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. Energy Information Administration (EIA) cited by Reuters. This was despite constantly rising wind power capacity installations over the past three years. The hot summer with low wind speeds has led to low wind power generation, which…

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. Energy Information Administration (EIA) cited by Reuters. This was despite constantly rising wind power capacity installations over the past three years. The hot summer with low wind speeds has led to low wind power generation, which…

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. Energy Information Administration (EIA) cited by Reuters. This was despite constantly rising wind power capacity installations over the past three years. The hot summer with low wind speeds has led to low wind power generation, which…

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. Energy Information Administration (EIA) cited by Reuters. This was despite constantly rising wind power capacity installations over the past three years. The hot summer with low wind speeds has led to low wind power generation, which…

On July 9, 2024, U.S. power plant operators in the Lower 48 states generated 6.9 million MWh of electricity from natural gas, marking a record high since the collection of hourly data began on January 1, 2019. This surge in natural gas-fired generation was driven by exceptionally high temperatures across the country and a significant decrease in wind generation. The National Weather Service reported that temperatures on July 9 were well above average nationwide, with particularly high temperatures on the West Coast and East Coast. Concurrently,…

Spanish energy giant Repsol more than doubled its second-quarter net income from a year earlier as higher oil prices offset lower gas realizations and weak refining margins. Repsol reported a net income of $713 million (657 million euros) for the second quarter this year, more than double compared to $334 million (308 million euros) for the same period of 2023. The company, which is expanding its renewables assets and generation, continues to book most of its earnings from the upstream division, which benefited from higher oil prices in the second…

Crude oil producer and exporter Mexico could see itself in need of crude imports in 2030 as its field production is set to rapidly decline at the end of this decade while it expands its refining capacity, Reuters reported on Thursday, citing projections from the Mexican Energy Ministry. Currently, Mexico pumps around 1.8 million barrels per day (bpd) of crude and condensates and is betting on a major new refinery to process some of the crude into fuels and end its dependence on fuel imports. However, the new fields that have started up recently…

Oil prices were trading down nearly 2% in early-morning trading on Thursday, with markets attempting to digest the impact of lagging Chinese consumption on other positive U.S. inventory reports against the backdrop of another interest rate cut by Beijing.  At 6:50 a.m. ET on Thursday, Brent crude was trading down 1.77% at $80.26, while the U.S. benchmark, West Texas Intermediate (WTI), was trading down 1.80% at $76.19.  Though this week saw another big U.S. crude inventory draw reported by the Energy Information Administration (EIA),…

Back in February, three U.S. service members were killed in Jordan, while more than 40 other soldiers were injured following a drone attack on a U.S. military base near the Syrian border. Oil markets only issued a muted response to the attack, with many analysts predicting that the administration was unlikely to cut off Iran’s key lifeline: oil exports.  Experts pointed out that Washington would allow Iranian oil to continue flowing due to the risk of squeezing supply and triggering a politically damaging spike in world oil…

The push to a net-zero emissions future has made governments pledge billions, potentially trillions, in funding for various initiatives, projects, and whole industries. Yet transition targets touted so proudly in Europe, the UK, and the U.S. are proving to be a lot more challenging to hit than expected. Earlier this month, Euronews reported that three of the biggest economies in the EU—Italy, France, and Germany—were falling short of the EU’s targets and on track to be penalized for that. The warning comes from a climate…

U.S. oil refiners are expected to report a significant downturn in Q2 2024 earnings from a year ago, largely thanks to a tepid summer driving season that has taken a bite out of margins for refiners, Reuters reported on Wednesday.  Markets had been banking on an uptick in processing capacity for the second-quarter after fuel demand rose; however, that was counterbalanced by new refineries coming on line in the Middle East, more China exports and steadily increasing diesel stockpiles, analysts told Reuters.  "Refining cracks weakened through…

