Evergy to Add 660MW Wind Energy
US-based utility Evergy has announced plans to add 660MW of wind energy to its portfolio and reduce carbon emissions by 80% below 2005 levels by 2050. The addition will bring the total amount of wind serving Evergy customers to 4,535 megawatts, making Evergy one of the top five wind energy companies in the United States.The energy from these wind farms will be used to support and expand Evergy’s Direct Renewables Program, which allows Kansas companies to access clean wind energy to become more sustainable and reduce the overall cost of energy.
Kuwait Signs 15-yr LNG Gas Deal with Qatar
State-owned Kuwait Petroleum Corp signed a 15-year agreement with Qatar Petroleum to import three million tonnes of liquefied natural gas (LNG) each year starting from 2022.The agreement was signed by Dr. Khaled A. Al-Fadhel, the Minister of Oil and the Minister of Electricity & Water, the Chairman of the Board of Kuwait Petroleum Corporation and His Excellency Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, the President and CEO of Qatar Petroleum, during a special ceremony held in Kuwait City.Under the 15-year agreement…
Cheap Gas Killing US Coal -Rystad
A new study revealed that coal power is being replaced by cleaner energy sources in the US – primarily due to an abundance of cheap natural gas.According to Rystad Energy, new renewable energy capacity from solar and wind is on the rise in the US, and April 2019 marked the first month when more electricity was generated in the country from renewable sources than from coal.However, the growing renewable energy sector alone is not wholly responsible for the on-going retirement of coal-fired power plants and the essential moratorium on the construction of new coal plants.“The US thermal coal industry is in severe trouble.
LNG Rates Hit Record in 4Q: Flex LNG
During the fourth quarter ended December 31, 2018, spot LNG rates reached record levels as market players were positioning themselves ahead of the winter season, said Flex LNG.According to the UK-based provider of LNG Shipping with a focus on LNG Carriers and FSRUs (Floating Storage Regasification Units), due to a combination of higher temperatures meaning fewer heating days, liquidation of approximately 30 vessels utilized for floating storage the freight rates for LNG has slumped during first quarter of 2019 and also resulting…
Oil and Gas Execs Expect to Boost Spending
The majority of senior energy industry executives expect to maintain or increase spending this year to meet demand for oil and gas after years of austerity, a survey by DNV GL shows.DNV, a technical adviser to the energy industry, surveyed 791 senior professionals from firms with annual revenue ranging from $500 million or less to those earning $5 billion and more.BP, Shell and many other companies cut capital spending and costs in 2016 after the price of benchmark Brent crude fell to a 12-year low of below $30 a barrel.Helped by output cuts by Organization of the Petroleum Exporting Countries and its allies…
LNG Shipping Market in Recovery Stage: Flex LNG
Norwegian-born billionaire John Fredriksen-owned LNG shipper Flex LNG believes that the LNG market is in the early stages of a multi-year recovery.According to a report by Flex LNG, the market for seaborne transportation of LNG has improved significantly during the third quarter with the primary driver being the nearly 50 per cent year on year growth in imports to China.Additionally there is high demand growth in other more mature markets such as South Korea and Taiwan.Flex LNG pointed out that Bloomberg New Energy Finance estimate demand growth of approximately 8.5% in 2018…
Petronas Sets Up Team for Renewables Push
Malaysian state-owned oil and gas firm Petroliam Nasional Berhad, or Petronas, has set up a new business within the group to make a push into renewable energy, the head of the new venture said on Tuesday.Petronas has expressed interest over the last year to diversify into renewables amid low oil prices. In March, Chief Executive Wan Zulkiflee Wan Ariffin said Petronas will explore new business areas including new energy and that the company will assess opportunities in solar power.Jay Mariyappan told an industry forum that…
Natural Gas is Here to Stay, Big Oil Says
Energy companies are betting demand for natural gas will rise at break-neck pace for decades, undermining warnings that tackling climate change would require a rapid switch to renewable energy.Top oil companies including Royal Dutch Shell, BP and Total are adapting with growing urgency to the need to develop cleaner energy sources, investing more and more in solar and wind power, electric vehicle technology and even forestation.Still, they see oil, and specially natural gas, the least polluting fossil fuel, playing a major role throughout the decades of transition and beyond as demand for electricity and plastics grows."Shell's core business is…
Rockefeller Fund hits Exxon, Sheds Fossil Fuels
The Rockefeller Family Fund said on Wednesday it would divest from fossil fuels as quickly as possible and "eliminate holdings" of Exxon Mobil Corp, saying the oil company associated with the family fortune has misled the public about climate change risks. Though only a sliver of the endowment's modest $130 million in assets is invested in fossil fuels, the move is notable because a century ago John D. Rockefeller Sr. made a fortune running Standard Oil, a precursor to Exxon Mobil. The charity said it would also divest from coal and Canadian oil sands.
IMF's Lagarde Calls for "wise" Taxes to Foster Greener Fuels
International Monetary Fund chief Christine Lagarde called on Monday for tax reforms to be included in a global climate deal to raise incentives for consumers to reduce their energy consumption and to boost demand for cleaner fuels. In an opinion piece for German daily Die Welt, Lagarde said the price of greenhouse gas emissions should be at the centre of efforts to tackle climate change. "With a fairer carbon price, energy savings will be encouraged and demand strengthened for cleaner energy sources and 'greener' investments," Lagarde wrote, adding price changes could be achieved via energy taxes.
EPA Faces U.S. Senate Biofuels Grilling
U.S. lawmakers will grill the nation's environmental regulator over its handling of a controversial renewable fuels program at a hearing on Thursday, the first since new biofuels targets provoked a furor among corn farmers and oil refiners. The much-anticipated hearing by the Senate subcommittee on regulatory affairs and federal management will likely increase congressional attention to the pitfalls of the decade-old biofuels policy as it faces a fresh wave of criticism from policymakers, the oil industry and environmentalists.
Shell-BG Deal Tests China's Antitrust Pledge
Royal Dutch Shell's $70 billion bid for BG Group Plc will put to the test a pledge by China's antitrust regime to be more transparent, after it faced strong criticism last year from the United States and Europe. China's nascent competition law has become one of the biggest wildcards for large cross-border deals in recent years, particularly where natural resources are concerned. In 2013, China's Ministry of Commerce (MOFCOM) said miner Xstrata had to sell off a prized Peruvian copper project in order for its $35 billion merger with Glencore to proceed, despite neither company owning any assets in China at the time.
LNG in the Firing Line as Natural Gas Prices Converge
With so much speculation surrounding the plummeting oil price, the state of the natural gas market has largely taken a backseat. However, gas prices are falling too, but the extent and impact of this varies around the world more than in the case of oil, Douglas-Westwood reports. Natural gas is a fast-growing source of global energy – in its2015 Outlook for Energy, ExxonMobil forecast gas demand growth to outstrip oil and coal significantly to 2040. In Asia, where the majority of demand growth is expected, we have seen tumbling prices in recent months.
China's Shift To Cleaner Fuel Puts $21 Bln Investment At Risk
China's increasing efforts to shift away from coal to cleaner fuels could put annual investments of around $21 billion at risk of being stranded, a research report estimated on Thursday. China has relied heavily on coal to fuel its economic growth over the past three decades, and it now burns half the coal that the world consumes each year. But a nationwide pollution crisis, increasing water scarcity and growing concerns over climate change mean Beijing wants to shift to cleaner energy sources. Analysts expect China's coal consumption to peak sometime between 2020 and 2030.