Author: Graham Foster

Update on Convergent Energy’s Financing Convergent Energy and Power has successfully secured a construction-to-term loan, tax equity bridge loan, and letter-of-credit facility, totaling up to $150 million, from Mitsubishi UFJ Financial Group. This financing will help Convergent advance its initiatives in developing “distributed-scale” solar and storage systems, with ongoing projects totaling over $1 billion. According to Convergent CEO Johannes Rittershausen, this deal is transformative for their capacity to finance solar and storage projects, which usually fall within the 10 MW to 20 MW range, requiring around $20 million in capital expenditure per project. Insight into the Energy Sector Convergent, backed…

Key Highlights: On Thursday, the board of the Midcontinent Independent System Operator (MISO) approved a substantial long-term transmission plan costing $21.9 billion. This plan is set to construct a 765-kV backbone through the Midwest region. MISO’s director of cost allocation, Jeremiah Doner, explained that these 765-kV projects are crucial. They will not only support rising power demands but also adapt to changing generation resources and severe weather. Some of the new lines are intended to connect with the PJM Interconnection’s existing 765-kV system, enhancing reliability in the grid. In addition to the “Tranche 2.1” projects from MISO’s 2024 Transmission Expansion…

According to a report released by the International Energy Agency (IEA), innovative techniques from the oil and gas industry could soon make geothermal energy a viable renewable energy source across much of the globe. The IEA suggests that the cost of producing geothermal energy might become competitive with that of wind and solar power within the next ten years. Currently, geothermal energy accounts for less than 1% of the world’s energy consumption, but the IEA anticipates significant growth. With an investment of $2.8 trillion, it believes geothermal energy could potentially supply up to 8% of the global electricity needs by…

Charter rates for ships that carry liquefied natural gas (LNG) have plummeted to historic lows, causing financial strain for many shipowners. This situation arises from substantial overproduction in the wake of the energy crisis in Europe that occurred two years ago. According to Spark Commodities, the average daily cost for renting a modern LNG carrier on a short-term basis in the Atlantic reached approximately $19,700 in November. This marks the lowest recorded rate since Spark started collecting this data in 2019. Rates have dropped almost 80% since the summer as new vessels are entering the market faster than global LNG…

Energy Storage Market Reaches New Heights The energy storage market in the U.S. is booming, with record deployments reported in the third quarter of this year. A total of 3,806 MW and 9,931 MWh were installed from July to September, marking significant increases of 80% for grid-scale and 58% for residential energy storage when compared to the same time last year. These figures come from the latest report by the American Clean Power Association and Wood Mackenzie. Grid-scale systems accounted for over 3.4 GW and 9 GWh, while residential storage saw deployments of 346 MW and 645 MWh. The impressive…

The electric vehicle (EV) industry has faced numerous challenges recently, creating a lot of headlines about its slowing progress. Many manufacturers are struggling to keep up with fluctuating demand, and surveys indicate that consumers have their own reservations about switching to electric. However, despite these issues, data shows overall demand for EVs is on the […]

On Wednesday, ExxonMobil announced plans to construct its first commercial gas power plant aimed at providing electricity to an artificial intelligence data center. This move puts ExxonMobil in direct competition with nuclear energy firms as they both seek to meet the rising electricity demand from major tech companies. A recent study predicts that electricity demand in the US is expected to increase by 16 percent over the next five years. This surge in energy development in the US contrasts sharply with sub-Saharan Africa, where access to reliable energy continues to fall behind the growing population. To address these challenges, the…

BP and Shell have invested a staggering $18 billion over five years to establish themselves in the electricity market. However, both oil giants are now reconsidering their strategies in power generation due to disappointing results and skepticism surrounding their ambitions. In 2019, Shell aimed to be the world’s largest electricity provider, with former gas and new energies director Maarten Wetselaar predicting that power revenues would match those from oil and gas by the 2030s. Shortly thereafter, BP announced its own ambitious plan under previous CEO Bernard Looney, committing to raise its green energy spending to $5 billion annually by 2030…

Thames Water is in a tough spot, warning its bondholders that their actions could push the UK’s largest water company into a dangerous situation. They are trying to secure an emergency loan of £3 billion. The company made it clear that if the junior bondholders attempt to present a competitive loan proposal in court, it could trigger a significant default on its £19 billion in debts. In a letter to the bondholders, Thames Water explained that such a default would severely restrict its ability to invest in necessary infrastructure improvements and could lead the company to violate environmental regulations. If…

Key Highlights: Five communities in the U.S. will receive over $35 million from the Department of Energy for community-scale geothermal heating and cooling systems. The projects include cities like Chicago, Ann Arbor, Michigan; Framingham, Massachusetts; Hinesburg, Vermont; and Shawnee, Oklahoma, aiming to reduce carbon emissions from buildings. Currently, the U.S. has fewer community-scale geothermal systems compared to other countries, but these new initiatives hope to encourage more U.S. communities to utilize geothermal energy. Expert Insight: Experts in building decarbonization are excited about the possibilities of thermal energy networks. These systems can shift entire neighborhoods away from fossil fuels for heating…