Report: Global CO2 emissions in energy reached record levels last year
The Energy Institute's Annual Statistical Review of World Energy showed that global carbon dioxide emissions in the energy sector reached record levels for the fourth consecutive year last year, as fossil fuel consumption continued to rise even as renewable energy also hit record highs. The figures in the report highlight the difficulty of weaning the world economy away from fossil fuels, especially at a moment when the conflict in Ukraine has disrupted oil and gas supplies coming from Russia. And fighting in the Middle East is raising concerns about the security of supply.
Brazil increases biofuels, sees self-sufficiency in gasoline
The Brazilian National Energy Policy Council approved an increase in the amount of biofuels blended into fossil fuels on Wednesday. This move was also hailed by renewable energy lobbyists who had earlier claimed that the blends wouldn't be changed this coming year. Pietro Mendes from the Energy Ministry's Oil and Gas Department announced the changes during a press conference. Alexandre Silveira, Minister of Mines and Energy at the event, also stated that a change in the mandate for biofuels would allow Brazil to become "gasoline-independent for the first 15 years".
Miliband pledges to lead the way in clean energy and demand corporate net-zero strategies
Ed Miliband, the energy secretary, said that Britain is on the right track by cutting emissions and investing in a green economy. He also pledged to press large companies to explain how they will align their business with this shift. Opposition parties are putting pressure on the government over perceived costs associated with the move to net zero emission at a moment when energy prices remain high after Europe has shifted away from Russian imports due to Moscow's invasion of Ukraine in 2022. Miliband, speaking to climate investors…
EU relaxes rules on state aid to promote green projects and reduce carbon footprint
The European Commission announced Wednesday that it would make it easier for businesses to receive state aids to support projects to reduce carbon emissions or to switch to "green" projects. Heavy industries will also benefit from temporary price reductions in electricity under the new rules. The Commission announced Wednesday that the new rules for state aid, which are valid until December 2020, will help revitalise Europe’s industries through its Clean Industrial Deal. They also aim to encourage heavy industry to remain in Europe and compete better with U.S.
Polish President says that the government is trying to force him into signing wind farm laws
The government is trying to get the Polish president Andrzej duda to sign a law that will make it easier for wind farms to be built. This was done by adding a last minute amendment to legislation freezing power prices. The current liberal government has made a promise to boost renewable energy production after the conservative administration, which was allied with Duda during its eight-year tenure, had blocked onshore wind development for the majority of that time. "Unfortunately, I feel that the prime minister, and…
EU relaxes rules on state aid to promote green projects and reduce carbon footprint
The European Commission announced Wednesday that it would make it easier for businesses to receive state aids to support projects to reduce carbon emissions or to switch to "green" projects. Heavy industries will also benefit from a temporary reduction in power prices under the new rules. The Commission announced Wednesday that the new rules for state aid, which are valid until December 2020, will help revitalise Europe’s industries through its Clean Industrial Deal. They also aim to encourage heavy industry to remain in Europe and compete better with U.S.
Senators say that the US Senate is adjusting the language regarding rooftop solar in its budget bill.
Kevin Cramer, a senator from the United States Senate, said that they are working to adjust a tax credit for residential rooftop solar energy which had been removed in both versions of the House of Representatives' and Senate Finance Committee's versions. Cramer is a Republican and he serves on the Senate Energy Committee. He told reporters "there are discussions" about rooftop solar in the context of the discussion on how to fix the language regarding the future Inflation Reduction Act Tax Credits for Clean Energy Projects. He said that, in general, the Senate's version "might be a little bit more generous" than the House's.
Draft document shows that heavy industries will get a price reduction on electricity under the new EU regulations
A draft of the new EU rules on state aid, which are due to be published by the European Commission on Wednesday, revealed that heavy industries would receive a temporary reduction in electricity prices. This is despite criticisms from companies about high energy costs and restrictive green regulations. Eurometaux, a group of metals industry professionals, sent a warning to Ursula von der Leyen at the beginning of this month. The letter warned that the sector was losing its competitiveness in comparison with U.S. competitors and Chinese counterparts.
Siemens Gamesa and Japan's Industry Ministry agree to wind power cooperation
A ministry official announced that the Japan's Industry Ministry will sign an agreement on Tuesday with Siemens Gamesa Renewable Energy to create a framework of public-private collaboration aimed at creating local supply chains for offshore power. The official in charge of wind power at the Ministry of Economy, Trade and Industry told reporters that the government is promoting collaborations with international players to create a domestic supply network. The official stated that as part of these initiatives, Siemens…
Ares buys 20 percent of Plenitude from Eni for $2.3 billion
Italian energy group Eni sold a 20 percent stake in its renewables and retail business Plenitude, to U.S. alternative investments manager Ares Management Corp. for approximately 2 billion euros ($2.3billion), the company announced on Monday. The deal is part of an Italian group's strategy to develop its business with partners. It follows the sale by Energy Infrastructure Partners of a 10% stake of Plenitude. Stefano Questa is the co-head of European Alternative Credit for Ares. He said: "Plenitude has a distinguished track record in energy transition. Plenitude is active in over 15 countries.
