Author: Graham Foster

 Key Highlights: Last Energy, a company specializing in advanced nuclear technology, has announced plans to install 30 microreactors for data centers in the Electric Reliability Council of Texas (ERCOT) area. The microreactors, each generating 20 megawatts (MW), will be rolled out in stages, eventually contributing 600 MW of additional electric capacity to the ERCOT grid over the next few years. The company has already requested to connect to the grid and is considering both direct and indirect connections. Texas Governor Greg Abbott stated that this project emphasizes the state’s ambition to lead in advanced nuclear power. Analysis: ERCOT is…

Wind and solar farms are increasingly facing energy waste due to insufficient infrastructure to transport or store electricity when it’s not in high demand. Last year alone, nearly 10% of the intended wind energy in Britain was left unused, while the figure was almost 30% in Northern Ireland. This information comes from an analysis by Aurora Energy Research. Germany experienced a 5% reduction in renewable output, while in France, about 2.5% of solar energy production faced similar restrictions during summer months. This wastage stems from a rapid increase in wind and solar generation facilities, which has not been matched by…

BP’s CEO is aiming to significantly increase the company’s market value from its current level of about £70 billion ($89 billion) to $200 billion over the next five years. This target aligns with the value the company had before the Deepwater Horizon incident in 2010. Murray Auchincloss shared with reporters that BP plans to leverage the strong demand for oil and gas, especially after scaling back its renewable energy ambitions, which will now see a 70% reduction in annual spending. He reflected on the past, saying it would be nice to restore BP to its pre-Macondo status, referencing the notorious…

This week in Brussels brought significant news regarding the European Commission’s plans for invigorating the EU economy. While the focus on reducing carbon emissions remains strong, the recent changes to rules governing green and social disclosures hint at the limitations of Europe’s commitment to sustainability. European Commission vice-president Valdis Dombrovskis assured the public, “We are not moving away from our Green Deal targets,” during a press conference attended by several top officials. They announced a package of initiatives aimed at stimulating economic growth while maintaining ambitious climate objectives. However, the newly announced measures are a mixed bag. There are promising…

In the last decade leading Grid Forward, I’ve seen how power companies and energy groups are pushing ahead with groundbreaking technologies, business ideas, and market changes. Innovations like artificial intelligence seemed almost like fantasy ten years ago. However, the real challenges of providing affordable and reliable energy still persist. Addressing these dual goals will be key as we upgrade our energy grid for future demands. The Smart Grid: Now What? A while back, the term “smart grid” was primarily linked to automated meters. Remember when utilities used to send out meter readers to every home and business? Today, over 80%…

French energy company Engie has expressed concerns about shifting its investments from the United States to other countries unless it can get clear information on tariffs, tax incentives, and the plans related to Joe Biden’s Inflation Reduction Act. CEO Catherine MacGregor emphasized that understanding the investment rules is essential for making informed decisions. She noted that Engie could reroute its investment resources globally in the short term if clarity doesn’t come soon from the US government. This situation arises following President Trump’s actions to freeze significant funding for clean energy on his first day in office, which is causing many…

This year marks 25 years since BP attempted to transform its image into that of a more environmentally friendly oil and gas company, launching the “Beyond Petroleum” campaign. This initiative was led by former CEO John Browne and faced immediate criticism, with many viewing it as insincere and overly ambitious. However, BP has sought to move closer to that early vision by announcing plans to transition from fossil fuels to renewable energy, which is crucial for tackling climate change. Recently, BP has made a significant shift back towards its traditional roots. Under pressure from the activist investor Elliott Management, current…

Italian oil giant Eni is taking significant steps toward sustainability by launching a new business dedicated to capturing carbon dioxide emissions. This initiative is part of Eni’s broader strategy to transition to cleaner energy sources. The company has already established two transition businesses, Plenitude and Enilive, focusing on renewable energy and biofuels, respectively. Both businesses have attracted private equity investment, enabling Eni to strengthen its commitment to green energy. On Thursday, Eni’s CEO, Claudio Descalzi, announced plans for a new venture centered around the company’s supercomputer in northern Italy. This site includes extensive land, a power plant, and a facility…

Hello and welcome back to our Energy Source update from New York. Recently, President Donald Trump made headlines by canceling Chevron’s special license to work in Venezuela. This move aims to pressure Nicolás Maduro, the country’s authoritarian leader, into scheduling fair presidential elections. Analysts believe this could seriously impact Venezuela’s oil industry, as Chevron is an essential supplier of diluent, a crucial substance that helps process the heavy crude oil produced in the country. Schreiner Parker, an analyst from Rystad Energy, noted that losing Chevron’s diluent support could be a significant setback for Venezuela’s production. In related news, BP has…

Dive Brief: Public Service Electric & Gas (PSE&G) has seen a significant increase in interconnection requests, rising to 4.7 GW from just 400 MW a year ago, as reported by Ralph LaRossa, the utility’s CEO. On average, these projects are around 100 MW, well within the capacity of PSE&G’s robust transmission system, as mentioned during the company’s recent earnings call. PSEG is also in negotiations with data centers interested in purchasing electricity directly from its nuclear power plants located in southern New Jersey, which have a total capacity of 2,483 MW. Dive Insight: PSEG is well-positioned as it heads into…