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Author Topic: Fossil Fuel Profits Getting Eaten Alive by Renewable Energy!  (Read 3073 times)

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AGelbert

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Wind & Solar Are Already Cheaper Than Coal & Gas, So Let’s Get On With It   

May 28th, 2017 by Guest Contributor '

SNIPPET:

Originally published on RenewEconomy.
By Sophie Vorrath

New wind and solar energy generation is already cheaper – on average – than the cost of existing coal or gas power on Australia’s National Electricity Market.

We’ve reported it, and Bloomberg New Energy Finance foreshadowed it at the recent Australian Solar Council Solar and Energy Storage conference in Melbourne (did we mention battery storage..?).

And this week, the CEO of the Australian Renewable Energy Agency delivered the news to the federal government’s Senate Environment and Communications Legislation Committee, with the moment captured on video. 

https://cleantechnica.com/2017/05/28/wind-solar-already-cheaper-coal-gas-lets-get/
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AGelbert

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India cancels plans for huge coal power station — because solar energy is getting so cheap  

LAST UPDATED ON MAY 29TH, 2017 AT 9:36 PM BY MIHAI ANDREI

Good news from India, as authorities report the scrapping of plans for nearly 14 gigawatts of coal-fired power stations.
Indian energy

India is the world’s second most populous country, and one of the fastest growing economies. Several projections put future India as the world’s most populous country and the world’s third largest economy by 2050, so if we are to truly combat global warming and achieve a sustainable future for the planet, India will be a key player.

Looking at India’s development over the past few decades has been quite a rollercoaster. With poverty running rampant through many parts of the country and a severe lack of infrastructure in the rural areas, it was surprising and inspiring to see the country’s ambitions in terms of renewable energy. In recent years, India has become one of the best markets for solar energy, with more and more panels being installed every day.

There are over 300 million people currently living in India with no access to electricity, most of which live in rugged, inaccessible areas. Establishing a conventional grid would be incredibly costly, but this is the beauty of solar power: it doesn’t really require a conventional grid. Aside from being renewable, clean, and cheap, solar can work with a local or separated grid.

Still, despite India investing massively in renewable energy (mostly solar), they’ve also developed a backup plan — also committing to fossil fuel energy, especially coal; pretty much the dirtiest source of energy. Last year, India announced plans to build more than 300 gigawatts (GW) of new coal capacity by 2030, even though that was found to be almost entirely unnecessary and wasteful, as over 90% of that new capacity would remain idle. Basically, the Indian government remained determined to not put all their eggs in one basket and invest both in renewable and fossil fuel energy.

Coal of the past

In 2017, things changed a bit. The Indian state of Gujarat announced the cancellation of a proposed 4 GW coal ultra-mega power project, citing a surplus of energy in the area and a desire to continue moving away from coal. That was just the start.

Now, in total, 13.7GW of planned coal power projects have been canceled this month alone, which is quite a figure.

Analyst Tim Buckley, director of energy finance studies at the Institute for Energy Economics and Financial Analysis (IEEFA) said that tariffs have dropped so much in India that a tipping point has been reached: solar energy is now cheaper than coal.

“Measures taken by the Indian Government to improve energy efficiency coupled with ambitious renewable energy targets and the plummeting cost of solar has had an impact on existing as well as proposed coal fired power plants, rendering an increasing number as financially unviable.” 

Quote
“India’s solar tariffs have literally been free falling in recent months,” he added.
It’s a positive prospect for India, which could trigger a chain reaction elsewhere in the world.



http://www.zmescience.com/ecology/renewable-energy-ecology/india-coal-cancel-29-05-2017/
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AGelbert

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In Latest Sign of Crude Glut, Ageing Supertankers Used to Store Unsold Oil  ;D

June 16, 2017 by Reuters

ReutersBy Keith Wallis and Henning Gloystein SINGAPORE, June 16 (Reuters) – Traders are increasingly storing oil in ageing supertankers in Southeast Asia as they grapple with a supply overhang that has left the system clogged with unneeded fuel despite an OPEC-led drive to cut production to prop up prices.

Around 10 very large crude carriers (VLCCs), all between 16 and 20 years old, have been chartered since the end of May to store crude for periods ranging from 30 days to around six months, brokers told Reuters. Each VLCC can carry 2 million barrels of oil.

These vessels are in addition to around 30 supertankers used for long-term storage around Singapore and Linggi, off the West coast of peninsula Malaysia.

