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Before the U.S. Can Have Clean Power, It Needs More Power Lines
Minneapolis-based Direct Connect Development Co. thinks it has a solution to some of the obstacles that have bogged down some multi-state projects: a high-voltage line underground that follows the path of an existing railroad corridor. The company is planning a $2.5 billion project to link Iowa and Illinois, neighboring states that nevertheless don’t sit on a single power grid. Iowa is part of a grid with ample wind resources, while Illinois is also tied to a grid that hasn’t greened as much. [ read more … ]
Relief
Democrats escalate pressure for clean energy incentives
Democrats on both sides of the Capitol are stepping up pressure to see clean energy assistance included in future COVID-19 relief efforts. In the House, which is readying to bring infrastructure legislation to the floor in the coming weeks, 180 Democrats urged leaders yesterday to address the “devastating impacts of COVID-19 on jobs in the clean energy industry.”
“Before the current crisis, this sector employed 3.4 million people, two thirds of whom worked at companies with less than 20 employees,” wrote the Democrats, led by Reps. Earl Blumenauer of Oregon, Matt Cartwright of Pennsylvania and Mike Levin of California. [ read more … ]
Germany Shows the World How to Green the Stimulus
During the 2008-09 financial crisis, about 15% of the stimulus money injected into the global economy went to green initiatives. Earlier this month, Germany committed 130 billion euros ($145 billion) to pandemic recovery, with about 30% to be spent on activities that will cut emissions. What changed? One simple answer is that we are learning from past mistakes. After the financial crisis governments provided fiscal stimulus with the primary objective of getting out of the crash. It worked, but Europe in particular later became mired in stagnation. [ read more … ]
Markets
Oil Demand Is Headed for Record Rebound in 2021
The coronavirus pandemic will hammer global growth and oil demand this year, but supply cuts from producers and a record rebound in demand next year will help to rebalance the oil market, the International Energy Agency said. In its monthly oil-market report Tuesday, the IEA said that while the world’s demand for crude will drop by 8.1 million barrels a day this year—slightly less than forecast in last month’s report—demand in 2021 will rebound by a record 5.7 million barrels a day. [ read more … ]
BP Writes Off Billions as Covid Redraws Rules of Oil Demand
BP Plc will make the biggest writedown on the value of its business since the Deepwater Horizon disaster a decade ago, as the coronavirus pandemic hurts long-term oil demand and accelerates the shift to cleaner energy. In a dramatic revision that prompted questions about the affordability of its dividend, the British giant cut its estimates for oil and gas prices in the coming decades between 20% and 30%. It also expects the cost of carbon emissions to be more than twice as high as before. [ read more … ]
Net Metering
Net-metering petition me with overwhelming opposition
The petition — brought in April by the New England Ratepayers Association — found far fewer supporters, largely free market think tanks like the Heartland Institute and the Competitive Enterprise Institute. Ari Peskoe, director of Harvard’s Electricity Law Initiative, has a thorough run-down of many of the comments filed Monday in this tweet thread. [ read more … ]
EVs
Electric vehicles to set new market share record in 2020
The International Energy Agency said it expects electric vehicle sales to set a new market share record in 2020. For the first four months of 2020, the IEA estimates that the passenger car market will have contracted by 15% year over year, while sales of electric passenger and commercial light-duty vehicles will remain close to 2019 levels. The IEA estimates electric vehicle sales will account for 3% of global car sales in 2020, surpassing the 2019 record of 2.6%. [ read more … ]
Out of the Park
One of the World’s Greenest CEOs Resigns After 220% Stock Gain
The chief executive officer of Orsted A/S will step down by the end January, after transforming the former fossil-fuel company into the world’s biggest developer of offshore wind farms.
Henrik Poulsen, who became Orsted’s chief in 2012, oversaw a name change, strategy overhaul and an initial public offering that’s seen shares in the company surge by 220% since 2016. That’s just short of Amazon.com Inc. and Apple Inc.’s growth over the same period. [ read more … ]
Note: News clips provided do not necessarily reflect the views of coalition or its member governors.