Energy Shift: No choice but to invest in oil – Shell CEO

Plus: Renewables cheaper than gas; BP CEO says gas essential to transition; hydrogen cruise ships?

Hi Everyone,

This update is shorter than normal due to other commitments. Also, I’ll be skipping a week – so watch for the next update on Nov. 3.

This one is worth a quick read: A climate advocate walks into an oil industry summit … | GreenBiz. Some good insights.

Other key highlights suggest (from Shell and BP CEOs) that oil and gas will be needed for some time yet through the transition and beyond, AND that renewables and energy storage now compete against hydrocarbons. Remembering that hydrocarbons are used for more than combustion, the hydrocarbon and renewable industries both have their place – granted the mix will change over time. Decarbonizing gas will be essential for it to keep its place in the long run.

Please consider forwarding on to others who would be interested and encourage them to subscribe. Keep the comments coming. Tell me what you’d like to see more of/less or what’s missing.

Have a great couple weeks.
Thanks,
Peter

Economic analysis finds clean energy future is cheaper than gas | Pembina Institute

Comment: I’ll admit I haven’t had time to read the report. Just going by the media release, we can now add Alberta to the list of jurisdictions where renewables + batteries are cheaper than gas. And that’s saying something – in Alberta where gas is pretty cheap. Worth digging into this and tell me what you think. C’mon industry experts – I’d like to hear your take.

No choice but to invest in oil, Shell CEO says | Reuters

Excerpt: Royal Dutch Shell (RDSa.L) still sees abundant opportunity to make money from oil and gas in coming decades even as investors and governments increase pressure on energy companies over climate change, its chief executive said.

Comment: I invite you to read this article to better understand the thinking behind why oil and gas companies believe further development of oil and gas is needed.

Gas ‘essential’ to the energy transition: Dudley | Petroleum Economist

Excerpt: Dudley makes two recommendations for the energy industry. Firstly, “it is up to us to demonstrate that decarbonised gas is not only viable…it is essential”; and secondly it needs to produce gas in a “much cleaner way”, including eliminating flaring and methane leaks.

And he encourages all governments to regulate methane emissions across the value chain and introduce carbon pricing, which is the “most effective, powerful tool there is for decarbonising energy”.

BP invests in AI tech firm Grid Edge | Current News

Excerpt: Grid Edge has developed cloud-based software that can predict, control and optimise a building’s energy profile. It can therefore help commercial consumers to reduce their energy costs, as well as their emissions by typically 10 to 15%, although some users have been able to reduce them by as much as 30%.

Comment: Further proof that software solutions are necessary investments for oil and gas companies wanting to improve margins on their investments in renewables.

Other headlines of interest…

Energy Storage

The Arizona Battery Explosion Is Changing Conventional Wisdom on Safety | Greentech Media

Hydrogen

Freudenberg to deliver fuel cells for cruise ships | electrive.com
Powerhouse Energy is turning plastic into fuel for hydrogen cars | CNN

Wind (& Battery)

Berkshire Hathaway firm to launch $200M Alberta wind power farm | BNN Bloomberg

Transport

EV sales are exploding. Here’s how utilities need to keep up | Electrek
BP Chargemaster lauds first 150kW ultra rapid charging hub in London | Current News
British Airways owner IAG commits to net zero carbon emissions by 2050 | Reuters

Transition

Renewable Power Topped Fossil Fuels in UK During Q3 | Greentech Media
‘Revolutionary’ fibers could slash AC use — study | E&E News

Circular Economy

Infinite Play: Adidas launches buy-back platform to combat fashion waste | edie

Opinion

Opinion: In the age of Greta, Big Oil blew it by not becoming Big Energy | The Globe and Mail