One of the main drivers for storing oil in tankers is that crude prices for immediate delivery are cheaper than for future sale, a market condition known as contango.

Brent crude futures, the international benchmark for oil prices, have fallen by 13 percent since late May, to around $47 per barrel. Brent for delivery at the end of 2017 is $1.5 per barrel more expensive.

“Floating storage does seem … viable assuming time charter rates of under $20,000 per day,” said Rachel Yew, oil and tanker market analyst at Oceanfreightexchange.

Current rates to charter a five-year-old 300,000 DWT for one year are $27,000 per day, according to shipping services firm Clarkson. Rates for VLCCs at least a decade-old are much cheaper.

“It makes a lot of sense for a trader to pay $16,000-$19,000 per day to take an older VLCC for 30-90 days to store oil,” said a Singapore-based supertanker broker, asking not to be identified.

The festering supply glut comes even as the Organization of the Petroleum Exporting Countries (OPEC) pushes to withhold production until the end of the first quarter of 2018.

WAITING FOR CHINA
 


Floating storage is an indicator of oversupply. 

Quote
“Too much unsold oil  is headed to Asia,”
said Oystein Berentsen, managing director for oil trading company Strong Petroleum. 


A shortage of spare onshore storage in China, as well as an expectation that new Chinese crude import quotas for independent refineries will be announced soon, are also playing a role in putting crude into tanker storage in Southeast Asia.

“Once China’s quota are released, you want to have oil close to China. Because onshore storage there is pretty full, the next easiest location is around Singapore and Malaysia,” said one trader.

“This expectation of new Chinese orders also helps explain why future crude is more expensive  than current crude.     That’s why we store it for later sale,” he added.  



(Reporting by Keith Wallis and Henning Gloystein; Editing by Joseph Radford)

(c) Copyright Thomson Reuters 2017.

http://gcaptain.com/latest-sign-crude-glut-ageing-supertankers-used-store-unsold-oil/
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AGelbert

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Sweden’s Largest Pension Divests From Paris Accord Violators, Including ExxonMobil & TransCanada    

June 19th, 2017 by Joshua S Hill

SNIPPET:

Sweden’s largest pension fund, AP7, announced last week that it had divested all its investments in six separate companies that it says had violated the Paris Climate Agreement, including big name companies such as ExxonMobil, Gazprom, and TransCanada .

AP7 provides pensions to 3.5 million Swedish citizens, making it the country’s largest national pension fund. Last week, the group announced that it had divested itself from six companies it believed had violated the Paris Climate Agreement in different ways. Specifically, AP7 accused ExxonMobil, Westar, Southern Corp, and Entergy of fighting against climate legislation in the United States, Gazprom for exploring for oil in the Russian Arctic, and TransCanada for building large-scale pipelines across North America.

https://cleantechnica.com/2017/06/19/swedens-largest-pension-divests-paris-accord-violators-inc-exxonmobil-transcanada/
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AGelbert

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One View of the Fall of Oil & Gas  ;D

June 19th, 2017 by George Harvey

EXCELLENT ARTICLE! 

SNIPPET:
Quote
We should also bear in mind one other thing that can be less than obvious but may play a large role in the overall picture. It is that a small loss of revenue can sometimes produce large financial losses, putting profits into negative territory. In a stressed company, this can end in complete collapse.



https://cleantechnica.com/2017/06/19/one-view-fall-oil-gas/

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AGelbert

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Book Preview: The Tesla Revolution — Why Big Oil Has Lost The Energy War

SNIPPET:

June 23rd, 2017 by Guest Contributor

Originally published on EV Annex.
By Charles Morris

Everybody seems to be piling on the poor ;D oil barons these days. Just as Tony Seba’s latest paper  nmpredicting the doom of the industry is making the rounds, a new book explains their predicament from an even more Tesla-centric perspective. 

The Tesla Revolution: Why Big Oil Has Lost the Energy War is by Rembrandt Koppelaar, a Senior Researcher at the Swiss Institute for Integrated Economic Research, and Willem Middelkoop, founder of the Commodity Diversity Fund.

It examines the disruptive combination of electric vehicles and renewable energy, both fields in which our favorite California company is dominant. It’s a scholarly volume, with plenty of facts and figures, as the following brief excerpts will show (via GreenBiz).



https://cleantechnica.com/2017/06/23/book-preview-tesla-revolution-big-oil-lost-energy-war/
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