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DAILY ENERGY NEWS | 09/01/2023
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** Summers are hot. People expected it to be hot. But we never had to worry about the power going out. What exactly has "changed"? 🤔
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Reuters ([link removed]) (8/31/23) reports: "PJM Interconnection, the biggest U.S. power grid operator, issued a hot weather alert on Thursday for its entire region covering 13 eastern states and Washington D.C. for Sept. 4-5, expecting scorching heat to drive up electricity demand. During the upcoming Labor Day holiday and the subsequent week, temperatures throughout its operating region are expected to exceed 90 degrees Fahrenheit (32.2 degrees Celsius), accompanied by high humidity. The alert called upon power plants and transmission units to consider postponing or canceling any scheduled or ongoing maintenance work to prepare for higher-than-usual operations between 7 a.m. and 11 p.m. EDT on Monday and Tuesday next week. The grid expects to serve an overall forecasted load of around 138,500 megawatts (MW) on Monday and 150,000 MW on Tuesday, surpassing this summer's peak so far of 148,000
MW hit on July 27."
[link removed]


** "Ironically, the shift toward greener cars may be escalating gasoline demand as well. Not every electric car is the same. Some are powered only by their battery; others are plug-in hybrids, sporting an internal combustion engine to supplement their batteries. The problem is that it’s clear some consumers aren’t plugging in those cars, instead largely running them on gasoline."
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– Javier Blas, Bloomberg ([link removed])

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Please sir, may I have another.

** Daily Caller ([link removed])
(8/30/23) reports: "A Danish offshore wind company with major projects in the U.S. has taken huge losses Wednesday after warning about its so-far unsuccessful effort to get more federal subsidies, according to Reuters. Orsted stated Tuesday that it anticipates that its three developments in U.S. waters may be $2.3 billion less valuable than anticipated, in part because the firm is having trouble receiving more tax credits from the Biden administration, according to Reuters. Other problems the firm’s projects face include supply chain backups and rising interest rates that make refinancing difficult. 'The situation in U.S. offshore wind is severe,' Orsted’s CEO, Mads Nipper, said to reporters on a conference call, according to Reuters. The company may cut its losses and walk away from its U.S. portfolio, according to Windpower Monthly, a potential move which would be a major setback to the Biden administration’s offshore wind ambitions. The company has already received subsidies for its
offshore wind developments off the East Coast, but the firm’s discussions with high-level Biden administration officials to access even more tax credits have not gone as the company had hoped, according to Reuters."

** ([link removed])

“The government is good at one thing. It knows how to break your legs, and then hand you a crutch and say, 'See if it weren't for the government, you wouldn't be able to walk.”

** Auto News ([link removed])
(8/31/23) reports: "The Biden administration, as expected, is making up to $12 billion available for automakers to retrofit their facilities to make EVs and hybrids under the administration's signature Inflation Reduction Act. The funding comes amid tense negotiations between the Detroit 3 and the UAW, which has said the transition to EVs threatens union jobs. It includes $10 billion in newly announced funds from a U.S. Energy Department loan program for clean vehicles. The Energy Department also said it’s planning to make available an additional $3.5 billion in financing to expand domestic battery manufacturing for vehicles and the nation’s power grid. U.S. Energy Secretary Jennifer Granholm vowed Thursday the U.S. wouldn’t leave American autoworkers behind, telling reporters the funding will support projects in longstanding auto making communities to help retain workers amid the transition. The funding is a sign the Biden administration is doubling down on the shift to EVs to remake the
auto industry despite criticism from the biggest autoworkers union. The UAW’s new president, Shawn Fain, warned the White House earlier this month not to push EVs at the expense of blue collar jobs."

When the boss is on, he's on.

** ([link removed])

Energy Markets


WTI Crude Oil: ↑ $84.89
Natural Gas: ↑ $2.85
Gasoline: ↓ $3.81

Diesel: ↓ $4.45
Heating Oil: ↓ $310.81
Brent Crude Oil: ↑ $87.93
** US Rig Count ([link removed])
: ↓ 672



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