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G-7 nations have so far decided not to revise their cap on Russian oil.

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The Group of Seven advanced economies is not expected to update its price cap on Russian oil in the coming weeks amid contrasting views on whether the policy is truly denting the Kremlin’s revenues.

The G-7, alongside the European Union and Australia, decided late last year to impose a cap of $60 a barrel on Russian oil in an effort to ratchet up the pressure on Moscow. As part of the agreement, they said they would review this cap in mid-March.

However, despite calls to do so from several countries in Europe, the threshold was not revised last month even as oil prices fell from the levels seen in the two months prior to mid-March. If a revision had taken place, the $60 barrel level would likely have been reduced.

“The fact that the cap is difficult to enforce (and) monitor is, in my view, also the main reason why policymakers will not be so keen to make adjustments — unless prices move a lot,” Konstantinos Venetis, senior economist at TS Lombard, told CNBC via email.

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At a summit of European leaders in late March, Estonian Prime Minister Kaja Kallas said the oil cap has been working and “we should continue with that.” She called for policymakers to lower the level of the price cap to continue to pressure the Kremlin’s finances.

However, a spokesperson for the European Council, an EU institution that brings together the 27 nations, told CNBC earlier this month: “It is stated that the functioning of the price cap mechanism will be reviewed by mid-March 2023 and every two months thereafter. Now being 5 April, this brings me to believe that the next review would happen in May.”

There are two main reasons for this. Firstly, the G-7 seems to believe the current cap is effective in reducing oil revenues for Russia. Secondly, oil producer group OPEC+ announced on April 2 surprise cuts to production, which pushed up prices and limited the argument for a downward revision to the $60 threshold.

On top of the cap on Russian oil, the EU also banned imports of refined petroleum from Russia as part of several sanctions against Moscow in response to the Kremlin’s full-scale invasion of Ukraine.

“The EU’s oil ban accompanied by the G-7 oil price cap appear to have contributed to a decline in Urals crude prices,” a spokesperson for the European Commission, the executive arm of the EU, told CNBC.

“The price of Urals crude declined from the trade range of $65-70 barrel at the end of November 2022 to well below the $60 cap in January and February 2023.”

For the cap to be revised lower next month, TS Lombard’s Venetis said “there would have to be a significant and sustained drop in global oil prices that makes the cap level look irrelevant.”

Is the price cap working?

U.S. Treasury Secretary Janet Yellen said in late February, at a meeting of the G-20, that the cap on Russian oil had “had a significant negative effect on Russia so far.”

But Jacob Kirkegaard, senior fellow at the German Marshall Fund, told CNBC that there was “widespread disagreement” about whether the cap is working or not.

While it does seem to be hurting Russia’s oil revenues, it is also diminishing the power that Western nations had in the insurance space, he added. This is because, in the wake of sanctions, Russia managed to circumvent some of the restrictions imposed by the G-7 and others by amassing a fleet of older tankers.

Ultimately, Kirkegaard said there was no explicit way to determine whether the oil cap is effective or not.

India, China snap up Russian oil

The International Energy Agency said in a report last month that the measure was having an impact on Russia’s coffers. Oil export revenues dropped to $11.6 billion in February, representing a fall of almost $3 billion from the previous month, as the EU, North America and the OECD Asia Oceania nations refused to buy Russian oil. However, other nations have increased purchases.

“Willing buyers in Asia, namely India and, to a lesser extent, China, have snapped up discounted crude oil cargoes, but increasing volumes on the water suggest the share of Russian oil in their import mix may be getting too big for comfort,” the IEA said in the same report.

“Russia accounted for around 40% and 20% of Indian and Chinese crude imports, respectively, in February. The two countries took in more than 70% of Russia’s crude exports last month,” the agency added.

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Wheel-E Podcast: EBC merger, Super73 recall, Bafang tour, more

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Wheel-E Podcast: EBC merger, Super73 recall, Bafang tour, more

This week on Electrek’s Wheel-E podcast, we discuss the most popular news stories from the world of electric bikes and other nontraditional electric vehicles. This time, that includes a merger between Electric Bike Company and Integral Electrics, California looking to clamp down further on Sur Ron hooligans, a Super73 recall, Cowboy’s production move, a tour inside Bafang’s factory in China, and more.

The Wheel-E podcast returns every two weeks on Electrek’s YouTube channel, Facebook, Linkedin, and Twitter.

As a reminder, we’ll have an accompanying post, like this one, on the site with an embedded link to the live stream. Head to the YouTube channel to get your questions and comments in.

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After the show ends, the video will be archived on YouTube and the audio on all your favorite podcast apps:

We also have a Patreon if you want to help us to avoid more ads and invest more in our content. We have some awesome gifts for our Patreons and more coming.

Here are a few of the articles that we will discuss during the Wheel-E podcast today:

Here’s the live stream for today’s episode starting at 9:00 a.m. ET (or the video after 10:00 a.m. ET):

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NIU unveils new electric microcar with impressive $8,300 target price

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NIU unveils new electric microcar with impressive ,300 target price

NIU, best known as a leader in the electric moped market, has expanded considerably over the last few years. In addition to offering a hot-selling new electric dirt bike and showing off concepts for electric ATVs, the company is now unveiling an electric microcar known as the NIUMM 500.

Still in its prototype stage, the two-seater NIUMM 500 electric microcar is designed to fit into L6e category of light quadricycles in Europe. As a quadricycle, these vehicles are technically not “cars” in the traditional sense (or in the legal sense), and thus have their own set of regulations that help streamline their path to production. Other popular microcars, such as the Citroen Ami, have taken a similar path and reached success with over 30,000 units sold.

