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DAILY ENERGY NEWS | 02/14/2023

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There is something rotten at 888 First Street.

Real Clear Energy (2/13/23) reports: "Before a federal energy commissioner promiscuously entered into dealings with climate activists — including a former client who opened the discussion by suggesting what she asked might be 'inappropriate' —this official presumably sought ethics guidance that would address any potential conflicts of interest or restrictions, or the propriety of what she was about to do. But up until now, the Federal Energy Regulatory Commission, or FERC, has refused to release any documents showing what guidance was offered, or even if any was sought, or even admit if any such records exist in response to Freedom of Information Act requests. Its silence suggests a strategy of delaying any admissions, one way or the other, until a court orders it to let the public know any more about FERC’s attention to, or disregard of, laws that govern all federal regulators...The Institute for Energy Research, a Washington-based nonprofit that supports free market energy policies, has broken loose emails, Zoom calls, Zoom chats, Microsoft Team chats, text messages, calendar records, and phone bills that provide insight into how FERC has gradually morphed into a tool for climate activism while operating at or beyond the edges of laws governing all federal agencies. After early and relatively timely calendar releases put Chairman Glick in the spotlight over his candor about White House coordination on climate, IER has filed 15 lawsuits dating back to last May that probe further into the record of coordination between FERC appointees and climate activists from inside and outside of the Biden White House. "

"Through [President Biden's] Inflation Reduction Act, Americans will have greater access to Electric and Induction Cooktops: keeps pollution out of the home. Cooks food faster. Helps families save money."

– Secretary Jennifer Granholm

China ❤️ the U.S. EPA.

E&E News (2/13/23) reports: "The Biden administration is preparing for a spring offensive against coal plant pollution. Over the next few months, EPA is expected to release six new rules that take aim at everything from carbon to coal ash, and the regulatory blitz is expected to trigger a string of new coal retirements as utilities eye the cost of keeping the black stuff on their books. Even so, the upcoming changes won’t push U.S. coal into extinction — a fact that could make President Joe Biden’s 2030 climate goals harder to meet. U.S. coal power has proven exceptionally hard to kill, in spite of market conditions and environmental regulations that have stripped it of its dominance in 15 short years. In 2007, coal was the source of half the electrons on the U.S. power grid. The U.S. Energy Information Administration said last week that coal accounted for 20 percent of U.S. electricity generation in 2022, lagging not only gas but renewables, when taken together. This year nuclear power is expected to overtake coal as well, as it drops into a dismal fourth place...Coal’s resilience could hinder Biden’s climate agenda. He has pledged that the U.S. power sector will shed 80 percent of its emissions by 2030 compared with 2005 levels and reach net zero five years later. It’s an ambitious target that underpins his broader commitment to address climate change — which he called an 'existential threat' in last week’s State of the Union address...The cost of wind and solar power has dropped precipitously too over the past decade as industries matured and climate policies took effect. Prospects of a carbon-constrained future became a drag on coal investments and financing. The last large new U.S. coal-fired power plant — Texas’ Sandy Creek Energy Station — came online a decade ago. EIA shows no others in the pipeline.Market forces appear to be turning against existing coal operations as well."

If Pakistan can't afford natural gas they should just switch to wind? After all, we've been assured it's much cheaper.

Reuters (2/13/23) reports: "Pakistan plans to quadruple its domestic coal-fired capacity to reduce power generation costs and will not build new gas-fired plants in the coming years, its energy minister told Reuters on Monday, as it seeks to ease a crippling foreign-exchange crisis.A shortage of natural gas, which accounts for over a third of the country's power output, plunged large areas into hours of darkness last year. A surge in global prices of liquefied natural gas (LNG) after Russia's invasion of Ukraine and an onerous economic crisis had made LNG unaffordable for Pakistan. 'LNG is no longer part of the long-term plan,' Pakistan Energy Minister Khurram Dastgir Khan told Reuters, adding that the country plans to increase domestic coal-fired power capacity to 10 gigawatts (GW) in the medium-term, from 2.31 GW currently. Pakistan's plan to switch to coal to provide its citizens reliable electricity underscores challenges in drafting effective decarbonisation strategies, at a time when some developing countries are struggling to keep lights on."

Good luck getting to your Valentine's date on time when everyone is waiting in line for EV chargers...

Barrons (2/14/23) reports: "The European Parliament voted on Tuesday to approve a ban on new sales of carbon-emitting petrol and diesel cars by 2035, clearing the final legislative hurdle.EU member states have already approved the legislation and will now formally nod it into law, despite opposition from conservative MEPs, the parliament's biggest group. Supporters of the bill had argued to that it would give European carmakers a clear timeframe in which switch production to zero-emission electric vehicles. This in turn will support the European Union's ambitious plan to become a 'climate neutral' economy by 2050, with net-zero greenhouse gas emissions. 'Let me remind you that between last year and the end of this year China will bring 80 models of electric cars to the international market,' EU vice president Frans Timmermans warned MEPs...But opponents argued that industry is not ready for such a dramatic cut off in production of internal combustion engine vehicles -- and that hundreds of thousands of jobs are at risk."

Energy Markets

WTI Crude Oil: ↓ $79.27
Natural Gas: ↑ $2.57
Gasoline: ↓ $3.41

Diesel: ↓ $4.54
Heating Oil: ↑ $292.70
Brent Crude Oil: ↓ $85.83
US Rig Count: ↓ 816

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