Essential News for Corporate Energy Risk Managers
Author: Graham Foster
Firefighters responded to a significant blaze at the North Hyde power substation in Hayes, west London, late Thursday night around 11:20 PM. The substation is located less than two miles from Heathrow Airport. As a result of the fire, Heathrow, one of the busiest airports in the world, was forced to halt all flights. Incoming aircraft, including those from distant locations such as New Delhi and Los Angeles, had to turn around as the chaos unfolded. Willie Walsh, the director-general of the International Air Transport Association and former British Airways CEO, raised concerns about the heavy reliance on a single…
Kauaʻi Island Utility Cooperative (KIUC) is taking significant steps towards renewable energy by planning to purchase power from two new solar-plus-battery-storage projects by AES Hawaiʻi. This move aims to increase the utility’s renewable energy supply to nearly 80% by the year 2028. KIUC has submitted a request to the Hawaiʻi Public Utilities Commission (PUC) for approval of power purchase agreements (PPAs) that will last 25 years and feature fixed prices. The projects in question are the 35-MW Mānā project and the 43-MW Kaahanui project, both of which include a storage capacity of four hours. According to the utility, the Mānā…
A federal judge recently intervened to stop the U.S. Environmental Protection Agency (EPA) from halting grant funds from the Greenhouse Gas Reduction Fund. The judge determined that the EPA failed to show enough evidence for claims of waste, fraud, or misuse of funds. In a memo released on Tuesday, U.S. District Court Judge Tanya Chutkan stated, “The record doesn’t show that the EPA took the necessary legal steps to terminate these grants, making their actions arbitrary and capricious.” This ruling came in response to a case initiated on March 8 by the Climate United Fund, which had been awarded a…
Iberdrola’s chairman has cautioned that electricity prices in Spain could rise by over 25% if the country decides to follow Germany’s example of decommissioning its nuclear power plants. Ignacio Galán expressed his concerns while discussing Spain’s plans to phase out its seven active nuclear reactors by 2035. Galán highlighted that shutting down these reactors would result in higher electricity costs and a less reliable energy system for consumers. He emphasized the need for practicality in energy policy, noting a growing global trend favoring the continuation or even revival of nuclear energy facilities in other countries like the US, Belgium, and…
The ongoing conflict between Russia and Ukraine has significantly impacted Europe’s energy landscape, particularly Germany’s reliance on Russian gas. Following Russia’s invasion of Ukraine in early 2022, Germany faced an urgent need to reassess its energy strategy. This change was evident when Berlin decided not to certify the Nord Stream 2 pipeline, which would have doubled the flow of gas from Russia. In September 2022, Russia’s state-controlled gas company, Gazprom, cut off gas supplies to Germany, which was a pivotal moment in the energy crisis. Shortly after, an act of sabotage destroyed several Nord Stream pipelines. In response, Germany initiated…
Welcome to Energy Source, coming to you from Washington, where energy leaders are gearing up for significant changes as Donald Trump steps into the presidency. One of the early changes expected is the reversal of the Biden administration’s freeze on new liquefied natural gas (LNG) terminal approvals, reported by my colleague Alexandra White. Analysts at S&P Global anticipate that the U.S. LNG export capacity could double in the next five years, potentially adding $1.3 trillion to the economy. The Biden administration’s recent sanctions on Russia’s energy sector have also been a hot topic, especially as U.S. companies face pressure to…
Good morning, and welcome back to Energy Source from New York. Greenpeace is facing a huge setback as it has been ordered to pay over $600 million in damages related to its protests against the Dakota Access Pipeline in North Dakota. This ruling, according to the environmental group, could potentially cripple its operations in the United States. This judgment wraps up nearly ten years of legal disputes between Greenpeace and Energy Transfer, the company behind the pipeline, which was co-founded by billionaire Kelcy Warren, a notable supporter of Donald Trump. The protests against the Dakota Access Pipeline galvanized public attention…
Good morning, and welcome back to Energy Source from New York. Greenpeace is facing a huge setback as it has been ordered to pay over $600 million in damages related to its protests against the Dakota Access Pipeline in North Dakota. This ruling, according to the environmental group, could potentially cripple its operations in the United States. This judgment wraps up nearly ten years of legal disputes between Greenpeace and Energy Transfer, the company behind the pipeline, which was co-founded by billionaire Kelcy Warren, a notable supporter of Donald Trump. The protests against the Dakota Access Pipeline galvanized public attention…
Donald Trump has proposed that the United States take control of Ukraine’s nuclear power plants as a strategy to help end the ongoing Russian invasion. On a recent call with Ukrainian President Volodymyr Zelenskyy, Trump mentioned that American expertise could enhance the management of these plants, and that American ownership could offer the best protection for Ukraine’s energy infrastructure, according to U.S. officials. Zelenskyy later clarified that their conversation was mainly about the Zaporizhzhia nuclear power plant, which is currently under Russian control and is the largest in Europe. The discussion comes three years after Russian forces seized the facility,…
Enthusiasm is growing for small modular reactors (SMRs) as they offer a potential solution to the challenges faced by larger nuclear power plants, which have a reputation for exceeding budgets and facing delays in construction. For instance, the Sizewell C, a planned 3.2 gigawatt plant in eastern England, is expected to cost around £40 billion—double the initial estimate made in 2020. SMRs bring a promising approach as they are mostly manufactured in factories, which could significantly reduce construction times and overall costs. These reactors typically have a capacity of less than 300 megawatts, although some designs may be larger. Rolls-Royce…
