Author: Graham Foster

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…

The demand for electricity in the United States is set to increase by 2% each year over the next 25 years. This growth is expected to be particularly influenced by the rise of data centers and the electrification of buildings and transportation, according to the head of the National Electrical Manufacturers Association (NEMA). During an event hosted by Axios, CEO Debra Phillips announced that NEMA will unveil a new study on this topic soon. She stated, “Our forecast is in the moderate range.” By 2050, this trend will amount to a 50% increase in electricity demand compared to today, largely…

EDF Energy is facing pressure from environmental advocates to keep its planned underwater loudspeakers aimed at deterring fish in the Bristol Channel. This push comes as the company deals with ongoing delays in the construction of its Hinkley Point C nuclear power station in Somerset. Known as the “fish disco,” this acoustic deterrent system is a part of the broader conversation in the UK about how to achieve growth while also protecting the environment. Mark Lloyd, the chief executive of The Rivers Trust, emphasized that the company should adhere to its promise to implement this deterrent to support its power…

India’s renewable energy sector faces a significant challenge in securing enough investments and foreign financing to meet its ambitious goal of more than doubling the capacity of non-fossil fuel energy sources by 2030, according to experts and industry leaders. Last year, India, which is the third-largest emitter of greenhouse gases in the world, attracted just over $13 billion in green energy investments. However, this figure falls drastically short of the required $68 billion annually needed to achieve its objective of generating 500 gigawatts of power from renewable sources within the same timeframe, as highlighted in a recent report by energy…

BP has decided to pull back from its ambitious plans to shift into a green energy leader. The company’s recent announcement comes after investor pressure highlighted the challenges and risks associated with its aggressive transition away from fossil fuels over the last five years. On Wednesday, BP revealed that it would increase its spending on oil and gas by 20%, bringing the total to $10 billion annually. In contrast, it plans to cut its investment in renewable energy by a substantial 70%. Murray Auchincloss, the chief executive who took over officially in January 2024, described the change as a “fundamental…

The European Union is set to ease its gas storage refilling targets for member countries. This decision comes as a response to market disruptions that have discouraged countries from increasing their gas reserves for the winter months. On Wednesday, the European Commission announced that it aims to provide countries with more flexibility regarding the timing and quantity of their gas storage refills. This is particularly relevant as doubts arise about whether the EU will meet its target for gas storage this year. The Commission stated, “More flexible filling strategies, with guidance from the Commission, can help alleviate system pressure and…

EDF Renewables has announced a significant impairment of $980 million related to its Atlantic Shores Offshore Wind project. This announcement follows Shell’s recent withdrawal from the partnership, adding to political uncertainties surrounding offshore wind initiatives in the United States. The Atlantic Shores Offshore Wind project was a joint effort between Shell and EDF. However, after Shell exited the venture last month, it also reported a $1 billion impairment on its investment. This project aimed to develop two major offshore wind installations, Atlantic Shores 1 and 2, with a total capacity of 2.8 gigawatts, located off the coast of New Jersey.…

Key Update: The New York State Public Service Commission (PSC) has given the green light for its retail and residential energy storage implementation plan, aiming to achieve 6 GW of energy storage capacity by 2030. Approved on February 13, this plan sets ambitious targets of 1,500 MW for retail storage and 200 MW for residential storage, along with incentives for participants in the state’s distributed energy resources program. A newly released forecast by Aurora Energy Research indicates that New York might slightly miss its 2030 energy storage goal, even as the state targets 30 GW by 2050. Key Insights: The…

According to Shell, global demand for liquefied natural gas (LNG) is expected to rise by 60% by 2040. This surge is driven by faster economic growth in Asia and the global push to reduce carbon emissions in various industries. In its latest annual report on LNG, Shell has revised its forecast, increasing it by 10 percentage points from last year, mainly due to greater demand anticipated from India and China. The company emphasizes that the expansion in global LNG trade will be propelled by economic growth in Asia, the need for cleaner energy alternatives in heavy industries, as well as…