Energy News Articles
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The nation's biggest oil and gas companies have significantly increased stock buybacks and dividends since Russia invaded Ukraine in late February, raising questions about whether the firms are using wartime profits to enrich investors instead of curbing Americans' pain at the pump. The report released today by Friends of the Earth, Public Citizen and BailoutWatch turns up the heat on the fossil fuel industry ahead of two high-profile congressional hearings this week, when Democrats plan to scrutinize the industry's windfall profits amid rising crude prices sparked by the war in Ukraine. The three groups looked at Securities and Exchange Commission filings and public statements from the 20 largest U.S.-headquartered oil and gas companies. In January and February, seven companies' boards authorized their corporate treasuries to buy back and retire $24.35 billion in stock – a 15 percent increase over all of the buybacks authorized in 2021. Six of those decisions came in February, after fears of Russian aggression against Ukraine lifted stock prices. In total, the 20 companies announced $45.6 billion in stock buybacks since the start of 2021. More than half of the companies boosted their dividends in January and February. Of the 11 companies raising their dividends, nine were increases of more than 15 percent and four were increases of more than 40 percent.
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Batteries capable of fully charging in five minutes have been produced in a factory for the first time, marking a significant step towards electric cars becoming as fast to charge as filling up petrol or diesel vehicles. Electric vehicles are a vital part of action to tackle the climate crisis but running out of charge during a journey is a worry for drivers. The new lithium-ion batteries were developed by the Israeli company StoreDot and manufactured by Eve Energy in China on standard production lines. StoreDot has already demonstrated its "extreme fast-charging" battery in phones, drones and scooters and the 1,000 batteries it has now produced are to showcase its technology to carmakers and other companies. Daimler, BP, Samsung and TDK have all invested in StoreDot, which has raised $130m to date. "The number one barrier to the adoption of electric vehicles is no longer cost, it is range anxiety," said Doron Myersdorf, CEO of StoreDot. "You're either afraid that you're going to get stuck on the highway or you're going to need to sit in a charging station for two hours. But if the experience of the driver is exactly like fuelling [a petrol car], this whole anxiety goes away." "A five-minute charging lithium-ion battery was considered to be impossible," he said. "But we are not releasing a lab prototype, we are releasing engineering samples from a mass production line. This demonstrates it is feasible and it's commercially ready."
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The automotive industry is set for yet another big leap next year, as Toyota is reportedly on the verge of rolling out its "game-changing" solid-state battery. The Japanese carmaker plans to be the first to sell solid-state battery-powered EVs this decade, and that it will be unveiling a prototype in 2021. Toyota promises that the new battery will "be a game-changer not just for electric vehicles, but for an entire industry." Solid-state batteries are expected to become a viable alternative to the usual lithium-ion units that we see in most electric vehicles today. These new power packs offer greater energy density as well as lower risks of fire. Toyota claims that its newly developed batteries can also enable a maximum EV range of 500km in one full charge and a zero to 100% charging time of just 10 minutes, "all with minimal safety concerns." The carmaker adds that with these new batteries, its EVs will boast a maximum range that’s double of what it would have been able to achieve with a traditional lithium-ion battery—and this is achieved without legroom being compromised to accommodate a larger battery pack. Toyota has yet to specify when exactly we’ll be seeing the new battery ... in action. Other automotive manufacturers that are looking to use solid-state battery technology include Nissan and Volkswagen.
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Hundreds of homes in Scotland will soon become the first in the world to use 100% green hydrogen to heat their properties and cook their meals as part of a new trial that could help households across the country replace fossil fuel gas. Some 300 homes in Fife will be fitted with free hydrogen boilers, heaters and cooking appliances to be used for more than four years in the largest test of whether zero carbon hydrogen, made using renewable energy and water, could help meet Britain’s climate goals. They will begin to receive green gas from the end of 2022, at no extra charge, and up to 1,000 homes could be included if the first phase of the trial is completed successfully. Green hydrogen is a central part of the government’s plan to wean Britain off fossil fuels because it can be used in the same ways as fossil fuel gas but produces no carbon emissions. This is particularly important for central heating, which makes up almost a third of the UK’s greenhouse gas emissions because 85% of homes use a gas boiler. Antony Green, the head of National Grid’s hydrogen project, said: “If we truly want to reach a net zero decarbonised future, we need to replace methane with green alternatives like hydrogen.”
