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DAILY ENERGY NEWS | 01/11/2024
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** If only there were a few more "incentives" for offshore wind. Surely the industry would take off then...
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Reuters ([link removed]) (1/11/24) reports: "Canadian pipeline company Enbridge is keen on further offshore wind investments in France, but will avoid the United States, where cost and supply chain problems have contributed to offshore projects collapsing, a senior executive said. Rising costs have led to canceled projects in the U.S. and Britain while putting others at risk... Progress on developing U.S. offshore wind farms slowed in 2023 after offshore developers canceled contracts to sell power in Massachusetts, Connecticut and New Jersey, and threatened to cancel agreements in other states. European energy companies Orsted, Equinor, and BP took a combined $5 billion in writedowns on U.S. projects."
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** "If hypocrisy were combustible, we’d be paying $1 per gallon at the pump."
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–P ([link removed]) eter McGinnis, The Functional Government Initiative ([link removed])
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Carmakers in crisis. But don't take too much pity on them...
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AEA's president Tom Pyle appeared on The Energy Show with Mike Mauceli to discuss developments in the EV market.
Is this supposed to be good news?
** ZeroHedge ([link removed])
(1/11/24) reports: "Electricity bills are set to remain double the historic average in the UK despite expected reductions in the coming months. Figures today from energy analysis consultancy Cornwall Insights** ([link removed])
show that the average costs for 2024 will be £113 per MWh – a £16 drop from the previous forecast. This is largely due to Europe holding higher than expected natural gas reserves. However despite the price fall, forecasts remain substantially higher than the £50 per MWh historic averages, with Europe’s dependence on international Liquefied natural gas (LNG) following sanctions on imports from Russia, cited as a key reason. Prices are expected to drop back down below £100 per MWh in 2025."Figures today from energy analysis consultancy Cornwall Insights show that the average costs for 2024 will be £113 per MWh – a £16 drop from the previous forecast."
Will 2024 finally be the energy election? I guess we'll be pretty busy...
** Rigzone ([link removed])
(1/11/24) reports: "One of Rigzone’s regular market watchers told Rigzone, on the condition of anonymity, that the themes of geopolitics and energy security will 'remain at the top of the energy clipboard for 2024 given dual wars in Ukraine and the Middle East, as well as other flashpoints. There are also many important elections taking place around the world. All of these macro factors will keep the pressure on energy as a key economic and political theme,' the market watcher added. When he was asked what themes will dominate the global oil market this year, Alex Stevens, the Manager of Policy and Communications at the Institute for Energy Research, revealed a list of the top things he is watching in 2024. First on that list is geopolitics, followed by Fed interest rate policy. 'The developing conflict in the Middle East remains a concern for its potential to drive volatility in the oil market,' Stevens told Rigzone."
Energy Markets
WTI Crude Oil: ↑ $73.12
Natural Gas: ↓ $3.01
Gasoline: ↓ $3.08
Diesel: ↓ $3.94
Heating Oil: ↑ $267.52
Brent Crude Oil: ↑ $78.51
** US Rig Count ([link removed])
: ↑ 661
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