Energy Media Articles
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Gargantuan profits continue to roll in at Europe’s energy giants. London-based Shell reported adjusted earnings of $9.45 billion for the third quarter, its second-highest profit on record. On the same day, Paris-based TotalEnergies reported a profit of $9.9 billion. For both companies, the profits were more than double what they earned in the same period a year ago. Shell and Total, like other energy companies this year, are benefiting from high oil and natural gas prices partly stoked by the war in Ukraine, as Russia squeezes gas flows to Europe. For Shell, the profit was a step down from the record-breaking $11.5 billion it reported for the second quarter, when it received an average of just over $100 a barrel for oil, compared with $93 in the third quarter. Natural gas prices, however, increased in the third quarter. Shell is returning a large chunk of this bounty to shareholders. The company said that it planned to increase its dividend to shareholders for the fourth quarter by 15 percent, to about 29 cents a share. In what may provoke a political storm in Britain, Shell said it had not yet been obliged to pay the “windfall” tax on oil and gas profits enacted earlier this year by the British government. The tax allows companies to deduct capital expenditures.
Note: Once again mega-corporations rake in the cash and stick it to the consumers. For more along these lines, see concise summaries of deeply revealing news articles on corporate corruption from reliable major media sources.
A study published in Nature in February 2020 entitled “Power generation from ambient humidity using protein nanowires” discovered an interesting way to harvest energy from the environment, creating the potential for another clean power generating system that is self-sustaining. According to the authors, “Thin-film devices made from nanometre-scale protein wires harvested from the microbe Geobacter sulfurreducens can generate continuous electric power in the ambient environment. The devices produce a sustained voltage of around 0.5 volts across a 7-micrometre-thick film, with a current density of around 17 microamperes per square centimetre. We find the driving force behind this energy generation to be a self-maintained moisture gradient that forms within the film when the film is exposed to the humidity that is naturally present in air.” The study also mentions that “connecting several devices linearly scales up the voltage and current to power electronics” and that their results “demonstrate the feasibility of a continuous energy-harvesting strategy that is less restricted by location or environmental conditions than other sustainable approaches.” One of the electrical engineers, Jun Yao, from the University of Massachusetts Amherst, stated that they are “literally making electricity out of thin air.” They are calling it the “Air-gen” and it generates clean energy 24/7, thanks to the electrically conductive protein nanowires produced by Geobacter.
Note: As the article states, why do none of the truly "free" energy sources we keep hearing about never come to market? Explore a treasure trove of concise summaries of incredibly inspiring news articles which will inspire you to make a difference.
Global capitalism is an incredible machine for extracting fossil fuels from our planet, refining them, shipping them to every corner of the Earth and making staggering amounts of money doing so. Unfortunately the machine is also poisoning us all. But one of its exquisitely evolved functions is to make it almost impossible to turn it off. Oil and gas profits in the most recent quarter were astounding. Exxon Mobil made $18bn in profits in the past three months. Shell and Chevron each made nearly $12bn. Those are all record numbers. A recent study showed that for the past 50 years, the oil industry has made profits of more than $1tn a year, close to $3bn a day. These profits are driven [by] cartels, mega-corporations and the regulatory capture of governments, conspiring to create a market free of both competition and of a price that reflects the actual cost to the world of the product that is being sold. These profits are illusory. They are plagued by an externality large enough to outweigh a trillion dollars a year – the costs that the climate crisis will impose on billions of people who are alive now and many generations to come. The fossil fuel industry as a whole is not just another business, providing a service to meet a demand; it is a predatory drug dealer that works every day to keep the world addicted to its poisonous product, knowing full well that it will eventually prove fatal. It fights to keep the population fooled. It is a problem to be solved.
