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Post by Blitz on Nov 1, 2023 7:44:46 GMT -5
US Offshore Wind Writedowns Seen Soaring with Orsted Earnings brazilenergyinsight.com/2023/10/31/us-offshore-wind-writedowns-seen-soaring-with-orsted-earnings/(Reuters) European energy companies, including Denmark’s Orsted, will likely write down more of their U.S. offshore wind investments this week after BP and Equinor booked $840 million in impairments in recent days. Orsted, the world’s largest offshore wind developer, said in August it may see impairments of 16 billion Danish crowns ($2.3 billion) on its U.S. offshore developments due to supply chain problems, soaring interest rates and a lack of new tax credits. Orsted, which was not immediately available for comment, will post its third quarter earnings on Wednesday. Soaring costs from rising inflation, interest rate hikes and supply chain delays have cast doubt on plans by U.S. President Joe Biden and several states to use offshore wind to replace fossil fuels in energy production and reduce carbon emissions. Analysts said Orsted has already warned it will write down at least 5 billion Danish crowns and noted that those impairments could reach as much as 16 billion Danish crowns if interest rates in the U.S. are above a certain level. “You could say it looks pretty certain that they (Orsted) won’t be able to stick to the 5 billion” Danish crowns in impairments, Jacob Pedersen, senior analyst at Sydbank, a Danish bank, told Reuters. On Tuesday, energy major BP wrote down $540 million in the third quarter on wind projects after officials in New York state rejected a request for better terms to reflect what BP referred to as “inflationary pressures and permitting delays.” Norway’s EquinorEQNR.OL, BP’s partner on those New York offshore wind developments, booked a $300 million impairment on the projects on Friday. BP paid Equinor $1.1 billion in 2020 for a 50% stake in the venture to develop the Empire and Beacon wind projects off New York, which have a combined capacity of 3,300 megawatts (MW), capable of powering about 2 million homes. Analysts said BP, Equinor and Orsted will likely cancel some contracts to sell power in New York, like other offshore wind developers have already done in Massachusetts and Connecticut. Orsted has a contract to sell power in New York from its 924-MW Sunrise Wind project off Rhode Island and Massachusetts. In Massachusetts, two offshore wind developers, SouthCoast Wind and Commonwealth Wind, agreed to pay local utilities to terminate deals that would have delivered around 2,400 MW of energy. SouthCoast is owned by units of Shell, which will report earnings on Thursday, and Ocean Winds. Ocean Winds is owned by units of Portuguese energy company EDP Energias de Portugal majority-owned EDP Renováveis and France’s ENGIE. Commonwealth is a unit of Avangrid, which is majority owned by Spanish energy company Iberdrola. Avangrid also canceled a contract to sell power in Connecticut from its proposed 804-MW Park City offshore wind farm. |
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Post by Blitz on Nov 7, 2023 12:43:36 GMT -5
What's the definition of insanity... doing the same thing over and over again expecting a different result. Evermore more evidence that well meaning loony Left policies do not work and the insanity of it all. And now this continued insanity from Left Coast city of San Francisco: San Francisco worker posts terrifying walk past drug-addled homeless people passed out on the sidewalk in the city's Tenderloin district  TikToker reveals the shocking scenes facing residents and workers in the 'Ground Zero for drug tourism' Unconscious addicts sprawl for hundreds of yards across roads and filthy sidewalks in the pre-dawn scenes 'The anxiety we experience just travelling to work daily in the Tenderloin is unbelievable,' she wrote. By DOMINIC YEATMAN FOR DAILYMAIL.COM - PUBLISHED: 21:01 EST, 6 November 2023 | UPDATED: 12:14 EST, 7 November 2023 www.dailymail.co.uk/news/article-12717937/San-Francisco-tenderloin-tiktok-worker-Freqmeek.htmlThe terrifying reality of life on San Francisco's drug-ravaged streets has been laid bare by one life-long resident who filmed her walk to work through scenes that have made the city an international symbol for squalor and despair. Tiktoker 'Freqmeek' captured the pre-dawn horror as she gingerly picked her way through dozens of desperate addicts in the city's Tenderloin district. Some are hunched against the cold while others are too intoxicated to care as cars and buses try to steer a path through unconscious addicts sprawled across the road for hundreds of yards. 'The anxiety we experience just traveling to work daily in the Tenderloin is unbelievable,' she wrote. 'There are so many concerns and protections in place for drug users and homeless people but what about the working class that have to pray that they make it to and from work in this environment.  www.tiktok.com/@freqmeek/video/7296537311276256555?is_from_webapp=1&sender_device=pcv16m-default.tiktokcdn-us.com/451ca635853c27306317b8646aaa1be0/654acc0d/video/tos/useast5/tos-useast5-ve-0068c004-tx/o4CrglaFfABiQWDuErsCENEgeFR3oQ2hQSEIDg/?a=1988&ch=0&cr=3&dr=0&lr=tiktok_m&cd=0%7C0%7C1%7C3&cv=1&br=3906&bt=1953&bti=NDU3ZjAwOg%3D%3D&cs=0&ds=3&ft=_G6uMBnZq8ZmoGjXvQ_vjYJdsAhLrus&mime_type=video_mp4&qs=0&rc=aGk4NTo2Ojs0OWU8Zmc5aEBpMzVzZG85cmU7bzMzZzczNEA1XmMxLzUtXzMxMTYwX2AyYSNkLW9nMmRrLy5gLS1kMS9zcw%3D%3D&l=20231107174257F8BF30252DE3354BB9C2&btag=e00010000Residents have to pick their way through streets full of unconscious and semi-conscious people in the Tenderloin district of the city +11 View gallery Residents have to pick their way through streets full of unconscious and semi-conscious people in the Tenderloin district of the city At one point a man with a hoodie seemingly burnt off his back steps in front of the TikToker as other ghostly figures loom up out of the darkness +11 View gallery At one point a man with a hoodie seemingly burnt off his back steps in front of the TikToker as other ghostly figures loom up out of the darkness 'These are real dangers faced every single day just to be able to provide for your family.' The Tenderloin district is in the heart of San Francisco and near the Asian Art museum. It's just a few blocks from City Hall. The area also includes part of the Compton Transgender Cultural District. Robberies are up 14 percent so far this year in the Golden Gate City where mayor London Breed last month demanded cuts of 18 percent from next year's police budget. Reported deaths from drug overdoses reached 620 in the first nine months of the year, according to the Office of the Chief Medical Examiner, up from 540 for the same period in 2020. And the city stands to lose $200 million a year in revenue through its business exodus - which has seen major hotels and retailers flee the city center. Retail stalwart Old Navy announced it would be shuttering its flagship store in the area last month, becoming the latest chain to exit the city. Nordstrom also announced it would be closing all of its locations in the city. In April, Whole Foods announced it was closing all their locations, with Anthropologie and Office Depot having also made the same decisions leading some analysts to predict that the city has entered a 'doom-loop' of permanent decline. Last week the city was widely mocked by Chinese media as it prepares to host its President Xi Jinpingat the Asia-Pacific Economic Cooperation (APEC) summit. US Chinese Radio used the headline 'Ghost town San Francisco to have major blood exchange as APEC will bring the safest week in history to the city.'  +11 View gallery Many are hunched over in the characteristic aspect of the fentanyl user  A DailyMail.com analysis of cuts faced by key departments in San Francisco reveals the police department must find savings of $18.5 million and public health budgets could lose $26 million +11 View gallery  The city's drugs crisis saw 620 reported overdose deaths in the first nine months of the year +11 View gallery  'Now it has become a Mecca of crime, the streets are in disarray, and it is rapidly slipping towards the status of a ghost town,' Chinese media gloated +11 View gallery  A map reveals the major businesses which have left, or plan to leave, San Francisco in recent months +11 View gallery  +11 View gallery Other headlines include the phrases 'garbage city, 'ruined city' and 'fallen city', as crippling drug issues and widespread homeless problems continue to cause problems for the city. Another headline from the Chinese site Phoenix also said the city had fallen into a 'death cycle.' One article also states: 'San Francisco was once a jewel on the West Coast of the United States, but as the Democrats advanced their radical agenda. 'Now it has become a Mecca of crime, the streets are in disarray, and it is rapidly slipping towards the status of a ghost town.' On Saturday, Britain's Home Secretary Suella Braverman held up the city as an example of what could happen in the UK as she outlined plans to prevent charities handing tents to homeless people. 'Unless we step in now to stop this, British cities will go the way of places in the US like San Francisco and Los Angeles, where weak policies have led to an explosion of crime, drug taking, and squalor,' she wrote. The city's US attorney Ismail Ramsey announced a multi-agency 'All Hand on Deck' project on Thursday to tackle drug dealing in Tenderloin, admitting it had become 'ground zero for drug tourism'. He revealed that 50 kilograms of fentanyl have been seized from the district's streets in the last four months, nearly double the amount in the same period last year and enough to create 20 million lethal overdoses. 'Our drug crisis has been fueled in part because selling fentanyl has become a lucrative vocation for people who have found our neighborhoods, and principally the Tenderloin District, to be a convenient and risk-free marketplace,' he said. It is a reality all too apparent to residents who have to live and work in the city. Drug addicts and the homeless congregate in the Tenderloin District of the California city +11 View gallery Earlier this year a homeless woman was pictured giving birth on a sidewalk in Tenderloin as pedestrians wandered past. The baby lay on the sidewalk, crying, covered in the mess of its birth until its mother reached out to scoop it up with a piece of fabric. 'This is overwhelming and mentally draining,' wrote the TikToker. 'Not to mention the dangers of the unpredictable nature of this environment. 'The tenderloin was rough but it was never like this, never, and I was born and raised here so this is not the same scene pre-pandemic. 'Imagine the children and senior population having to navigate this, it's definitely terrifying.' |
