Orsted says US Green Energy Demand Will Grow Regardless of Election Results
Orsted said that the demand for green power will continue to grow in the United States, regardless of the person who is elected as president. However, the group also pointed out construction issues and increased costs at an offshore wind farm in the United States.The U.S. offshore industry is a young one, and it has already been affected by cancelled projects. Lease sales have also been put on hold. And there was a serious construction accident that occurred at the first major offshore project in the country.As part of the administration of President Joe Biden…
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.
US Offshore Wind Execs Fret Possible Trump Victory
The U.S. Offshore Wind Developers put on a brave front at a conference in Washington this week. They praised their ability to work together with leaders of both political parties. However, attendees privately worried that things might get tough for them if Republican Donald Trump wins the 2024 presidential election.Former President and Republican nominee, Donald Trump, has promised to cancel offshore wind projects on his first day of office if he wins the White House. He claims that windmills are bad for the environment and harm birds and whales.Trump is locked in a close race with Democratic Vice President Kamala Harris who…
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.
US Gulf of Maine Offshore Wind Auction draws only $22 Million in Bids
The U.S. Bureau of Ocean Energy Management announced on Tuesday that the offshore wind development rights offered in the Gulf of Maine attracted bids of $21.9 million for the first half of eight areas. Avangrid, a developer of offshore wind power, and Invenergy both walked away from the auction with two leases each. The 14 companies qualified to bid were Avangrid and Invenergy. BOEM estimates that once developed, these lease areas could power over 2.3 million homes. The sale was seen as a test of the industry's appetite for new investments after a year marked by high-profile failures.
Cambodian solar firms not cooperating in US tariff probe
Documents filed with the Department of Commerce indicate that two Cambodian solar companies have decided to stop cooperating with an investigation by the U.S. Commerce Department into accusations they were flooding the market with panels at prices below their cost of manufacture. Solar Long and Hounen Solar stated in separate letters, dated October 15, that they could no longer devote resources to the antidumping investigation. Craig Lewis, the attorney for Hogan Lovells who represents them, has no more comment. In April, several domestic manufacturers requested that President Joe Biden's Administration impose tariffs against products from Vietnam.
US lawmakers question the SLB of oil service companies' exemption from Russian sanctions
Dozens U.S. Both political parties sent representatives to urge the Biden administration on strengthening sanctions against Russian oil shipments. They also questioned the exception granted to SLB, the largest oilfield service company in the world to operate within the country. The U.S., Europe and other countries have been trying to reduce Moscow's revenue from energy for the fight against the war since the 2022 Russian invasion of Ukraine. This led several oilfield services companies to leave Russia, but SLB remained in the country and helped keep Russian oil flowing.
After a 7% drop in a week, oil prices are on the rise again
The oil prices rose in Asian trading Monday after a drop of more than 7% last week due to concerns over demand in China, which is the world's largest oil importer. Also, there were fewer worries about possible supply disruptions in Middle East. Brent crude futures were up 27 cents or 0.37% to $73.33 per barrel at 0625 GMT. U.S. West Texas Intermediate Crude Futures rose 31 cents or 0.45%, to $69.53 per barrel. The gains were less than 5% the dollar value of both contracts last week. Brent settled more than 7% below last week's price, while WTI fell around 8%.
Oil prices stable after 7% drop in a week
Early trading on Monday saw oil prices stabilize after a drop of more than 7% last week due to concerns over demand in China, which is the world's largest oil importer. Also, there were fewer worries about possible supply disruptions in Middle East. Brent crude futures were up 8 cents or 0.11% to $73.14 per barrel at 0120 GMT. U.S. West Texas Intermediate Crude Futures rose 10 cents or 0.14%, to $69.32 per barrel. Brent settled more than 7% lower in the last week while WTI dropped around 8%. The contracts saw their biggest weekly drop since September 2, due to a slowing of the Chinese economy and a fall in risk premiums. Joe Biden, the U.S.
US approves major geothermal projects on public land and seeks to support others
The Biden Administration announced on Thursday measures to expand geothermal power on U.S. Public Lands, including the approval of a large project located in Utah and steps to accelerate permits for discovering new resources. These moves align with the goal of President Joe Biden to eliminate emissions that contribute to climate change from the energy sector by 2035. The geothermal power is seen as an alternative to other traditional energy sources such as gas and coal, because unlike solar and winds, which are dependent on weather conditions, it can be used at any time of day.
Yellen: High US tariff wall a 'deeply misguided policy' that would increase prices
Janet Yellen, U.S. Treasury secretary will announce on Thursday that Donald Trump's proposal to wall off the U.S. Economy would be "deeply ill-informed", raising prices for American customers and making U.S. businesses less competitive. In excerpts from remarks that Yellen will deliver on Thursday afternoon at the Council on Foreign Relations, New York, Yellen said the U.S. can't afford to go back to previous unilateral actions in order to advance their own economic and national-security interests. Yellen didn't name Trump, but referred instead to Trump's calls for steep tariff increases. Trump has proposed increasing tariffs by 10% to 20% for virtually all U.S.
