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DAILY ENERGY NEWS | 10/19/2021
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** When you didn't bother to hold a single hearing or markup in either chamber for your "signature" climate program, you really have nobody to blame but yourself...
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Bloomberg ([link removed]) (10/18/21) reports: "Democrats struggled to fill the void created by Senator Joe Manchin’s opposition to a key climate program, with hopes fading that Congress will reach agreement on climate legislation before world leaders gather in Scotland for a summit on global warming. The Clean Electricity Payment Program has been a major priority for the White House and President Joe Biden’s goal of de-carbonizing the nation’s electric grid by 2035. The program, which would pay utilities for using clean energy and penalize those that don’t, is on life support after Manchin, a West Virginia Democrat who holds a swing vote in the evenly divided Senate, recently told the White House he wouldn’t support it...Environmentalists have urged passage of significant climate
legislation, such as the clean power program, before the Glasgow summit that begins Oct. 31. Biden has pledged to reduce U.S. greenhouse gas emissions by 50% from 2005 levels by decades end. But opposition from Manchin and Arizona Senator Kyrsten Sinema, a fellow Democrat, to elements of a $3.5 trillion spending plan that was to have included the clean energy program have kept it from passing in the closely divided Senate. The House has refused to take up a separate, bipartisan infrastructure package until the bigger spending plan is adopted."


** And if you think it's time to pivot to a carbon tax, take some advice from an old friend.
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** Or just ask Joe.
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**

"This transformation is taking place no matter what. It is not exclusively dependent on the Congress."
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– "Special" Envoy John Kerry ([link removed])

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Lifestyles of the rich and hypocritical.

Is there a German word for, “why is keeping the lights on important”?

** NASDAQ ([link removed])
(10/18/21) reports: " German utilities on Monday cautiously welcomed the newly forming government's climate protection plan, but warned that more support for renewables and gas-to-power plants was needed to ensure security of supply as coal burning is phased out. The draft agreement published on Friday by the so-called 'traffic light' coalition of centre-left Social Democrats (SPD), Greens and business-friendly Free Democrats said that ideally an exit from coal should be moved forward to 2030 from 2038. It called for more solar and wind power to be brought in, as Germany plans to also get out of nuclear energy by the end of next year. Ahead of the election utilities said more clarity on and funding for alternative forms of power would be needed. POWER/DE 'The coal exit can only work with a sufficient expansion of renewables and gas-to-power plants in order to ensure the security of supply,' said utility industry association BDEW."

That moment when you realize that your climate policies are supposed to increase the cost of energy, but you don't want your climate policies to increase the cost of energy...

** ([link removed])

While everyone is in a tizzy over whether Biden will get his "signature" climate program, Larry Fink is systematically and methodically putting the squeeze on the oil, coal, and natural gas industries.

** Bloomberg ([link removed])
(10/18/21) reports: "The Transition Pathway Initiative, which measures the pace of corporate decarbonization and is backed by investors including BlackRock Inc. that oversee a combined $40 trillion of assets, is ramping up efforts to measure companies’ preparedness for the energy transition. The TPI Global Climate Transition Centre will open early next year and will provide free publicly available data on how 10,000 publicly-traded companies are aligning with a net-zero pathway, up from the roughly 400 covered by TPI today, according to a statement Tuesday. The TPI Centre, which will be based at the Grantham Research Institute on Climate Change and the Environment at the London School of Economics and Political Science, also will scrutinize the decarbonization efforts of corporate and sovereign bond issuers. While a growing number of companies and financial institutions have committed to net-zero emissions across their operations and supply chains by 2050, few have mapped out in detail how
they plan to reach that goal, leaving investors unsure how they will deliver on their own promises of net-zero investment portfolios. Understanding companies’ level of ambition and their speed of travel towards net zero should enable investors and bankers to allocate capital more intelligently."

Energy Markets


WTI Crude Oil: ↓ $82.07
Natural Gas: ↓ $4.90
Gasoline: ↑ $3.34

Diesel: ↑ $3.55
Heating Oil: ↓ $251.90
Brent Crude Oil: ↓ $83.95
** US Rig Count ([link removed])
: ↓ 636



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