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Post by Blitz on Nov 13, 2023 9:44:58 GMT -5
Siemens Gamesa Halts Plans for USD 200 Million Offshore Wind Turbine Blade Factory in US brazilenergyinsight.com/2023/11/13/siemens-gamesa-halts-plans-for-usd-200-million-offshore-wind-turbine-blade-factory-in-us/ (OW) Siemens Gamesa has discontinued its plans to build and operate an offshore wind turbine blade manufacturing plant in Virginia, US. The company’s USD 200 million (about EUR 187 million) manufacturing plant was planned to be built at the Port of Virginia’s Portsmouth Marine Terminal. It was intended to support major US offshore wind projects, including Dominion Energy’s 2.6 GW Coastal Virginia Offshore Wind (CVOW) project. First announced in October 2021, the facility, which covered more than 80 acres, was expected to support approximately 300 jobs once fully operational. However, Siemens Gamesa said it cancelled plans to build and operate the blade manufacturing plant in Virginia, as development milestones to establish the facility could not be met. Under a contract signed with Dominion Energy, Siemens Gamesa will supply 176 of its SG 14-222 Direct Drive offshore wind turbines to the CVOW project with the installation scheduled to begin in 2024. The first monopiles, manufactured by EEW SPC, already arrived at the Portsmouth Marine Terminal. Once fully operational, the offshore wind farm will be able to generate enough electricity to power over 900,000 homes. The change in plans by Siemens Gamesa comes at a time when supply chain issues, raised interest rates, and inflation had major impacts on several offshore wind projects in the US. At the beginning of November, Danish renewable energy developer Ørsted decided to cease the development of the Ocean Wind 1 and Ocean Wind 2 offshore wind projects in New Jersey, citing supply chain issues and rising interest rates. In addition to Ørsted, Avangrid, a member of the Iberdrola Group, also terminated power purchase agreement (PPA) last month for its Park City Wind offshore project. |
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Post by Blitz on Nov 14, 2023 11:38:19 GMT -5
Offshore wind reaches crossroads, as spiraling costs and supply chain issues force developers to reassess projects – EY research 14 Nov 2023 www.energy-pedia.com/news/general/offshore-wind-reaches-crossroads--as-spiraling-costs-and-supply-chain-issues-force-developers-to-reassess-projects-%E2%80%93-ey-research-193255- UK concedes poll position for offshore wind investment, falling three places in the Renewable Energy Country Attractiveness Index - Nordic countries emerge as notable climbers on the Index - Japan and Chile fall in the rankings, overshadowed by deployment challenges Turbulent times in the offshore wind sector could change the way large-scale energy projects are built and funded in the future, according to the latest EY Renewable Energy Country Attractiveness Index (RECAI). Offshore wind is crucial to achieving net zero, but has experienced a difficult 12 months, challenged by a squeezed supply chain and escalating costs. Global project costs have risen by 39% since 2019 and the next decade could see cost inflation adding around US$280b in capital expenditure for the sector. Against this backdrop, around 80% of the 15 markets with offshore wind targets for 2030 are predicted to miss their stated goals. Not least, the UK has conceded its lead position as the most attractive country to host offshore wind projects, falling three places to 7th position on the Index overall. In September 2023, the maximum strike price of £44 (US$54) per megawatt hour for offshore wind in the UK’s fifth allocation round (AR5) was not sufficient to entice developers to bid. This represents a huge setback in the UK’s goal of reaching 50GW of offshore capacity by 2030. Arnaud de Giovanni, EY Global Renewables Leader, says: 'The offshore wind sector has reached an inflection point at a time when the climate emergency is demanding urgent investment to meet global net zero targets. For offshore wind to fulfill its role in global decarbonization, it is necessary to mitigate risks that are beyond the control of developers, guaranteeing them a reasonable return on their investments. Tensions in the offshore supply chain could be alleviated by standardizing technologies, offering greater certainty to manufacturers and developers. And governments need to devise strategies that simplify and expedite the consenting process, minimizing risks between the issue of offtake agreements and final investment decisions.' Ben Warren, EY Renewables Corporate Finance and RECAI Chief Editor, says: 'The UK's recent challenges in the offshore wind sector echo a broader, global struggle. When auctioning contracts for offshore wind generation, governments need to reflect economic conditions in the design of the auction. Considering moving away from cost-only auction formats and incorporating factors other than cost, such as environmental considerations and jobs creation, would boost the supply chain, improve deliverability and benefit wider society.' Nordic countries climb the Index; Japan and Chile fall in the rankings The top three RECAI markets remain unchanged. The US retains 1st position, fuelled by significant solar growth as a result of incentives from the Inflation Reduction Act. Germany remains in 2nd position, having experienced substantial growth in its onshore wind sector; new capacities installed by the end of September surpass the total installed in 2022. And despite halting national-level subsidies, China continues its upward trajectory in offshore wind, maintaining its overall 3rd position. The Nordic countries continue to pursue their renewable energy ambitions, with Denmark, Sweden, and Norway climbing two, three, and five places respectively. Japan slips three places to 13th position. Despite abundant natural resources and a commitment to reduce fossil fuels, it is falling behind other leading economies in terms of solar and wind deployment. Similarly, Chile drops two spots to 16th position. Notwithstanding new battery storage targets, Chile continues to struggle with intermittency issues due to solar curtailment across the country. Page 3 To view the RECAI Top 40 in full, the normalized RECAI ranking and the corporate power purchase agreement index, as well as analysis of the latest renewable energy developments across the world, visit ey.com/recai. Source: EY Global Renewables |
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Post by Blitz on Nov 14, 2023 12:00:24 GMT -5
Looks like the ESG fantasy fairy tales keep getting exposed. It's like they are trying to mine Unobtanium on the planet Pandora from Avatar. And now this... Orsted quits Norwegian offshore wind projects due to rising costs Rachel Morison and Priscila Azevedo Rocha, Bloomberg November 13, 2023 www.worldoil.com/news/2023/11/13/orsted-quits-norwegian-offshore-wind-projects-due-to-rising-costs/(Bloomberg) – Orsted A/S has withdrawn from a partnership developing offshore wind projects in Norway as the company grapples with big losses resulting from rising costs. Orsted quit a consortium with Fred. Olsen Renewables AS and Hafslund Eco citing “a prioritization of investments” in its portfolio, according to the company. The pullback is a further sign of how the world’s largest developer of wind farms is scaling back after being forced to cut some U.S. projects, which resulted in a third-quarter net loss. Orsted is at the center of a crisis for the offshore wind industry with companies struggling to fund large developments. Higher financing and component costs combined with increased competition have slowed the pace of renewable energy around the world, making it harder for developers and suppliers to make new projects profitable. “We are carefully prioritizing our investments and therefore adjusting business development and bidding activities, particularly in some of our new markets,” Alana Kuhne, vice president and head of new markets in Europe at Orsted, said in an emailed statement. “As part of this we have decided not to prioritize offshore wind development in Norway for now and will therefore not to be participating in the upcoming tenders.” Shares in Orsted fell as much as 2.8% on Monday and are near the lowest for six years after the Danish utility dropped two US wind projects and recorded 28.4 billion kroner ($4 billion) in impairments earlier this month. Hafslund and Fred. Olsen Seawind will continue their partnership with a view to pursuing the Utsira Nord project specifically and offshore wind in Norway generally, according to a statement by Bonheur ASA. |
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Post by Blitz on Nov 16, 2023 9:54:07 GMT -5
Another example of an ESG flop and government trying to prevent flops because ESG is a flopping and not economical... UK boosts offshore wind price to head off second green power auction flop Increase in maximum for CfD power deals reflects rising sector costs and aims to keep nation on track for 50 gigawatts goal 16 November 2023 - By Andrew Lee in London www.upstreamonline.com/energy-transition/uk-boosts-offshore-wind-price-to-head-off-second-green-power-auction-flop/2-1-1555863The UK has dramatically boosted the maximum price for offshore wind power on offer at its next renewable energy auction as it seeks to head off the prospect of another damaging flop and keep its ambitions for wind at sea on track. The UK will set an administrative strike price (ASP) of £73/MWh ($90/MWh) for its next tender round, scheduled for next year and known as allocation round 6 (AR6) when developers will be invited to bid for government-backed contract-for-difference (CfD) power deals. |
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Post by Blitz on Nov 17, 2023 7:51:39 GMT -5
Has the Energy Transition Hit a Wall?
