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☆ America's electric grid is in shambles. Biden has made the largest federal investment ever to try and fix it.
▼ + stars: | 2023-10-19 | by ( Matthew Daly | Associated Press | ) www.businessinsider.com time to read: +7 min

Biden announced $3.5 billion for 58 projects across the country to strengthen the electric grid. This is the largest federal investment ever made in grid infrastructure, said US Energy Secretary. Energy Secretary Jennifer Granholm said it was the largest federal investment ever in grid infrastructure, supporting projects that will harden electric systems and improve energy reliability and affordability. The federal spending, combined with money promised by private partners, could result in up to $8 billion in investments nationally to upgrade the grid, Granholm said. AdvertisementAdvertisementThe largest grant, $464 million, will go to improve five transmission projects across seven Midwestern states, from Iowa to North Dakota.

Persons: Biden, Jennifer Granholm, Granholm, Chip Somodevilla, ″, Mitch Landrieu, Joe Biden, Landrieu, Jonathan Foley, Foley, Tim Walz, Steve Karnowski Organizations: US Energy, Service, Wednesday, Energy, Biden, Resilience, White House, Minnesota Gov, AP, of Commerce, CPS Energy, Consumers Energy, Flint, DTE Energy, Portland General Electric Locations: Maui, California, Georgia, Louisiana, American, Oregon, Iowa, North Dakota, Hawaii, California , Oregon , Utah, Minnesota, Locust Grove, Orleans, San Antonio, Texas , Colorado , New Mexico, Wisconsin, Texas, Michigan, Grand Rapids, Detroit

WASHINGTON (AP) — The Biden administration on Wednesday announced $3.5 billion for 58 projects across the country to strengthen electric grid resilience as extreme weather events such as the deadly Maui and California wildfires continue to strain the nation’s aging transmission systems. Energy Secretary Jennifer Granholm said it was the largest federal investment ever in grid infrastructure, supporting projects that will harden electric systems and improve energy reliability and affordability. The federal spending, combined with money promised by private partners, could result in up to $8 billion in investments nationally to upgrade the grid, Granholm said. Political Cartoons View All 1211 ImagesThe largest grant, $464 million, will go to improve five transmission projects across seven Midwestern states, from Iowa to North Dakota. In southeastern Pennsylvania, PECO Energy Co. will increase grid reliability and resilience through substation flood mitigation and replacing aging infrastructure.

Persons: —, Biden, Jennifer Granholm, Granholm, ″, Mitch Landrieu, Joe Biden, ” Landrieu, ”, Jonathan Foley, ” Foley, Isabella O'Malley Organizations: WASHINGTON, Wednesday, Energy, Biden, Resilience, White House, Entergy, CPS Energy, DTE Energy, PECO Energy, Portland General Electric, Associated Press Locations: Maui, California, Georgia, Louisiana, American, Oregon, Iowa, North Dakota, Hawaii, California , Oregon , Utah, San Francisco, Locust Grove , Georgia, Orleans, San Antonio, Minnesota, Texas , Colorado , New Mexico, Wisconsin, Texas, Michigan, Detroit, Pennsylvania, New York

The International Energy Agency (IEA) report published this week revealed that a growing volume of renewable energy generation is being stalled as developers wait for projects to be connected to national electricity grids. Since the report's release on Monday, share prices of companies engaged in building electric grids, or with products and services tied to grid modernisation, have outperformed firms that are focused on renewable energy generation. The share prices of certain firms that hold these particular skill or product sets have seen signs of heightened buying interest this week since the IEA report was published, indicating that some investors may be already placing bets that grid specialist firms may be primed for growth going forward. Germany's E.ON (EONGn.DE), which has a major energy networks division, is up roughly 17% this year, LSEG data shows. Firms that develop smart meters and other grid management tools are also expected to see growth in demand for their services by power companies.

Persons: Lisi Niesner, Gavin Maguire, Muralikumar Organizations: REUTERS, International Energy Agency, IEA, FOCUS, Mastec Inc, U.S, Fluor Corp, Eaton Corporation, E.ON, Reuters, Thomson Locations: Weselitz, Germany, LITTLETON , Colorado, U.S, Ireland

☆ Morgan Stanley says buy this real estate name focused on sustainability after sell-off
▼ + stars: | 2023-10-17 | by ( Lisa Kailai Han | ) www.cnbc.com time to read: +2 min

Hannon Armstrong 's improving fundamentals should lead to a turnaround for the stock, according to Morgan Stanley. Structured as a real estate investment trust, Hannon Armstrong provides renewable energy projects with debt and equity capital. HASI YTD mountain HASI YTD chart The analysts believe the selloff cannot be justified when given the company's strategic business decisions, along with its balance sheet flexibility and move toward an equity self-funding model. Additionally, Morgan Stanley noted that the sustainable investment firm's high cash flow can support steady dividends to come. Morgan Stanley isn't the only firm on Wall Street that likes Hannon Armstrong.