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One-third of the world's installed electricity generation capacity is from renewable sources, according to the latest industry statistics. The data compiled by the International Renewable Energy Agency (IRENA) shows that two-thirds of the power capacity added around the world in 2018 was from renewables. Wind and solar accounted for 84% of that total. 2018 was characterized by a spate of solar and wind pricing breakthroughs. Falling interest rates for investors, ongoing technology improvements and regulatory frameworks that encourage competition among would-be developers have all played a part. The geographical distribution of the new plants includes developing and developed economies but it is the former leading the way. The three fastest growing regions were Oceania, Asia and Africa. Asia also became the first terrawatt region, just, with IRENAs figures putting installed renewable capacity at 1,024GW. More than two-thirds of that is in China. Offshore wind capacity has doubled since 2015 but only represented around 4.4GW of the 171GW of renewable power plant deployed in 2018. The concentration of offshore wind remains firmly in Europe (~80%). Solar was the runaway leader of the pack adding 94GW in 2018 to 49GW of wind, on- and offshore. Half of the worlds total installed capacity is currently hydropower but China was the only nation to make substantial hydro additions last year. Bioenergy [added] 6GW.
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The worlds largest sovereign wealth fund, which manages $1tn (770bn) of Norways assets, is to dump investments in firms that explore for oil and gas, but will still hold stakes in firms such as BP and Shell that have renewable energy divisions. The Government Pension Fund Global (GPFG), whose assets exceed those of rival sovereign wealth funds ... said it would phase out oil exploration from its investment universe. The objective is to reduce the vulnerability of our common wealth to a permanent oil price decline, said Norways finance minister, Siv Jensen. Hence, it is more accurate to sell companies which explore and produce oil and gas, rather than selling a broadly diversified energy sector. Greenpeace UKs oil campaigner, Charlie Kronick, said: This partial divestment from oil and gas [sends] a clear signal that companies betting on the expansion of their oil and gas businesses present an unacceptable risk, not only to the climate but also to investors. While BP and Shell are excluded from the current divestment proposal, they must now recognise that if they continue to spend billions chasing new fossil fuels, they are doomed. Tom Sanzillo, director of finance for the Institute for Energy Economics and Financial Analysis, said: These are very important statements from a big fund. Theyre doing it because fossil fuel stocks are not producing the value that they have historically. He said GPFGs investment strategy also underscores that the fracking business model is unsustainable.
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Ireland will become the first country in the world to fully divest from fossil fuels after politicians voted to withdraw all public funds from oil and gas companies. In an effort to meet the country's climate change commitments, as embodied in the Paris agreement, the Fossil Fuel Divestment Bill will probably be brought into force after parliament's summer recess. First introduced by independent MP Thomas Pringle in 2016, the bill has since been backed by all opposition parties. Taking inspiration from universities and cities around the world that have withdrawn financial support from the fossil fuel industry, Mr Pringle began working on the idea after meeting Irish international development charity Trocaire. The passing of the bill will compel the Ireland Strategic Investment Fund to sell off its fossil fuel investments, which stand at more than 300m (265m) across 150 companies worldwide. Mr Pringle said the withdrawal of this money will not only remove funds from some of the biggest greenhouse gas emitters, it will act as a gesture of Irelands commitment to tackling climate change. Eamonn Meehan, executive director of Trocaire, agreed that the bill made a powerful statement that would serve to improve the nations reputation as a climate laggard.