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The US’s biggest oil companies pumped out record profits over the last few months as Americans struggled to pay for gasoline, food and other basic necessities. On Friday, ExxonMobil reported an unprecedented $17.85bn (£14.77bn) profit for the second quarter, nearly four times as much as the same period a year ago, and Chevron made a record $11.62bn (£9.61bn). The sky-high profits were announced one day after the UK’s Shell shattered its own profit record. The record profits came after similarly outsized gains in the first quarter when the largest oil companies made close to $100bn in profits. High energy prices are one of the leading factors driving inflation to a four-decade high in the US. Gas prices have fallen slightly in recent weeks but are now averaging $4.25 a gallon across the US, more than $1 a gallon higher than a year ago. Soaring energy prices are being baked into delivery costs, which is driving up the cost of everything from apples to toilet paper. In addition to oil company executives, shareholders also reaped the benefits of high energy prices during the quarter. Since the start of 2022, Exxon and Chevron shares have risen close to 46% and 26%, respectively.
Note: A telling analysis shows a 235% profit jump for big oil funded by us at the gas pumps. For more along these lines, see concise summaries of deeply revealing news articles on corporate corruption and the energy industry from reliable major media sources.
The CEO of the biggest power company in the US had a problem. A Democratic state senator was proposing a law that could cut into Florida Power & Light’s (FPL) profits. Landlords would be able to sell cheap rooftop solar power directly to their tenants – bypassing FPL and its monopoly on electricity. “I want you to make his life a living hell ... seriously,” FPL’s CEO Eric Silagy wrote in a 2019 email to two of his vice-presidents about state Senator José Javier Rodríguez, who proposed the legislation. Within minutes, one of them forwarded the directive to the CEO of Matrix, LLC, a powerful but little-known political consulting firm that has operated behind the scenes in at least eight states. Rodríguez was ousted from office in the next election. Matrix employees spent heavily on political advertisements for a candidate with the same last name as Rodríguez, who split the vote. That candidate later admitted he was bribed to run. Hundreds of pages of internal documents – which are only coming to light now because Matrix’s founders are locked in an epic feud – detail the firm’s secret work to help power companies like FPL protect their profits and fight the transition to cleaner forms of energy. The Matrix saga illustrates the political obstacles policymakers and experts face as they attempt to cut climate pollution from the power sector. Matrix affiliated groups have also worked to advance power companies’ interests in Arizona, Louisiana, Mississippi, Georgia, and in front of the Environmental Protection Agency, public records show.
Note: A telling analysis shows a 235% profit jump for big oil funded by us at the gas pumps. For more along these lines, see concise summaries of deeply revealing news articles on corporate corruption and the energy industry from reliable major media sources.
The oil and gas industry has delivered $2.8bn (£2.3bn) a day in pure profit for the last 50 years, a new analysis has revealed. The vast total captured by petrostates and fossil fuel companies since 1970 is $52tn, providing the power to “buy every politician, every system” and delay action on the climate crisis, says Prof Aviel Verbruggen, the author of the analysis. The huge profits were inflated by cartels of countries artificially restricting supply. The analysis, based on World Bank data, assesses the “rent” secured by global oil and gas sales, which is the economic term for the unearned profit produced after the total cost of production has been deducted. The study has yet to be published in an academic journal but three experts at University College London, the London School of Economics and the thinktank Carbon Tracker confirmed the analysis as accurate, with one calling the total a “staggering number”. It appears to be the first long-term assessment of the sector’s total profits, with oil rents providing 86% of the total. Emissions from the burning of fossil fuels have driven the climate crisis and contributed to worsening extreme weather. Oil companies have known for decades that carbon emissions were dangerously heating the planet. The average annual profit from 1970-2020 was $1tn but [Verbruggen] said he expected this to be twice as high in 2022. The fossil fuel industry also benefits from subsidies of $16bn a day, according to the International Monetary Fund.
Note: For more along these lines, see concise summaries of deeply revealing news articles on the energy industry and climate change from reliable major media sources.
