Datacenters are driving unprecedented growth in US clean energy, boosting wind and solar, but also leading utilities to build fossil-fuel plants and delay renewable transitions. Tech companies are investing heavily in self-generation due to grid connection delays.
Russian Deputy Energy Minister Pyotr Konyushenko reports that illegal cryptocurrency mining in the North Caucasus consumes approximately 300 MW, despite government-imposed bans in the region.
The Trump administration is spending nearly $2 billion to reimburse energy companies for abandoning U.S. offshore wind projects, with the requirement that they invest in fossil fuels instead. TotalEnergies receives $1 billion under a March deal, while Bluepoint Wind and Golden State Wind will get nearly $900 million. House Democrats Jared Huffman and Jamie Raskin have launched an investigation, calling the arrangement a "scam" and warning TotalEnergies' CEO not to take the money.
BP has reported nearly $3.2bn profit in Q1 2026, more than double year-earlier levels, driven by exceptional oil trading and surging energy prices since the Iran war began at the end of February. The oil major's new CEO Meg O'Neill acknowledged the "environment of conflict and complexity". Meanwhile, the UAE announced it is quitting Opec from 1 May, and UK government borrowing costs approached levels last seen during the 2008 financial crisis, with 10-year gilt yields at 5.02%. Chancellor Rachel Reeves pledged to maintain the 38% windfall tax on oil and gas companies.
The Trump administration announced payouts of nearly $900 million to Bluepoint Wind and Golden State Wind to terminate their offshore wind leases, following a $1 billion deal with TotalEnergies. The companies will not pursue new offshore wind projects in the U.S. and will redirect investments to fossil fuel projects. Critics, including Senate Minority Leader Chuck Schumer, condemned the deals as harmful to the economy and ratepayers.
BP's first-quarter profits nearly doubled to $3.2bn, driven by soaring energy prices due to the Iran war and strong oil trading performance. The company acknowledges the complex geopolitical environment while facing potential disruptions.
The UK Serious Fraud Office has arrested four individuals following raids linked to a suspected £44m fraud involving the government's ECO4 home insulation scheme. Authorities are investigating allegations of false invoicing for work that was never performed.
Russian Energy Minister Sergey Tsivilyov met with Libyan Transport Minister Mohammed Al-Shahoubi to discuss Russian companies' continued interest in energy projects in Libya. The parties also addressed agricultural trade opportunities and affirmed their intent to resume the intergovernmental commission's work.