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Solar panels will be a required feature on virtually every new home built in California, under a policy advanced Wednesday by California regulators. The California Energy Commission voted unanimously, 5-0, to recommend energy efficiency standards that are set to be added to state building regulations later this year, effecting all construction after Jan. 1, 2020. The rules will make California the first state in the nation to require solar panels on new homes. "This will be nothing short of historic for our state and for our country," said Bernadette Del Chiaro, executive director of the California Solar & Storage Association, an industry group. The requirement will apply to single-family homes and to apartment and condominium complexes of three stories or less. Solar installations have become so cost effective that they are included in more than 15,000 homes built each year in California, even without the directive from the state. In 2020 and beyond that number promises to increase to 80,000, the number of homes built each year in the Golden State. The average estimated cost of a solar system is $9,500, or $40 a month when amortized over a 30-year mortgage. But the systems are projected to save customers an average of $80 a month on their utility bills. Another part of the new regulation ... gives energy credit to homes that employ battery storage technology.
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Declining coal use has pushed UK carbon emissions to levels last consistently seen in 1890, highlighting the countrys progress in cutting greenhouse gases faster than most other developed economies. Emissions fell by 2.6 per cent in 2017, driven by a nearly one-fifth reduction in the use of coal as the energy industry shifts towards cleaner sources of electricity generation, especially wind and solar power. The data marked the fifth successive year in which the amount of carbon dioxide pumped into UK skies has fallen, and emissions are now 38 per cent below the level of 1990. With coal quickly disappearing in the UK and other fossil fuel use mostly flat, emissions have continued their steady decline, said Zeke Hausfather, author of the report by Carbon Brief, a climate research and news organisation, which based its findings on the latest UK government data. Britains success in driving down emissions contrasts with Germany, where the countrys continued dependence on coal for about 40 per cent of electricity generation has dented Chancellor Angela Merkels green credentials and put the countrys climate targets at risk. More than two-thirds of todays emissions still need to be eliminated if Britain is to meet its legally binding goal to reduce CO2 output by 80 per cent below 1990 levels by 2050.
Note: In 2017, for the first time since the 1800's, Britain went a day without burning coal to generate electricity. For more along these lines, see concise summaries of deeply revealing climate change news articles from reliable major media sources.
In 2012, the UK ranked 20th out of a list of 33 rich countries in terms of low-carbon electricity use. In 2017, it jumped to 7th. No other country has ever climbed up the rankings so quickly. How did the UK manage it? It imposed a carbon tax. The carbon tax, or the carbon floor price as policymakers refer to it, was introduced in 2013. It stands at 18 ($25) per ton of carbon dioxide emitted in producing electricity. As a member of the EUs emissions trading scheme (for now), UK electricity providers also pay a market-based price for carbon credits, which is about 5 per ton of CO2. After the tax was introduced, it became much more expensive to burn coal, which produces about twice the emissions per unit of energy as natural gas. The carbon floor price only applies at the point of generation. That means, only UK producers are required to pay it. In normal conditions, this would mean that the interconnectors would have been able to include bids from cheaper dirty fossil fuel generation outside the UK. As it happens, however, France, Norway, and Belgium generate a very high proportion of electricity from low-carbon sources. Even the Netherlands, which only gets 15% of its electricity from renewable sources, can provide a lot of low-carbon electricity on windier days. With the carbon floor price probably set to increase after 2020, the clear direction the UKs electricity market is headed is away from fossil fuels.
