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DAILY ENERGY NEWS | 06/06/2022
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** Governor Gavin's bold plan to keep the lights on is to stop closing plants that helped keep the lights on.
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E&E News ([link removed]) (6/6/22) reports: "California sees itself as a global leader in the fight against climate change. But keeping on the lights over the next five summers is likely to increase the state’s greenhouse gas emissions, energy experts said. The nation’s most populous state faces an electricity supply crunch, with projections showing that peak demand could exceed available supplies by as much as 3,500 megawatts. That would leave as many as 3.5 million homes without power. To address the problem, Democratic Gov. Gavin Newsom wants to spend $5.2 billion to boost reliability. Initial plans include keeping open natural gas plants that were due to retire. For now, state leaders should prioritize preventing blackouts over concerns about greenhouse gas emissions, said several experts. Doing so would help maintain support for long-term climate goals. 'If the public sees this year after year — shortages and
blackouts and curtailment — I think there will be a lot of setback for the long-term green energy plan that everyone hopes will come to pass,' said Ahmad Faruqui, energy economist formerly with the Brattle Group consulting firm. 'We live in the short run. Unless we make it through the short run, we are not going to get the long run.' California aims to make its grid carbon-free by 2045. Additionally, state law mandates California must generate 60 percent of its electricity from renewable sources in less than eight years. But supply chain disruptions have stalled generation projects."
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** "Coal persists because it can be used to produce the gargantuan quantities of electricity the world’s consumers need at prices they can afford. Indeed, coal’s share of global electricity generation has stayed at about 35%, since the mid-1980s."
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– Robert Bryce, Power Hungry Podcast ([link removed])

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Biden is perfectly willing to overlook atrocities in China for solar, but won't hold a proper lease sale for more domestic oil and gas.

** Reuters ([link removed])
(6/5/22) reports: "President Joe Biden will declare a 24-month tariff exemption on Monday for solar panels from four Southeast Asian nations after an investigation froze imports and stalled projects in the United States, sources familiar with the matter told Reuters. The move comes amid concern about the impact of the Commerce Department's months-long investigation into whether imports of solar panels from Cambodia, Malaysia, Thailand and Vietnam are circumventing tariffs on goods made in China. Biden's action would allay companies' concerns about having to hold billions of dollars in reserves to pay potential tariffs, one source familiar with the White House's plans said...The issue created a unique dilemma for the White House, which is eager to show U.S. leadership on climate change, in part by encouraging use of renewable energy, while respecting and keeping its distance from the investigation proceedings...''Initiation of this investigation is already causing massive disruption in the
solar industry, and it will severely harm American solar businesses and workers and increase costs for American families as long as it continues,' said one letter signed by senators including Martin Heinrich, a Democrat from New Mexico, and Thom Tillis, a Republican from North Carolina."

Presented without comment:

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You're going to need a bigger mine!

** Kitco ([link removed])
** ([link removed])
(6/2/22) reports: "Shortages of key metals will prevent countries from meeting net-zero emissions goals by 2050 as not enough focus is being paid to the current financing in the resource sector, according to Bank of America. The net-zero emissions goals set to be achieved by no later than 2050 are in jeopardy because of the dearth of key 'metals important for future technologies' (MIFTs). And it all comes down to financing the mining projects for the energy transition. 'The world is only slowly waking up to this threat. And China being the biggest producer of many critical resources exacerbates supply risk for the Western world. The market focus often is mainstream copper and nickel, but we identify 27 MIFTs used in electric vehicles (EVs), renewables and energy storage,' said Bank of America commodity strategists Michael Widmer and Francisco Blanch. The 27 MIFTs identified by the BofA included lithium, cobalt, nickel, manganese, aluminum, iridium, molybdenum, copper, and more. Use cases
listed were everything from powering electric vehicles, wind applications, and energy storage...The mining industry needs to spend $81 billion annually to 2030, and that is just to avoid shortages to achieve net zero. 'It is worth noting that this CAPEX requirement does not even include any demand growth from traditional consumers,' the report said. 'Operators are underspending massively, suggesting that CAPEX may need to almost double to $160 billion pa for the world to hit Net Zero by 2050.'"
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Energy Markets


WTI Crude Oil: ↓ $118.54
Natural Gas: ↓ $119.56
Gasoline: ↑ $4.86

Diesel: ↑ $4.64
Heating Oil: ↓ $430.72
Brent Crude Oil: ↓ $119.56
** US Rig Count ([link removed])
: ↑ 813



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