US Supreme Court will not halt EPA power plant emission rule
The U.S. Supreme Court refused on Wednesday to suspend a new federal regulation targeting carbon pollution from coal and gas-fired plants, despite the requests of many states and industry groups. This is another major setback to President Joe Biden’s efforts to fight climate change. The Justices refused emergency requests from West Virginia, Indiana, and 25 other states, most of which are Republican-led, as well as by power companies and industry association to stop the Environmental Protection Agency regulation while litigation is ongoing in a lower-court.
US Closes $861 Million Loan Guarantee for Solar, Energy Storage in Puerto Rico
The U.S. Energy Department announced on Tuesday that it had closed a $861 million loan to finance the construction in Puerto Rico of two photovoltaic solar farms and two batteries storage systems. Puerto Rico, an American territory, was hit by hurricanes over the past few years. People in remote mountain communities were left without electricity for almost a year following Hurricane Maria in 2017. Studies estimate that between 3,000 and 4,600 deaths occurred after Maria knocked the power out. Clean Flexible Energy LLC is the borrower, an indirect subsidiary AES and TotalEnergies Holdings USA. The Energy Department's Loan Programs Office closed the financing.
Prices of gas in Europe are lower due to profit-taking and lower demand
The Dutch and British wholesale prices of gas were lower on Tuesday morning due to profit-taking and after media reports that Israel was willing not strike Iranian oil targets. This eased concerns about a disruption in supply. LSEG data shows that the benchmark front-month contract for the Dutch TTF hub dropped by 1.00 euros to 39.40 Euro per megawatt hour, or $12.91/mmbtu by 0849 GMT. The front-month contract on the British market was reduced by 3.00 pence, to 98.00 per therm. The British day-ahead contracts was 2.6 cents lower at 95.00 pence per therm.
Prices for EUROPE GAS remain stable despite cooler temperatures and Middle East anxieties
The Dutch and British wholesale prices of gas rose slightly on Thursday morning, as demand increased due to the colder weather and reduced wind. However, the range remained tight as the market continued to monitor the developments in the Middle East. LSEG data show that the benchmark front-month contract for the Dutch TTF Hub was up 0.21 euro at 38.76 Euros per Megawatt Hour (MWh), which is $12.42 per mmBtu at 0839 GMT. The contract for the day-ahead was up by 0.82 euros at 38.72 euro/MWh. The British day-ahead rate was 95.50 pence pence per therm, 1.50 pence more expensive.
EUROPE GAS - Prices range amid geopolitical risks and strong inventories
The Dutch and British wholesale prices of gas were not much changed on Wednesday. They traded in a narrow range amid high storage inventories, mild weather and geopolitical tensions. LSEG data revealed that the benchmark front-month contract for the Dutch TTF hub remained flat at 38.60 Euros per Megawatt Hour (MWh), which is $12.60 per mmBtu at 09:00 GMT. The contract for December increased by 0.15 euro to 39.40 Euro/MWh. The British front-month contract fell 0.83 pence to 96.35 pence per therm. LSEG analyst Wayne Bryan stated that geopolitical risks will continue to cause volatility on the market despite the fundamentals pointing firmly down in the short-term.
S&P 500 closes near flat; more data on jobs is awaited. Middle East in focus
S&P 500 closed little changed Wednesday. Technology shares gained, but investors were nervous about Middle East tensions. Also, more U.S. employment data is due this week. Nvidia shares are up, which helped lift the S&P 500 Technology index. Nike shares fell after the athletic apparel and footwear maker retracted its annual revenue projection just before a new CEO was set to take over. Investors monitored Mideast headlines after Israel and the U.S. pledged to strike back following Iran's attack on Israel on Tuesday. Joe Biden, the U.S. president, said that he did not support an Israeli strike against Iran's nuclear facilities in response to Tuesday's missile attack.
Natural gas producers ask Harris for answers on the battleground state
Drillers from Pennsylvania, an energy-rich state, called on Democratic presidential nominee Kamala Harris this week to explain her stance on natural gas. The energy industry touts it as a clean fuel but climate activists claim that the fuel is a threat to global warming. In January, President Joe Biden froze new LNG export permits to examine their environmental impact. This was a move made in the election year in order to gain support from the green voting blocs of his party. Harris is now facing Donald Trump, a Republican who has stated that he will immediately lift the freeze on permits if elected.
Cuba and Florida prepare for Tropical Storm Helene's impact
The U.S. National Weather Service reported that Tropical Storm Helene will cause mudslides, flooding and major hurricane-like conditions in Cuba. It is then expected to reach major hurricane status on Thursday when it reaches Florida with a life-threatening ocean tide. The National Hurricane Center in Miami said that Helene was moving northwest at a speed of 45 mph with sustained winds up to 72 kph. Forecasters say Helene is expected to strengthen rapidly over the warm waters of Gulf of Mexico, resulting in a major hurricane with winds up to 115 mph. State and national authorities in the U.S.
EU's von der Leyen announces 35 bln euro loan in Kyiv visit
Ursula von der Leyen, President of the European Commission during her visit to Kyiv last Friday, announced a loan for Ukraine up to 39 billion dollars ($35 billion), saying that it was necessary to protect the country from Russian attacks and to help it survive the winter. Zelenskiy, standing next to her, said that the loan will be used for energy procurement, air defences, and arms procurement. He urged his allies, at the press conference, to approve a "victory strategy" he had drafted by the end the year. Von der Leyen, who was visiting Kyiv to begin her second term as the head of the executive branch of the European Union…