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More than half of the electricity generated in the UK in 2017 came from low-carbon sources for the first time ever. Renewables and nuclear provided more electricity than all fossil fuels combined, with wind generation alone supplying twice as much energy as coal, according to analysis by Carbon Brief, a website that tracks climate change and energy policy. Wind made a greater contribution to the countrys electricity needs than coal in every month apart from January. The share from low-carbon sources doubled between 2008 and 2017, Carbon Brief said. The UK has also added wind and solar power generation rapidly, as costs have fallen. Future development will increasingly be possible without the Government subsidies that have aided the industrys development until now. The UK also passed a series of other milestones last year, including its first day without coal power since 1882, the most electricity produced from solar power at any one moment and the most wind power produced in a day. Wind saw the biggest increase of any energy source, with supply up 31 per cent for the whole of 2017 on 2016s level. The electricity sector has been the primary focus of renewable power generation as that power can then be used to revolutionise the other sectors, for example through the electrification of transport. Britains power system is the fourth cleanest in Europe and the seventh cleanest in the world.
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Of all the measures of the continents poverty, few are starker than that about two-thirds of its people have no access to reliable electricity. But thanks to a happy combination of innovation and falling costs for renewable energy, Africa may now be able to leapfrog ahead not once but twice, skipping both polluting fossil fuels and, often, the electricity grid itself. This is partly due to falling costs: the price of solar panels has come down by more than 80% since 2010, and that of wind turbines is also dropping fast. Yet generating power is useful only if it can be sent to where it is needed, and in many parts of Africa electricity grids seldom stretch beyond big cities. [A] set of innovations is offering to sidestep this problem with mini rooftop solar installations that can power a home, or slightly larger micro-grids that can light up a village. Rooftop solar systems usually consist of a small solar panel and a small rechargeable battery and controller which typically powers ... lights, a radio and a phone charger. Most systems have a built-in connection to the mobile-phone network that allows the provider to switch it on or off remotely. Instead of shelling out $250 or so upfront for an entire system, customers can buy electricity for the equivalent of 50 cents a day using mobile money. Thanks to this new paygo model, venture capital is pouring into an industry that now has at least half a dozen significant firms. The largest of them, M-Kopa, has electrified more than 500,000 homes and is adding almost 200,000 more a year.
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China will set a deadline for automakers to end sales of fossil-fuel-powered vehicles, becoming the biggest market to do so in a move that will accelerate the push into the electric car market. Xin Guobin, the vice minister of industry and information technology, said the government is working with other regulators on a timetable to end production and sales. The move will have a profound impact on the environment and growth of Chinas auto industry, Xin said at an auto forum in Tianjin on Saturday. The worlds second-biggest economy, which has vowed to cap its carbon emissions by 2030 and curb worsening air pollution, is the latest to join countries such as the U.K. and France seeking to phase out vehicles using gasoline and diesel. The looming ban ... will goad both local and global automakers to focus on introducing more zero-emission electric cars to help clean up smog-choked major cities. The implementation of the ban for such a big market like China can be later than 2040, said Liu Zhijia, an assistant general manager at Chery Automobile Co., the countrys biggest passenger car exporter. The U.K. said in July it will ban sales of diesel- and gasoline-fueled cars by 2040, two weeks after France announced a similar plan to reduce air pollution and meet targets to keep global warming below 2 degrees Celsius (3.6 degrees Fahrenheit). Norway and the Netherlands are considering a more aggressive way to put an end on fossil fuel cars years earlier than its European peers.
Note: According to a recent study, subsidies propping up the global fossil fuel industry "were $4.9 tn in 2013 and they rose to $5.3 tn just two years later."
Fossil fuels are expensive. Much of their costs are hidden, however, as subsidies. If people knew how large their subsidies were, there would be a backlash against them from so-called financial conservatives. A study was just published in the journal World Development that quantifies the amount of subsidies directed toward fossil fuels globally, and the results are shocking. The authors work at the IMF and are well-skilled to quantify the subsidies discussed in the paper. The subsidies were $4.9 tn in 2013 and they rose to $5.3 tn just two years later. According to the authors, these subsidies are important because first, they promote fossil fuel use which damages the environment. Second, these are fiscally costly. Third, the subsidies discourage investments in energy efficiency and renewable energy that compete with the subsidized fossil fuels. Finally, subsidies are very inefficient means to support low-income households. With these truths made plain, why havent subsidies been eliminated? We are talking enormous values of 5.8% of global GDP in 2011, rising to 6.5% in 2013. Petroleum and coal receive much larger subsidies compared to their counterpart fuels. There are two key takeaway messages. First, fossil fuel subsidies are enormous and they are costs that we all pay, in one form or another. Second, the subsidies persist in part because we dont fully appreciate their size. These two facts, taken together, further strengthen the case to be made for clean and renewable energy.
