Ukraine has embarked on “the mother of all reforms”: that of the gas sector. This is one of the most important and most difficult reforms Ukraine has to undertake. Yet without the marketisation of gas prices and an improvement in Naftogaz’s financial standing, it will be impossible to reform Ukraine’s public finances and end the long-standing economic crisis. Energy sector reform is a central goal of the post-Euromaidan government and indeed the … [Read more...]
Broken public utilities: how to fix them
The recent newspaper reports of financial and operating problems at the Puerto Rican Electric Power Authority (PREPA) and South Africa’s ESKOM show that these state-owned systems suffer from similar governance and regulatory deficiencies, writes Branko Terzic, Managing Director of Berkeley Research Group and Nonresident Senior Fellow at the Atlantic Council. According to Terzic, a former Commissioner on the U.S. FERC (Federal Energy Regulatory … [Read more...]
Buying energy in the land of the free
European energy users often look with envy at the US, where energy is abundant and cheap. However, writes Benedict De Meulemeester, such simplistic comparisons ignore the many structural differences that exist between the two markets: “In the land of the free, energy markets are in many ways less free – and certainly less transparent – than in Europe.” According to De Meulemeester, Managing Director of E&C Consultants, “a US energy buyer has … [Read more...]
Energy storage megashift ahead, battery costs set to fall 60% by 2020
The key role energy storage will play in the electricity grids of the future – and the vital importance of investing in and testing the various emerging battery storage technologies – has been highlighted in a major report published by the Australian Renewable Energy Agency (ARENA). The report predicts a 40-60 per cent price plunge for certain battery technologies by 2020. Sophie Vorrath of Reneweconomy has the story. … [Read more...]
Caught out by double dip: why the oil glut may lead to a new world of energyÂ
Market watchers were caught out by the recent second slump in oil prices. They thought the bottom had been reached earlier this year. Could we be a witnessing a fundamental shift in the energy industry, wonders energy expert and author Michael T. Klare? "Investment in 'unconventional' projects like Canadian tar sands, ultra-deep Atlantic fields and Arctic oil will largely disappear." … [Read more...]
Saudis could face open revolt at next OPEC meeting
Market watchers assume that Saudi Arabia will not change its oil policy any time soon, which means that oil prices will continue to be in the doldrum for quite some time. However, Dalan McEndree of Oilprice.com points out that the Saudis may well face an open revolt from fellow OPEC members at the next OPEC meeting. They will then be faced with the choice to cut production - or see OPEC fall apart. … [Read more...]
The Eurasian Big Bang: how China and Russia are carving out their own world order
While politicians in the United States are outdoing each other condemning the Iran nuclear agreement, the rest of the world is moving on, writes Asia Times correspondent Pepe Escobar. Virtually unreported by western media, China, Russia, India, Iran and other nations are establishing financial, economic, political and energy infrastructure partnerships that are changing global relations irrevocably. The EU meanwhile is mostly ignored. … [Read more...]
How cheap can solar get? Very cheap indeed
If current rates of improvement hold, solar power will be incredibly cheap by the time it’s a substantial fraction of the world’s electricity supply, writes famous author and thinker Ramez Naam. According to Naam, electricity cost is from now on coupled to the ever-decreasing price of technology. That is profoundly deflationary and disruptive. … [Read more...]
The new IAEA-Kazakhstani nuclear fuel bank: key enabler for global expansion of nuclear power
With all the publicity around the Iran nuclear deal, not much attention has been given to an equally significant nuclear move: Â the agreement between the International Atomic Energy Agency (IAEA) with Kazakhstan to establish an independent Low Enriched Uranium (LEU) Fuel Bank. According to energy expert Alan Riley, this initiative could become a key enabler for the worldwide expansion of nuclear power and indeed a key support for a secure future … [Read more...]
$1 trillion solar, wind finance vehicle to outstrip oil and gas investment
A new report from Deutsche Bank predicts that the Yieldco, a finance vehicle for renewable energy, will attract more money than similar instruments that exist for oil and gas investments. Giles Parkinson of the Australian website Reneweconomy has the story. Energy Post highlighted recently why the YieldCo is likely to become a gamechanger in the energy sector. … [Read more...]
Non-state actors account for growing share of emission reductions
International climate initiatives by non-state actors account for roughly half of the emission reductions pledged by governments, according to conservative calculations made by consultancy Ecofys. Cities and regions provide the larger part of these efforts, companies about a quarter. That is not yet enough to bridge the gap to the reductions that are needed, but there is scope for a further increase, write Rolf de Vos and Kornelis Blok of Ecofys. … [Read more...]
The YieldCo: the solar revolution meets Wall Street
The invention of the YieldCo is a gamechanger that will enable spectacular growth of solar PV, writes solar pioneer Peter F. Varadi. According to Varadi, the PV YieldCo offers significant advantages over investments in fossil fuel power: no fuel supply is needed, no long-term purchasing contracts for the generated electricity and less costly infrastructure. The solar revolution meets Wall Street. … [Read more...]
So we are reforming the ETS. Now what do we want it to do?
It would be a mistake to believe that a “reformed” EU Emission Trading Scheme (ETS) would be a sufficient instrument for the decarbonisation of the EU economy, writes Oliver Sartor of the Institute for Sustainable Development and International Relations (IDDRI) in Paris. A carbon market is necessary, but it is not enough. A recent study from Climate Strategies, in which Sartor participated, suggests that Member States develop long-term climate … [Read more...]
All at sea! UK government is putting future offshore wind at risk
The UK's energy security will increasingly depend on large scale offshore wind power, write Ian Broadbent and Peter Strachan. But while energy secretary Amber Rudd talked the sector up in a recent speech, she revealed feeble ambition. Worse, with its premature cutbacks on onshore wind, and its obsession with nuclear power, the government is undermining confidence among investors. … [Read more...]
The Chinese model: backing up climate policy with green growth
With the climate plan it has submitted to the United Nations, China demonstrates that it is prepared to back up its commitments to carbon reduction with real investments in green energy, writes John Mathews, Professor of Strategic Management at Macquarie University in Australia and author of a recent book on the Asian renewables revolution. It also shows it recognizes the authority of the UN - and provides a model for other developing countries … [Read more...]
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