New research by the Carbon Tracker Initiative (CTI), the London-based NGO that invented the concept of “stranded assets” (aka the “carbon bubble”), claims that “the tide is turning against coal exporters”. After taking on the oil and gas industry, CTI has for the first time calculated the risks faced by the coal sector from slowing demand in combination with climate change policies. It concludes that most new coal mines will not be economic. … [Read more...]
VIDEO: “Three commissioners will replace GĂĽnther Oettinger”
For ViEUws.eu's Hughes Belin discusses the implications of the new Juncker Commission. He concludes that three commissioners will replace Energy Commmissioner GĂĽnther Oettinger and expects that climate and energy deals "will be done behind the closed doors of a single cabinet". No wonder, says Belin, NGO's and MEPs have voiced concerns. … [Read more...]
A modest proposal on South Stream – for the EU’s new VP Energy Union
Ambassador Peter Poptchev offers an ingenious compromise on the stalled South Stream project: let Russia build half of it, to be filled with only new gas. The European Commission's new Vice-President for Energy Union could make this work - if she has a convincing strategy for South East Europe. (Plus: an overview of all stakeholder positions on South Stream.) … [Read more...]
The shale revolution comes to Argentina
Argentina may have greater shale reserves than the United States – and now that investors like George Soros are pouring their money into the Argentinian oil and gas sector, we may expect to see a second shale revolution after the American one, writes James Stafford of Oilprice.com. … [Read more...]
China changes course: wind surges, coal stalls
The Chinese wind energy sector is growing at tremendously. China is expected to exceed its 2015 target of 100GW wind capacity by 30%, reports Tim Buckley, Director Energy Finance Studies Australasia at the Institute for Energy Economics and Financial Analysis (IEEFA) for Reneweconomy. At the same time, China is rapidly diversifying away from coal, towards more nuclear, renewables and hydropower. The implications for global energy markets are … [Read more...]
Oil is back – how Obama went from climate president to drill-baby-drill commander
Just a few years ago, president Obama promised he would reduce America’s dependence on oil. Now, energy expert Michael Klare points out, his administration is doing everything possible to boost oil production: opening up the waters off the Eastern seaboard to exploration, ramping up sales of leases for oil and gas drilling, expanding drilling in the Gulf of Mexico, even speeding up the processing of drilling permits. The results are visible: … [Read more...]
UK capacity market “will boost baseload not balancing power”
The upcoming UK capacity market is supposed to support the integration of renewables into the grid. But will it do that or will it primarily serve to bring new baseload capacity online? UK Power Reserve, an independent developer and operator of small, flexible generators, wonders whether the UK’s plans will squeeze existing providers of flexible capacity or stimulate investment. CEO Tim Emrich tells Energy Post how he has been making money by … [Read more...]
US Energy Information Administration: Energy reform could increase Mexico’s long-term oil production by 75%
On August 11, Mexico's president signed into law legislation that will open its oil and natural gas markets to foreign direct investment, effectively ending the 75-year-old monopoly of state-owned PetrĂłleos Mexicanos (Pemex). These laws, which follow previously adopted changes in Mexico's constitution to eliminate provisions that prohibited direct foreign investment in that nation's oil and natural gas sector, are likely to have major … [Read more...]
Professor Henrik Lund: Denmark proves complete fossil fuel independence is possible
Complete independence from energy generated from fossil fuels is possible. Professor Henrik Lund, of Aalborg University, believes that a system based 100 per cent on renewable energy is a viable option and could be achieved by 2050 in Denmark. Renewable energy systems (RES) planning can also be successfully applied to other countries worldwide. During his extremely well attended plenary lecture at CHISA, the 21st International Congress of … [Read more...]
New report Carbon Tracker: Top 20 high-cost oil projects risk wasting $91 bln of investor cash
The Carbon Tracker Initiative (CTI) has come out with a new report highlighting some of the world’s most expensive future oil projects, which the biggest publicly listed oil companies are considering for development. Some of these projects require prices far exceeding today’s levels, and risk wasting $91 billion of investor cash over the next decade if taken into production. The projects are suggested as prime candidates for … [Read more...]
Wishful thinking about natural gas: why fossil fuels can’t solve the problems created by fossil fuels
Natural gas is touted as a great success story in the US, not just by industry but also by the Obama administration and even by many environmentalists. The gas boom is supposed to have led to lower greenhouse gas emissions and to help pave the way to a greener future. But according to Harvard historian of science Naomi Oreskes, this is wishful thinking. There is no evidence that higher gas use has led to lower emissions and there is every reason … [Read more...]
Brussels sets dangerous precedent by clearing UK capacity market
The European Commission has given the green light to a proposed UK capacity market that aims to ensure enough electricity is available to cover consumption at peak times. This is the Commission’s first assessment of a capacity market under new EU guidelines on energy and environment state aid that entered force on 1 July. The Commission says the aid is justified because it will contribute to the UK’s security of supply “without distorting … [Read more...]
VIDEO: Crisis of EU refining industry: a threat to our energy security?
viEUws.eu's leading energy journalist Hughes Belin is joined by Fabrizio Barbaso, Deputy Director General ofDG Energy at the European Commission, for an exclusive interview on the refining industry and security of energy supply. For the time being, the flow of Russian gas and oil supplies to Europe has not been disrupted. Barbaso argues that Energy relations between the European Union and Russia are interdependent:Russia is a key energy … [Read more...]
Twenty-first century energy wars: how oil and gas are fuelling global conflicts
Fossil fuels are triggering violent conflicts all over the world, says Michael Klare, Professor of Peace and World Security Studies at Hampshire College in Massachusetts, the US. Klare zooms in on four areas – Iraq/Syria, South Sudan, the Crimea/Ukraine, and the South China Sea – to argue that the desire to control valuable oil and gas assets is fuelling long-standing historic tensions. “In a fossil-fuel world, control over oil and gas reserves … [Read more...]
VIDEO: Top 5 Energy – All you need to know for the Italian EU Presidency
In this special briefing, viEUws.eu's leading energy journalist Hughes Belin picks out the top 5 energy issues that will be discussed by the European institutions under the Italian Presidency. Security of supply remains at the top of EU decision makers’ agenda as the crisis between Ukraine and Russia continues. 2030 climate & energy framework: the Italian EU Presidency will have a chance to draw a compromise at the informal Energy and … [Read more...]
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