World Bank Group to consider $500 million for South Africa's Transmission Expansion
A senior bank official revealed that the World Bank Group was considering funding $500 million for South Africa to participate in a new facility of credit guarantee meant to unlock private finance for a massive expansion plan of the transmission grid. South Africa is enticing private investors to invest in an ambitious plan that will add 14,500 km new lines, and increase transformer capacity, over the next ten years, for an estimated cost of $25 billion. The country wants to recover from a decade-long period of crippling power outages, which have ravaged the economy.
Japan returns to long term LNG deals on AI boom and national energy plan
The liquefied gas industry in Japan is once again in the spotlight, as artificial intelligence booms and rising costs of cleaner energy drive the appetite for long-term LNG contracts. Japan, which is the second largest LNG importer in the world, has secured long-term deals with Qatar, and other buyers are also securing such agreements. Japan's LNG exports have been falling for over a decade, as the nuclear power plants that were idled following the Fukushima catastrophe began to operate again and renewable energy sources increased. The AI boom will require enormous power consumption from data centres.
INSIGHT-Oklahoma! How America hopes it can compete with China on critical minerals
A two-story warehouse nestled under Oklahoma's Wichita Mountains contains the only machine capable of refining Nickel, an important energy transition metal that is now dominated by China. The facility, which is owned by Westwin Elements a startup, hopes to make Oklahoma the epicenter of critical minerals processing in the United States, a field that was largely abandoned a few decades ago. To get there, the state must overcome many obstacles, such as a lack in major mineral deposits and a weak educational system, not to mention its central location, far from the international shipping routes.
Eni CEO: Oil markets do not expect closure of the Hormuz Strait
Eni's CEO, Eni of Italy, said that oil markets were signaling an unlikely escalation of tensions between Israel and Iran or the closing of the Strait of Hormuz. The Strait of Oman, located between Oman and Iran, connects the Gulf of Oman in the north with the Gulf of Oman in the south. It also links the Arabian Sea to the east. Claudio Descalzi, Eni, said at an energy conference that the markets had not yet pushed crude oil prices above $80 or $90 per barrel, (signaling that) they were predicting more extreme scenarios, such as the closing of the Strait of Hormuz.
Rural Oklahoma aims to become a hub of critical minerals processing in the United States
A two-story warehouse nestled under Oklahoma's Wichita Mountains contains the only machine capable of refining Nickel, an important energy transition metal that is now dominated by China. The facility, which is owned by Westwin Elements, hopes to make Oklahoma the epicenter of critical minerals processing in the United States, a field that was largely abandoned by the country decades ago. To get there, the state must overcome several obstacles, including the lack of important mineral deposits, the weak education system, and its central location in the United States, far from the international shipping lanes.
ADNOC, the UAE's oil company, boosts US investment and says AI is a once in a lifetime opportunity to invest.
ADNOC Chief Sultan al-Jaber stated on Tuesday that the state oil company in the United Arab Emirates aims to increase its U.S. investments by six-fold, to $440 billion over the next ten years. Jaber, speaking at an event in Washington, told the audience that AI was a rare investment opportunity. Jaber cited the UAE's recent anchor investments in the largest liquefied gas plant in Texas and in petrochemicals across the U.S., as well as a planned addition 5.5 gigawatts in renewable energy and storage from coast to coast. He said that Masdar, the UAE's renewable energy company, and its investment arm XRG had just opened a Washington office.
India proposes virtual energy agreements to boost renewable power trading in power markets
India's power regulator proposed Tuesday amending its trading rules for electricity to introduce Virtual Power Purchase Agreements (VPPA), a financial instrument aimed at assisting consumers to meet their renewable energy obligations and exchange power. The Central Electricity Regulatory Commission (CERC) draft proposal formally recognises VPPAs, as OTC contracts that will assist large industrial buyers to meet clean energy goals without taking delivery. A VPPA is a mechanism that allows a customer to negotiate a price with a renewable generator who will then sell the electricity on the open market.
Crown Estate of the UK to invest 400 million stg offshore wind
The Crown Estate of King Charles III, which controls the seabed in Britain, announced on Tuesday that it would invest up to $400 million pounds ($543 millions) into the offshore wind industry. It said that the investment would support the construction and development of new infrastructure including ports, supply chains, manufacturing facilities, and research and test facilities to enable the deployment and use of offshore wind in Britain. Insufficient supply chain capacities are one of the main barriers to further offshore wind deployment.
As new gas plants become more expensive, renewable energy is still the cheapest way to build power.
Lazard, in a Monday report, said that renewable power sources like solar and onshore winds are the least expensive, and fastest, power generation methods to deploy in the United States. This is true even without any government subsidies. In its annual Levelized Energy+ analysis, Lazard, an international financial services firm, reported that the cost of building new gas-fired plants has reached a decade high. This is due to the record electricity consumption in the country and the growing backlogs on turbines and equipment required to build the plants. After a 20-year hiatus, the U.S.
Saudi Aramco CEO: Oil and gas is important during times of conflict
Saudi Aramco's head told a Monday energy conference that oil and gas are important in times of conflict, as we can see right now. Aramco CEO Amin Nasser gave his speech at the Energy Asia Conference held in Kuala Lumpur via video link. The oil prices rose last week, after Israel, claiming to have launched attacks against Iran on Friday in order to stop Tehran from building atomic weapons, said that they were meant to prevent Tehran. Over the weekend, fighting intensified. He said that the world was concerned about energy security, despite the fact that Israel and Iran were fighting.