Note: Even competing with such heavily subsidized fossil fuels, the solar power industry in the US now employs more workers than the coal, oil and natural gas industries combined. For more along these lines, see concise summaries of deeply revealing energy news articles from reliable major media sources.
Electricity prices in [California] have begun turning negative on the main power exchange, the US Energy Information Administration (EIA) has revealed. Solar made up a record figure of nearly 40 per cent of the electricity sent to the grid in the California Independent System Operators (CAISOs) territory for a few hours on 11 March, after utility-scale solar farms grew by almost 50 per cent in 2016, the EIA said. Solar capacity in the state has grown rapidly in the last few years. There was less than one gigawatt in 2007, but nearly 14GW by the end of last year. At this time of year, the large amounts of sunlight and the relatively low demand can produce too much electricity around the middle of the day. Electricity demand in California tends to peak during the summer months, the EIA said. However, in late winter and early spring, demand is at its annual minimum, but solar output, while not at its highest, is increasing as the days grow longer and the sun gets higher in the sky. Consequently, power prices ... were substantially lower in March compared with other times of the year or even March of last year. System average hourly prices were frequently at or below $0 per megawatthour. In contrast, average hourly prices in March 201315 during this time of day ranged from $14/MWh to $45/MWh.
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Norway said that electric or hybrid cars represented half of new registrations in the country so far in 2017, as Norway continues its trend towards becoming one of the most ecologically progressive countries in the world. According to figures from the Road Traffic Information Council (OFV) ... sales of electric cars accounted for 17.6 per cent of new vehicle registrations in January and hybrid cars accounted for 33.8 per cent, for a combined 51.4 per cent. Norway already has the highest per capita number of all-electric cars in the world. The milestone is also particularly significant as a large proportion of Norways funds rely on the countrys petroleum industry. "This is a milestone on Norway's road to an electric car fleet," Climate and Environment minister Vidar Helgesen [said]. The transport sector is the biggest challenge for climate policy in the decade ahead. We need to reduce (CO2) emissions by at least 40 per cent by 2030," he added. Last year, the government agreed on a proposal to ban the sale of new gasoline and diesel-powered car starting in 2025. It also aims to reduce carbon dioxide emissions of new cars to 85 grams per kilometre by 2020 - a goal it has almost achieved: : the figure stood at 88 grams in February compared to 133 grams when the decision was taken five years ago. In December, Norway registered its 100,000th electric car. Norway has also become the first country in the world to commit to zero deforestation.
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The solar panels - 3,852 of them - shimmered above 10 acres of Jimmy Carters soil where peanuts and soybeans used to grow. 38 years after Mr. Carter installed solar panels at the White House, only to see them removed during Ronald Reagans administration, the former president is leasing part of his familys farmland for [the] project. It is, Mr. Carter and energy experts said, a small-scale effort that could hold lessons for other pockets of pastoral America in an age of climate change and political rancor. I hope that well see a realization on the part of the new administration that one of the best ways to provide new jobs - good-paying and productive and innovative jobs - is through the search for renewable sources of energy, Mr. Carter, 92, said in an interview. Although Mr. Carter, now decades removed from the night in February 1977 when he donned a cardigan sweater and spoke of the countrys energy problem, remains a keen student of energy policy, the solar project is also an extension of his legacy. The project on Mr. Carters land, which feeds into Georgia Powers grid and earns the former first family less than $7,000 annually, did not need to be large to serve much of Plains, population 683 or so. It began when a solar firm, SolAmerica, approached Mr. Carters grandson Jason Carter about the possibility of installing panels here. The former president, who was 11 when his boyhood home got running water after his father installed a windmill, did not need convincing and became deeply involved with the project, writing notes in the margins of the lease agreement and visiting the site regularly.
