a Russian missile attack that destroyed the largest power plant near Kyiv. President Zelenskiy mentioned that they ran out of missiles to defend the plant, which was hit by four of the 11 missiles that were launched. The power plant had a capacity of 1,800 megawatts and its destruction has led to a power shortage in the region. Russia has been targeting Ukraine’s energy system with missile and drone strikes, causing significant damage to power generating capacity. Despite Ukraine’s urgent calls for additional air defense systems, Western allies have been hesitant to provide more support.
Russia launched 16 missiles and 11 drones at Ukraine in an overnight air attack, with Ukraine’s air force managing to down nine of the drones and nine of the missiles. Ukraine’s largest private energy firm, DTEK, reported that five of its six plants had been damaged or destroyed, resulting in 80% of its generating capacity being lost and repairs potentially taking up to 18 months.