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MORNING ENERGY NEWS  | 02/25/2021
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Someone send Joe a copy of School House Rock.


The Hill (2/22/21) reports: "Republicans are taking aim at the Biden administration’s decision to rejoin of the Paris climate agreement, introducing long-shot legislation on Monday aiming to undercut it. Sen. Steve Daines (R-Mont.) is introducing a resolution expressing the sentiment that the agreement qualifies as a treaty and should be sent to the Senate for approval.  Meanwhile, Sen. Marsha Blackburn (R-Tenn.) is unveiling a bill aimed at cutting off funding for the administration's move to rejoin the multinational deal. A spokesperson for Blackburn told The Hill in an email that the senator’s bill was particularly aimed at preventing the administration from sending money to other countries to make up for the U.S.'s withdrawal under the Trump administration. 'President Biden violated the Constitution when he chose to rejoin the poorly negotiated and deeply flawed Paris Climate Agreement—a deal that’s horrible for America and good for China,' Daines said in a statement. "

"Cracking down on carbon dioxide emissions today without addressing the other causes would be a pitiful misuse of resources, especially since it would reduce the economic growth necessary to solve the problems." 

 

– Jane Shaw Stroup,
American Institute for Economic Research

They thought Ercot was a theme park in Florida. Huge surprise to find out they were in charge of a power grid’s reliability.


USA Today (2/24/2021) reports: "Five members of the board of directors at the entity that operates the state's electrical grid resigned from their posts Wednesday, according to a notice posted to the Public Utility Commission website. Board Chairwoman Sally Talberg, Vice Chairman Peter Cramton and members Terry Bulger, Raymond Hepper and Vanessa Anesetti-Parra will  leave the Electric Reliability Council of Texas, or ERCOT. None of them lives in Texas. ERCOT has come under fire for its handling of widespread blackouts that left millions of Texans without power and water as the state faced subfreezing temperatures, snow and ice. The storm was part of an icy blast across the Deep South that resulted in more than 80 deaths, roughly half of which were in Texas. In a joint resignation letter, Talberg, Cramton, Bulger and Hepper acknowledged "the pain and suffering of Texans during this past week" and cited objections to their residency as a motivating factor for their resignations."

Who could look at Texas and say now is the time to mandate renewables everywhere?


New York Post (2/20/21) reports: "I’m writing from Texas, so I’ll try to finish this column before the electricity goes out. nAs you may have heard, we’ve had an unusually powerful winter storm down here and, in spite of the fact that every third household has a four-wheel-drive super-duty pickup truck, Texas has come to a standstill. When a little bit of ice settled on the freeway, a half a dozen people lost their lives in the ensuing 135-car pileup.  Meanwhile, after years of mocking Californians for their self-imposed energy troubles, Texans are experiencing rolling blackouts — and a whole lot of blackouts that refuse to roll on but instead sit obstinately in place — because our power grid cannot keep up with the spike in demand. As in California, Texas’s energy scarcity is largely artificial: The state produces an extraordinary amount of natural gas, but there has been a woeful underinvestment in infrastructure ranging from pipelines to winterizing equipment at utilities. You may as well not have the fuel at all if you can’t get it to where it’s needed or use it once it’s there."

If you thought electric prices were bad in Texas now, wait until you see them under Joe's green dream.


Real Clear Energy (2/22/21) column: "As if Biden’s push for green energy hasn’t hurt America enough with the cancellation of the Keystone XL Pipeline and rejoining the Paris Agreement on climate, it’s now fueling the rise in utility bills for hardworking Americans across the board. And his plan to hike taxes on corporate businesses will only make it worse. Electric rates are increasing across the country as utilities incorporate funds for green energy. In Florida, three separate utilities are asking for electric rate increases: Tampa Electric is asking for a whopping 18%; Florida Power & Light (FPL) is asking for a $2 billion increase; and Duke Energy Florida is asking for a 3-4% rise in 2022, and 1% more in 2023 and 2024. All of these proposed electric rate increases include paying for more green energy, yet for so long Americans have been told wind and solar are free. Um, no. It isn’t just Florida residents who will be paying more in the near future. Michigan’s electric rates will jump 12%. New Mexico customers will see 9.2% bigger bills for the Sagamore wind project and its infrastructure. Dominion Energy in South Carolina is asking for 7.7% more and Louisville Gas and Electric is asking for 12%."

Energy Markets

 
WTI Crude Oil: ↑ $62.94
Natural Gas: ↓ $2.78
Gasoline: ↑ $2.67
Diesel: ↑ $2.88
Heating Oil: ↓ $189.40
Brent Crude Oil: ↓ $66.74
US Rig Count: ↓ 447

 
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