Scientists have discovered a way to capture solar energy and store it for nearly two decades, before releasing it when it is needed. Using a system called molecular solar thermal energy storage (MOST), researchers at Chalmers University of Technology in Sweden and Shanghai Jiao Tong University in China developed an ultra-thin chip to act as a thermoelectric generator. “This is a radically new way of generating electricity from solar energy,” said Kasper Moth-Poulsen, a professor at the Department of Chemistry and Chemical Engineering at Chalmers who led the research. “It means that we can use solar energy to produce electricity regardless of weather, time of day, season, or geographical location.” The MOST system uses a specially designed molecule that reacts to sunlight in order to capture the Sun’s energy. After loading it with solar energy in Sweden, Chalmers University sent it to their colleagues in Shanghai where they were able to convert it into electricity. “Essentially, Swedish sunshine was sent to the other side of the world and converted into electricity in China,” said a statement released by Chalmers University. The researchers hope the technology can lead to self-charging electronics that use stored solar energy on demand, as well as holding the potential to transform renewable and emissions-free energy production. More research and development is required before the system can be implemented at scale, thought Chalmers University said it has already attracted “great interest worldwide.”
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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.
Note: For more along these lines, see concise summaries of deeply revealing news articles on corporate corruption from reliable major media sources.
2022 is set to be a record year in terms of the scale at which the switchover from fossil fuels to renewable sources will take place. It’s also a year in which we will see new and exotic sources of energy emerge from laboratory and pilot projects. Artificial intelligence (AI) is having transformative effects across energy and utilities. It is used to forecast demand and manage the distribution of resources, to ensure that power is available at the time and place it's needed with a minimum of waste. Hydrogen is the most abundant material in the universe and produces close to zero greenhouse gas emissions when burnt. Green [hydrogen] is created by a process involving electrolysis and water, and generating the required electricity from renewable sources like wind or solar power effectively makes the process carbon-free. This year, a number of major European energy companies, including Shell and RWE, committed to creating the first major green hydrogen pipeline from offshore wind plants in the North Sea throughout Europe. In solar, companies including Dutch startup Lusoco are finding new ways to engineer photovoltaic panels using different reflecting and refracting materials – including fluorescent ink - to concentrate light onto the solar cells, leading to more efficient harvesting of energy. This results in panels that are lighter as well as cheaper, and less energy-intensive to produce and install. New materials are also being developed that convert energy more effectively.
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The largest oil and gas companies made a combined $174bn in profits in the first nine months of the year as gasoline prices climbed in the US, according to a new report. The bumper profit totals ... show that in the third quarter of 2021 alone, 24 top oil and gas companies made more than $74bn in net income. From January to September, the net income of the group, which includes Exxon, Chevron, Shell and BP, was $174bn. Gasoline prices have hit a seven-year high in the US due to the rising cost of oil, with Americans now paying about $3.40 for a gallon of fuel compared with around $2.10 a year ago. The Biden administration has warned the price hikes are hurting low-income people, even as it attempts to implement a climate agenda that would see America move away from fossil fuels, and has released 50m barrels of oil from the national strategic reserve to help dampen costs. But oil and gas companies have shown little willingness so far to ramp up production to help reduce costs and the new report, by the government watchdog group Accountable.US, accuses them of “taking advantage of bloated prices, fleecing American families along the way” amid ongoing fallout from the Covid-19 pandemic. The analysis of major oil companies’ financials shows that 11 of the group gave payouts to shareholders worth more than $36.5bn collectively this year, while a dozen bought back $8bn-worth of stock.
Note: For more along these lines, see concise summaries of deeply revealing news articles on corporate corruption from reliable major media sources.
