China is quietly dominating another major global sector, wind power. The country accounted for two-thirds of the entire global build in 2023 and now boasts a 77GW portfolio, more than ten times that of the US, the next largest market. Data from Bloomberg’s specialist research unit NEF out today shows that Europe added a record 15.3GW last year, 16 per cent more than the amount installed in 2022, but still only 40 per cent of the required annual volume to meet the 2030 500 GW target. China is strengthening... Читать дальше...
Tensions between Argentina and Venezuela have worsened after a diplomatic spat between the two South American nations. Argentina has accused Venezuela of cutting the power supply to its embassy in Caracas after its diplomats invited Venezuela’s opposition leaders due to concerns about “the deterioration of the institutional situation and the acts of harassment and persecution directed against political figures in Venezuela.” In a statement released on Monday by the Office of Argentine President... Читать дальше...
A Nanyang Technological University real-world study has shown that the use of cool paint coatings in cities can help pedestrians feel up to 1.5º Celsius (2.7º F) cooler, making the urban area more comfortable for work and play. The research paper exploring the development has been published in Sustainable Cities and Society. Cool paint coatings contain additives that reflect the sun’s heat to reduce surface heat absorption and emission. They have been touted as one way to cool down the urban area... Читать дальше...
A safety probe into a Baltimore bridge collapse will determine whether contaminated fuel played a part in the accident whereby a giant ship lost power and crashed into the bridge forcing it to collapse. Early investigations suggest that the Singapore-flagged Dali cargo ship was setting off from the Port of Baltimore to Colombo, Sri Lanka, when it apparently lost power and crashed into a support pillar of the Francis Scott Key Bridge. The lights on the Dali, a 948-foot-long container ship capable... Читать дальше...
Via Metal Miner Will there be a rebound in Chinese nickel purchases in 2024? Furthermore, will it serve to bolster the market in the near term? Following a lengthy period of de-stocking last year, these are just some of the questions with implications for the global nickel price. As the world moves toward cleaner energy sources, certain minerals and metals are now deemed “critical” to the transition. As a key ingredient in electric vehicle (EV) batteries, nickel is one of several elements under the spotlight. Читать дальше...
The Netherlands' five largest pension funds have said they are willing to invest billions in the country’s renewable energy sector and the electricity grid. The funds, with a combined 900 billion euros ($975 billion) in assets, have offered to help with finances and expertise in the nation’s electric grid expansion and sustainable heating projects. "We want to make a bigger impact, we can and want to invest more in the Dutch energy transition," the funds said in a letter addressed to the country’s... Читать дальше...
Nissan is the latest manufacturer to aim to cut EV costs in order to keep up with an increasingly competitive and saturated landscape. The company is now seeking to compete with Chinese rivals by slashing costs by 30%, Financial Times reported this weekend. Nissan, in collaboration with Renault and recently Honda, faces challenges in China's auto market, the report notes. After delays, Nissan's new business plan seeks to boost sales by 1 million units by fiscal 2026, introducing 30 new models, half of which will be EVs or hybrids. Читать дальше...
Chinese state oil and gas giant PetroChina plans to power all its drilling and refining activities with clean power by 2033 and to install massive renewable energy capacity this year. The Chinese firm is pledging to boost renewables operations just when international oil majors have started to walk back on some of their clean energy ambitions. Shell, for example, reaffirmed earlier this month its ambitions to be a net-zero energy business by 2050 but eased its carbon intensity target for 2030... Читать дальше...
Europe is set to exit the winter heating season with another record-high level of natural gas inventories, which could spare the EU price spikes and another energy crisis next winter, according to analysts. As of March 25, a week before the end of the major gas withdrawal season on March 31, EU gas storage sites were 59% full, per data from Gas Infrastructure Europe. Although the volume of 100% full storage sites accounts for only about a quarter of EU consumption during the winter, the high stock... Читать дальше...
Russia is boosting exploration for oil, gas, and minerals on its continental shelf as it has launched the first comprehensive geological and drilling studies in 30 years, according to its Federal Agency for Mineral Resources. The agency, also known as Rosnedra, operates 190 sites nationwide between Kaliningrad and Russia’s Far East, with projects ranging from deep drilling for oil and gas to geophysical exploration of solid minerals by drones, the head of the agency Yevgeny Petrov told Russian Prime... Читать дальше...