By Irina Slav - Nov 16, 2023, 7:00 PM CST
oilprice.com/Energy/Energy-General/Has-the-Energy-Transition-Hit-a-Wall.html
- Wind and solar stocks are declining due to higher costs of raw materials and slow supply response.
- EV chargers and copper mining, critical for the energy transition, face demand uncertainties and reluctance in investment.
- Despite government subsidies, renewable energy sectors struggle with high costs and interest rates, indicating a slower and more expensive transition than anticipated.
Wind power stocks are tanking. So are solar power stocks. Germany’s government just agreed to underwrite a 15-billion-euro bailout for Siemens Energy after its wind power subsidiary booked massive losses.
The list could continue. The movers and shakers in the energy space are finding it increasingly hard to move and shake. It was easy to anticipate this development, yet, many choose to ignore the signs, and now the sector may suffer more before the growing pains ease.
One common theme in the wind, solar, and EV space is the theme of rising costs. This was perhaps the easiest development to anticipate in the progress of the energy transition. After all, everyone was forecasting a massive surge in the demand for various raw materials and technology to enable that transition.
There is one guaranteed thing that happens when demand for something rises: prices also rise before the supply response kicks in. This is a universal truth for all industries and there was no reason to expect that the transition industry would be an exception.
Indeed, demand for raw materials necessary for solar panels, wind turbines, and EV batteries rose, but supply was slow to catch up, which led to higher prices. For a while, many pretended this was not the case, possibly hoping the cost inflation would blow over before investors noticed it.
Denmark’s Orsted, which suffered some of the worst market cap losses in the transition space, just this June published an upbeat outlook for the year and the medium term, expecting strong capacity additions growth and a return on capital employed rate of an average 14% for the period 2023 to 2030.
The same month the head of the company complained loudly about the rising costs of building offshore wind in Britain and asked for more subsidies. Five months later, Orsted had booked $4 billion in impairment charges from its U.S. business and had canceled two offshore projects there. CEO Mads Nipper called the situation in wind power “a perfect storm”.
Many have blamed the higher costs on the legacy of the pandemic lockdowns—broken supply chains, delays, and other obstacles to the smooth movement of goods and materials. Yet when it comes to the transition, the current state of affairs is more likely part of the same vicious circle that is holding back the EV revolution that fans of Tesla keep predicting.
This circle is best illustrated in the case of EV chargers. Since range anxiety is one of the biggest concerns of prospective buyers, there must be enough chargers for this anxiety to subside. But charger companies wouldn’t build chargers unless they are certain there will be enough EVs on the roads to make these chargers profitable.
The situation is similar in copper mining—perhaps the most fundamental industry for the energy transition. After all, the transition is conceived of as a shift to almost full electrification and you cannot have electrification without a lot of copper. Instead, copper miners are reluctant to splurge on new exploration. Miners don’t have enough certainty about future demand, despite all the upbeat forecasts. Whatever market prices show, if the transition gains momentum as planned, the copper shortage will only be a matter of time.
Another obstacle is demand. There seemed to be an assumption among transition planners that demand would be given; but it hasn’t been.
EV makers now find themselves revising their plans as demand falls short of targets. In June, forecasts for Germany were that demand for solar installations would surge by double digits in 2023. Two months later, an inverter maker warned that demand had actually dropped in the third quarter, and the outlook for Q4 was not particularly encouraging. In wind, projects are being canceled because project leaders are asking for much higher prices than previously agreed with funding governments.
Many are blaming higher interest rates for the cost inflation that sank their shares. But interest rates are something that all industries have to deal with, and those other industries don’t have the privilege of counting on generous government subsidies. Yet wind, solar, and EVs can’t take off even with those subsidies.
This puts the future of the transition in a new perspective: something that many observers foresaw but were dismissed as climate deniers. The transition will be neither as fast nor as smooth—or as cheap—as initially expected. It will take a long time; it will be uneven, and it will be expensive.
“There’s this notion that it is going to be a linear energy transition,” Daniel Yergin, S&P Global vice chairman and a veteran energy chronicler, told the Wall Street Journal. “It’s going to unfold in different ways in different parts of the world.”
By Irina Slav for Oilprice.com
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Post by Blitz on Nov 20, 2023 7:58:48 GMT -5
I think real world facts are showing XOM's CEO is correct and ESG wonks' renewables timelines for oil's demise are being proved incorrect, unobtainable, fantasies that create far more problems and economic hardships than solutions. And now this... Exxon CEO advocates against painting Big Oil as ‘villains’ for climate, emphasizes technology over supply reduction OilNOW - November 19, 2023 oilnow.gy/featured/exxon-ceo-advocates-against-painting-big-oil-as-villains-for-climate-emphasizes-technology-over-supply-reduction/ExxonMobil Corp.’s Chief Executive Officer, Darren Woods, addressed concerns surrounding the portrayal of Big Oil as “villains” in the climate change narrative, warning that restricting fossil fuel supplies would impede progress towards achieving net zero emissions and perpetuate poverty in the developing world. Speaking at the Asia Pacific Economic Cooperation CEO Summit in San Francisco, Woods highlighted the need for a shift in the approach to combating climate change. He cautioned against an overemphasis on reducing fossil fuel supplies, deeming it a pathway toward increased human hardship and a world of diminished prosperity. “The solutions to climate change have been too focused on reducing supply. That is a recipe for human hardship and a poorer world,” Woods emphasized during his speech. There is no fair energy transition without engagement of oil industry – Petrobras CEO | OilNOW Advocating for governmental support in advancing emissions-reducing technologies like carbon capture, Woods urged the industry to work collectively towards change, stressing the need to prioritize technology investment before market forces can independently drive such transitions. “Attacking oil and gas companies for their role in climate change will only serve to keep net zero as an aspiration rather than a reality,” he asserted. The energy transition era still in full swing or waning? | OilNOW Exxon has intensified its commitment to energy transition initiatives in recent years, allocating US$17 billion over six years towards low-carbon projects. Notably, the corporation’s acquisition of Denbury Inc., the largest carbon dioxide pipeline operator in the US, for approximately US$5 billion showcases its dedication to diversifying its portfolio. However, while Exxon is making strides in low-carbon endeavors, it remains rooted in oil and gas investments. Woods reaffirmed the company’s stance, expressing that Exxon won’t curtail oil and gas production or heavily pivot towards renewable energy like its European counterparts. Instead, the focus remains on investing in complementary low-carbon technologies such as carbon capture and hydrogen. Forcing existing energy system out of use will send economies backwards – Chevron CEO | OilNOW “Oil and gas companies reliably provide affordable products essential to modern life,” Woods emphasized. “Making them into villains is easy. But it does nothing – absolutely nothing – to accomplish the goal of reducing emissions.” On a personal note, Woods highlighted his commitment to environmental stewardship as a father and grandfather, stressing the importance of preserving the planet for future generations. Acknowledging past criticisms and controversies surrounding Exxon’s climate stance, Woods underscored the company’s current knowledge and proactive approach to climate change. “Climate change is real. Human activity plays a major role,” he affirmed, attempting to shift the focus from the past, to the present commitment to addressing climate challenges. Concluding with an assertion of Exxon’s capabilities and resources in combating emissions, Woods aimed to redefine the narrative by stating, “That’s what ExxonMobil knows.” |
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Post by Blitz on Nov 20, 2023 8:10:38 GMT -5
Another one bites the dust... Japan Firms Exit Taiwan Offshore Wind Projects, Deepening Industry Crisis by Bloomberg|Sing Yee Ong|Friday, November 17, 2023 www.rigzone.com/news/wire/japan_firms_exit_taiwan_offshore_wind_projects_deepening_industry_crisis-17-nov-2023-174749-article/Japanese companies are dropping out of offshore wind projects in Taiwan, one of fastest growing markets for the technology, as rising costs and worsening delays plunge the industry into deeper trouble worldwide. Oil refiner Eneos Holdings Inc. said last week it may exit the Yunlin Offshore Wind Project in the Taiwan Strait, after regional utility Shikoku Electric Power Co. decided to pull out of the same project due to delays threatening its profitability. Electricity generator Jera Co. announced it completed the sale of its stake in Formosa 3, another Taiwanese offshore wind project, in June. “The withdrawal of companies indicate that the attractive proposition of Taiwan’s offshore wind is diminishing, which might affect investor confidence in the sector,” said Chenyuan Diao, managing consultant for power and renewables research at Wood Mackenzie Ltd. Taiwan’s wind farms are part of a plan to increase the proportion of its electricity coming from renewables to 20% by 2025, from 8% last year. It aims to have 5.7 gigawatts of offshore wind capacity by then, compared with 2.1 gigawatts now. The island is also looking to increase its use of natural gas, cut coal and eliminate nuclear power, but is falling behind schedule on its targets. Diao said that fewer players in the market reduces competition and leads to undersubscription in tenders, and could jeopardize Taiwan’s targets. The troubles in Taiwan’s wind industry compound a crisis that has already hit other parts of the world, as the after-effects of the Covid-19 pandemic push up the cost of labor and borrowing. While many businesses are able to offset cost changes by raising prices, many wind developments find themselves locked into contracts to sell power at rates set years ago. Denmark’s Orsted A/S withdrew from a a partnership developing offshore wind in Norway this week on rising costs, while BP Plc and Norway’s Equinor ASA recently took large impairments on projects. US-based public utility Eversource Energy also incurred a $331 million after-tax impairment charge in the second quarter for its offshore wind operations. In Taiwan, rigid requirements mandating developers procure 60% of their equipment from local manufacturers make projects even more expensive, sometimes doubling costs. The rules can lead to a sharp rise in offshore tariffs, saddling ratepayers with higher prices and bringing delays in installations, BloombergNEF Analyst Leo Wang said in a report this month. Less experienced suppliers in new offshore wind markets also often offer products that are more expensive than their international peers and of lower quality, he said. |
