Chevron backs off renewables to free cash for more oil and gas.

May 29, 2014 Gas, Oil 

Bloomberg: “For the past eight years, Chevron has promoted “profitable renewable energy” as a core component of its business plan. The company’s slogan, “Finding newer, cleaner ways to power the world,” is splashed across its website. And ads launchedin 2010 as part of Chevron’s “We Agree” campaign declare, “It’s time oil companies get behind the development of renewable energy.” Yet Chevron recently has retreated from key efforts to produce clean energy.”
Read more

Total drops $11bn tar sands project, citing cost pressure.

May 29, 2014 Oil 

Globe & Mail: “The Joslyn oil sands mine has been shelved indefinitely, a result of rising industry costs that made the $11-billion project financially untenable.”
Read more

New US climate regulations aim to cut emissions 25% from power plants.

May 29, 2014 Climate, Coal, Gas 

Guardian: “President Barack Obama will unveil a plan on Monday that will cut carbon pollution from power plants and promote cap-and-trade, undertaking the most significant action on climate change in American history.”
Read more

BP faces “staggering” compensation costs for Macondo oil spill.

May 29, 2014 Oil 

FT: “BP has asked the US Supreme Court to step in after federal courts in New Orleans lifted an injunction blocking the payment of business claims for economic losses under the settlement that the UK company agreed for victims of the oil spill in 2012.”
Read more

Gas sucks investment from renewables in North America.

May 29, 2014 Clean Energy, Finance, Gas 

Bloomberg: “U.S. President Barack Obama says natural gas can be a bridge from coal to a cleaner energy future. Investors are showing it’s more likely a bridge to nowhere.”
Read more

BoE: Capitalism risks self destruction unless banking ethics change.

May 28, 2014 Finance 

Guardian: “Capitalism is at risk of destroying itself unless bankers realise they have an obligation to create a fairer society, the Bank of England governor has warned.”
Read more

Barclays “throws gasoline” on “battle between utilities and solar industry.”

May 28, 2014 Clean Energy, Coal, Finance, Gas, Nuclear 

Elias Hickley on EnergyTrendsInsider: “This week Barclays downgraded the high-grade bond market for the entire electric utility sector because “we believe that a confluence of declining cost trends in distributed solar photovoltaic (PV) power generation and residential-scale power storage is likely to disrupt the status quo.”  While this is not the first statement about vulnerability of electric utilities to competition from new technology it is the most important to date.”
Read more

New EU energy strategy emphasises gas, stints renewables & efficiency.

May 28, 2014 Clean Energy, Gas 

Guardian: “Europe will need to tap more diverse sources of gas and develop more supplies of controversial shale gas within the continent, amid concerns over the Ukraine crisis, according to a new energy security strategy unveiled by the European commission on Wednesday.”
Read more

Solar costs will match coal by 2016 in China, Suntech says.

May 27, 2014 Clean Energy, Coal 

REneweconomy: “Suntech Power predicts that the cost of building large scale solar PV plants could match the cost of coal-fired generation in China by 2016, a development that will “completely transform” the energy market in the world’s second biggest economy.”
Read more

“Shakeout threatens shale patch as frackers go for broke.”

May 27, 2014 Gas, Oil 

Bloomberg: “The U.S. shale patch is facing a shakeout as drillers struggle to keep pace with the relentless spending needed to get oil and gas out of the ground. Shale debt has almost doubled over the last four years while revenue has gained just 5.6 percent, according to a Bloomberg News analysis of 61 shale drillers.”
Read more

China’s nuclear power plans vulnerable to domestic public protest.

May 26, 2014 Nuclear 

FT: “China’s nuclear industry has in recent years ventured overseas for new opportunities but it is now facing challenges at home gaining public acceptance of its $150bn expansion plans.”
Read more

BP signs shale deal with Russia’s Rosneft.

May 25, 2014 Gas, Oil 

FT: BP confirmed its commitment to Russia after signing a shale oil deal with state-owned oil company Rosneft, despite US government-led sanctions against Moscow and the company’s chief executive.”
Read more

IEA says Opec oil supply could fall short of meeting global demand.

May 25, 2014 Oil 

FT: Opec “will need to increase production significantly in the second half of the year in order to meet world demand, according to the west’s energy watchdog.”
Read more

No shale gas in UK’s Weald basin, & little recoverable oil, survey concludes.

May 23, 2014 Gas, Oil 

Guardian: “Government hopes that Britain can emulate the US by starting a shale-gas revolution have been knocked back after a long-awaited report unexpectedly concluded there was no potential in fracking for gas in the Weald region of southern England.”
Read more

Opposition to fracking hardens in the Tory heartlands.

May 23, 2014 Gas, Oil 

Guardian: “Residents of Kent have reacted angrily to a government announcement that fracking companies will no longer need to ask permission before drilling beneath their homes.”
Read more

UK government increases fracking compensation to average £0.8m.

May 22, 2014 Gas, Oil 

Guardian: “The amount of compensation made available to communities affected by fracking is to be increased in an attempt to counter opposition, the government is to say. The news comes as a report is due to be published estimating that several billion barrels of oil lie in shale rocks beneath southern England.”
Read more

Fossil fuel attacks on renewables span a broad and well-resourced front.

May 22, 2014 Climate 

REW.com: “Fossil fuel-funded front groups repeatedly spread disinformation on renewable energy standard and net metering policies in an effort to overturn pro-clean energy laws in 2013 and 2014.”
Read more

Largest flow battery in world unveiled in California – storing solar energy.

May 22, 2014 Clean Energy 

SF Chronicle: “In an almond orchard outside Turlock in the Central Valley, two large tanks hold water, minerals – and more importantly, energy.
The tanks in Stanislaus County are part of a “flow battery” that stores energy from nearby solar panels. It’s the largest battery of its kind in the world.” Read more

First Californian county bans fracking.

May 22, 2014 Gas, Oil 

Nation of Change: “Santa Cruz County in California triumphed Tuesday to become the state’s first county to ban fracking. The county’s board of supervisors voted 5-0 to prohibit fracking, as well as gas and oil development within its boundaries.”
Read more

“Ministers signal start of the great oil rush”: Telegraph front-page.

May 22, 2014 Gas, Oil 

Telegraph: “Vast areas of southern England will on Friday be identified by the Government as targets for fracking, with ministers also announcing that energy companies will be allowed to frack under homes without owners’ permission.”
Read more