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DAILY ENERGY NEWS | 03/05/2024
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** Trillions in climate spending and Europe is farther than ever from energy security and yet climate change still remains at the top of the agenda.
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Oil Price ([link removed]) (3/3/24) reports: "The energy crisis that engulfed Europe after Western sanctions punished Russia’s invasion of Ukraine cost the continent hundreds of billions of dollars. Now, the Middle East crisis and the Houthi war on the Red Sea could threaten future energy supplies. While climate change remains at the top of the agenda, the immediate name of the game is “energy security”, and that has opened up enormous opportunities for investors on both sides of the divide. At the height of the Russia-Ukraine conflict, European countries were even forced to return to coal burning. While that has since declined, with climate change returning to the top of the agenda, natural gas has regained status as the only viable bridge to a green energy transition.
In early February, Germany earmarked $16 billion for the construction of four natural gas power plants to complement a renewable energy expansion push. And Austria has recently made its largest natural gas discovery in four decades—enough to increase its domestic production by 50%. In the meantime, Germany—the EU’s largest economy—has been creating a new dependency on American LNG. In fact, according to McKinsey, 'Europe has come to shape global gas markets, with European hub prices setting global LNG spot prices.' That false sense of security is also being threatened by the Biden administration’s recent pause on new LNG projects. But one thing is clear: Natural gas is back in fashion in Europe, and domestic sources in combination with renewable energy are the only true answer to energy security."
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** "As the saying goes, you can lead a horse to water, but you can’t make it drink. By the same token, the Administration is finding that it can offer Americans EV tax credits, but it can’t make them buy the vehicles."
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– Diana Furchtgott-Roth, Heritage Foundation ([link removed])
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The real story here is that Big Wind can't even make it with Team Biden in charge. But at least they will be able to blame the Orange Man for all their problems once he's back in the big chair...
** E&E News ([link removed])
(3/5/24) reports: "Offshore wind survived Donald Trump once. Whether it would again is an open question. The prospect of the former president returning to the White House has become an urgent matter for the nascent industry. Permitting of new projects ground to a halt during Trump’s four years in the Oval Office, a theme that was punctuated by the Interior Department’s unexpected decision to call for additional environmental review of the country’s first major sea-based wind farm, planned off the coast of Massachusetts. The move threatened to sink the project. The election this year comes as the industry is at a crucial juncture...The Trump campaign has offered few details about how it would approach offshore wind development. Trump’s so-called Agenda 47 makes no specific mention of offshore wind but does promise to end 'insane wind subsidies.' Similarly, a proposed executive order floated by a group of conservative organizations only references offshore wind in regard to repealing a Biden
conservation initiative, saying the administration is closing swaths of ocean to fishing while promoting wind development. The document, known as Project 2025, also calls for repealing the Inflation Reduction Act, which provides subsidies to clean energy technologies like offshore wind. Tom Pyle, president of the conservative Institute for Energy Research, echoed those arguments, saying the IRA would be 'first on the chopping block.' But he also said offshore wind developers should be more worried about their own economic woes. 'Biden is in office. They couldn’t have a more favorable situation other than when the Democrats ran the House as well,' Pyle said. 'Even with all the political winds in their direction, they still can’t make the economics work.'"
How about you transition to your Martha's Vineyard estate and take a nice long vacation? You've earned it, Special K!
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I have been told time and time again that renewables are cheaper than coal. So riddle me this, why is India building so much coal?
** Reuters ([link removed])
(3/5/24) reports: "Private Indian firms have expressed interest in building at least 10 gigawatts (GW) of coal-fired power capacity over a decade, four sources familiar with the matter said, ending a six-year drought in significant private involvement in the sector. Adani Power, opens new tab, JSW Group and Essar Power are among the companies that have told India's power ministry they would be keen to expand old plants or develop stalled projects facing financial stress, according to the sources and a government presentation seen by Reuters. The potential investments, which have not been previously reported, could cumulatively cost billions of dollars and demonstrate renewed appetite in an industry seen by many as financially unattractive. But they also threaten to undermine progress made by the world's No.3 greenhouse gas emitter in weaning its economy off carbon. Prime Minister Narendra Modi's government, which has cited energy security concerns and low per-capita emissions to defend
India's coal dependence, has been trying to attract private investment to boost its coal-fired capacity by 80 GW by 2032."
Energy Markets
WTI Crude Oil: ↓ $78.15
Natural Gas: ↑ $1.92
Gasoline: ↑ $3.36
Diesel: ↑ $4.05
Heating Oil: ↓ $261.15
Brent Crude Oil: ↓ $82.11
** US Rig Count ([link removed])
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