The national electricity market reached a new milestone on Sunday, with solar power outstripping energy generation from coal for the first time since the market was set up two decades ago. The crossover point lasted for only a few minutes, as low demand and sunny skies on Sunday meant the contribution from coal dropped to a record low of 9,315MW just after noon, while solar provided the dominant share with 9,427MW. Dylan McConnell, a research fellow at the University of Melbourne’s climate and energy college, said that for a brief moment renewable energy represented 57% of national electricity generation. “This is what I unofficially call ‘record season’,” McConnell said. “It’s actually still pretty early in the season [to get these numbers] but in spring or the shoulder seasons you have the combination of low demand, because there’s no heating or cooling, and then nice weather on the weekend. “Those factors combine, and you get these giant shares of renewable energy that generally push out coal.” While McConnell said it was only “fleeting” and that “Australia was a long way from peak renewable energy”, energy prices also went negative on Sunday from 8.30am through to 5pm. It means ... energy producers were paying to keep running. Unlike more nimble solar and wind producers, coal generators are particularly hurt when prices turn negative. The costs associated with shutting down and restarting coal generators are prohibitive.
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Earlier this month, U.N. Secretary-General António Guterres joined virtual visitors to Berlin at the 12th Annual Petersberg Climate Dialogue, where the German government hoped to further negotiate technical details of the Paris Agreement. During the event, German Chancellor Angela Merkel urged governments to continue investing into our shared climate despite budgetary shortfalls related to the COVID-19 crisis. Germany has walked that walk. Over the past two decades, it has embarked on a remarkable, expensive transition from coal and nuclear energy, to renewable energy sources. The set of policies to encourage this rise of green energy is known as energiewende—or “energy transition.” Energiewende has its roots in the foundation of Germany’s Green Party in the late 1970s and early 1980s and enjoys broad public support. It is one of the most ambitious green energy proposals in the global North, and represents a fundamental paradigm shift from the fossil fuel-obsessed status quo. Massive fossil fuel subsidies and planned expansions of natural gas means the United States has failed to embrace the same spirit of energiewende. But that doesn’t mean it never can. One good way to start would be with a central component of German energiewende: a feed-in-tariff to promote less developed renewable technologies. It works through phase-out subsidies that provide a fixed price for every kilowatt hour for a specific period following a renewable plant’s construction.
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Range anxiety, recycling and fast-charging fears could all be consigned to electric-vehicle history with a nanotech-driven Australian battery invention. The graphene aluminum-ion battery cells from the Brisbane-based Graphene Manufacturing Group (GMG) are claimed to charge up to 60 times faster than the best lithium-ion cells and hold three times the energy of the best aluminum-based cells. They are also safer, with no upper Ampere limit to cause spontaneous overheating, more sustainable and easier to recycle, thanks to their stable base materials. Testing also shows the coin-cell validation batteries also last three times longer than lithium-ion versions. GMG plans to bring graphene aluminum-ion coin cells to market late this year or early next year. Based on breakthrough technology from the University of Queensland’s (UQ) Australian Institute for Bioengineering and Nanotechnology, the battery cells use nanotechnology to insert aluminum atoms inside tiny perforations in graphene planes. GMG Managing Director Craig Nicol insisted that while his company’s cells were not the only graphene aluminum-ion cells under development, they were easily the strongest, most reliable and fastest charging. “It charges so fast it’s basically a super capacitor,” Nicol claimed. “It charges a coin cell in less than 10 seconds.” The new battery cells are claimed to deliver far more power density than current lithium-ion batteries, without the cooling, heating or rare-earth problems they face.
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U.S. solar installations reached a record high in 2020 as favorable economics, supportive policies and strong demand in the second half of the year offset the impact of the coronavirus pandemic. Installations grew 43% year over year, reaching a record 19.2 gigawatts of new capacity, according to a report released Tuesday from the Solar Energy Industries Association and Wood Mackenzie. In the fourth quarter alone, the U.S. added just over 8 GW of capacity — a quarterly record. That’s more than the capacity added in all of 2015, which was 7.5 GW. California, Texas and Florida were the top three states for annual solar additions for the second year running. Virginia and North Carolina rounded out the top five. In the U.S., solar represented 43% of all new electricity generating capacity added in 2020, its largest ever share of new generating capacity. Solar is also the cheapest form of new power in many places. “Residential solar sales continue to exceed expectations as loan providers roll out attractive products, interest in home improvement surges, and customers suffering through power outages from extreme weather events seek energy resilience,” the report said. The report also looked for the first time at growth forecasts through 2030, projecting that the U.S. solar market will quadruple from current levels by the end of the decade. The growth is expected to be spread across markets as customers, utilities, states and corporations push to decarbonize the grid.
