European clean energy stocks fall as Trump wins the presidency
After Donald Trump's election as president of the United States on Wednesday, shares in European clean-energy groups plunged. Investors were worried about a possible dismantling by the United States of its support for renewables. Trump pledged to cancel offshore wind projects via an executive order his first day of office, and roll back climate regulations that were implemented by President Joe Biden. This includes withdrawing from the Paris Agreement where countries commit to limit global heating and possibly undoing Biden’s Inflation Reduction Act which provides massive incentives and subsidies to clean energy technologies.
TotalEnergies executive: Trump unlikely to undo Biden’s IRA climate law
TotalEnergies, a French oil company, does not believe Donald Trump will pull the U.S. from the Paris Agreement to combat climate change and undo the Inflation Reduction Act legislation if he becomes president of the United States again. This was stated by the strategy director on Monday. Aurelien Hamelle said this while presenting Total’s energy outlook, which forecasts global demand scenarios up to 2050. The current trends scenario of the company does not also project a lifting by the U.S. government of its current ban on new LNG export facilities. Before Tuesday's elections…
What are the differences between Trump and Harris' energy policies?
Both Donald Trump, a Republican, and Kamala Harrias are Democrats. They both want to increase production while keeping prices low for consumers. The main difference is that Harris wants to favor clean energy technologies that are crucial in fighting climate change. Trump, on the other hand, would roll back green regulations which hinder oil and coal drilling. Next Tuesday, voters in the United States will have to face the same contrast as they head to the polls to elect their next president. Scientists say that global climate efforts are failing to address the speed and magnitude of global warming.
Sustech, a Japanese startup, has seen its valuation soar to over $800 million in the latest funding round
Sustech, a Japanese energy technology startup, is expected to raise $50m from investors. This will value the company at over $800m, according to people familiar with the matter. The Tokyo-based company wants to tap into the fast-growing global demand for cleaner energy. Sources said that the valuation of Sustech, which is 124 billion Japanese yen (816 million dollars), in its fourth fund-raising round, represents a 3.5 times increase from 35 billion yen last year. This brings it closer to the group of Japanese unicorns valued at over $1 billion. Sources declined to identify themselves as it is a private matter.
Australia and UK join forces to support clean energy technologies
The leaders of Australia and Britain announced on Friday that they plan to collaborate to increase the deployment and use of renewable energy technologies such as green hydrogen, offshore wind and other forms of renewable energy to help decarbonise the world. In a joint press release, Australian Premier Anthony Albanese said that the transition to net zero will create new jobs for both countries and strengthen their industrial base. In their statement, they did not specify how much money they would be committing to clean energy. Albanese, after meeting Starmer at the Commonwealth Heads of Government Meeting in Apia (Samoa), said: "This partnership will...
Baker Hughes exceeds profit forecasts on international drilling demand
Baker Hughes, a drilling equipment and oilfield technologies company, beat Wall Street's third-quarter profit estimates on Tuesday. Oilfield Services Companies have been able to offset some of their declines in North America due to the robust activity on several international markets. Lorenzo Simonelli, CEO of Lorenzo Simonelli Group, said in a press release that he was confident about achieving the midpoint for EBITDA. Baker Hughes, a Houston-based company, has benefitted from several LNG projects as energy companies rush to build new LNG production facilities in anticipation of long-term demand.
Southeast Asia must increase investments by five times to achieve climate goals by 2035, according to the IEA
International Energy Agency stated on Tuesday that Southeast Asia must increase its clean energy investment to $190 billion by 2035, or five times current levels, to achieve climate goals. The IEA stated in a recent report that increasing energy investments must be accompanied with strategies to reduce emissions at the relatively new fleet of coal-fired power plants. The report also stated that the rapid expansion of the economy would pose a challenge to energy security and climate change goals. The closure of coal power plants, supported by wealthy Western nations, in emerging markets is being delayed after the July deadline for a pilot project in Indonesia was not met.
BHP's return in Argentina is a new sign of hope for copper mines that are still untapped
More than half a dozen officials from the mining industry said that a new incentive program for mining in Argentina has attracted major players like BHP. They are now looking to the South American nation as the next frontier for the copper market. BHP's investment in Argentina last month was the first time in 20 years that BHP had invested in mining. The company teamed up in the $3.25billion buyout of Filo Corp with Canada's Lundin Mining with the goal of developing two mines of copper along the Andes Mountains bordering Chile. Other copper producers are hoping that the re-entry into the market of one of world's largest miners will lead to better valuations of their projects…
Deese, a Harris advisor, calls for a Marshall Plan on clean energies
Brian Deese is an adviser to Vice President Kamala's presidential campaign. He called for a program that would lend money to allies to purchase green energy technologies in the United States as part of an overall strategy to combat climate change. Deese - who served as an adviser to President Joe Biden, and then President Barack Obama - referred to it as a "new version" of the Marshall Plan. The Marshall Plan was a system of grants created by Harry Truman and George Marshall in order for Europe's recovery after World War II. Deese said that the plan should be generous with our allies and unapologetically in America's interest.