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Post by Blitz on Nov 22, 2023 13:09:05 GMT -5
Politicians Waking up to Higher-cost Offshore Wind Power, Equinor Says brazilenergyinsight.com/2023/11/22/politicians-waking-up-to-higher-cost-offshore-wind-power-equinor-says/(Reuters) Recent decisions in the United States and Britain to accept higher prices for offshore wind developments are a welcome sign that authorities are adjusting to higher costs in the industry, Equinor’s head or renewables said on Tuesday. “I believe that politics and markets will adjust, and that is also necessary in order to keep up the pace of offshore wind developments,” Paal Eitrheim told Reuters on the sideline of the Norwegian company’s autumn conference in Oslo. The offshore wind industry has found itself in a perfect storm of rising inflation, interest rate hikes and supply chain bottlenecks, in some cases leading to project cancellations as support schemes failed to adjust. Earlier this year, Equinor and partner BP unsuccessfully petitioned for an average 54% increase to previously agreed power sales terms for three New York projects with a combined capacity of 3,300 megawatts (MW). Since then, a third offshore wind auction in New York cleared at rates above those of Equinor and BP’s current deals, and the state, which aims for 9,000 MW of offshore capacity in 2035, announced a new tender also open to previously awarded projects. “I think it is encouraging to see that the New York 3 awards have been made on a price level that are closer to the cost level in this industry now,” Eitrheim said, but added Equinor had not decided yet on whether to re-bid projects in the new auction. Similarly, Britain has adjusted the price for next year’s renewables auction higher by 66%, after failing to attract offshore wind bids in the previous round. Equinor is considering extensions to existing offshore wind farms in Britain that could qualify for auctions in future, and Eitrheim defended higher prices in the near term after over a decade of cost reductions. “Although it’s dramatic right now, I think, as we are building this supply chain, we are going to come back to a price level for offshore wind that is competitive for governments, for companies and also consumers.” |
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Post by Blitz on Nov 23, 2023 6:23:23 GMT -5
The slow demise of green energy? The wheels are starting to fall off the green energy bandwagon By Kristen Walker Fox News -Published November 21, 2023 5:00am EST www.foxnews.com/opinion/slow-demise-green-energyThe wheels are starting to fall off the green energy bandwagon. The rose-colored glasses are clearing up and reality is sinking in. The giant push toward a net zero utopia is not practical and has been a complete disservice to the American consumer. Components of the green movement are experiencing major setbacks, namely offshore wind, electric vehicles (EVs), and investments. Offshore wind projects are struggling to secure financing and stay on track. The biggest blow came last month, when the world’s largest offshore wind developer Ørsted canceled two major projects off the New Jersey coastline, taking the wind right out of Gov. Phil Murphy’s green energy sails. Ørsted is also suspending work on offshore projects in Maryland and Delaware. President Biden previously set a goal of ensuring 50% of car purchases are electric by 2030. The White House said EPAs recent tailpipe rules would provide a "clear pathway for a continued rise in EV sales." The EV market is also losing steam. Sales are slumping and manufacturers are scaling back on production. (Anna Moneymaker/Pool/Getty Images | Sean Gallup/Getty Images) Among the wave of cancellations are projects in Massachusetts, Rhode Island, New York and Connecticut. Several other projects are on the ropes and a host of companies are paying millions to break their contracts. The industry hit another snag recently when Germany-based Siemens Gamesa Renewable Energy pulled the plug on its wind turbine blade facility in Portsmouth, Virginia. Siemens Gamesa, one of the world’s leading suppliers, says, "development milestones to establish the facility could not be met." According to BloombergNEF, at least half of U.S. wind contracts have or are at risk of being terminated. The causes are typically due to skyrocketing inflation, high interest rates, choked supply chains and financial troubles. Offshore wind is leaving a ‘heavy environmental footprint’ on the East Coast: CFACT’s Craig RuckerVideo Offshore wind is costly and difficult to implement. The EV market is also losing steam. Sales are slumping and manufacturers are scaling back on production. EXPERT WARNS GREEN ENERGY PROJECTS ‘ARE NOT WORTH IT’ AS PRICES SPIRAL ‘OUT OF CONTROL’ Ford Motor Company stands to lose $4.5 billion on its EV business for 2023 and will be delaying many of their EV investments. General Motors said it was restructuring EV goals, Honda shelved plans to develop affordable EVs with GM, and Hertz said it will slow their rate of purchasing them due to high repair costs. Elon Musk is even considering putting off plans for a $1 billion plant in Mexico. Nobody wins in this push for electric vehicles besides China: Lisa BootheVideo Most, if not all, manufacturers are reporting major losses per EV sold. Ford lost $62,000 per vehicle in the third quarter; one luxury electric vehicle company lost an astounding $430,000. Countless others are losing tens of thousands of dollars per vehicle, quarter after quarter. Car dealers are slashing EV prices. EVs sit on lots nearly twice as long as internal combustion engines. Even industry-leader Tesla has been shaving thousands off their retail prices due to unmet sales expectations. This kind of loss is not sustainable for any company. EV MARKET COULD BECOME THE ‘NEXT BIG FLOP’: ECONOMIST President Biden pushes electric vehicles despite high prices Video The EV market is niche. Those who want one have one. But the rest of America is not convinced they would be better off with an EV on account of a multitude of reliability factors. Nor can they afford the steep price tag. Consequently, the last few months have seen stock prices drastically dropping in companies across the green spectrum. From wind to solar to EVs to fuel cells, investors are abandoning the "green" energy ship in droves. It might be sinking. Siemens Energy stock is down 45%; Ørsted, 67%; Power Inc., a hydrogen fuel cell producer, 71%; Charge Point Holdings Inc., an EV charging company, 70%; Blink Charging Co., another EV charging company, 72%; and Nikola Corp., maker of heavy-duty EVs, has gone from $65 a share in mid-2020 to the current price of less than $1 per share. A recent Wall Street Journal article noted that such companies are "finding it more difficult to secure financing than at any time in the past decade." We need to read between the lines here. The green energy revolution is not working, nor is central planning. You cannot force Americans to buy cars they don’t want any more than you can force energy transitions that aren’t viable. Green energy is wholly inadequate to meet the needs of all Americans, and turns out, is insanely expensive. Doug Burgum: Green New Deal spending is buried in Biden's 'Inflation Creation Act' Video The World Economic Forum says that getting to net zero by 2050 will cost an extra $3.5 trillion a year. The U.S. has already poured hundreds of billions into the effort and continues to keep shoveling. All on the backs of the American taxpayer, to save a mere fraction of temperature. Maybe. |
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Post by Blitz on Dec 10, 2023 9:23:44 GMT -5
I was curious why Stanford wasn't there. It's not like they stood up to be counted as being against genocide supporting groups. So, for 'context' I added this excerpt regarding Stanford... Stanford is the latest elite university to be slammed for its lack of ‘moral resolve’ in its response to Hamas’ attack on Israel BYDANIEL CANCEL, JANET LORIN, BIZ CARSON AND BLOOMBERG - October 27, 2023 at 7:46 PM EDT fortune.com/2023/10/27/stanford-alumni-students-hamas-israel-response/ //////////////////////// And now this... The Day The Empress' Clothes Fell Off Did the Congressional hearings finally expose the scandal of the Ivy League? ANDREW SULLIVAN - DEC 8, 2023 andrewsullivan.substack.com/p/the-day-the-empress-clothes-fell-ffa  From left to right: Harvard president Claudine Gay, Penn president Liz Magill, professor Pamela Nadell of American U, and MIT president Sally Kornbluth testify before Congress on December 5. (Kevin Dietsch/Getty Images) It may be too much to expect that the Congressional hearings this week, starring the three presidents of Harvard, MIT, and Penn, will wake people up to the toxic collapse of America’s once-great Ivy League. But I can hope, can’t I? In the immortal words of Hitch (peace be upon him), as you listen to these people, “You see how far the termites have spread, and how long and well they have dined.” The mediocrities smirked, finessed, condescended, and stonewalled. Take a good look at them. These are the people who now select our elites. And they select them, as they select every single member of the faculty, and every student, by actively discriminating against members of certain “privileged” groups and