Oil Price BP has cut over a tenth of its workforce in its EV charging business, BP Pulse, as the supermajor is downsizing the division and retreating from several countries to focus on just four key markets, Reuters reported on Monday, quoting sources at the company. BP has cut more than 100 out of BP Pulse’s 900 jobs, but many of the
Yahoo Finance U.S. electric utilities predict a tidal wave of new demand from data centers powering technology like generative AI, with some power companies projecting electricity sales growth several times higher than estimates just months earlier. Nine of the top 10 U.S. electric utilities said data centers were a main source of customer growth, leading many to revise up capital
Oil Price The U.S. grid’s vulnerability to cyberattacks has grown, the North American Electric Reliability Corporation has warned. According to the regulator, the number of vulnerability points in the grid had grown from between 21,000 and 22,000 at the end of 2022 to 23,000-24,000 at the end of 2023. “It’s very hard to keep pace with addressing all those vulnerabilities,”
Oil Price The Netherlands’ five largest pension funds have said they are willing to invest billions in the country’s renewable energy sector and the electricity grid. The funds, with a combined 900 billion euros ($975 billion) in assets, have offered to help with finances and expertise in the nation’s electric grid expansion and sustainable heating projects. “We want to make a bigger
Oil and Gas 360 Energy Shots By Mobius Risk Group Summary: The New Era of Power Demand Growth: Two decades of sub-1% annual growth in electricity consumption is nearing its end as AI-fueled power demand sets a new course for the U.S. generation fleet. Forecasts from institutions like the IEA see global power demand from data centers, AI, and cryptocurrency
Oil Price Lithium Americas Corp has received a conditional commitment for a $2.26-billion loan from the U.S. Department of Energy to help it build lithium processing facilities in Nevada, as the Biden Administration looks to support America-produced lithium and reduce dependence on Chinese supply. Lithium Americas’ Thacker Pass project in Humboldt County, Nevada, is located next to a mine site that contains
Oil Price Xcel Energy’s facilities in Texas may have been the cause of a spree of wildfires that ripped through the state. Excel, based in Minneapolis, an electric utility and natural gas delivery company, said it very well may be responsible for igniting the recent Smokehouse Creek fire—the largest wildfire in the state’s history. The Smokehouse Creek wildfire began February
Nasdaq The Biden administration’s decision to exclude the existing U.S. fleet of natural gas power plants from upcoming carbon emissions regulations raises questions over the nation’s ability to meet its climate goals, according to researchers. Cleaning up the U.S. power industry, source of about a quarter of the nation’s greenhouse gas emissions, has been a central plank of President Joe
Yahoo Finance Utility firm Duke Energy missed fourth-quarter profit estimates on Thursday on higher interest expenses and raised its five-year capex by $8 billion to support its transition to renewable energy. The U.S. Federal Reserve’s interest-rate hikes to tame inflation have made borrowing more expensive for businesses, impacting utility firms like Duke. The company’s quarterly interest expense for its Electric
Oil Price Something strange is happening in the U.S. oil patch. Oil drilling—an activity that has always been energy-intensive—has turned into a massive drain on the grid. The trend is an ironic twist to the U.S. grid problem, which is how to accommodate soaring demand for electricity in a non-inflatable grid. Last November, the North American Reliability Corp. warned that blackouts could
Oil Price Back in the middle of 2023, the International Energy Agency reported that electricity demand is on the decline in advanced economies. The IEA said at the time that demand for electricity in the U.S. alone was set to drop by 2% in 2023. Instead, demand is surging. And warnings of blackouts are multiplying. This weekend, the Electric Reliability Council of
Oil Price Ford said on Thursday that half of all 1,550 Ford dealers chose to sell electric vehicles in 2024—down from two-thirds that said this time last year that they would opt in to sell EVs for 2023. The other half of Ford dealers will sell—and service—ICE and hybrid models. “EV adoption rates vary across the country, and we believe our
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