Forum Bags Trenching System Contract for Cable Maintenance Project in SE Asia
Forum Energy Technologies won an order to supply subsea equipment for a major cable maintenance project in South East Asia, specifically a Perry XT500 trenching system and Dynacon Launch and Recovery System as well as associated surface power and control installations. The XT500 trenching system has a 3,000m depth rating and three meter ROV burial capability on the ocean floor. It uses Forum’s Integrated Control Engine (ICE) and has 500 HP power.The vehicle will be manufactured at Forum’s facility at Kirkbymoorside, Yorkshire and installed onboard the client’s vessel in early 2021.As part of the workscope…
Aker Solutions, Cognite Win $2M Grant for Floating Wind Farm Tech
California Energy Commission has awarded Aker Solutions and Cognite a $2 million grant for a project called NextWind Real-Time Condition Monitoring.The project is focused on next-generation solutions in wind through digitalization and aims to develop a holistic digital solution that will enable monitoring the condition of an offshore floating wind farm and its impact on the environment via live data streaming.Aker Solutions, partnering with Cognite, was selected for the grant award as part of the California Energy Commission's Electric Program Investment Charge (EPIC).
German Offshore Wind Capacity Reaches 7.5GW
A total of 1,469 offshore wind turbines with a capacity of 7,516MW feed electricity into the German offshore wind industry grid as of now. 160 turbines with a capacity of 1,111MW were connected to the grid in 2019.According to a joint press release from country's wind energy associations said: “Offshore wind energy has developed from Germany into an international success story. Electricity from offshore wind energy is cost-effective, reliable and constantly competitive."The industry has long been calling for an expansion to at least 20 GW by 2030 and an expansion path that goes beyond that.
Oilfield Services Firms Moving Beyond Oil
Heavyweight oilfield service providers like Saipem and Baker Hughes are moving past just oil and gas projects and embracing more renewable energy projects going forward.In 2014, non-upstream oil and gas activities accounted for 22% of revenues among service suppliers. This share grew to 27% in 2018.According to Rystad Energy, the trend to accelerate in the next decade.“If pure-play contractors within drilling, well services and seismic – which don’t have much to offer outside the upstream oil and gas industry – are removed from the equation, activities outside of upstream accounted for nearly 30% of last year’s revenues…
Eni-led Group to Build Wave Power Stations
Italian oil group Eni is joining forces with shipbuilder Fincantieri, power grid group Terna and state lender Cassa Depositi e Prestiti (CDP) to develop wave power stations.The agreement, which follows the understanding signed last 19 April, will launch the first phase of a joint project to convert the Inertial Sea Wave Energy Converter (ISWEC) pilot project, an innovative system that transforms energy generated by waves into electricity, into an industrial scale power station, making its application and use immediately available.The partnership agreement will focus on two phases: during the first phase, the companies will develop a business model and define a deployment plan for Italy.
DNV GL Route Map for Energy Transition
Gas and variable renewables must work together alongside greater uptake of carbon capture and storage (CCS) to secure a rapid energy transition, according to a new forecast of the energy transition by DNV GL.According to the report '2019 Energy Transition Outlook' published by the international accredited registrar and classification society, gas and variable renewables will be the only energy sources for which demand is higher in 2050 than today.There is no single pathway to a decarbonized energy mix. Oil and gas must be decarbonized for countries to meet climate change mitigation targets, it said.
Scotland Funds World's Most Powerful Tidal Turbine
The Scottish Government announced that it has awarded engineering company Orbital Marine Power GBP3.4mln (USD 4.1million) in funding for its floating tidal turbine, which is the world’s most powerful.The Scottish engineering company is the first recipient of the Scottish Government’s GBP10 million Saltire Tidal Energy Challenge Fund.The funding will be used to deliver the next generation O2 2MW Floating Tidal Energy Turbine, capable of powering more than 1,700 homes per year.Scotland’s Energy Minister Paul Wheelhouse said: “We have established a world lead in marine renewable technologies and this project represents a significant step forward in technological development.
Offshore Wind – A Brief History
Happy 80th birthday Maritime Reporter & Engineering News! Eighty years is a significant publishing and business accomplishment!Birthdays always cause a look back. An 80-year review starts in 1939, the close of one very challenging decade, the start of events still reverberating today. History’s most important history is contained in the last 80 years.Energy dominated every one of those decades. Consider energy use, say, starting after World War II, from 1950 to 1975. There was power for everything, from seemingly endless sources of oil, gas and coal, and nuclear power was standing by.Next, recall energy from 1975 to 2000. Not so happy.
Renewable Energy Brings 11 Million Jobs
According to the International Renewable Energy Agency (IRENA) eleven million people were employed in renewable energy worldwide in 2018. This compares with 10.3 million in 2017.As more and more countries manufacture, trade and install renewable energy technologies, the latest Renewable Energy and Jobs – Annual Review finds that renewables jobs grew to their highest level despite slower growth in key renewable energy markets including China.The diversification of the renewable energy supply chain is changing the sector’s geographic footprint. Until now…
Global Energy Investment Totals $1.8trln in 2018
Global energy investment totalled more than USD 1.8 trillion in 2018, a level similar to 2017, said the International Energy Agency (IEA).The investment stabilised in 2018, ending three consecutive years of decline, as capital spending on oil, gas and coal supply bounced back while investment stalled for energy efficiency and renewables.IEA's latest annual review said that for the third year in a row, the power sector attracted more investment than the oil and gas industry.The biggest jump in overall energy investment was in the United States, where it was boosted by higher spending in upstream supply, particularly shale, but also electricity networks.
Forum Bags Mojave ROV Deal
Oilfield products company Forum Energy Technologies said it has sealed a contract to supply a Mojave remotely operated vehicle (ROV) for the Norwegian firm ESEA Marine.Sub-Atlantic Mojave will also be used by ESEA Submarine’s sister company, ESEA Marine AS, which has customers that include fish farms, port authorities and insurance companies, said the international oilfield products company, serving the subsea, drilling, completion and production sectors of the oil and natural gas industry.In addition, the Mojave will play a training role in helping ROV pilots to develop their skills.Georg Stranden…
