A ray of hope in today’s edition, with Citigroup predicting that solar power will grow and take a large share of energy generation in the future. However (in the Power section), some companies still don’t believe in solar: Chevron has put a pair of solar projects on hold at its Oahu, Hawaii refinery.
Quote of the day
“We believe global solar growth will be driven by economics, fuel diversity and emerging financing vehicles as well as some country specific legislative overlay.”
Citi analysts in a report, in the BusinessGreen’s story Citigroup: Solar set to shine as costs plummet
Citigroup: Solar set to shine as costs plummet
Citigroup has become the latest high profile financial giant to throw its weight behind the global solar revolution, arguing that solar power’s “pure economics” compared to increasingly costly fossil fuels will see it play a starring role in the future global energy mix.
Researchers: Retailers could be paying too much for energy
Retailers may be paying larger energy bills than they need to because even those with smart meters are not ‘managing’ their energy use, Oxford University researchers have warned.
Traders Profit as Power Grid Is Overworked
Julie Creswell and Robert Gebeloff, The New York Times
By 10 a.m. the heat was closing in on the North Shore of Long Island. But 300 miles down the seaboard, at an obscure investment company near Washington, the forecast pointed to something else: profit.
Rosneft Said to Ask State for Up to $42 Billion on Sanctions
Evgenia Pismennaya and Elena Mazneva, Bloomberg
OAO Rosneft asked the state for as much as 1.5 trillion rubles ($42 billion) of aid, a government official said, signaling a U.S. ban on long-term loans to Russia’s largest company is starting to bite.
Greens launch pro-Republican push
Darren Goode, Politico
The political arm of one of the nation’s biggest environmental groups is looking for allies in the unlikeliest of places: the Republican Party.
***LB: Also in this story “Supporters of the effort say they see stirrings of conservationist Republican activism around the country, including among young conservatives and a pro-solar-power “green tea” alliance between Georgia tea party activists and the Sierra Club.”
UK renewables industry celebrates record start to 2014
Jessica Shankleman, BusinessGreen
Renewable energy technologies contributed nearly one fifth of the UK’s power mix in the first quarter of the year, as a result of high winds, rainfall, and a surge in new construction in the solar farm industry.
Report: India’s Modi set to miss crucial UN climate summit
Indian Prime Minister Narendra Modi has become the highest profile figure to date to snub the upcoming UN climate meeting of world leaders in New York next month, according to local media reports.
EMA’s 18th Annual Meeting
Join the Environmental Markets Association and environmental industry professional for two days of dynamic sessions, two nights of networking receptions, and countless opportunities to increase your business contacts.
October 22 – 24, 2014
Santa Monica, CA
FT European Gas Summit
The FT European Gas Summit brings together leading and aspiring gas suppliers from around the globe, as well as energy industry experts, commentators and government decision makers to review the potential barriers to new gas supplies for Europe, and the impact on the region’s economic competitiveness. The summit will be chaired by Guy Chazan, Energy Editor, Financial Times.
23 October 2014
South Korea carbon market to go ahead as planned -MOE spokeswoman
Stian Reklev, Reuters
South Korea decided on Thursday that its carbon trading market will go ahead as planned on Jan. 1 of next year, despite the finance minister’s calls last month for it to be delayed.
(Ghana’s) Forest Commission initiates key reforms
The Forestry Commission (FC) has initiated key policy reforms to effectively respond to environmental safety and boost forest carbon stock.
Natural gas / coal
Blackstone to Buy Louisiana Shale Assets for $1.2 Billion
Willliam Alden, The New York Times
The Blackstone Group is going deeper into the natural gas business, with a $1.2 billion deal to buy into a Louisiana shale field.
Shell sells more U.S. gas assets, adds acreage in Pennsylvania, Ohio
Ron Bousso and Ernest Scheyder, Reuters
Royal Dutch Shell on Thursday announced the sale of two onshore U.S. shale gas assets in exchange for $2.1 billion (1 billion pounds) and acreage in different gas-rich areas as the energy company restructures its North America business and reins in costs.
Can a Heat Wave Turn Around the Natural Gas ETF?
Natural gas prices have been pretty bouncy this year having started the winter with a bang but seeing a losing streak in summer.
Chevron Puts Hawaiian Solar Projects on Ice
Ben Elgin, Bloomberg Businessweek
Chevron has taken another step away from its renewable-energy efforts, putting a pair of solar projects at its Kapolei refinery in West Oahu, Hawaii, on “indefinite hold.”
PJM Electricity Market Doubled This Year on Extreme Weather
Naureen S. Malik, Bloomberg Businesseweek
The largest U.S. electricity market operated by PJM Interconnection LLC more than doubled during the first six months of the year because of frigid weather, according to report from the independent market monitor.
Puerto Rico Electric Authority Wins Bank Loan Extension to March
Brian Chappatta, Bloomberg Businessweek
The Puerto Rico Electric Power Authority, the main supplier of electricity in the struggling U.S. territory, said it agreed with creditors to delay repayment of bank loans until March.
House Republicans: End ‘harmful’ wind tax credit
Ramsey Cox, The Hill
Rep. Mike Pompeo (R-Kan.) called on House GOP leadership to end the Wind Production Tax Credit (PTC).
Britain installs first commercial 6MW offshore wind turbine
Jessica Shankleman, BusinessGreen
The offshore wind power industry reached another major milestone this week, after DONG Energy installed the first 6MW wind turbine at a commercial wind farm.
Brazil Becomes Aluminum Importer as Cost of Power Surges
Juan Pablo Spinetto and Agnieszka Troszkiewicz, Bloomberg Businessweek
Producing aluminum in Brazil got so expensive as electricity prices surged to records this year that Alcoa Inc. idled its Pocos de Caldas smelter and now sells power from the facility instead of metal.
Brazil to Encourage Local Solar Equipment With Cheaper Loans
Vanessa Dezem, Bloomberg Businessweek
Brazil will offer cheaper funding to solar projects that use locally made equipment and parts in a bid to spur a national manufacturing industry as the country prepares to ban solar-cell imports by the end of the decade.
DOE to fund $55 million in vehicle efficiency, electric vehicle projects
Timothy Cama, The Hill
The Obama administration announced Thursday that it will give $55 million to 31 projects that aim to improve electric vehicle technology and increase fuel efficiency for other vehicles.
Tesla expands UK supercharger network
Tesla has added two more superchargers in London and Birmingham, taking another step towards the electric car pioneer’s goal of providing free motoring for its Model S customers across the country.
India Plans to Spend $1 Billion to Clean Waters by 2017
Archana Chaudhary, Bloomberg
India plans to spend 62.4 billion rupees ($1 billion) by 2017 to clean waters in 10,000 canals, lakes and rivers as it seeks to irrigate more land in a nation that runs the world’s largest food subsidy program.
How to Talk About Climate Change So People Will Listen
Charles C. Man, The Atlantic
Not long ago, my newspaper informed me that glaciers in the western Antarctic, undermined by the warmer seas of a hotter world, were collapsing, and their disappearance “now appears to be unstoppable.”
Green energy co-ops blocked by (UK’s) government regulator
Adam Vaughan, theguardian.com
The future of community-owned green energy projects that ministers say are crucial to break the dominance of the ‘big six’ is being put at risk by the Financial Conduct Authority, according to co-operatives and the Labour party.