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DAILY ENERGY NEWS | 02/15/2024
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** Keep up the heat. Just because Big Green, Inc. stops bragging about all the bad they do doesn't mean they're stopping.
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Bloomberg ([link removed]) (2/15/24) reports: "JPMorgan Asset Management has left a $68 trillion investor coalition that’s focused on pressing the world’s biggest emitters of greenhouse gases to decarbonize. A spokeswoman for the money manager, which oversees $3.1 trillion of assets, said the firm won’t renew its membership in Climate Action 100+ because it has made significant investments in developing its own climate risk engagement framework. The asset management unit of the largest US bank said it now has a team of 40 dedicated sustainable investing professionals. CA100+ was set up in 2017 and counts Amundi SA, BlackRock Inc. and Legal & General Investment Management among its members. JPMorgan Asset Management’s departure from the climate group was earlier reported by the Financial Times. 'I wouldn’t be surprised if we see more defections, especially given that there’s
now a cost, such as potential litigation, that wasn’t there when companies joined,' said Lance Dial, a Boston-based partner at law firm K&L Gates LLP. 'Attorneys general have subpoenaed firms about their membership of these groups.'...The political pushback has been gaining pace since 2021 when Texas was among the first states to pass laws that restrict government contracts with businesses that take what they regard as punitive stances toward the fossil-fuel industry. Since then, GOP officials across the country have launched investigations into banks and asset managers, introduced anti-ESG laws and pulled funds from Wall Street firms such as BlackRock, which was a champion of ESG investing."
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** "In general, the [California's zero-emission truck rule] will require massive capital investments in new trucks and in charging infrastructure that will raise the costs of shipping in nearly every commercial sector of the U.S. economy nationwide, almost certainly driving a large portion of interstate motor carriers out of business. It also will cause many smaller out-of-state carriers to avoid doing business in California at all."
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– Steven G. Bradbury, The Heritage Foundation ([link removed])

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As with every other aspect of energy policy, government heavy-handedness in nuclear regulation is holding back American innovation.

** Wall Street Journal ([link removed])
(2/11/24) op-ed: "Imagine the National Highway Traffic Safety Administration insisting that its duty is to keep people off the roads unless the risks of driving can be reduced to zero. Or the Food and Drug Administration refusing to approve new drugs and vaccines unless pharmaceutical companies can prove they had no side effects. Both agencies are supposed to balance public safety with the social benefits of what they regulate.nThat’s what Congress had in mind when it created the Nuclear Regulatory Commission...The predictable result: As other advanced technologies became safer and cheaper, nuclear energy got more expensive. That puts the Biden administration in a bind. The White House recently made clear that it can’t reach its climate goals without commercializing a new generation of nuclear reactors. Yet thanks to years of the NRC slow-rolling nuclear development, the industry isn’t ready...A new generation of safe and advanced reactors is ready to be commercialized. Private investment
is waiting on the sidelines to bring nuclear-energy technologies to market. Significant majorities of Americans support nuclear energy. And the White House’s climate ambitions depend on developing an innovative and globally competitive nuclear industry in the U.S. If Mr. Biden nominates a champion to the NRC who understands the importance of that mission, it will be an important step on the road to that future."

In case you're wondering why permit applications are taking so long the agencies who sign off are busy making sure the "wrong" people don't review them.

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Another challenging year ahead of the biggest recipient of public dollars in human history...

** Oil Price ([link removed])
(2/7/24) reports: "Orsted, Siemens Energy, and Vestas – the three biggest wind power developers and turbine makers in the world – warned that last year’s challenges in the industry would continue this year and suspended dividends as they look to return to profitability and reduce costs. The wind industry, especially offshore wind, was plagued in 2023 by cost increases, rising interest rates, quality issues with turbines, and delays and cancelation of projects. The new year will not fix all those challenges immediately, the three companies say, still expecting losses and uncertainty in 2024. Orsted, the biggest offshore wind project developer in the world, is pausing dividends for the financial years 2023 through 2025, aiming to reinstate dividends from 2026...For 2023, Siemens Energy’s free cash flow pre-tax was negative, 'primarily due to Siemens Gamesa, which suffered a high cash outflow due to a loss and a build-up of operating net working capital in a seasonal weak quarter.'"

Energy Markets


WTI Crude Oil: ↑ $77.42
Natural Gas: ↑ $1.62
Gasoline: ↑ $3.27

Diesel: ↑ $4.09
Heating Oil: ↑ $282.23
Brent Crude Oil: ↑ $82.40
** US Rig Count ([link removed])
: ↓ 655



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