Plus: BP Orsted launch green hydrogen in Germany; EVs in Norway top 80%; Net zero for OXY and Equinor
Hi Everyone,
A few key headlines to highlight for you – so head over to my comments for those. I do recommend scanning the rest of the headlines at your leisure.
Your comments and questions are always welcome. Continue to spread this around and encourage others to subscribe.
Thanks and have a great couple of weeks,
Peter
Observations and Comments
- The supply of raw materials needed for all the growth in renewables and batteries is something to watch. Large scale build-out has contributed to cost declines. However, as demand climbs, the question is whether the supply of raw materials can keep up. As we all know, when demand exceeds supply, prices rise – and potentially narrowing profit margins as well. A case in point is the shortage of glass in China needed for solar panels, dimming ambitions for solar power growth. Check out the story in Solar and Wind below.
- Eye-popping investments are projected for the energy transition. Iberdrola SA, a utility in Spain is planning to spend US$88 Billion on renewables over the next 5 years, aiming to triple what it has already. And that is just one company. For reference, that level of investment is comparable to that of large oil and gas companies. Given my earlier point about raw materials, I wonder if it can all be done as currently planned.
- Sales of electric vehicles in Norway topped 80%, helped along over many years of healthy subsidies and incentives. Check out the article in transportation to see a list of the top 20 EV/PHEVs.
- Utility regulators in the US are mandating transition to emission-free electricity. Utilities in Arizona are required to get half their power from renewable energy like solar and wind by 2035, then getting to 100% non-emitting by 2050.
Consumers
Norwegian oil giant Equinor announces 2050 net-zero target | RenewEconomy
Norwegian energy company Equinor announced on Monday that it has set a target of becoming a net-zero energy company by 2050, a target specifically directed to demonstrate the company’s commitment to the Paris Climate Agreement.
JPMorgan Makes Case for Polluters as It Pitches Transition Bonds | Financial Post
A new kind of bond issued by companies that pollute has caught the attention of investors eager to fill their climate-friendly portfolios, according to the head of green bonds at JPMorgan Chase & Co., Paul O’Connor.
Occidental Petroleum announces net-zero target for greenhouse gas emissions | Reuters
Occidental Petroleum Corp on Tuesday laid out a target to reduce greenhouse gas emissions at its operations to net zero by 2040, becoming the latest oil and gas company to set long-term climate goals.
Fossil Fuel Firms Not Doing Enough on Emissions, Funds Say | Bloomberg
None of Europe’s largest oil, gas and coal companies are on track to limit global warming to within 2 degrees Celsius, according to a report by money managers overseeing more than $22 trillion.
Covid Restaurant Shutdowns Threaten Oil Refiners’ Biofuel Dreams | MSN
Every day, Miko Del Rosario oversees nine trucks that crisscross Southern California, weaving through alleys behind shopping malls, restaurants and a tortilla chip factory to pick up cooking oil drained from deep fryers.
Technology
Hydrogen
BP, Orsted launch green hydrogen project at German oil refinery | Reuters
BP and Danish renewable energy group Orsted have partnered to develop zero-carbon hydrogen at a German oil refinery, BP’s first full-scale project in a sector that is expected to grow rapidly.
Carbon Capture
Baker Hughes acquiring Compact Carbon Capture as it transitions to green-energy future | Globe and Mail
Baker Hughes Co said on Tuesday it would buy Compact Carbon Capture AS in a bid to expand its footprint beyond oil and gas oilfield services as it prepares for a transition to a low-carbon future.
Nuclear
Get an Intimate Look at How Tiny Nuclear Reactors Are Changing Energy | Popular Mechanics
In a new video, small modular reactor leader NuScale takes viewers through its research and simulation facilities. Complex software models how a NuScale plant will look and work within an electrical grid or process heat infrastructure, while physical models test both component integrity and the “human factor” of workers who will interact with the modular reactors.
Rolls-Royce unveils plans to build 16 mini nuclear plants in the UK | edie
Rolls-Royce is pushing for the UK government to provide a multi-billion-pound pot for its plans to build 16 small nuclear reactors across the country.
Energy Storage
Australian states and utilities go bananas over big battery storage | RenewEconomy
[Comment] Get past the introductory political commentary and this article offers a nice summary of the battery projects in Australia
Construction of 250MWh liquid air ‘CRYOBattery’ has begun in UK | Energy Storage News
Construction work has begun on Technology provider Highview Power’s 50MW / 250MWh liquid air energy storage (LAES) facility in Greater Manchester, England.
