During a Senate Environment and Public Workers Committee hearing regarding oversight of the Nuclear Regulatory Commission, Sen. Shelley Moore Capito, R-W.Va., highlighted nuclear energy's role in low-emissions electricity generation and urged the Biden administration to take advantage of all clean energy sources, including nuclear. "Instead of pursuing policies that will accelerate inflation and undermine our grid, we should advance the solutions we're going to hear about that will reduce costs and increase reliability, all while improving the environment," Capito said.
Venture Global plans to invest more than $10 billion in the proposed 22-million-short-ton-per-year CP2 liquefied natural gas export facility, which would be the company's fourth LNG project in Louisiana, to be built next to its Calcasieu Pass LNG export plant in Cameron Parish. The project will support over 1,000 permanent jobs and will feature carbon capture and sequestration technology.
The American Petroleum Institute and other fossil fuel industry group have penned a letter urging Sen. Joe Manchin, D-W.Va., to oppose royalty rate hikes for oil and natural gas leasing on federal lands, as proposed in the House's reconciliation bill. "We seek to be constructive partners in the development of thoughtful and balanced national policy to address climate change," the groups say, adding that "punitively targeted provisions … will hinder, not help this effort."
The US bought $58 billion worth of Canadian energy in 2020, down 31% from 2019, with crude oil and petroleum products representing 89% of the value, according to Census Bureau data analyzed by the Energy Information Administration. In the same year, Canada purchased $16 billion worth of US crude oil, petroleum products, natural gas and electricity, a 34% year-on-year drop.
Chevron will increase spending on new oil and natural gas projects by 20% to $15 billion in 2022 and boost its share buyback program to $3 billion-$5 billion per year. "We're sizing our capital program at a level consistent with plans to sustain and grow the company as the global economy continues to recover," said Chevron CEO Mike Wirth.
The Environmental Protection Agency soon will unveil proposals for biofuel blending volumes under the Renewable Fuel Standard for 2021 and 2022, according to sources. The agency may retroactively reduce biofuel blending obligations for 2020 and 2021 and boost mandates for 2022 above the previous two years, one source said.
Companies need to understand climate risk before they can begin managing it, and a new suite of technologies that fall under the climate intelligence, or CI, umbrella are lining up to make the process easier and more accurate. In this piece, the authors discuss the evolution of CI and a few tools available on the market, as well as the need for stable policies and ongoing investment in the area.
Last year will go down in history as the first time the world added more renewables than any other energy source but, to get a better idea of what that really means, Bloomberg NEF decided to analyze all new generating capacity going back to 2010. Coal still dominates the global energy mix, but it's growing at an annual compound growth rate of 1.6%, compared to 39% for solar and 16.6% for wind. Assuming those rates hold and the next decade of growth looks like the last one, solar could be the world's leading source of new electrical generation by 2023.
RESB Murmurs: Adding renewables is only helpful if polluting power plants are taken out of service. Here's a helpful map of US power plants set to be decommissioned over this decade. -Karen
Arizona Public Service and Tucson Electric Power are ramping up renewables to meet their respective clean power goals in the absence of a state-level 100% renewables target, but Arizona Corporation Commission Chairwoman Lea Márquez Peterson has expressed concern that doing so too rapidly may be costly for ratepayers. Rather than sounding an alarm, the ACC should take steps to ensure a competitive bidding process for new capacity that would help keep consumers' costs low, opines Adam Stafford of Western Resource Advocates.
Eni, Repsol, Iberdrola and other European energy majors already have or are considering splitting off their low-carbon assets to increase shareholder returns and fund their clean energy agendas, yet Royal Dutch Shell is holding fast to its integrated approach to energy. Shell, which claims its legacy assets are needed to fund low-carbon investments, may find the approach stifles competition and degrades value.
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