With a target price of €8,000 (approximately US $8,300), the NIUMM 500 is intended to fill that niche role of a comfortable, weather-protected urban commuter, going beyond a typical moped or motorcycle with the advantages of locking storage and the ultimate achievement of staying dry in the rain.

In order to qualify as an L6e vehicle though, there are certain restrictions such as speed and power that prevent the NIUMM 500 from laying down the fastest lap times. A top speed of 45 km/h (28 mph) keeps the microcar city-oriented, though you could probably tell by looking that this isn’t a highway vehicle.

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In some countries, light quadricycles don’t even require a full car driver’s license, instead allowing the operator to hold a more easily-obtainable moped permit.

Despite the speed limitation, the little electric microcar has a lot going for it. The traditional steering wheel control and two-pedal drive setup will feel familiar to seasoned car drivers, yet the vehicle offers a more moped-like parking experience by taking up a mere fraction of a parking spot. The narrow size helps squeeze through tight city streets, though you likely won’t be lane splitting quite like a moped.

Back on the car-like side of things, electric locks and power windows come standard (including a power rear windshield), as does electric heating. Optional add-ons include a sun roof and air conditioning. There’s a decently large storage area behind the two seats, and another small storage area in front of the passenger seat.

And in another nod to its hybrid design, halfway between a moped and a car, the NIUMM 500 can even be outfitted with removable batteries (straight from NIU’s NQiX electric mopeds). The removable battery version allows apartment dwellers or others without access to street-level parking to still own and charge their own microcar. Just like how I charge my own NIU batteries at home, owners can simply carry the batteries up the elevator and charge them in their apartment.

For those with charging access though, there’s a fixed battery version with a larger 7 kWh capacity. It gets an impressive 118 km (73 miles) of range, compared to the removable battery version’s 60 km (37 miles) of range.

Both appear to feature the same 5 kW motor with a peak output of 10 kW – also the same drivetrain from the NIU NQiX electric moped.

NIU is currently showing off the new vehicle at the Motorrad show in Dortmund, Germany.

There’s no word yet on if or when the NIUMM 500 will see production, but based on conversations with company insiders, it sounds like NIU is fairly serious about the microcar’s future.

Here’s to hoping it sees the road soon, and that they can keep that target price in check on the way there.

Electrek’s Take

Yes, I’m all in on this!

I LOVE electric microcars. Give me a tiny car, a golf cart, whatever you want to call it, and I’ll take it. For city commuters, 25 mph is often sufficient, and since many people don’t feel safe on a scooter, these types of vehicles fit the bill as lighter and more efficient alternatives to a car that still carry some benefits of a scooter or moped.

I tested out Wink Motors’ vehicles in NYC a couple of years ago and got around the city just fine with a top speed of 25 mph, so I think these could even work in the US. But of course Europe is the primary target here thanks to their more conducive quadricycle laws.

If anyone at NIU is reading this, I will travel to review!

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Renewables generated 24.2% of US electricity in 2024 – EIA data

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Renewables generated 24.2% of US electricity in 2024 – EIA data

Renewables increased their output by almost 10% and provided nearly a quarter of US electrical generation in 2024, according to newly released US Energy Information Administration (EIA) data.

Solar was still No 1

Solar remained the US’s fastest-growing source of electricity in 2024. Utility-scale and “estimated” small-scale (e.g., rooftop) solar combined increased by 26.9% in 2024 compared to the same period in 2023, according to the SUN DAY Campaign, which reviewed EIA’s “Electric Power Monthly” report data.

Utility-scale solar thermal and photovoltaic expanded by 32%, while small-scale solar increased by 15.3%. Together, solar was nearly 7% (6.91%) of total US electrical generation for the year.

In December alone, electrical generation by utility-scale solar expanded by 42% compared to December 2023.

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Small-scale solar (systems <1 MW) accounted for 27.9% of all solar generation and provided 1.9% of the US electricity supply in 2024. In fact, small-scale solar PV generates over five times more electricity than utility-scale geothermal.

2024 renewables milestones

The electrical output of US wind farms in 2024 grew by 7.7% year-over-year. Wind remains the largest source of electrical generation among renewable energy sources, accounting for 10.3% of the US total.

Wind and solar combined provided more than 17.2% of US electrical generation during 2024. The mix of all renewables – wind, solar, hydropower, biomass, geothermal – provided 24.2% of total US electricity production in 2024 compared to 23.2% of electrical output a year earlier.

Between January and December, electrical generation by renewables grew by 9.6% compared to the same period the year before – nearly three times the growth rate of natural gas (3.3%) and over 10 times that of nuclear power (0.9%).

In December alone, electrical generation by renewables grew by 10.1% compared to December 2023.

Wind and solar together produced 15.9% more electricity than coal and came close to matching nuclear power’s share of total generation (17.2% vs. 17.8%).

The mix of renewables reinforced their position as the second largest source of electrical generation, behind only natural gas.

“Renewable energy sources now provide a quarter of the nation’s electricity,” said the SUN DAY Campaign’s executive director, Ken Bossong. “Consequently, the rash efforts of the Trump Administration to undermine wind, solar, and other renewables will have serious negative consequences for the nation’s electricity supply and the economy.”

Read more: Renewables provided 90% of new US capacity in 2024 – FERC


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Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisers to help you every step of the way. Get started here. –trusted affiliate link*

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