Your Morning Energy News
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MORNING ENERGY NEWS | 09/30/2021
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** Apparently Gina has some unfinished business she would like to attend to...
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Bloomberg ([link removed]) (9/29/21) reports: "The Biden administration will reach its decarbonization goals even if Congress fails to pass a $550 billion bipartisan infrastructure bill and $3.5 trillion reconciliation bill, National Climate Adviser Gina McCarthy said Wednesday. Regulations from a broad swath of agencies—including, but not limited to, the EPA and Interior Department—will help the administration reach its various climate goals, such as cutting domestic emissions in half by 2030, McCarthy said at a briefing convened by Environmental Entrepreneurs, or E2. 'We’re going to do it, because there’s many other ways to get to an endgame here,' she said. The power sector and other regulated industries also see market signals that are nudging them firmly toward decarbonizing, McCarthy said. Federal
investment approaches could make it 'too enticing and economically viable' for utilities not to embrace clean energy, she said. 'I don’t think we need to have every penny in here to make progress,' McCarthy said, referring to the twin bills being negotiated in Congress. 'I don’t want anyone to think that just because we didn’t get it all, that we’re not going to get where we need to go, because we will.' Nevertheless, McCarthy said the administration believes 'we’ll get what we’ve asked for' and that the national conversation over climate science has evolved significantly in recent years."
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** "One missed paycheck at a time, I lose more hope in the current state of our country. During his campaign, Joe Biden promised to be an advocate for middle class families. However, he has instead killed thousands of family-sustaining pipeline jobs. I will most likely have to settle for an entry-level job with entry-level pay here in Tennessee now that there seems to be no realistic options. John Kerry’s empty promise of employing us in solar panel jobs has so far not come to fruition. "
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– Suzanne Walker, Pipeliners Local Union 798 ([link removed])
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The European emperors have no clothes: before they go to COP26 and lecture others about what types of energy to use, maybe they should fix their own system first.
** Bloomberg ([link removed])
(9/30/21) reports: "European natural gas and power prices jumped to records, signaling the supply shortage will only get worse just as the winter season starts on Friday. Stockpiles of everything from gas to coal and water for electricity production are in short supply and there are few signs the situation will improve anytime soon as demand continues to roar back from a pandemic-driven lull. Russian gas flows to Germany’s Mallnow terminal dropped, paring yesterday’s partial recovery. Supplies via the major transit route are about a third less than at the beginning of the week. And European utilities seeking to buy more coal from Russia will also be disappointed as any exports are likely to be limited.** t The scale of supply constraints have caught the market off guard, just as countries are about to start drawing down on the gas in storage. European stocks are at the lowest in more than a decade for this time of year...
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Another three small U.K. energy providers went out of business on Wednesday, bringing the tally to 10 just in the past two months. Some 1.7 million homes have now been forced to switch providers. "
Wait, I thought none of this was going to cost anything?
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China is the world leader in installed wind and solar. So what's with all this fuss about coal?
** The Guardian ([link removed])
(9/29/21) reports: "China has told railway companies and local authorities to expedite vital coal supplies to utilities as the world’s second largest economy grapples with extensive power cuts that have crippled industrial output in key regions. As many as 20 provinces are believed to be experiencing the crisis to some degree, with factories temporarily shuttered or working on short hours. Shopkeepers were left to light their stores by candles, and there were reports of mobile networks failing after a three-day outage hit three north-eastern provinces. Growing alarm among residents at the power crunch, now in its second week, comes as China’s state planner – the National Development and Reform Commission (NDRC) – formally urged local economic planners, energy administrations and railway companies to beef up coal transportation to meet demand during the winter season. China is the world’s biggest consumer of coal-powered energy...According to the South China Morning Post, quoting analysis by
Sinolink Securities, stocks of coal used to generate electricity – held by the nation’s six biggest power-generation groups – stood at a record low of just 11.31m tonnes as of 21 September – enough to produce power for 15 days."
Energy Markets
WTI Crude Oil: ↓ $73.29
Natural Gas: ↑ $5.56
Gasoline: ~ $3.18
Diesel: ↑ $3.33
Heating Oil: ↓ $228.86
Brent Crude Oil: ↓ $77.70
** US Rig Count ([link removed])
: ↑ 622
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