Historic

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DAILY ENERGY NEWS | 06/26/2023

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A historic episode, full of historic soundbites, proclaimed by historic people. The latest episode of The Unregulated Podcast is now streaming on our website, or wherever you listen.

"Climate change predictions, like those Greta Thunberg used to predict the not-so-impending apocalypse, are formulated using statistical data models. Modeling is used in many industries for many purposes, but like any computer program, if you put garbage in, you get garbage out."

– The Honorable Jason Isaac,
Life:Powered

Renewables grew last year, but did nothing to stop fossil’s overall dominance.

Reuters (6/25/23) reports: "Global energy demand rose 1% last year and record renewables growth did nothing to shift the dominance of fossil fuels, which still accounted for 82% of supply, the industry's Statistical Review of World Energy report said on Monday. Last year was marked by turmoil in the energy markets after Russia's invasion of Ukraine, which helped to boost gas and coal prices to record levels in Europe and Asia. The stubborn lead of oil, gas and coal products in covering most energy demand cemented itself in 2022 despite the largest ever increase in renewables capacity at a combined 266 gigawatts, with solar leading wind power growth, the report said. 'Despite further strong growth in wind and solar in the power sector, overall global energy-related greenhouse gas emissions increased again,' said the president of the UK-based global industry body Energy Institute, Juliet Davenport. 'We are still heading in the opposite direction to that required by the Paris Agreement.' The annual report, a benchmark for the industry, was published for the first time by the Energy Institute together with consultancies KPMG and Kearny after they took it over from BP, which had authored the report since the 1950s."

Wind and solar may produce inexpensive electricity, but the new grid they require (along with backup) is super expensive.

Energy Industry Review (6/26/23) reports: "Demand for electrification is surging across the UK construction sector, but grid capacity limits threaten to slow net-zero transformations. The UK construction sector has been making significant strides towards electrifying its practices, in a broader effort to adopt carbon-free designs, materials and machinery. But with clean power demands surging at an unprecedented rate, many businesses electric transformation is being put on hold after being struck with critical delays when attempting to secure a connection to the UK power grid. 'Most businesses’ existing grid connection will not be sufficient to deliver the power for net zero operations,' explains Suzanna Lashford, Manager of Business Development, at energy and infrastructure specialist company Vattenfall. 'This means one of two things: Securing a new, second grid connection, or upgrading the existing connection to provide more power. Either option places additional loads on the local electrical grid, which is where capacity issues arise.' The National Grid is warning those looking to secure new connections in England and Wales that they will have to wait in line behind some 600 other projects – collectively compromising of 176GW of energy – with only 64GW of connected capacity available."

Did Ford just become a new federal agency?

Is offshore wind murdering whales?

New Bedford Light (6/22/23) reports: "Conservation groups and offshore wind critics are calling for an investigation into the deaths of two humpback whales that washed up on the shores of Martha’s Vineyard last week. On Monday, June 12, a decomposing humpback whale was found in the surf on the south-east tip of Martha’s Vineyard. Early the next morning, a second humpback whale carcass was discovered about 5 miles away on the island’s eastern shoreline. Federal scientists say that the cause of the deaths remains unclear. In an email, a spokesperson for the Greater Atlantic Regional Fisheries Office (NOAA), which is leading logistics, said that it will not be performing an autopsy on either whale and that 'any type of partner supported exam is being stood down.' The first whale was stuck in the surf, making an autopsy difficult, a NOAA spokesperson said. The agency had plans to do a 'limited internal exam,' but abandoned efforts last week as the carcass drifted north along the shoreline. The decision has frustrated conservation groups curious about the unusual occurrence of two whale deaths discovered in two days. The carcasses were found about one week after construction began on the nation’s first utility-scale wind farm — which is being built in waters 15 miles south of Martha’s Vineyard — and has fueled speculation that the deaths may be connected to offshore wind development."

Energy Markets

WTI Crude Oil: ↑ $69.37
Natural Gas: ↑ $2.77
Gasoline: ↓ $3.57

Diesel: ↓ $3.87
Heating Oil: ↑ $242.68
Brent Crude Oil: ↑ $74.11
US Rig Count: ↓ 735

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