aggressively favoring other “marginalized” ones. They were themselves appointed in exactly the same way, from DEI-approved pools of candidates. As a Harvard dean, Claudine Gay’s top priority was “making more progress on diversity,” i.e. intensifying the already systemic race, sex and gender discrimination that defines the place. Thanks to the recent Supreme Court case, the energetic discrimination against Asian-American candidates for admission at Harvard is no longer in doubt. But countless other candidates for admission have little to no chance, regardless of their grades, or extracurriculars, because they belong to the wrong race, sex, sexual orientation, and “gender identity.” As soon as students are admitted under this identity framework, they are taught its core precepts: that the “truth” — or, in Harvard’s now-ironic motto, “Veritas” — is a function not of logic or reason or of open, free, robust debate and dialogue, let alone of Western civilization, but of inimical and evil “power structures” rooted in identity that need to be dismantled first. Identity first; truth second — because truth is rooted in identity and cannot exist outside of it. In the hearings, President Gay actually said, with a straight face, that “we embrace a commitment to free expression even of views that are objectionable, offensive, hateful.” This is the president whose university mandates all students attend a Title IX training session where they are told that “fatphobia” and “cisheterosexism” are forms of “violence,” and that “using the wrong pronouns” constitutes “abuse.” This is the same president who engineered the ouster of a law professor, Ronald Sullivan, simply because he represented a client, of whom Gay and students (rightly but irrelevantly) disapproved, Harvey Weinstein. This is the same president who watched a brilliant and popular professor, Carole Hooven, be effectively hounded out of her position after a public shaming campaign by one of her department’s DEI enforcers, and a mob of teaching fellows, because Hooven dared to state on television that biological sex is binary. This is the president of a university where a grand total of 1.46 percent of faculty call themselves “conservative” and 82 percent call themselves “liberal” or “very liberal.” This is the president of a university which ranked 248th out of 248 colleges this year on free speech (and Penn was the 247th), according to the Foundation for Individual Rights and Expression. Harvard is a place where free expression goes to die. The critics who keep pointing out “double standards” when it comes to the inflammatory speech of pro-Palestinian students miss the point. These are not double standards. There is a single standard: It is fine to malign, abuse and denigrate “oppressors” and forbidden to do so against the “oppressed.” Freedom of speech in the Ivy League extends exclusively to the voices of the oppressed; they are also permitted to disrupt classes, deplatform or shout down controversial speakers, hurl obscenities, force members of oppressor groups — i.e. Jewish students and teachers in the latest case — into locked libraries and offices during protests, and blocked from classrooms. Jewish students have even been assaulted — at Harvard, at Columbia, at UMass Amherst, at Tulane. Assaults by woke students used to be rare, such as the 2017 mob at Middlebury that put Allison Stanger in a neck brace — but since 10/7, they’re intensifying. If a member of an oppressor class says something edgy, it is a form of violence. If a member of an oppressed class commits actual violence, it’s speech. That’s why many Harvard students instantly supported a fundamentalist terror cult that killed, tortured, systematically raped and kidnapped Jews just for being Jews in their own country. Because they have been taught it’s the only moral position to take. They’ve diligently read their Fanon, and must be puzzled over what the problem is. Palestinians are victims of a “colonial,” “white,” “settler-state” and any violence they commit is thereby justified. It would be wrong to see this as a function merely of old-school anti-Semitism. The new anti-Semitism is simply a subsidiary of the entire rubric of “anti-Whiteness” that is taught as the supreme principle of “Diversity, Equity and Inclusion.” DEI does not mean and has never meant diversity, equity and inclusion for all. It means active support for the “oppressed” against the “oppressors.” It means challenging “whiteness,” as represented by individual white people. Let’s go to the Smithsonian to read a definition of the term: Since white people in America hold most of the political, institutional, and economic power, they receive advantages that nonwhite groups do not. These benefits and advantages, of varying degrees, are known as white privilege. For many white people, this can be hard to hear, understand, or accept — but it is true. Now replace the word “white” with “Jewish,” and it all fits neatly into place, doesn’t it? Jews “hold most of the power.” Jews “receive advantages” others do not. Jews have “Jewish privilege.” Within “white supremacy” there is, definitionally, “Jewish supremacy,” because Jews in America (and even Israel!) are defined by their “whiteness.” They may not want to hear it, but they are the oppressor class now. If “white supremacy” is changed to “Jewish supremacy,” you even get the title of David Duke’s 2003 book, Jewish Supremacism. The tropes, the structure, and the psyche of anti-Semitism have simply been copied and pasted onto anti-whiteness. There’s the same envy and resentment of an all-controlling racial group that is deemed not inferior (as in anti-black racism), but superior — by underhanded, shifty, rigged means. That’s why the word “merit” is now derided in the Ivy League: it doesn’t exist in neo-Marxist eyes. Only power exists. As whites, Jews helped construct a Constitution long ago that pretends to guarantee equal rights, but once you “awaken” to the racist conspiracy that will always define America, you can see it was actually designed to oppress non-white goyim forever. This is what the New York Times believes, as we discovered in 2019, in an entire issue of their magazine, which they then distributed to high-school kids, so they could learn which groups to hate in America, and which groups to love. This is why when non-whites commit hate crimes, they are instantly redefined as enacting “white supremacy.” It is why it is not “triggering” to call a conservative student a “white supremacist” or a white gay man of my generation a “queer” — we deserve it as oppressors — but it is a form of violence if you misgender a trans person or ask where someone is from. Even “Silence Is Violence,” as the BLM protestors insisted. In fact, some say, “silence is the worst form of violence.” Could Chairman Mao have put it better? It is why you can set up a segregated dorm at MIT, call it “Chocolate City,” and be praised by the president, Sally Kornbluth, as being about “positive selection.” It’s why due process exists in sexual abuse cases for women on campus, but is denied to all men. It’s why these universities have racially segregated graduations for everyone — except “whites.” And because this grotesque racist engineering requires admitting vast numbers of students who cannot meet the academic standards of the evil past, 80 percent of Harvard and Yale students now get an A or A- as a grade. This is not “equity,” however they re- and re-define it. It is the hard bigotry of no expectations. The absolute worst thing you can do right now is what the presidents of these woke institutions now say they intend to do: switch Jews out of the “oppressor class” and into the “oppressed one,” and re-apply all the DEI discrimination on their behalf. That doesn’t solve the problem; it compounds it. Pro-Palestinian, and anti-Israel speech should no more be censored than any other — and the suppression is real. There should be one standard and it should be free speech. But there can be no free speech and no guarantee of it until the toxins of critical theory, and the architecture of its enforcement, DEI, are excised from the university altogether. Asking the current leadership to correct these lost institutions is an exercise in futility. End DEI in its entirety. Fire all the administrators whose only job is to enforce its toxic orthodoxy. Admit students on academic merit alone. Save standardized testing — which in fact helps minorities, and it’s “the best way to distinguish smart poor kids from stupid rich kids,” as Steven Pinker said this week. Restore grading so that it actually means something again. Expel students who shut or shout down speech or deplatform speakers. Pay no attention to the race or sex or orientation or gender identity of your students, and see them as free human beings with open minds. Treat them equally as individuals seeking to learn, if you can remember such a concept. David Wolpe is a distinguished and learned rabbi who resigned this week from Harvard’s advisory committee on anti-Semitism. In a tweet, he wrote: Harvard is still a repository of extraordinary minds and important research. However, the system at Harvard along with the ideology that grips far too many of the students and faculty, the ideology that works only along axes of oppression and places Jews as oppressors and therefore intrinsically evil, is itself evil. Yes, it is evil. This is no time to be mealy-mouthed about it. And we must root it out. Before its poison makes our liberal democracy almost impossible to reconstruct. |
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Post by Blitz on Jan 9, 2024 8:49:01 GMT -5
