Amidst global efforts to phase out coal power by 2040, China's coal consumption is unlikely to decrease significantly by that time, according to a new report by Norwegian consultancy DNV. The report indicates that China's coal usage, currently the world's largest, will experience a minor reduction in the next two years, followed by a one-third decline by 2040. Despite a surge in renewable energy generation, coal will remain a substantial part of China's energy mix, projected to constitute 25% of its peak consumption by 2050. The country's commitment…

Tesla is slated to report earnings today and, as FT notes, investors are bracing for the "worst results in 7 years" from the EV manufacturer.  Analysts predict that Tesla will post revenues of $22.3 billion for Q1, representing a year-over-year decline of 4.4%. This anticipated drop in revenue aligns with poor Q1 delivery data, where deliveries decreased by 8.5% year-over-year, marking the first annual decline in deliveries since 2020. Expectations for Tesla's 2024 full year earnings are lower than those of 2023. Current forecasts by FactSet…

NextEra Energy Inc (NYSE: NEE) reported on Tuesday an 8.3% annual increase in its adjusted earnings per share for the first quarter, which topped analyst expectations, as the world’s largest wind and solar power generator added more customers to its regulated utilities business and boosted renewables capacity. NextEra Energy posted 2024 first-quarter adjusted earnings of $1.873 billion, or $0.91 per share, up from $1.678 billion, or $0.84 per share, for the first quarter of 2023. The adjusted EPS for the first quarter of 2024 exceeded…

The UK saw two consecutive quarters of wind power overtaking fossil fuels as the single-largest source of electricity generation for the first time, per data from think tank Ember quoted by Reuters columnist Gavin Maguire. In the first quarter of 2024, wind-generated a total of 25.3 terawatt hours (TWh) of Britain’s electricity, higher than the 23.6 TWh generated from fossil fuel sources, Ember data showed. As a result, wind power generated an average of 39.4% of the UK’s electricity between January and March 2024, versus a 36.2%…

NextEra Energy Inc (NYSE: NEE) reported on Tuesday an 8.3% annual increase in its adjusted earnings per share for the first quarter, which topped analyst expectations, as the world’s largest wind and solar power generator added more customers to its regulated utilities business and boosted renewables capacity. NextEra Energy posted 2024 first-quarter adjusted earnings of $1.873 billion, or $0.91 per share, up from $1.678 billion, or $0.84 per share, for the first quarter of 2023. The adjusted EPS for the first quarter of 2024 exceeded…

The UK saw two consecutive quarters of wind power overtaking fossil fuels as the single-largest source of electricity generation for the first time, per data from think tank Ember quoted by Reuters columnist Gavin Maguire. In the first quarter of 2024, wind-generated a total of 25.3 terawatt hours (TWh) of Britain’s electricity, higher than the 23.6 TWh generated from fossil fuel sources, Ember data showed. As a result, wind power generated an average of 39.4% of the UK’s electricity between January and March 2024, versus a 36.2%…

WTI crude hangs above $80 per barrel as geopolitical risks have eased somewhat, but haven't disappeared altogether. Fuel Oil Is Having Its Sunshine Moment - Fuel oil has risen to prominence as the most improved oil product of late, boosted by higher demand from Asia’s power generation sector as well as limited supply of heavy crudes required to produce it. - The US’ snapback of sanctions against Venezuela and Mexico’s sudden cut to exports of heavy sour grades such as Maya have greatly limited the pool of heavier crudes…

Large international oil and gas companies, including top LNG traders Shell and TotalEnergies, are in discussions to buy stakes in the new LNG export project of the United Arab Emirates (UAE), anonymous sources familiar with the talks told Bloomberg on Tuesday.   The project, Ruwais LNG, is being developed by the UAE’s state firm ADNOC and is planned to consist of two 4.8 million metric tonnes per annum (mmtpa) LNG liquefaction trains with a total capacity of 9.6 mmtpa. The project is set to more than double ADNOC’s LNG…

Large international oil and gas companies, including top LNG traders Shell and TotalEnergies, are in discussions to buy stakes in the new LNG export project of the United Arab Emirates (UAE), anonymous sources familiar with the talks told Bloomberg on Tuesday.   The project, Ruwais LNG, is being developed by the UAE’s state firm ADNOC and is planned to consist of two 4.8 million metric tonnes per annum (mmtpa) LNG liquefaction trains with a total capacity of 9.6 mmtpa. The project is set to more than double ADNOC’s LNG…

The Texas energy grid faced its first high-heat litmus test of the year this month as warming April temperatures placed an early strain on utilities. Earlier this month, the Electric Reliability Council of Texas (ERCOT) had to postpone scheduled maintenance to “to help alleviate potential tight conditions” in order to keep up with energy demand as more residents turned on their air conditioning units. Worryingly, it wasn’t an intense or unprecedented heat wave that placed a stress test on the troubled grid, it was temperatures…

