(Oil & Gas 360) – The International Energy Administration (IEA) is forecasting 70% growth in global renewable capacity additions by the end of the decade. The projected momentum follows a record year for capacity growth in 2023. Solar and wind are expected to generate 95% of that capacity growth due to their growing economic attractiveness, according to the agency. The report
(Oil Price) – This week, the International Energy Agency said that the COP28 targets for expanding wind and solar capacity were “within reach”. Yet there was a “but”. That had to do with the fast expansion and upgrade of grids and the equally fast buildout of energy storage capacity. That “but” can doom the whole transition—if it’s not already doomed.
CNBC BP plans to sell its U.S. onshore wind energy business, it announced on Monday, saying the assets were not aligned with its growth plans. BP said it will launch the sale process shortly for the wind assets, bp Wind Energy, which has interests in 10 operating onshore wind energy assets across seven U.S. states. “We believe the business is
Oil Price U.S. natural gas-fired power generation jumped this week amid the lowest wind power output in 33 months seen on Monday while demand for cooling is rising in the summer. On July 22, wind power output in the Lower 48 states was at its lowest level in the country since October 4, 2021, per preliminary data from the U.S.
Oil Price For the first time ever, U.S. electricity generation from utility-scale solar and wind exceeded nuclear power plants’ power output in the first half of 2024, according to data from energy think tank Ember quoted by Reuters columnist Gavin Maguire. Electricity generation from solar and wind hit a record-high of 401.4 terawatt hours (TWh) between January and June 2024, surpassing
Oil and Gas 360 Publisher’s Note: Industrial power company One Energy to host a virtual analyst and investor day on Monday, July 1, 2024, from 1:00 p.m. to 2:30 p.m. (ET). Registration is required: registration link. FINDLAY, Ohio–(BUSINESS WIRE)–One Energy Enterprises Inc. (“One Energy”), an industrial power company, announced today that it will host a Virtual Analyst and Investor Day
U.S. News BOGOTA – Colombia’s majority state-owned energy company Ecopetrol is analyzing its potential direct participation in the Andean country’s first-ever offshore wind auction, the company said in a statement to Reuters. The government of President Gustavo Petro, Colombia’s first leftist leader, has said it wants to wean the Andean country from its dependence on fossil fuels while ensuring energy
Oil Price The U.S. grid’s vulnerability to cyberattacks has grown, the North American Electric Reliability Corporation has warned. According to the regulator, the number of vulnerability points in the grid had grown from between 21,000 and 22,000 at the end of 2022 to 23,000-24,000 at the end of 2023. “It’s very hard to keep pace with addressing all those vulnerabilities,”
World Oil (WO) – Shell New Energies US LLC has sold its 50% equity share in SouthCoast Wind Energy LLC to joint venture partner Ocean Winds North America LLC. SouthCoast Wind is a 50-50 joint venture between Shell and Ocean Winds, established to develop offshore wind projects off the coast of Massachusetts. “In-line with our Powering Progress strategy, Shell continues
Nasdaq COPENHAGEN – Orsted ORSTED.CO is expected to trim investment plans and cut dividends on Wednesday as it presents a new strategy but investors are worried that the Danish renewable energy firm may want to raise new capital to stick to its ambitious targets. Once a green investor darling, the world’s biggest offshore wind developer found itself at the centre of
Oil Price Brazil’s state oil major Petrobras is this year set to go on a shopping spree in wind and solar, its chief executive told Reuters this week. The company aims to build a portfolio of stakes in wind and solar projects to the tune of 2 GW, Jean Paul Prates told the news outlet in an interview. “The market will see
Oil Price Denmark-based Copenhagen Infrastructure Partners (CIP), a major investor in offshore wind, said on Friday it is launching a new company to develop energy islands globally, with investments estimated at around $163 billion (150 billion euros). CIP is launching Copenhagen Energy Islands (CEI), which is currently developing a portfolio of around 10 energy island projects around the North Sea, the Baltic Sea, and