Activist Investors Drop ESG Campaigns on Lack of Profits By Innovation Policy Blog - Jan 09, 2024, 5:30 AM CST oilprice.com/Energy/Energy-General/Activist-Investors-Drop-ESG-Campaigns-on-Lack-of-Profits.htmlConsultancy Alvarez & Marsal: activist investors were less likely to engage in ESG campaigns this year after they proved to be markedly less lucrative than campaigns that focused on effecting operational or strategic change. The research focused on 550 activist shareholder campaigns that took place between 2016 and 2021 at companies in the U.S. and Europe. Activist investors have been an important tool for bringing the climate change agenda closer to the management of companies in the energy industry. Activist investors’ love for sustainability-related shareholder campaigns appears to be growing cold in the absence of any practical outcomes, a consultancy has said. Per Alvarez & Marsal, as quoted by Bloomberg, activist investors were less likely to engage in ESG campaigns this year after they proved to be markedly less lucrative than campaigns that focused on effecting operational or strategic change. “As investors focus more firmly on returns in 2024 in a challenging market, we expect to see a decline in ESG-related campaigns and a renewed focus on metrics such as margin growth, cash generation and return on capital,” Alvarez & Marsal managing director Andre Medeiros said. The consultancy looked at 550 activist shareholder campaigns that took place between 2016 and 2021 at companies in the U.S. and Europe. According to an analysis of the campaign outcome data, the consultancy found that investor campaigns that focused on change in the operational or strategic departments, outperformed the market by an average 9.4% over the past six years. At the same time, campaigns focused on sustainability-related aspects of a company’s activities outperformed the market at a much more modest rate of 0.2% over the six-year period. Activist investors have been an important tool for bringing the climate change agenda closer to the management of companies in the energy industry and for forcing public energy companies to make commitments for emission reduction and investments in low-carbon energy. However, these investments have failed to produce the returns that most investors would like, which recently led to a couple of U-turns at supermajors BP and Shell—both previously fully committed to directing more money to things like wind, solar, and EVs, while reducing their core business of producing and marketing oil and gas. The reason cited for the change in strategy was consistent underperformance of these investments as opposed to cash spent on core business. By Irina Slav for Oilprice.com |
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Post by Blitz on Jan 9, 2024 12:20:24 GMT -5
France Moves Away from Renewable Targets in Favor of Nuclear Power By ZeroHedge - Jan 09, 2024, 11:00 AM CST oilprice.com/Alternative-Energy/Nuclear-Power/France-Moves-Away-from-Renewable-Targets-in-Favor-of-Nuclear-Power.html- The bill proposes a change from reducing to just tending towards a reduction in greenhouse gas emissions. - It includes the removal of various objectives related to renewable energy production and consumption. - The bill strongly affirms the use of nuclear energy as a sustainable choice and includes it as a key objective in the multi-annual energy program. Cheers to France if pending legislation passes as currently written. It effectively scraps most hard commitments and turns more towards nuclear power... Preliminary Bill relating to Energy Sovereignty Four Key Things The wording of this preliminary bill relating to energy sovereignty is of course not final. It can still evolve between now and its presentation to the Council of Ministers and, then, during its discussion in Parliament. However, it already demonstrates a significant change in the executive’s conception of national energy policy. This draft bill weakens France’s climate objectives, starting with the objective of reducing our greenhouse gas emissions. The objective would no longer be to “reduce” but to tend towards a reduction in “our greenhouse gas emissions. This preliminary draft proposes to translate into law the executive’s choice to maintain a preponderant share of nuclear energy in electricity production. A choice which breaks with that of reducing this share of nuclear power and which was included in law no. 2015-992 of August 17, 2015 relating to the energy transition for green growth. This preliminary bill also reflects concern, on the eve of the European elections in June 2024; to abandon the legal category of renewable energies” in favor of a new category, that of “carbon-free energies”. Removals The removal of quantified objectives for production and consumption of renewable energies in mainland France. The removal of the objective of encouraging the production of hydraulic energy. The removal of the quantified objective for the development of offshore wind power. The removal of the objective of encouraging the production of agrivoltaic electricity. The removal of the contribution objective to achieving air pollution reduction objectives. The removal of the building’s energy performance objective. The removal of the multiplication objective ofthe quantity of renewable and recovery heat and cold. Removal of the condition for shutting down the operation of a nuclear reactor New Objectives The affirmation of the “sustainable choice of using nuclear energy” The new objective of using nuclear energy in the multi-annual energy program Wow! How often does France lead the way in common sense? This has not passed yet, but it represents a clear change in direction if any of it passes, and that seems highly likely. I wonder if President Emmanuel Macron is starting to look at French polls. Then again, the next French presidential election is not until 2027. In the US, Biden doubles down on the only tactic he knows, running on Bidenomics while claiming Trump will be a dictator if he wins. Both are losing tactics. Via Zerohedge.com |
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Post by Blitz on Jan 9, 2024 12:23:14 GMT -5
EDF To Extend Life of UK Nuclear Power Plants By Tsvetana Paraskova - Jan 09, 2024, 10:30 AM CST oilprice.com/Latest-Energy-News/World-News/EDF-To-Extend-Life-of-UK-Nuclear-Power-Plants.htmlEDF will invest $1.65 billion (£1.3 billion) to extend the life of its nuclear power generating stations in the UK as it aims to keep UK nuclear output at current levels until at least 2026, the company said on Tuesday. EDF plans to invest the sum announced today in the UK’s five generating nuclear power stations over the 2024-26 period. The investment will help sustain nuclear power output at current levels, boosting energy security and reducing carbon emissions, EDF said. The company plans to to extend generating lifetimes at Hartlepool and Heysham 1 power stations, with a combined 2.2 GW capacity, by a further two years, to a current forecast of March 2026. Heysham 2 and Torness power stations, of combined capacity of 2.4 GW, are currently due to generate until March 2028. “These lifetimes will be reviewed again by the end of 2024 and the ambition is to generate beyond these current forecasts, subject to plant inspections and regulatory approvals,” EDF said. The UK, France, Sweden, and Switzerland are some of the European countries that are betting on domestic nuclear power generation and extension of power plant lifetimes as a way to boost energy security and reduce carbon emissions. The UK is also backing small modular reactor (SMR) technology and it has doubled down on nuclear power generation as part of its ambition to cut emissions and reach net-zero by 2050. But the UK is not giving up on conventional nuclear reactors and remains committed to the mega projects of Hinkley Point C and Sizewell C. In 2022, the UK decided to revitalize its nuclear energy industry to secure more zero-emission power generated in the country. Under the British Energy Security Strategy, the UK has an ambition to deploy up to 24 GW of nuclear power by 2050, around 25% of the projected 2050 electricity demand in the country. By Tsvetana Paraskova for Oilprice.com |
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Post by Blitz on Jan 9, 2024 12:25:01 GMT -5
UK to Venture into Production of Fuel for Small Nuclear Reactors by Jov Onsat|Rigzone Staff|Tuesday, January 09, 2024 www.rigzone.com/news/uk_to_venture_into_production_of_fuel_for_small_nuclear_reactors-09-jan-2024-175308-article/The UK is challenging Russia's status as the only commercial manufacturer of a uranium fuel for smaller nuclear reactors. Image by ffikretow via iStock The United Kingdom government has announced an investment of GBP 300 million ($382.79 million) for the domestic production of so-called high-assay low-enriched uranium (HALEU), challenging Russia’s status as the only commercial manufacturer of the fuel for smaller nuclear reactors. “The UK will become the first country in Europe to launch a high-tech HALEU nuclear fuel program, strengthening supply for new nuclear projects and driving Putin further out of global energy markets”, the Department of Energy Security and Net Zero (DESNZ) said in a press release. The funding is part of efforts to achieve the UK’s target of 24 gigawatts of nuclear power by 2050, or a quarter of UK electricity needs, the department said. The UK also plans to be able to supply the international market with HALEU. “The government funding will support domestic production of high-assay low-enriched uranium - the specialist fuel required to power the next generation of nuclear reactors”, the DESNZ said. “Most advanced reactors require this fuel that is currently only commercially produced in Russia”. The International Atomic Energy Agency says HALEU is only produced in the United States and Russia but only Russia makes the fuel at a commercial scale. Small modular reactors need HALEU, which contains five to 20 percent of uranium-235, beyond the five percent level that powers most of today’s nuclear power plants, according to the United Nations nuclear watchdog. “HALEU fuel will enable smaller designs, longer operating cycles and increased efficiencies,” said Olena Mykolaichuk, director of the Division of Nuclear Fuel Cycle and Waste Technology at the IAEA in an IAEA bulletin September 2023. The DESNZ said, “Advanced modular reactors will play an important role in the UK’s nuclear revival as, like small modular reactors, they are smaller, can be made in factories, and could transform how power stations are built by making construction faster and less expensive”. “Many designs have the potential for a range of applications beyond low-carbon electricity generation, including production of hydrogen or industrial heat”, the UK announcement added. The DESNZ said GBP 10 million ($12.76 million) has also been allotted to develop sites and promote skills development for the production of other “advanced nuclear fuels”. Enabling the production of such alternative nuclear fuels helps “secure long term domestic nuclear fuel supply and support international allies”, the media statement said. The funds build “on the UK’s status as a world leader in the production of nuclear fuels, with domestic capability in uranium enrichment and in fuel fabrication in the North-West of England”, the DESNZ said. UK Secretary of State for Energy Security and Net Zero Claire Coutinho said in the announcement, “We stood up to Putin on oil and gas and financial markets, we won’t let him hold us to ransom on nuclear fuel”. “Britain gave the world its first operational nuclear power plant, and now we will be the first nation in Europe outside of