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For nearly 100 years, scientists have dreamed of turning the lightest of all the elements, hydrogen, into a metal. Now, in a stunning act of modern-day alchemy, scientists at Harvard University have finally succeeded in creating a tiny amount of [this] material. Metallic hydrogen could theoretically revolutionise technology, enabling the creation of super-fast computers, high-speed levitating trains and ultra-efficient vehicles and dramatically improving almost anything involving electricity. But the prospect of this bright future could be at risk if the scientists next step to establish whether the metal is stable at normal pressures and temperatures fails to go as hoped. Professor Isaac Silvera, who made the breakthrough with Dr Ranga Dias, said: This is the holy grail of high-pressure physics. It's the first-ever sample of metallic hydrogen on Earth, so when you're looking at it, you're looking at something thats never existed before. At the moment the tiny piece of metal can only be seen through two diamonds that were used to crush liquid hydrogen at a temperature far below freezing. The amount of pressure needed was immense more than is found at the centre of the Earth. Sometime in the next few weeks, the researchers plan to carefully ease the pressure. According to one theory, metallic hydrogen will be stable at room temperature. If this is true, then [it] could ... transform humanitys efforts to explore our solar system by providing a form of rocket fuel nearly four times more powerful than the best available today.
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Solar energy is now cheaper than traditional fossil fuels. Solar and wind is now either the same price or cheaper than new fossil fuel capacity in more than 30 countries, according to a new report from the World Economic Forum. The influential foundation has described the change as a "tipping point" that could make fighting climate change into a profitable form of business for energy companies. But investors and energy firms are still failing to put money into such green solutions despite the fact that they are cheaper than more traditional forms of electricity generation. Renewable energy has reached a tipping point it now constitutes the best chance to reverse global warming, said Michael Drexler, Head of Long Term Investing, Infrastructure and Development at the World Economic Forum. Just ten years ago, generating electricity through solar cost about $600 per MWh, and it cost only $100 to generate the same amount of power through coal and natural gas. But ... today it only costs around $100 the generate the same amount of electricity through solar and $50 through wind. The cheap price of solar and wind energy is already encouraging companies to build more plants to harvest it. The US is adding about 125 solar panels every minute ... and investment in renewables in 2015 rose to $286 billion, up 5 per cent from the year before. Even despite that cheap price ... the worldwide investment is only 25 per cent of the $1 trillion goal set in the landmark Paris climate change accord.
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Almost all Costa Rica's electricity was produced by renewable energy in 2016. The Costa Rican Electricity Institute (ICE) said that around 98.1 per cent of the countrys electricity came from green sources. These included large hydropower facilities, fed by a myriad of rivers and heavy seasonal rains, geothermal plants, wind turbines, solar panels and biomass plants. The country used carbon-free electricity for more than 250 days last year with a continuous 110-day stretch from 17 June until 6 October. Science and environment journalist Maria Gallucci described the tropical country as "a verdant gem amid a pile of black coal rocks". In comparison, less than 15 per cent of the US electricity supply for January to October 2016 was renewable. Coal and natural gas together made up nearly two-thirds of the US electricity generation over that period and nuclear power provided the remaining 19 per cent. ICE president Carlos Manuel Obregn said he expected renewable power generation to stay stable in Costa Rica in 2017. The country, which hosts more than five per cent of the worlds species biodiversity despite a landmass that covers 0.03 per cent of the planet, has recently set up four new wind farms. Costa Rican clean development adviser Dr Monica Araya has said the extent of Costa Rica's renewable electricity generation is a fantastic achievement".
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