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DAILY ENERGY NEWS | 12/04/2024
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** An "expensive lesson" that grid operators and policymakers could have learned form free reading our material ([link removed]) .
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Utility Dive ([link removed]) (12/3/24) reports: "Death, taxes and complaints about ISO/RTO markets are three of the most certain things in life. The Nov. 13 opinion piece in Utility Dive, 'PJM sees ‘easy button’ to meet power needs, but Appalachians see higher bills and more pollution,' includes a number of complaints about PJM’s electricity market. PJM held its periodic Base Residual Auction this summer to make sure its 13-state region has enough electric generating capacity to satisfy electricity demand during delivery year 2025-26 (June 1, 2025 – May 31, 2026). Power plant owners submit competitive bids based on what they are willing to accept to make sure their power plants will be available when needed. The purpose of this bidding process is to acquire capacity at the lowest cost. The results of the auction made headlines because of the sky-high prices that electricity
consumers in the PJM region will have to pay to ensure that enough electric generating capacity is available to keep the lights on. The cost of capacity increased from $2.2 billion in the previous year’s auction to $14.7 billion in this most recent auction, an increase of almost 570%. (The cost of capacity auctions over the prior ten years has varied from $2.2 billion to $10.9 billion.) Many experts think high capacity prices will continue in the future...Several factors drove these record-setting capacity prices. The primary reason for the high capacity prices is an increase in electricity demand and a decrease in supply due to the retirement of existing generating capacity...Therefore, common sense suggests that we should increase the supply of electricity, yet the opposite is happening because coal-fired power plants continue to retire at an alarming pace. "
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** "Energy is the lifeblood of the economy and consumers deserve to have it be abundant, reliable, and affordable...The disastrous Biden policies that have shackled our supplies and crippled economic prosperity must be eradicated. A course correction come January will be most welcome."
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– Kristen Walker, American Consumer Institute ([link removed])

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Don't make us tap the sign...

** Reuters ([link removed])
(12/3/24) reports: "China on Tuesday banned exports to the United States of the critical minerals gallium, germanium and antimony that have widespread military applications, escalating trade tensions the day after Washington's latest crackdown on China's chip sector. The curbs strengthen enforcement of existing limits on critical minerals exports that Beijing began rolling out last year, but apply only to the U.S. market, in the latest escalation of trade tensions between the world's two largest economies ahead of President-elect Donald Trump taking office next month. A Chinese Commerce Ministry directive on dual-use items with both military and civilian applications cited national security concerns. The order, which takes immediate effect, also requires stricter review of end-usage for graphite items shipped to the U.S. 'In principle, the export of gallium, germanium, antimony, and superhard materials to the United States shall not be permitted,' the ministry said."

People very concerned with "democracy" aren't very excited about the election outcome.

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Actually, fossil fuels enriched the world.

** E&E News ([link removed])
(12/4/24) reports: "President-elect Donald Trump’s pick to lead the Department of Energy has amassed a fortune in the fossil fuel business, sits on the board of a nuclear reactor company and has played a notable role in the development of geothermal power. It’s a lengthy job history, and helps explain why Trump tapped Chris Wright for the job. But it’s unclear how much Wright will distance himself from these interests if the Senate ultimately agrees to let him run the Energy Department. And even if he does, critics say, Wright still will be in position to boost the oil and gas industry that made him a mint. His biggest potential conflict of interest is with Liberty Energy, a Colorado-based business that provides hydraulic fracturing services. Wright founded the company in 2011 and serves as its CEO and board chair. He also holds about 2.6 million shares in Liberty — worth more than $40 million based on the current stock price. On the day Trump announced Wright as his choice to serve as
Energy secretary, Wright filed a document with the Securities and Exchange Commission that confirmed he would leave his leadership posts at Liberty. The company’s current president, Ron Gusek, then would take the helm."

Energy Markets


WTI Crude Oil: ↓ $68.63
Natural Gas: ↑ $3.05
Gasoline: ↓ $3.03

Diesel: ↓ $3.54
Heating Oil: ↓ $216.95
Brent Crude Oil: ↓ $72.39
** US Rig Count ([link removed])
: ↓ 607



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