The race is on to unlock a technology capable of creating scalable, commercial nuclear fusion. Nuclear fusion has been viewed as the elusive ‘holy grail’ of energy for a century now, always growing closer to reality, but always just out of reach. But now, advances in nuclear fusion experiments are increasing rapidly, and success is in sight. As such, deep-pocketed superpowers around the world are heavily investing in fusion research in a bif to become the first nation to harness the form of energy that powers our own sun, providing…

Auto dealers are seeing an uptick in inventory while many consumers remain on the sidelines, deterred by the toxic combination of high interest rates and elevated inflation. In response to what seems to be a more pronounced slowdown, dealers are slashing prices and increasing incentives to stimulate demand this summer.  A new report from the Financial Times, citing data from Motor Intelligence, with manufacturers such as Hyundai, General Motors, and Volkswagen, shows that the average incentive package to sweeten the deal jumped 53% in June,…

In the heart of Eurasia, a new trade route made up of thousands of kilometers of roads, railroads, and ports is emerging to better connect China to Europe and redraw the lines of global trade. Take a deeper look through this new interactive map done by myself and my colleagues Wojtek Grojec and Ivan Gutterman. Finding Perspective: The so-called Middle Corridor is a 6,500-kilometer trade route connecting China to Europe through Central Asia and the Caucasus. Since 2022, it's been growing steadily, with trade volumes skyrocketing and new investments…

Renewable energy utility NextEra Energy Inc. (NYSE:NEE) has reported mixed Q2 2024 results and reaffirmed outlook for FY 2024, with revenue of $6.07B (-17.4% Y/Y), $1.38B below the Wall Street consensus.  NextEra’s Q2 non-GAAP EPS clocked in at $0.96, beating consensus by $0.03. The company’s earnings reflect a 9%Y/Y increase, indicating robust financial and operational results.  Florida Power & Light (FPL), a subsidiary of NextEra Energy, reported net income of $1.232 billion, or $0.60 per share, driven by a 10.7% increase…

Renewable energy utility NextEra Energy Inc. (NYSE:NEE) has reported mixed Q2 2024 results and reaffirmed outlook for FY 2024, with revenue of $6.07B (-17.4% Y/Y), $1.38B below the Wall Street consensus.  NextEra’s Q2 non-GAAP EPS clocked in at $0.96, beating consensus by $0.03. The company’s earnings reflect a 9%Y/Y increase, indicating robust financial and operational results.  Florida Power & Light (FPL), a subsidiary of NextEra Energy, reported net income of $1.232 billion, or $0.60 per share, driven by a 10.7% increase…

The energy sector is very used to a “not in my back yard” (nimby) backlash from communities opposing new projects, following decades of protests worldwide against fossil fuel and renewable energy developments. Now, the nimby response in the U.K. is threatening the country’s green transition, as residents countrywide strongly oppose new wind and solar energy projects due to the proximity to their houses. The new Labour government will have to battle with communities across the U.K. if they hope to get new green energy projects…

Via Metal Miner   By now, the world knows that although the current global copper reserves are sufficient to meet demand, extraction continues to lag behind consumption. As a result, many inside and outside the copper market fear there will be a shortage in the coming years.  Predictions say that the annual global demand for copper will increase by about 40% by 2040. There are multiple factors fueling this expected growth, including the global move toward renewable energy and sustainable transportation. Given this current environment,…

RWE and TotalEnergies have joined forces to deliver the OranjeWind offshore wind project in the Netherlands. The project features an installed capacity of 795 MW, and marks the first system integration project in the Dutch market. Each partner holds a 50% stake in the venture, with RWE leading the development, construction, and operation of the wind farm. OranjeWind aims to perfectly match intermittent wind power generation with flexible energy demand, contributing to grid stability. The highly intermittent nature of wind power is often an obstacle…

RWE and TotalEnergies have joined forces to deliver the OranjeWind offshore wind project in the Netherlands. The project features an installed capacity of 795 MW, and marks the first system integration project in the Dutch market. Each partner holds a 50% stake in the venture, with RWE leading the development, construction, and operation of the wind farm. OranjeWind aims to perfectly match intermittent wind power generation with flexible energy demand, contributing to grid stability. The highly intermittent nature of wind power is often an obstacle…