Author: Graham Foster

This moment is crucial for Europe’s green strategies. Recently, some politicians in Europe have voiced concerns regarding companies using economic growth arguments to challenge the EU’s environmental goals. Similarly, in the UK, Chancellor Rachel Reeves highlighted that economic growth may take precedence over the Labour government’s net-zero targets. However, new data indicates that focus on green investment is vital for European governments if they hope to compete in the global economy, which is racing towards sustainability and low-carbon technologies. European Investment Trends For the past year, European leaders have debated whether the emphasis on climate action has hindered economic progress.…

Chevron is working to protect its special license that permits it to operate in Venezuela. The company warns that if the U.S. government pushes it out, both China and Russia could gain more influence in this oil-rich country and the surrounding region. In a recent interview, Chevron’s CEO, Mike Wirth, pointed out that the company plans to engage with the White House about the future of its operations, especially after remarks from Secretary of State Marco Rubio suggesting a review of the license. Wirth emphasized that Chevron aims to follow U.S. laws and stay away from political issues. However, he…

Ørsted, recognized as the world’s leading offshore wind developer, has made a significant leadership change, appointing Rasmus Errboe as the new CEO effective February 1. This decision follows the departure of Mads Nipper, who had led the company since 2021. Ørsted has faced challenges, particularly in its expansion efforts in the US, which have not gone as planned, resulting in a sharp decline in its share price. The announcement comes amid reporting of fresh writedowns for Ørsted’s US operations, attributed to the pressures of high interest rates and an unpredictable market landscape. The company highlighted that the offshore wind industry…

Key Takeaways: Many major independent system operators (ISOs) in the U.S. are changing how they evaluate capacity due to an increase in severe weather and the rise of renewable energy sources, as noted by Wood Mackenzie’s Senior Analyst Patrick Huang during a recent panel discussion. These changes may lead to a reduction in capacity accreditation for various energy sources, including renewables, energy storage, and thermal generation, according to Huang. Karl Meeusen, director of markets at Wärtsilä, highlighted that these reforms complicate resource planning and create a higher demand for more adaptable generation options. Observations: The move towards a more inclusive…

In Scotland, a significant redevelopment project is underway at a former coal-handling port near a decommissioned nuclear power plant. This initiative involves constructing a factory worth £2 billion, which will manufacture thousands of kilometers of subsea cables essential for transmitting renewable electricity. The project in North Ayrshire is seen as a model for how Scotland can develop its local manufacturing capacity in the renewable energy sector, particularly given the increasing global interest and investment in this area. The Scottish and UK governments are keen to create new job opportunities in regions affected by the decline of traditional industries, such as…

Shell has released its earnings for the last quarter of 2024, showing profits that were lower than analysts had anticipated. The company attributed this decline to write-offs in its oil exploration sector, tighter profit margins, and decreased oil prices. In adjusted earnings, Shell reported $3.7 billion, which is a significant 39% drop compared to the previous quarter and about 10% below what financial analysts had expected. Additionally, shell incurred impairment charges and losses from asset sales totaling $2.2 billion. Despite these disappointing results, Shell increased its dividend by 4% and confirmed that its share buyback program would continue at $3.5…

A significant setback has occurred in the UK’s fossil fuel industry, as a court has revoked permission for the exploration of one of the largest untapped oil reserves in the country. The decision affects the Rosebank oil field, located west of Shetland, which is estimated to hold around 500 million barrels of oil. Additionally, the ruling impacts another North Sea project. On Thursday, Scotland’s highest civil court ruled against licenses that had been granted to Norway’s Equinor and the UK’s Ithaca Energy. This judgment also affects Shell, which is barred from producing gas at the Jackdaw field unless a new…

Good morning and welcome back to our Energy Source update from New York. Recently, the US Federal Reserve decided to keep interest rates unchanged, despite former President Donald Trump’s push for significant cuts. This decision poses challenges for the renewable energy sector, which is already facing hurdles due to high initial costs and uncertainties linked to tariffs and limitations on solar and wind energy development. In this edition, we closely examine Trump’s recent efforts to dismantle President Joe Biden’s climate agenda during his initial week back in office. We analyzed numerous executive orders and consulted legal experts about the implications…

The Midcontinent Independent System Operator (MISO) has introduced new requirements that could potentially disqualify Voltus’ 450 MW of demand response resources from its upcoming capacity auction. This situation is highlighted in a complaint filed by Voltus with the Federal Energy Regulatory Commission (FERC). According to Voltus, MISO’s tariff now mandates that market participants provide results from “real power tests” to register demand resources as load-modifying resources for capacity auctions. This is necessary if they don’t have actual performance results from a MISO event. Additionally, participants must have contractual rights to these demand resources. Recently, MISO adjusted its testing methodology shortly…

California Moves to Enhance Safety for Battery Energy Storage California is planning to introduce new safety and operational standards for battery energy storage facilities, as outlined in a proposal by the California Public Utilities Commission (CPUC) released on Monday. The proposal follows a significant incident where a fire destroyed much of a 300-MW battery system at Vistra Corp.’s Moss Landing Energy Storage Facility near Santa Cruz, provoking concerns about the safety of such facilities from local authorities. The CPUC intends to vote on the proposal in a meeting scheduled for March 13, and expects the changes to involve “no significant…