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MORNING ENERGY NEWS | 02/24/2021
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** The Senate of the United States shall be composed of two Senators from each State, except for Utah, which shall have one Senator and Massachusetts, which shall have three Senators...
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E&E News ([link removed]) (2/24/21) reports: "Sen. Mitt Romney (R-Utah) signaled yesterday that he may support carbon pricing, potentially making him a key player as lawmakers look for ways to pass climate policy through a closely divided Senate. 'I'm very open to a carbon tax, carbon dividend, where there's a tax on oil companies and coal companies and so forth,' Romney said during a virtual event yesterday with The New York Times. 'And the funds that are raised then go to individual taxpayers so they can meet the costs of the higher price of energy.' Romney added that he is 'in agreement with what I'm hearing from Bill Gates, who's saying, "Look, don't play around the edges here.'"' 'He's suggesting a major investment at the federal level and in new technology — carbon capture, perhaps nuclear energy and so forth. Those ideas, I think, make sense to consider,' Romney said...Carbon taxes have long been a policy of choice among "eco-right" and corporate
climate change advocates, but they have struggled to get Republicans behind the idea. Most GOP carbon tax supporters have retired or been voted out of office in recent years, and some influential conservative groups are vehemently opposed. The version of the policy Romney cited yesterday — a carbon tax with revenues returned to Americans via a dividend — is similar to an idea advocated by groups like Citizens' Climate Lobby and the Climate Leadership Council."
** "Rolling power outages are never a good thing. But we have been lucky in most cases to still have reliable energy available during difficult times. If the Biden plan is implemented, more of these reliable generators soon will be decommissioned and gone."
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– Isaac Orr & Jason Hayes, The Hill ([link removed])
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Worth a thousand words.
** ([link removed])
Of course, they won't be on the hook for it anyway.
** OilPrice.com ([link removed])
(2/16/21) reports: "The electricity shortage in Texas amid the cold snap has sent spot electricity prices soaring so much that the surge in power prices equals a cost of $900 for charging a Tesla. The typical full charge of a Tesla costs around $18 using a Level 1 or Level 2 charger at home, according to estimates from The Drive. This estimate is based on an average price of $0.14 per kWh of power. However, the extreme winter weather this week has sent Texas spot electricity prices soaring, as the wind turbines froze in the ice storms and reduced the wind power generating capacity in the Lone Star State by half. Spot electricity prices at the West hub have soared above the grid’s $9,000 per megawatt-hour cap, compared to a ‘normal’ price of $25 per megawatt-hour, FOX Business notes. The Electric Reliability Council of Texas (ERCOT) called early on Monday for rotating outages across the state as extreme winter weather forced wind power generating units offline, while electricity demand set a
new winter peak record. At the same time, freezing cold and ice storms cut offline almost half of the wind power capacity in Texas."
The energy journalists from the Journal should read the Journal's editorial page...
** Wall Street Journal ([link removed])
(2/23/21) column: "You’d think the Texas blackouts would trigger some soul-searching about the vulnerability of America’s electrical grid. Not in today’s hothouse of climate politics. The Biden Administration is already moving to stop an examination of grid vulnerability to promote unreliable renewable energy sources. Regulators have been warning for years that the grid is becoming shakier as cheap natural gas and heavily subsidized renewables replace steady coal and nuclear baseload power. 'The nation’s power grid will be stressed in ways never before experienced' due to 'an unprecedented resource-mix change,' the North American Electric Reliability Corporation (NERC) warned in 2011...But renewables don’t generate power around-the-clock as gas, nuclear and coal do. Gas plants depend on just-in-time fuel deliveries, which aren’t reliable in extreme weather. Government-made pipeline bottlenecks constrain deliveries in the Northeast. Liberals also say Texas could have better weathered the
Arctic blast if its grid didn’t rely almost entirely on in-state power."
Energy Markets
WTI Crude Oil: ↑ $62.28
Natural Gas: ↓ $2.86
Gasoline: ↑ $2.66
Diesel: ↓ $2.87
Heating Oil: ↑ $88.09
Brent Crude Oil: ↑ $66.06
** US Rig Count ([link removed])
: ↑ 459
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