Australia plans to strengthen its power grid with another giant battery | The Verge
A battery covering an area the size of a football stadium is planned to come online next year in Victoria, Australia. French renewable energy company Neoen announced yesterday that it received a contract to build the 300MW battery, which would become one of the largest in the world.
Tidal, flow batteries and green hydrogen combined in world first £1.8m Orkney project | Current News
In a world first project, tidal power is set to be combined with vanadium flow batteries to produce continuous green hydrogen.
Solar and Wind
NSW promises to build more renewable energy than Victoria and Queensland combined | The Guardian
More renewable energy will be built in New South Wales than in Victoria and Queensland combined after the Berejiklian government committed to support 12 gigawatts of wind and solar and 2 gigawatts of energy storage, the state’s energy minister says.
Iberdrola Plans $88 Billion of Investment in Energy Transition | Financial Post
Iberdrola SA will invest 75 billion euros ($88 billion) through 2025, part of a program to triple its renewable energy capacity by the end of the decade and take advantage of a shift toward cleaner forms of energy.
A Glass Shortage Is Threatening China’s Solar Power Ambitions | BNN Bloomberg
The world’s biggest solar power company says a shortage of glass is raising costs and delaying production of new panels, throwing a wrench into China’s plans to accelerate its shift to clean power.
South Australia government power contract ‘secures’ 280MW solar farm, 100MW battery projects | Energy Storage News
South Australia’s state government has contracted for renewable energy retailer ZEN Energy to supply some of its facilities with power and in doing so has secured the future of a 280MW solar farm as well as a 100MW battery energy storage project.
Midwest utilities craft ambitious renewables, coal-retirement plans to meet goals | S&P Global Platts
Six Midwest utilities have said they expect to spend more than a combined $15 billion over the next several years to install or buy roughly 4 GW of solar generation, more than 3.6 GW of wind generation and just over 1 GW of electric battery storage.
Transportation
Norway EV sales push 80 per cent as Volkswagen ID.3 takes off | The Driven
Plug-in electric vehicles accounted for eight in 10 vehicle sales in Norway in October, as sales of the new Volkswagen ID.3 continued to surge.
Tesla (TSLA) receives massive new order of Tesla Semi electric trucks — biggest yet? | Electrek
[Excerpt] Now Pride Group Enterprises, a holding company with its main business being truck leasing, announced that it placed a reservation for 150 Tesla Semi electric trucks with the option to buy 500 trucks from Tesla.
Tesla is going to expand Full Self-Driving to Canada and Norway next | Electrek
Elon Musk confirmed that Tesla is going to expand its Full Self-Driving beta software to Canada and Norway. The update adds autonomous turns in intersections and auto lane changes on city streets.
Ford invests $100 million in Kansas City factory to build the electric Transit van | Electrek
Ford announced that it is investing $100 million in its Kansas City factory to build the electric version of its Transit van to be unveiled later this week.
Norway EV sales push 80 per cent as Volkswagen ID.3 takes off | The Driven
Plug-in electric vehicles accounted for eight in 10 vehicle sales in Norway in October, as sales of the new Volkswagen ID.3 continued to surge.
Policy
San Francisco bans natural gas use in new buildings | BNN Bloomberg
San Francisco will ban the use of natural gas in new buildings starting next year, becoming the latest city in California to clamp down on the heating and cooking fuel because of climate concerns.
Gas denied ‘transition’ fuel status in draft EU green finance rules | edie
Power plants fuelled by natural gas will not be classed as “sustainable” or “transition” investments in Europe unless they meet emission limits which are so low that none are currently able to comply, according to draft EU rules seen by EURACTIV.
U.K. Sets New Standard Forcing Companies to Reveal Climate Risks | Financial Post
Britain moved to become the first major nation to require large companies and financial firms to disclose risks from climate change, in a sign of what could become a powerful new regulatory requirement around the world.
Arizona power must come from 100% carbon-free sources by 2050, regulators decide | Arizona Republic
Arizona utility regulators on Thursday, in a split vote, approved a plan for utilities to get all of their energy from carbon-free sources like solar and nuclear energy by 2050, bringing the state closer in line to other Western states.
Energy efficiency gets welcome policy boost in $60m S.A. commitment | One Step Off The Grid
South Australia’s Liberal Marshall government has been busy lately, boosting the state’s home battery scheme and sending mixed messages on electric vehicle uptake; so a $60 million commitment to boost energy efficiency in government buildings nearly slipped under the radar.
Oil giants joining electric utilities in pushing federal leaders to strengthen GHG emission rules | Power EngineeringIn a renewed sign that energy companies are progressing beyond whipsawing U.S. government policy on environmental issues, three major oil companies are pushing for a reversal of the Trump Administration’s rollback on methane emissions from natural gas operations.