A busy week

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DAILY ENERGY NEWS | 02/06/2023

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A busy month and we aren't even a week in. The latest episode of The Unregulated Podcast is now streaming on our website, or wherever you listen

"If gas stoves get more expensive, the Mike Bloombergs and Jeff Bezoses of the world wouldn’t blink. They can afford to buy a gas stove at any price. If electricity rates skyrocket because everyone is forced to 'go electric,' you think they would even notice?"

– Michael Bastasch, The Daily Caller

The "bad" news for Biden is his EV dreams are unworkable. The "good" news for Big Green, Inc. is that won't stop this administration from trying to throw hundreds of billions of dollars away.

Wall Street Journal (2/5/23) reports: "A wave of electric cars, SUVs and pickups is headed toward America’s highways, driven by the auto industry’s aggressive rollout, the vehicles’ growing driving range, environmental regulations and government incentives. Experts believe EVs will make up a third or even half of all light vehicles sold annually in the U.S. by 2030, up from about 7% in 2022. If those predictions are correct, that leaves a big question: Will the power grid be capable of charging the batteries in those tens of millions of vehicles? Some grid operators already are struggling to keep up with demand in certain areas and at certain times—California power authorities, for example, asked residents to avoid charging electric cars in the evening during a heat wave last September to help avoid overloading the grid, while utility officials in other areas have warned at times of possible rolling blackouts to prevent system collapses. First, the good news: Many experts think the utility industry will be ready to generate enough power for the coming EV wave, thanks to planned capacity increases costing hundreds of billions of dollars. But that isn’t the whole story. The potential for much more serious bottlenecks looms in the local legs of the grid that transmit electricity to individual homes and businesses. Expensive upgrades could be needed for these neighborhood power-distribution systems"

If you want to run your country on wind power, then just turn off the lights when the wind isn’t blowing.

Of course, modern civilization is a hard drug to quit.

Mining.com (2/5/23) reports: "The UK’s grid operator asked one coal-fired power unit to be ready to generate power as it seeks to boost electricity supplies during a cold snap. The Uniper SE-owned unit at the Ratcliffe plant in central England is warming and will be ready to provide power by 12:25 p.m. London time on Tuesday, according to a notice by National Grid’s Electricity System Operator. Demand is set to surge during a spell of cold weather in the UK just as falling wind speeds curb power generation from turbines. National Grid has asked units in the coal reserve to get ready several times this winter but has stopped short of requiring them to generate. The network operator has asked households to reduce demand during several evenings to help balance supply at peak times. The UK wind forecast shows generation dropping on Tuesday."

Energy Markets

WTI Crude Oil: ↑ $74.02
Natural Gas: ↑ $2.42
Gasoline: ↓ $3.47

Diesel: ↓ $4.62
Heating Oil: ↑ $278.37
Brent Crude Oil: ↑ $80.78
US Rig Count: ↓ 853

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