Oil Price Not enough shareholders of Australia’s top energy retailer, Origin Energy, backed on Monday a takeover bid from a Brookfield-led consortium of investors, leading to a collapse of a proposed $11-billion deal. A total of 68.92% of the votes cast by Origin Energy’s shareholders were in favor of the bid, short of the required 75% majority necessary to approve
Oil Price The Biden administration is pushing for widespread electrification in less than 20 years through government subsidies and coercive regulations as part of its aggressive climate agenda. The truth is that President Joe Biden’s goals are an illusion at the expense of the American people. While EV proponents try to claim that EVs will soon be cheaper than gasoline vehicles,
Nasdaq LONDON – Giant batteries that ensure stable power supply by offsetting intermittent renewable supplies are becoming cheap enough to make developers abandon scores of projects for gas-fired generation world-wide. The long-term economics of gas-fired plants, used in Europe and some parts of the United States primarily to compensate for the intermittent nature of wind and solar power, are changing
Nasdaq U.S. developers building renewable energy projects and power storage for grids are scrambling to procure critical components, leading to rising costs and project delays. Supply chain problems have tightened supply of high-voltage transformers necessary to connect wind and solar farms and batteries to the grid, projects that are key to the energy transition. The long lead-time for delivery of
Yahoo Finance HOUSTON – Exxon Mobil said on Monday it plans to start producing lithium from subsurface wells by 2027 to provide supplies of the key metal used in electric-car batteries and advanced electronics. Oil majors are investing in the electrification sector as governments in the United States and Europe set programs to promote wider use of electric vehicles and
Nasdaq PARIS – Droughts limiting hydro-electric generation globally prevented a fall in the energy sector’s overall carbon emissions in the first half of 2023 despite the growth of wind and solar power, climate think tank Ember said in a report on Thursday. Total power sector emissions rose by 0.2% in the first half of the year despite wind and solar’s
Investing The Electric Reliability Council of Texas (ERCOT) sought bids from power producers on Monday to increase its operating reserves by around 3,000 megawatts in case of any unexpected spikes in demand during the upcoming winter season. The Texas grid has been concerned about extreme weather since a deadly storm in February 2021 left millions without power for days as
Nasdaq Rapid electrification poses risks to power grids across the United States that are straddling the twin goals of decarbonizing the sector and maintaining reliable supply, grid operators told U.S. lawmakers on Thursday. Appearing before the Energy, Climate, and Grid Security Subcommittee of the U.S. House of Representatives, officials from all seven of the country’s grid operators said multiplying electricity demand will
Oil Price In her State of the Union address this week, EC President Ursula von der Leyen made a point about the EU’s growing independence in sectors such as energy, chips, and raw materials. The official stressed the importance of these raw materials for energy, after which she went on to slam China for unfair market practices. Was she
Nasdaq LONDON – U.S. manufacturers reported that business activity declined for the 10th month running in August, though declines are becoming less widespread implying the trough in the cycle may be approaching. The Institute for Supply Management’s purchasing managers index increased slightly to 47.6 (16th percentile for all months since 1980) in August up from 46.4 (13th percentile) in July
Oil Price Senator Joe Manchin is calling for faster approval of high-voltage power lines as part of the permitting reform he has been seeking to pass for months. Manchin, Chairman of the Senate Energy and Natural Resources Committee, is calling for provisions in the reform for the federal government to intervene when electric transmission projects get “stuck at the state level,”
Oil Price Looming shortages of critical metals enabling the energy transition could slow the uptake of renewables and low-carbon solutions, McKinsey & Company warns. Supply of nickel, copper, lithium, cobalt, tin, iridium, and rare-earth element dysprosium faces shortages this decade, which would raise metals prices, supply chain pricing, and the price of finished products such as EV batteries or solar panels,
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