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DAILY ENERGY NEWS  | 11/08/2021
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Greta knows a good PR stunt when she sees it.


Axios (11/5/21) reports: "Climate activist Greta Thunberg said COP26 "has turned into a PR event" during a climate rally in Glasgow on Friday during which she accused world leaders of 'greenwashing.' What they're saying: 'It is not a secret that COP26 is a failure,' Thunberg said at the rally. 'It should be obvious that we cannot solve a crisis with the same methods that got us into it in the first place.' 'We need immediate drastic annual emission cuts unlike anything the world has ever seen,' she added. The big picture: This year's assembly is viewed as crucial, since climate scientists warn that time is running out to secure necessary greenhouse gas emission cuts to avoid potentially devastating impacts during the next several decades. Several countries have announced new major climate pledges during the meeting so far, including efforts to reverse deforestation and slash methane emissions. The pledges made so far are not mandatory, and no one will be punished for failing to live up to them, though they can be used to shame those who fall short."



"No number of subsidies for alternative U.S. energy sources could possibly offset any noticeable fraction of Asia’s insatiable appetite for fossil fuels." 

 

– Alan Reynolds,
American Institute for Economic Research

How it started:


The Denver Post (12/4/18) reports: "Xcel Energy, Colorado’s largest electric utility, is upping its renewables game with the announcement Tuesday that it has a goal of being 100-percent carbon free by 2050. The Minneapolis-based company that serves eight states has been a leader in the quest to increase the use of renewable energy sources, said Ben Fowke, the utility’s chairman, president and CEO. 'This isn’t new to us. We’ve been leading the clean-energy transition at Xcel for quite a while now. Investing in renewables has really been part of our DNA for over 20 years now,' Fowke said at a news conference for the announcement Tuesday at the Denver Museum of Nature and Science. The move to more wind, solar and other renewable energy sources is not only good for the environment but also good for the bottom line of both the company and its customers, Fowke added...Xcel Energy already had a goal of reducing carbon dioxide emissions by nearly 60 percent and increasing its use of renewable energy sources to 55 percent of its mix by 2026 as part of its Colorado Energy Plan, which was approved by state regulators in August. The new plan includes a goal of reducing carbon emissions by 80 percent by 2030 across eight states and getting to zero emissions of the greenhouse gas by 2050."

How it's going:


Colorado Sun (11/5/21) reports: "Colorado consumers are seeing double-digit jumps in their gas utility bills this fall as providers pass on the cost of steep natural gas inflation, and the Public Utilities Commission and consumer advocates warn that a 'stack' of other add-on charges are too much for customers...For Xcel, with the most customers in Colorado, bills for a comparable amount of gas will go up an average $11.22 a month in the fourth quarter. Xcel files its gas cost requests every quarter, and their request for the third quarter of 2021 was up 5.6% on the average bill...“My biggest concern is on behalf of consumers, especially low income and fixed-income constituents,” said Bill Levis, a former consumer counsel director for Colorado who now advises AARP Colorado on utility issues. “Because of the great increases, I think the commission is going to have to think again about whether they can just basically rubber stamp these,” Levis said."

 

Is it possible for an Energy Secretary to know less about energy?


CNBC (11/5/21) reports: "Renewables have an important role to play when it comes to ensuring energy security and safeguarding against the price fluctuations associated with fossil fuels, according to the U.S. energy secretary. Speaking to CNBC’s Steve Sedgwick at the COP26 climate change summit on Friday morning, Jennifer Granholm emphasized the importance of diversifying 'into clean energy so that we are not reliant upon the volatility of fossil fuels.' Granholm’s comments come at a time when a multitude of factors have led to rising natural gas and oil prices. On Thursday, OPEC and its oil-producing allies agreed to continue with their current output plan, deciding against pumping more crude in the face of multiyear highs in prices and U.S. pressure to help cool the market. 'We saw what OPEC did yesterday, which is to stick to their plan and not increase production,' Granholm said. 'The bottom line is, for us natural gas is very local … the gas companies, the oil companies have a whole bunch of leases that they’re sitting on that they are not producing. And the question is, why is that?' 'It’s a doubling down on why we should diversify into clean energy so that we are not reliant upon the volatility of fossil fuels,' Granholm added."

Congratulations, Governor Whitmer, you have somehow managed to anger Canadians. 


Fox News (11/7/21) reports: "The Biden administration is reportedly weighing the potential market consequences of shutting down an oil pipeline in Michigan, drawing criticism from opponents. Former Michigan Gov. Jennifer Granholm, Biden's energy secretary, predicted Sunday that heating prices will rise this winter regardless of the Biden administration's decision on the pipeline. "Yeah, this is going to happen. It will be more expensive this year than last year," Granholm told CNN. The administration has yet to decide on what to do with Line 5 and officials were gathering information only to present a clear picture of the situation, according to sources who spoke to Politico. Line 5 is part of a network that moves crude oil and other petroleum products from western Canada, transporting about 540,000 barrels per day. Petroleum is taken from the pipeline in Escanaba, Michigan. Jason Hayes, the director of environmental policy at the Mackinac Center for Public Policy, blasted the Biden administration for its energy policies, telling Fox News that their work on Line 5 is 'just one more example of being divorced from reality.' 'They're planning to power an industrial nation like the United States on solar panels and wind turbines,' Hayes said, while noting that even the solar panels and wind turbines require 'oil, natural gas, nuclear and even coal' to be produced. Hayes presented a dire picture of what shutting Line 5 could mean if people are unable to get natural gas or the electricity it provides as the nation heads into winter."

Energy Markets

 
WTI Crude Oil: ↑ $81.82
Natural Gas: ↑ $5.57
Gasoline: ↑ $3.42
Diesel: ↑ $3.64
Heating Oil: ↑ $245.98
Brent Crude Oil: ↑ $83.39
US Rig Count: ↑ 662

 
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