Russia to produce advanced nuclear fuel”, Coutinho added. The Soviet-era Obninsk nuclear power station, which connected to the Moscow grid June 1954, is recognized by the IAEA in a bulletin report 1984 as the world’s first nuclear power plant but the UK claims its Calder Hall facility, opened 1956, is the first in the world to produce nuclear power at an industrial scale. The US, meanwhile, claims an experimental project in Idaho state became in 1951 the first project to produce usable electricity using nuclear reaction. The DESNZ said the domestic production of advanced nuclear fuels “will help build new supplies of affordable and clean domestic power so the transition to net zero doesn’t mean higher prices, protecting households from global instability”. It expects the first UK plant running on HALEU to be operational early 2030s. The development of HALEU production in the country “builds on the UK’s work to displace Russia from the global nuclear fuels market, particularly in uranium conversion services, where government and industry are together investing up to GBP 26 million [$33.18 million] to bring this capability back to the UK by the end of the decade”, the DESNZ added. Nuclear Cooperation with US Earlier the UK signed a pact with the US on collaboration to accelerate the commercial deployment of fusion energy through joint research and regulatory framework formulation. “Fusion energy could provide a low-carbon, safe, sustainable and reliable energy supply with the potential to transform global efforts to achieve net-zero carbon emissions and to enhance energy security and resilience”, the energy departments of the two countries said in a joint statement November. “This could deliver major societal and economic benefits, and will require appropriate regulatory, social and market policies, alongside overcoming significant technical challenges”. Both nations target to have commercial-scale fusion power plants in the 2030s. “This new partnership intends to focus on advancing the U.S. Bold Decadal Vision for Commercial Fusion Energy and the UK’s Fusion Strategy”, the statement said. Fusion, the process by which lighter nuclei form a heavier nucleus, releases an amount of energy like that generated in the Sun, scientists say. The USA’s National Ignition Facility, under the state-run Lawrence Livermore National Laboratory (LLNL), has for decades been aiming to achieve a self-sustaining nuclear fusion in which the mass lost in the reaction could be converted into large amounts of energy, a state of energy breakeven called ignition. And on December 13, 2022, the LLNL announced a breakthrough saying an experiment it had conducted earlier that month achieved ignition, “meaning it produced more energy from fusion than the laser energy used to drive it”. The USA and the UK plan to build new facilities for the research and development of fusion energy under the agreement. They will also “explore opportunities to support the international harmonization of regulatory frameworks and codes and standards”. Cooperation would also involve supporting the development of relevant supply chains, as well as skills development. |
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Post by Blitz on Jan 11, 2024 12:54:07 GMT -5
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Post by Blitz on Feb 1, 2024 14:37:13 GMT -5
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Post by Blitz on Feb 9, 2024 8:42:28 GMT -5
China Was Responsible for 96% of Coal Plants Constructed in 2023 By Charles Kennedy - Feb 06, 2024, 3:30 AM CST oilprice.com/Latest-Energy-News/World-News/China-Was-Responsible-for-96-of-Coal-Plants-Constructed-in-2023.htmlChina was single-handedly responsible for 96% of global coal power capacity construction last year, cementing its position as the biggest coal builder in the world. Per data, released by Global Energy Monitor and reported by Bloomberg, China last year also accounted for 68% of new coal generation capacity that came online last year and 81% of newly planned coal generation projects. China’s attitude to coal has been hard to swallow for Europe and other transition advocates but Beijing has made a point of explaining that on its list of priorities, energy security comes before energy transition. Besides, officials have said that most of the new coal capacity will operate as backup for wind and solar, which cannot generate electricity round the clock, unlike coal power plants. Meanwhile, coal production in China hit a record last year, at 4.66 billion metric tons, which was 2.9% higher than output in 2022, data from the National Bureau of Statistics showed last month. Higher demand after the COVID restrictions were lifted and higher domestic coal prices also led to record-high coal imports into China, which soared by 61.8% year-on-year to 474.42 million metric tons in 2023, data from the General Administration of Customs showed in January. In the latter part of 2023, China ramped up coal and natural gas production, imports, and consumption as its electricity demand jumped in the second half and looks to hit a record-high winter peak demand. China’s coal demand is expected to drop this year and plateau through 2026, and global demand is set to decline to 2026, “but China will have the last word,” the International Energy Agency said in a recent report on coal trends. The report noted that China’s coal future will be affected by the rate of its wind and solar buildout over the next few years, as well as structural economic factors. By Charles Kennedy for Oilprice.com |
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Post by Blitz on Feb 13, 2024 8:57:40 GMT -5
Jeff Bezos will save over $600 million in taxes by moving to Miami PUBLISHED MON, FEB 12 2024 - Robert Frank www.cnbc.com/2024/02/12/jeff-bezos-move-to-miami-will-save-him-over-600-million-in-taxes.htmlKEY POINTS - Last year, Bezos announced on Instagram that he was leaving Seattle after nearly 30 years to move to Miami. - In 2022 Washington state imposed a new, 7% capital gains tax on sales of stocks or bonds of more than $250,000. - Bezos plans to unload 50 million shares of Amazon before Jan. 31, 2025. Posting those sales in Florida will save him at least $610 million.  MIAMI, FLORIDA - MAY 06: Jeff Bezos and Lauren Sanchez walk in the Paddock prior to final practice ahead of the F1 Grand Prix of Miami at Miami International Autodrome on May 06, 2023 in Miami, Florida. (Photo by Clive Mason - Formula 1/Formula 1 via Getty Images) Jeff Bezos’ $2 billion stock sale last week came with an added perk: no state taxes. Last year, Bezos announced on Instagram that he was leaving Seattle after nearly 30 years to move to Miami. He said the move was to be closer to his parents and his rocket launches at Blue Origin. The timing also suggested another reason: taxes. In 2022 Washington state imposed a new, 7% capital gains tax on sales of stocks or bonds of more than $250,000. Washington state doesn’t have a personal income tax, so the new levy marked the first time Bezos would face state taxes on his stock sales. Starting in 1998 Bezos sold billions of dollars worth of Amazon shares almost every year for more than two decades to fund his philanthropy, his space company Blue Origin, and more recently his $500 million mega yacht and a growing collection of mansions purchased with his fiancé Lauren Sanchez. In 2022, when the tax took effect, Bezos stopped selling. He didn’t sell any Amazon stock in 2022 or 2023, gifting only $200 million of shares at the end of last year. After his move to Miami, Bezos made up for lost time. Last week, a filing with the SEC revealed that Bezos launched a pre-scheduled stock-selling plan to unload 50 million shares before Jan. 31, 2025. At today’s price, that would total more than $8.7 billion. Florida has no state income tax or a tax on capital gains. So on the $2 billion sale last week, he saved $140 million that he would have paid to Washington state. On the entire sale of 50 million shares over the next year, he will save at least $610 million. And that’s assuming Amazon shares remain flat. If they continue to rise, the value of his shares — and his tax savings — will be even higher. Put another way, he’s more than paid for his 417-foot yacht, Koru, with just his Florida tax savings. For his new digs, Bezos purchased two mansions in Indian Creek for $147 million and is reportedly looking at three other properties on the island, which also counts Tom Brady and Carl Icahn as residents. Miami brokers say Bezos is likely to tear down the homes and build a new one, with the total costs of the new estate likely topping $200 million. |
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Post by Blitz on Feb 13, 2024 13:13:19 GMT -5
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Post by Blitz on Feb 14, 2024 8:08:28 GMT -5
What stands in the way of the so-called energy transition is this... the economic efficiency of reliable energy vs unreliable energy. Not to mention the fake numbers, subsidies, and, high pollution and waste associated with making and mining 'clean' renewable energy sources and devices. And now this loony far left propaganda... Trump Can't Stop Energy Transition: Kerry By Julianne Geiger - Feb 13, 2024, 2:00 PM CST oilprice.com/Latest-Energy-News/World-News/Trump-Cant-Stop-Energy-Transition-Kerry.htmlFormer President—and current Presidential candidate—Donald Trump—won't be able to stand in the way of the Energy Transition, John Kerry said on Tuesday at the International Energy Agency ministerial meeting. The U.S. Special Presidential Envoy for Climate did warn, however, that President Trump could reverse the efforts made in anti-coal diplomacy. "Even when President Trump was there for those 4 years, 75% of our new electricity came from renewables because we had portfolio laws in the 37 states that required the deployment of renewables ... so whatever happens, that's not going to change the direction we're moving in," Kerry said, adding that the green revolution was happening "notwithstanding the hiccup of the farmers' strikes or a president of a country who wants to pull out of the Paris agreement." Former President Donald Trump has been clear about his plans to reduce U.S. contributions to international organizations—which could include the International Energy Agency, pull the United States out from the Parison climate agreement (again), and "unleash the production of domestic energy resources." Those resources could include coal. Kerry cautioned that while Trump was unlikely to be able to unravel the green efforts made under the current administration, that Trump could still set the climate progress back. Kerry took the opportunity to highlight the success "with China in getting China to agree that they're not going to fund any more foreign coal-fired power being built, which is a step forward." Kerry added, however, that enforcing that agreement "has proven to be complicated." The agreement from China does not include, however, coal-fired power being built within China. While Kerry's words were seasoned with some acknowledgment that Donald Trump, if re-elected, would have limitations on unraveling green policies and progress, Myron Ebell of the EPA has previously stated that "Trump will undo everything Biden has done, he will move more quickly and go further than he did before." One primary target, said Ebell, will be the $370 billion Inflation Reduction Act. By Julianne Geiger for Oilprice.com |
