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MORNING ENERGY NEWS | 04/08/2021
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** China didn’t get the memo on how coal is uncompetitive with wind and solar.
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Oil Price ([link removed]) (4/7/21) reports: "Despite commitments to become a net-zero emission economy by 2060, China—the world’s biggest carbon emitter—commissioned more coal-fired capacity last year than the rest of the world retired, a new report showed this week. China’s coal boom in 2020 more than offset the retirements in coal capacity in the rest of the world, leading to the first increase in global coal capacity development since 2015, a report led by Global Energy Monitor (GEM) found. China commissioned 38.4 gigawatts (GW) of new coal plants in 2020, offsetting the record-tying 37.8 GW of coal capacity retired last year, the report showed. China’s coal boom accounted for 76 percent of the global 50.3 GW new coal capacity. Globally, commissioning of new plants plunged by 34 percent annually in 2020 due to difficulties obtaining financing and delays due to the pandemic.
India, which continues to rely on coal, saw coal power capacity increase by just 0.7 GW in 2020, with 2.0 GW commissioned and 1.3 GW retired, according to the report. China also has 88.1 GW of coal power under construction. Another 158.7 GW is proposed for construction. Meanwhile, the rest of the world is retreating from coal capacity and is announcing coal retirements."
** "Even if there is a relative savings in greenhouse gas emissions, the cost per ton avoided may make EVs one of the costliest climate policy options on the table."
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– Ben Lieberman, Competitive Enterprise Institute ([link removed])
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What isn't infrastructure?
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Oh...
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They all laughed at Christopher Columbus when he said the world was round; they all laughed at Trump for wanting Greenland's Ground.
** Wall Street Journal ([link removed])
(4/8/21) reports: "China’s ambitions to develop a massive rare-earth mine have run into a maelstrom of local politics in a part of the world the U.S. considers vital to its national security interests. The U.S., China and the European Union have been circling Greenland in recent years as they jockey for influence in a region undergoing transformation as a result of climate change. Warming temperatures and melting ice have opened up the possibility of new shipping routes in the Arctic Sea as well as resource extraction. China’s rare-earths giant Shenghe Resources Holding Co. and an Australian firm were on the cusp of developing a mine along the icebound island’s southern coast when Greenland’s government called a snap election amid mounting controversy over the project’s impact on the environment...The election leaves in limbo a project that is part of Beijing’s quest to increase its grip on the world’s rare earths—the raw materials necessary to make the batteries and magnets that power
everything from cellphones and electric cars to wind turbines. Global demand for rare earths is forecast to soar, as countries push to meet their commitments under the Paris Climate Accord, which President Biden has decided to rejoin."
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Energy Markets
WTI Crude Oil: ↓ $59.36
Natural Gas: ↓ $2.52
Gasoline: ~ $2.87
Diesel: ~ $2.08
Heating Oil: ↓ $179.72
Brent Crude Oil: ↓ $62.90
** US Rig Count ([link removed])
: ↓ 509
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