Shares of Portuguese integrated energy operator Galp Energia (OTCPK:GLPEF) (OTCPK:GLPEY) have popped more than 20% in Monday’s early trading session after the company announced that the first phase of its exploration in the Mopane field in offshore Namibia could contain at least 10B barrels of oil. Galp says it conducted testing operations at the Mopane-1X well in January and the Mopane-2X well in March, with, "significant light oil columns discovered in high-quality reservoir sands." The Mopane field is located in the Orange Basin,…

Since day one of President Joe Biden's term in office, the U.S. oil and gas industry has been criticizing his energy policies, saying that these undermine America's energy and national security with punitive and restrictive measures against fossil fuels.   Yet, during President Biden's tenure, American oil and gas production has hit record highs. But this achievement has come despite Biden's policies, not thanks to them, the industry says.   For his part, the presumptive Republican nominee and former president Donald Trump has pledged…

Former Dutch colony Suriname shares the offshore Guyana Suriname Basin with the former British colony of Guyana, which is reaping a massive economic windfall from one of South America’s largest oil booms of recent times. Suriname’s government in Paramaribo is hungrily eyeing Guyana’s oil boom, which has propelled the country into the global league of major oil-producing and exporting nations, putting it on track to become one of the wealthiest nations in South America. Deeply impoverished Suriname, which is…

The nationwide average price of gasoline in the United States has risen for three consecutive weeks, gaining 4.3 cents over the past week, to hit $3.62 per gallon on Monday, according to Gasbuddy data.  Compared to a month ago, average gasoline prices are up 10.8 cents, but still 1.1 cents per gallon lower than they were this same time a year ago. The average national diesel price declined this week to $4.01 per gallon, some 15 cents below the price level at this same time last year.  “As the nationwide changeover to summer gasoline…

Sam Altman and venture capital firm Andreessen Horowitz are betting on solar power and energy storage that can supply a low-carbon future to artificial intelligence data centers. Altman, the face of the AI chatbot boom, has also invested in nuclear power technology to fuel America's powering up with clean, reliable energy.  The Wall Street Journal reports that Altman and the private US venture capital firm are among the investors putting $20 million into Exowatt, a company that aims to solve the clean-energy needs of AI data centers. …

Armenia and Azerbaijan are engaged in a convoluted peace process in the Caucasus. But they are still tangled in a bitter fight in The Hague. Over several days of hearings in mid-April, the United Nations’ International Court of Justice (ICJ), based at the Dutch seat of government, weighed the merits of an Azerbaijani motion claiming the ICJ does not have jurisdiction over a three-year-old suit brought by Armenia. That suit demands that Azerbaijan face judgment for an array of war crimes, including fomenting hatred of Armenians that resulted…

Via Metal Miner Month-on-month, the Global Precious Metals MMI (Monthly Metals Index) rose by 8.25%. However, shortly after April 1, precious metal prices, particularly gold and silver, began surging as investors flocked to purchase as many gold bullions as possible. The reasons for this newfound “gold rush” include inflation hedging, anticipation of interest rate cuts, and geopolitical uncertainty. Indeed, these factors continue to send investors flocking to the classic precious metals safe haven. But just how long will the rally last?…

With Venezuelan oil sanctions set to be reimposed and state-run PDVSA oil company buyers and suppliers under orders to close out transactions in line with sanctions by the end of May, the country is now working to shift its oil sales to digital currency.  Using Tether, pegged to the U.S. dollar, PDVSA is seeking to hasten the use of digital currency for oil export transactions to avoid having revenues from oil sales frozen in foreign bank accounts, Reuters reported on Monday, citing three unnamed sources.  The Venezuelan state-run oil…

With Venezuelan oil sanctions set to be reimposed and state-run PDVSA oil company buyers and suppliers under orders to close out transactions in line with sanctions by the end of May, the country is now working to shift its oil sales to digital currency.  Using Tether, pegged to the U.S. dollar, PDVSA is seeking to hasten the use of digital currency for oil export transactions to avoid having revenues from oil sales frozen in foreign bank accounts, Reuters reported on Monday, citing three unnamed sources.  The Venezuelan state-run oil…

If Iran decides to respond to a suspected Israeli strike on its territory on April 19, it might not have to pull its punches like it did the last time. Tehran's telegraphed barrage against Israel last week was written off by many as a failure. But Iran has many arrows in its quiver should its standoff with Israel continue to escalate. Experts say that Iran has more sophisticated weaponry at its disposal, can bring its proxies into the fight, and, unlike its attack on April 13, can utilize the element of surprise. And the ultimate threat -- officially…