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Post by Blitz on Feb 14, 2024 8:12:51 GMT -5
Mining Billionaire Slams Carbon Capture as ‘Falsehood’ By Charles Kennedy - Feb 13, 2024, 10:30 AM CST oilprice.com/Latest-Energy-News/World-News/Mining-Billionaire-Slams-Carbon-Capture-as-Falsehood.htmlCarbon capture has failed for decades and policymakers need real solutions to emissions reductions, not a “complete falsehood” such as CCS, according to Andrew Forrest, the Australian billionaire who is the founder of iron ore producer Fortescue Metals Group. “We're going to keep burning fossil fuels and somehow magically get rid of the carbon down into the ground where there is no proof that it will stay there, but heaps of proof that it fails,” Forrest said on Tuesday at a conference in Paris for the 50th anniversary of the International Energy Agency (IEA). “I say for policy makers everywhere do not be the next idiot waiting for the old lie to be trotted out and say I believe in carbon sequestration. It has only failed for 75 years...It's a complete falsehood,” Forrest said, as carried by Reuters. Carbon capture is not the solution to reducing emissions, said the founder of Fortescue Metals, the world’s fourth-largest iron ore producer. In September 2023, Fortescue also said it would no longer buy carbon offsets. “We are the only heavy emitter in the world to stop purchasing voluntary offsets,” Metals CEO Dino Otranto said at the time. “We will focus our efforts on eliminating the million litres of diesel we use per year, rather than offsetting them.” While Fortescue’s founder is criticizing carbon capture as a technology that could help reduce emissions, policymakers and governments are touting the benefits of carbon capture and sequestration (CCS) and are supporting and subsidizing projects, including through the Inflation Reduction Act in the U.S. The Biden Administration has significantly raised tax credit values for carbon capture technology with the IRA. Carbon capture, utilization, and storage (CCUS) could play a vital role in the decarbonization of some industries but carbon removals cannot be used by oil and gas firms while they continue to pump fossil fuels as usual, a report by the Energy Transitions Commission showed in November. “CCUS and removals are vital but do not mean business as usual,” said the commission which includes industry executives, bankers, and academics. By Charles Kennedy for Oilprice.com |
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Post by Blitz on Feb 15, 2024 8:16:21 GMT -5
Corporate America Retreats from ESG Rhetoric By ZeroHedge - Feb 08, 2024, 1:00 PM CST oilprice.com/Finance/the-Markets/Corporate-America-Retreats-from-ESG-Rhetoric.html- ESG funds in the US experienced net outflows of $13 billion in the last year, marking a significant downturn in investor interest. - Accusations of greenwashing and increased political scrutiny have contributed to a "chilling effect" on demand for ESG investments. - Corporate mentions of ESG and related terms have dramatically decreased in earnings calls, indicating a shift in focus away from ESG rhetoric amid the current economic and political climate. Investors are pulling funds from sustainable investments as the ESG (Environmental, Social, and Governance) bubble deflates, triggered by high interest rates, poor returns, plummeting stocks in renewable energy, stricter SEC regulations, political backlash, and Elon Musk's war on woke capitalism. At the same time, ESG mentions on earnings calls by corporate America have plunged. In 2021, during the pandemic boom, US ESG funds hit a record $358 billion in assets, up from $95 billion in 2017. But since then, investor interest has waned as higher borrowing costs impact capital-intensive clean tech stocks. Last week, Visual Capitalist's Dorothy Neufeld published a stunning graphic, citing Morningstar data. It shows investors dumped $5 billion from ESG exchange-traded funds (ETFs) in the fourth quarter, marking the fifth consecutive quarter of net outflows. For the full year, investors disposed of $13 billion in US ESG ETFs, more than offsetting positive flows in Europe and sending the entire global industry into turmoil. This was the worst calendar year for these funds since Morningstar began tracking a decade ago. "We're at a bit of an inflection point within the sustainable investing landscape in the US, where it's really incumbent upon sustainable investing advocates to be very clear about what they're doing within their investment processes to regain investor confidence in the sector," Alyssa Stankiewicz, associate director of sustainability research at Morningstar, told Yahoo Finance while referring to the Morningstar report. Stankiewicz said that political scrutiny over ESG funds has surged primarily because of "greenwashing," which has had a "chilling effect" on demand. The underperformance of ESG investing comes as corporate America has dialed back the number of mentions of "ESG" or synonyms related to ESG on investor calls this earnings season. For some context, peak ESG and related synonyms, such as "climate change" and "clean energy" and green energy" and net zero," among other terms, peaked at 28,000 mentions in the first quarter of 2022. Ever since, the number of mentions has rapidly plunged. Halfway through the first quarter earnings season, mentions are around 4,800.  Andy Wiechmann, the Chief Financial Officer of MSCI, mentioned during his earnings call that "Clients are taking a more measured approach to how they integrate ESG." On a Jan. 12 earnings call, BlackRock CEO Larry Fink explained how his firm plans to purchase private equity firm Global Infrastructure Partners without mentioning ESG. This makes sense since BlackRock dropped the ESG term after blowback last summer. Woke capitalism is undergoing a rebranding, and the term ESG is being phased out by corporate America. By Zerohedge.com |
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Post by Blitz on Feb 23, 2024 9:11:54 GMT -5
OpEd: It’s Time We Told the Truth on Energy. Oil and Gas Help the World Thrive David Millar, Contributor - Feb 19, 2024 www.oedigital.com/news/511624-oped-it-s-time-we-told-the-truth-on-energy-oil-and-gas-help-the-world-thrivePrime Ministers come and go. Energy Ministers are appointed and promptly booted out of the job as if they were never there. Net Zero roadmaps are published, tweaked, and then eventually shelved by the Government and opposition alike. But amidst the permacrisis of Westminster, oil and gas continue to deliver for Britain with an efficiency and alacrity rarely witnessed in the corridors of power. In its sixth decade of offshore production, the U.K. upstream oil and gas industry supports some 120,000 jobs across the country. And according to the Office for Budget Responsibility, oil and gas firms will pay some £25 billion to the Exchequer between 2024 and 2027.[ii] Oil and gas are vital to our energy security too. Currently around half of our demand for gas is met through domestic supplies.[iii] And Vladamir Putin has very ably demonstrated what happens to your economy when you fail to make energy security a political priority. If we “Just Stop Oil” the NHS would also stop. Plainly, it would come to a juddering halt. Not because of an energy crisis but because the NHS is one of the world’s biggest consumers of single use plastic. Without oil the NHS could not function, and millions of lives would be lost through infections and cross contamination. The oil and gas sector is one of the jewels in the UK’s economic crown – and yet it is a sector seldom cherished by our political leaders. Not a day goes by without the sector being demonized by politicians and campaigners going all out for a cheap headline or two. It’s high time the sector delivered a clear, compelling message about the realities of oil and gas in 2024. For the oil and gas industry 2024 needs to be a year of education. And this means not being shy in coming forward to communicate clearly on why the sector is so important in sustaining our very way of life. And it’s therefore incumbent on all of us in the sector to educate the general population, the political classes and most importantly those who educate our children on just how critical the North Sea is to our very existence. The politicians need to start being honest and admit that if we stop producing our own gas and oil, all we will do is add shipping costs to delivering the product from other countries at a higher cost to the planet. Exporting our pollution does not help the planet, though it does make it easier to ignore and of course makes us less secure. Energy security should be at the front of everyone’s mind in this new pre-war era. We must be honest too with our children about energy and what powers the world around them. Back in 2015 I was on a fact-finding mission for the British valve industry to learn the truth about shale gas in America. I was in discussion with a company and the subject turned to industrial placements and how important they are to educate the population. I agreed and said we also offered about 12 placements to school children per year. The gentleman in question looked at me like I was mad. “No, we don’t offer them to school children, that’s a waste of time. We offer them to the teachers,” he replied. In a flash of the blindingly obvious I realized that I was wasting my time, it’s the teachers we need to educate, for they will have the biggest impact on the most people over the longest period of time. In a world plagued by political instability, pirates and despotic dictators, U.K. oil and gas has been a reassuring constant. The sector’s success is a prerequisite of a strong economy and sound public services. We must be proud to tell the truth to our children and children’s children on where we get our energy from. |
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