oil and gas

In today’s Electrek Green Energy Brief (EGEB):

• The US produced more petroleum and natural gas than any other country in 2020.
• Average US solar construction costs continued to fall in 2019.
• UnderstandSolar is a free service that links you to top-rated solar installers in your region for personalized solar estimates. Tesla now offers price matching, so it’s important to shop for the best quotes. Click here to learn more and get your quotes. — *ad.

Governor Ron DeSantis (R-FL) just signed into law SB 1128/HB 919, “Preemption Over Restriction of Utility Services,” which was pushed through the legislature. It prevents local governments from deciding which energy path they want to take. In other words, Florida towns and cities are now unable to switch to 100% clean energy because they can’t ban fossil fuels.

Maine has become the first US state to pass statewide legislation to divest from fossil fuels. LD 99, “An Act To Require the State To Divest Itself of Assets Invested in the Fossil Fuel Industry,” was signed late Wednesday by Governor Janet Mills (D-ME). A divestment plan is now required by 2026.

Texas has been hit by a heatwave, and the Electric Reliability Council of Texas (ERCOT) has asked residents to reduce electricity use until Friday because demand is up, but power supply is down. ERCOT stated yesterday, “Generator owners have reported approximately 11,000 MW [megawatts] of generation is on forced outage for repairs; of that, approximately 8,000 MW is thermal, and the rest is intermittent resources.” “Thermal” power in Texas largely refers to natural gas-fired power plants, which make up around 50% of annual energy production in Texas.

A Dutch court ruled that Shell’s emissions targets aren’t “concrete.” This is what the oil giant must do in order to achieve a viable plan to reduce emissions and meet clean energy targets.

In today’s Electrek Green Energy Brief (EGEB):

• ExxonMobil and Chevron suffer shareholder rebellions over a lack of strategy for emissions reduction.
• Here’s the latest US Electric Power Monthly report, and what renewables are projected to do.
• UnderstandSolar is a free service that links you to top-rated solar installers in your region for personalized solar estimates. Tesla now offers price matching, so it’s important to shop for the best quotes. Click here to learn more and get your quotes. — *ad.

In today’s Electrek Green Energy Brief (EGEB):

• The US Department of the Interior suspends oil and gas leases in the Arctic National Wildlife Refuge.
• Danish wind giant Ørsted bumps up its clean energy target to reach 50 GW of installed capacity by 2030.
• UnderstandSolar is a free service that links you to top-rated solar installers in your region for personalized solar estimates. Tesla now offers price matching, so it’s important to shop for the best quotes. Click here to learn more and get your quotes. — *ad.

A court in the Netherlands today ordered Royal Dutch Shell to cut its carbon emissions by 45% by 2030 from 2019 levels. Previous to the ruling, Shell’s emissions reduction target was 20% by 2030.

It’s the first time activists have taken a major energy company to court to get it to overhaul its climate strategy, and they were successful.

Update April 28, 5:24 p.m. ET: The US Senate has voted 52-42 to reinstate regulations on methane emissions, a harmful greenhouse gas that traps 84 times more atmospheric heat than carbon dioxide. The Senate voted on a Congressional Review Act resolution led by senators Martin Heinrich (D-NM), Angus King (I-ME), and Ed Markey (D-MA). Or, as King put it, “a repeal of a repeal.”

This is a hugely impactful decision that should result in immediate emissions reduction in the US.

In today’s Electrek Green Energy Brief (EGEB):

• The Navajo Nation will build two more solar farms that will create jobs, revenue, and electricity.
• Joe Biden’s infrastructure plan includes funds for capping oil wells, but who should pay?
• UnderstandSolar is a free service that links you to top-rated solar installers in your region for personalized solar estimates. Tesla now offers price matching, so it’s important to shop for the best quotes. Click here to learn more and get your quotes. — *ad.

In today’s Electrek Green Energy Brief (EGEB):

• The first-generation Irene Vorrink wind farm is coming down. What happens next?
• The SEC rules that Chevron must allow a shareholder proposal asking for a transparent account of how a net-zero by 2050 scenario will affect its operations and performance. 
• UnderstandSolar is a free service that links you to top-rated solar installers in your region for personalized solar estimates. Tesla now offers price matching, so it’s important to shop for the best quotes. Click here to learn more and get your quotes. — *ad.

Japan plans to phase out sales of new gasoline-powered vehicles by the mid-2030s, according to Japanese public broadcaster NHK.

The plan is not yet finalized (expect more info by the end of the year), and will still allow for sales of conventional gas-powered hybrids. So this is a step forward, but resembles China’s recently announced gas car ban that doesn’t actually ban gas cars.

Jim Cramer, the host of CNBC’s Mad Money, cofounder of the Street, and former stockbroker and hedge fund manager, spoke with Katherine Ross, correspondent at the Street, earlier today. Here’s what Cramer had to say to Ross about Joe Biden, Janet Yellen being chosen for secretary of the treasury, green energy, General Electric, and Big Oil.

The UN’s International Maritime Organization (IMO) approved a ban on Friday of ships’ use and carriage of heavy fuel oil (HFO) in Arctic waters after July 1, 2024. However, since it includes exemptions and waivers — loopholes — a complete HFO ban would only come into effect in mid-2029.

Donald Trump’s administration is bulldozing through a last-minute gas and oil drilling-rights auction in Alaska’s 19-million-acre Arctic National Wildlife Refuge before President-elect Joe Biden takes office. Biden vowed to block oil exploration in the largest national wildlife refuge in the country.

China plans to require that all new cars sold after 2035 be eco-friendly “new energy vehicles” according to Nikkei Asia. The plans were announced in a future road map for new energy vehicles and will be regulated under China’s Ministry of Industry and Information Technology.

The specifics of the plan state that as of 2035, 50% of new cars sold in the country will be either electric, plug-in hybrid, or fuel cell vehicles, and 50% of new cars will be conventional hybrids, which still run entirely on gasoline.

Chevron Corp (CVX.N) and Exxon Mobil Corp (XOM.N), the two largest US energy firms, have increased their share of campaign donations to Democrats in 2020, according to the latest filings.

• Royal Dutch Shell will cut up to 9,000 jobs by 2022 due to the pandemic and lack of oil demand.
• Turntide’s Smart Motor System has the potential to reduce global electricity consumption by 25%.
• Sustainable technology company Furrion launches a solar cooler that also packs a charging station.
• Arcadia Power is committed to making clean energy work for the planet and your bank account — all without changing your utility company. Sign up to receive your $20 Amazon Gift Card.

Norway announced today that it will finance 16.8 billion kroner (US$1.8 billion) out of an estimated total investment of 25.1 billion kroner for the world’s first full-scale carbon capture and storage (CCS) project.

The project is named Longship after the Viking ships.

BP stated in a forecast published today that oil may have reached its peak due to the pandemic and that renewables will take the place of fossil fuels.

The Japanese MV Wakashio, owned by the Nagashiki Shipping Company and operated by Mitsui OSK Line, has spilled oil off the Mauritius coast after hitting a reef near the Blue Bay Marine Park on July 25. This is Mauritius’ first oil spill, a country with a population of 1.3 million people.