Author: Graham Foster

Greetings from Houston! Here’s the latest from Texas: ExxonMobil is ramping up its oil production plans, even though there’s growing concern about a potential supply glut in the market. The mega oil company announced that it aims to increase its output by nearly 20% by the end of the decade, boosting spending while some of its competitors are playing it safe. By 2030, Exxon plans to produce 5.4 million barrels of oil equivalent each day, surpassing the output of most OPEC nations. The company argues that it can keep production costs low, positioning itself to meet what it expects to…

The power grid is experiencing its largest transformation since it was first established. New challenges are emerging that the grid isn’t fully prepared for. Traditionally, solutions involved expanding infrastructure to manage worst-case scenarios. However, this approach has proven to be slow and costly, leaving us unable to effectively cope with current demands. Richard Glick, a former FERC Chairman, emphasized that we need to maximize the efficiency of our existing grid instead. To achieve this, the power and utility sectors can take inspiration from the tech industry by leveraging digital solutions. Tech companies often compete but also collaborate extensively through open…

Ministers in the UK are looking at ways to limit the ability of local communities to oppose new pylons and wind farms as part of the push to make the electricity system greener by 2030. The government is considering changes to planning laws that would allow judicial reviews of large infrastructure projects to happen only once per case. This move aims to address concerns from Energy Secretary Ed Miliband, who believes some groups are hindering necessary reforms. On Friday, the government laid out its plans to achieve its goal of “clean” power within the next decade. The strategy includes reducing…

Bernard Looney, the former CEO of BP, has been appointed to the board of XRG, a new company initiated by Abu Dhabi’s national oil company, Adnoc. XRG is set to focus on investments in global energy assets. Just last month, Looney took on the role of chair for a US-based data center startup called Prometheus Hyperscale. His return to the energy sector comes a year after his sudden resignation from BP, which was prompted by his failure to fully disclose past personal relationships with female colleagues. Reports in July indicated that Looney was in discussions regarding this new role with…

Anglo-Australian mining company Rio Tinto is launching a major investment plan, committing $2.5 billion to establish its first large-scale lithium production facility in Rincon, Argentina. This decision comes shortly after the company finalized a $6.7 billion agreement to purchase lithium producer Arcadium. Despite a significant decline in lithium prices—down around 30% this year due to an oversupply in the market—Rio Tinto remains optimistic about the future of lithium. They see it as a crucial component for electric vehicle batteries. CEO Jakob Stausholm highlighted that their investment strategy is “countercyclical,” suggesting that they expect to maintain profitability due to the relatively…

Key Highlights: Meta has partnered with Invenergy to secure 760 MW of solar energy across four projects, as reported last week. These solar installations are anticipated to start operations from this year through 2027 in various states, including Ohio, Texas, New Mexico, and Arizona. With these new agreements, Meta’s total clean energy contracts with Invenergy surpass 1 GW. Meta’s global energy head, Uvi Parekh, stated that this achievement reflects the company’s commitment to sustainable energy sources. Additional Insights: Alongside the power acquisition, Meta will also earn clean energy credits as these solar projects go live. The electricity generated from these…

The Electric Reliability Council of Texas (ERCOT) is looking to expand its virtual power plant pilot project, the Aggregated Distributed Energy Resource (ADER) program. Launched in 2022, the initiative aims to harness 80 MW of flexible energy resources, primarily from battery storage. However, participation has been limited, with only Tesla and Bandera Electric Cooperative contributing approximately 15 MW so far. Commissioner Jimmy Glotfelty, who is actively involved with the ADER initiative, stated that while progress has been made, adjustments are necessary to enhance the program’s effectiveness. “I’m happy with where we are,” Glotfelty noted, “but we need to make some…

India’s second-largest renewable energy company, ReNew, is set to leave the Nasdaq following a decline of over 30% in its market value since its debut in 2021. With a market capitalization of around $2.4 billion, ReNew was established in 2011 and operates more than 10 gigawatts of renewable energy capacity, divided almost evenly between wind and solar power. The company is part of a wider effort led by Adani Green Energy to help India reach its ambitious goal of more than doubling its non-fossil fuel power generation capacity to 500 gigawatts by 2030. This initiative comes as the country, heavily…

ExxonMobil is setting ambitious goals, aiming to increase its production by nearly 20% by the end of the decade. This move comes as other companies in the industry are cutting back amid fears of oversupply in the global market. On Wednesday, Exxon announced plans to raise its capital spending from $28 billion this year to between $27 billion and $29 billion next year. For the years 2026 to 2030, the company plans to invest $28 billion to $33 billion. This strategy is expected to boost daily production to around 5.4 million barrels of oil equivalent by the end of the…

Korean Investments Fuel Growth in U.S. Cities Good morning from New York! Oil markets remained stable on Monday, with Brent crude price closing at $72.14 per barrel, up by 1.4%, amid geopolitical tensions in the Middle East. However, today we focus on a noteworthy shift happening in the heart of America, where significant investments from South Korea are reshaping local economies. In the wake of the Inflation Reduction Act, South Korean companies are investing heavily in American manufacturing, aiming to produce clean technologies. This influx of investment is leading to the emergence of new “Koreatowns” in cities across the U.S.,…