Crude oil prices were in the red today after the Energy Information Administration reported an inventory build of 3.2 million barrels for the week to March 22. This compared with a draw of 2 million barrels for the previous week, when the EIA also estimated a sizeable draw in gasoline inventories, which helped support prices. This week, the API inventory report that came out on Tuesday pushed prices lower as it estimated an inventory build in crude oil of over 9.3 million barrels for the week to March 22. Читать дальше...
Baltimore Port’s coal exports are likely to be blocked for weeks after the collapse of the Francis Scott Key Bridge on Tuesday, according to a Pennsylvania coal trading firm. The bridge collapsed early on Tuesday after a cargo ship lost power and slammed into the construction, which crumbled within seconds and will disrupt navigation near the Baltimore port, which is one of the biggest coal export terminals in America. Baltimore is the nation’s second-largest coal exporting port after Norfolk... Читать дальше...
US oil prices have recently jumped above the $80 a barrel mark - the highest level since late 2023, sending worrying signals to the Federal Reserve and overly anxious White House. The surge in WTI has pushed wholesales gasoline prices up... And worse, pump prices are set to accelerate even higher in the coming months to an average of $4 a gallon, which would be the highest level since the summer of 2022, according to Bloomberg, citing new data from AAA Automobile Club. A combination of issues is... Читать дальше...
North Sea oil and gas producer Ithaca Energy has entered into an exclusivity agreement to discuss buying all of the UK upstream business of Italy’s energy major Eni. A deal, if it takes place, will be for substantially all of Eni’s oil and gas assets in the UK, including the Neptune Energy assets which the Italian major has recently acquired. But a transaction will not include certain carbon capture projects and Irish Sea assets held by Eni, Ithaca Energy said on Wednesday. Pursuant to the exclusivity agreement... Читать дальше...
North Sea oil and gas operators should make all reasonable efforts to cut emissions to ensure continued energy production with the lowest possible emissions, or risk not being given consent for field developments, the UK’s North Sea Transition Authority (NSTA) said in a new plan on Wednesday. The regulator, which authorizes field development projects, published today a new emissions reduction plan, which “highlighted the need for action across the board on production decarbonisation – including... Читать дальше...
Phillips 66 is considering the sale of its 25% stake in a gas pipeline that runs between Wyoming and Ohio, which could fetch over $1 billion. Citing unnamed sources in the know, Reuters said the refiner was currently discussing the divestment with advisers and that potential suitors for the stake included private equity firms and infrastructure investment funds. The stake, per the Reuters sources, has a book value of $451 million but it carries some $500 million in debt that the buyer would have to take on. Читать дальше...
The United States and South Korea have joined forces to try and stop oil shipments to North Korea that contravene UN sanctions. According to Reuters, the team effort was dubbed Enhanced Disruption Task Force and involved more than 30 officials from the two countries. The news follows a report in the Financial Times from earlier this week that said Russia was shipping fuels directly to North Korea in violation of UN sanctions, which, the report said, were nearing collapse for lack of ways to enforce them effectively. Читать дальше...
Since the public spat over long-term forecasts between the leading voice of the world’s oil producers – OPEC – and consumers – the International Energy Agency (IEA) – broke out last fall, it remains apparent that a deep divide exists between them.Their contrasting reports were published last October in the weeks leading up to COP28. In an interview with Oilprice.com, HE Haitham al-Ghais, OPEC Secretary General, reaffirmed his organization’s position on long-term oil demand while elaborating on its... Читать дальше...
The surge in AI technologies and the massive build-out of data centers in America have had the biggest tech corporations scrambling for grid connection and reliable power supply to power the technologies of the future. Most of the giant corporations want their power sources to be as clean as possible—preferably all renewable. But utilities are struggling to meet soaring demand from data centers while keeping reliable operations for all the customers in the areas they serve. As much as Amazon, Microsoft... Читать дальше...
Authored by Justin Bis via RealClear Wire, The Securities and Exchange Commission is at it again. Straying from its core mission of “protecting investors, maintaining fair, orderly, and efficient markets, and facilitating capital formation,” the SEC is now taking the mantle of climate activist. Chairman Gary Gensler’s signature policy, the Climate Disclosure Rule, was just approved in a partisan 3-2 vote. Companies will now have to disclose direct and indirect emissions that they produce to investors. Читать дальше...