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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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In a new report, the International Energy Agency (IEA) says solar is now the cheapest form of electricity for utility companies to build. That's thanks to risk-reducing financial policies around the world, the agency says, and it applies to locations with both the most favorable policies and the easiest access to financing. The report underlines how important these policies are to encouraging development of renewables and other environmentally forward technologies. Carbon Brief (CB) summarizes the annual report with a lot of key details. The World Energy Outlook 2020 "offers four 'pathways' to 2040, all of which see a major rise in renewables," CB says. "The IEA's main scenario has 43 [percent] more solar output by 2040 than it expected in 2018, partly due to detailed new analysis showing that solar power is 20 [to] 50 [percent] cheaper than thought." The calculation depends on financing figures compared with the amount of output for solar projects. That means that at the same time panel technology gets more efficient and prices for basic panels continue to fall, investors are getting better and better financing deals. So the statistic "20 to 50 percent cheaper" is based on a calculus of companies building solar projects, not something that has throughput for consumers or even solar homeowners. But it's still a big deal, because the cost to build power plants is a major part of why so much of the world has stuck with coal and gas power.
Somewhere in the vast ocean, a little boat covered in solar panels is doing something extraordinary: making its own hydrogen fuel from the seawater underneath it. The Energy Observer uses a patchwork of different cutting-edge technologies to generate enough energy to power nine homes each day. During the day, 200 square meters of solar panels charge up the boat's lithium ion batteries. Any extra energy is stored as hydrogen, thanks to a special fuel cell that goes by the name Rex H2 (short for Range Extender H2). The Rex H2 was made by Toyota, using components from Toyota's hydrogen-powered Mirai vehicle line. The fuel cell brings in seawater, removes the salt and then separates the H from the pure H20 with electricity. When the Energy Observer began its journey in 2017, it could only produce hydrogen while stopped. That changed in a big way with the addition of the Oceanwings, 12-meter sails that improved the efficiency of the Energy Observer from 18% to 42%, to the point where it can now produce hydrogen even while sailing. One of the main benefits of hydrogen is its ability to store more more electricity by weight than its lithium ion competition. This benefit is especially useful at sea. Because fossil fuels have had more than a century's head start, we now find ourselves far beyond the point of any one technology being a silver bullet for our growing energy needs. A sustainable future will require a patchwork of new technologies, like the one powering the Energy Observer.
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Carbon emissions from the global electricity system fell by 2% last year, the biggest drop in almost 30 years, as countries began to turn their backs on coal-fired power plants. A new report on the worlds electricity generation revealed the steepest cut in carbon emissions since 1990 as the US and the EU turned to cleaner energy sources. Overall, power from coal plants fell by 3% last year, even as Chinas reliance on coal plants climbed for another year to make up half the worlds coal generation for the first time. Coal generation in the US and Europe has halved since 2007, and last year collapsed by almost a quarter in the EU and by 16% in the US. The report from climate thinktank Ember ... warned that the dent in the worlds coal-fired electricity generation relied on many one-off factors, including milder winters across many countries. Dave Jones, the lead author of the report, said governments must dramatically accelerate the electricity transition so that global coal generation collapses throughout the 2020s. The cheapest and quickest way to end coal generation is through a rapid rollout of wind and solar, he said. The report revealed that renewable wind and solar power rose by 15% in 2019 to make up 8% of the worlds electricity. In the EU, wind and solar power made up almost a fifth of the electricity generated last year, ahead of the US which relied on these renewable sources for 11% of its electricity. In China and India, renewable energy made up 8% and 9% of the electricity system, respectively.
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