Persons: Hannon Armstrong, Morgan Stanley, Andrew Percoco, Hannon Armstrong's, HASI, Morgan Stanley isn't, Baird, — CNBC's Michael Bloom

☆ Southeast Asia looks to renewable power for energy security
▼ + stars: | 2023-10-17 | by ( Audrey Wan | ) www.cnbc.com time to read: +4 min

As energy demand grows, the region is turning to renewable energy to safeguard its energy security. Most, if not all, Southeast Asian markets have taken strides to announce renewable energy targets and formulate their low-carbon energy transition plans, said Thoo. Other planned developments include an integrated renewable energy zone, five centralized large-scale solar parks and three green hydrogen production plants. These projects will leverage Malaysia's estimated 290 gigawatts of technical renewable energy potential to create a more resilient, low-carbon power system, said the ministry. Renewable energy sources such as wind and solar are projected to account for at least 31% of national energy needs by 2030, the government said, according to Reuters.

Persons: EDPR, Bryan van der Beek, Zulfikar Yurnaidi, David Thoo, Zulfikar Organizations: EDPR Sunseap, Energias de Portugal SA, Bloomberg, Getty, Energy, International Energy Agency, ASEAN Center for Energy, BMI Fitch Solutions, Zulfikar Yurnaidi ASEAN Center for Energy, Indonesia Malaysia Malaysia, Ministry, Reuters Locations: Energias, Woodlands, Singapore, Asia, Southeast Asia, Ukraine, Israel, Europe, Malaysia, Indonesia, Vietnam

Coal barges are pictured as they queue to be pulled along the Mahakam river in Samarinda, East Kalimantan province, Indonesia, August 31, 2019. REUTERS/Willy Kurniawan/File Photo Acquire Licensing RightsJAKARTA, Oct 16 (Reuters) - Indonesia will seek China's help for renewable energy and infrastructure projects when President Joko Widodo attends the upcoming Belt and Road Forum in Beijing, a cabinet minister said. Erick declined to share JETP talk details, saying only: "We cannot wait...there hasn't been any funding as yet." "We want this to fit our grand plan, the Indonesia blueprint, not the blueprint of other countries," Erick said. Indonesia also discussed the plan with Chinese Premier Li Qiang when Li visited Jakarta in September.

Persons: Willy Kurniawan, Joko Widodo, Erick Thohir, Erick, JETP, hasn't, Xi Jinping, Jokowi, Premier Li Qiang, Li, Gayatri Suroyo, Stefanno Sulaiman, Edwina Gibbs Organizations: REUTERS, Rights, Forum, Indonesian, United, Premier, Thomson Locations: Samarinda, East Kalimantan, Indonesia, Rights JAKARTA, Beijing, China, U.S, United Nations, Jakarta, Jokowi, Surabaya

☆ One sector in China is beating the slowdown — 3 stocks to play it including one with 80% upside
▼ + stars: | 2023-10-15 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

After Beijing cracked down on real estate developers' high debt levels, banks and other financial institutions drastically pulled back on lending to those companies. Meanwhile, China's latest development plans have emphasized advanced manufacturing — production of goods of higher value than apparel and other lower-cost goods Chinese factories have been known for. But analysts increasingly realize that the high-growth days of real estate are over, weighing further o n the economy in the near term. Oxford Economics expects the economy to slow to a 4.4% pace in 2024 and 4.0% in 2025, dragged down by real estate. China is set to release third-quarter GDP, retail sales, industrial production and fixed asset investment on Wed., Oct. 18.

Persons: That's, hasn't, Banks, Gill, Kharas, Louise Loo, Loo, Brian Tycangco Organizations: People's Bank of China, Oxford, Stansberry Research, HSBC, World, Network Locations: China, Beijing, Oxford, Friday's

☆ ‘Best performing emerging market’: Analysts name stocks to cash in on India’s boom
▼ + stars: | 2023-10-13 | by ( Amala Balakrishner | ) www.cnbc.com time to read: +3 min

"India has been the best performing Emerging Market in terms of USD returns at 8%, surpassing Brazil at 6%," they wrote. In terms of asset allocation, AllianceBernstein is overweight on financials, while allocating a small portion of this weight to utilities. Delhivery is another favorite stock, with a price target of 460 Indian rupees, giving it around 5% upside. Electricity generation company NTPC made the list for its opportunities in thermal, renewables and green hydrogen, the analysts wrote. The asset manager is overweight on the stock at 274 Indian Rupees representing an upside of almost 15% from its Oct. 11 close.

Persons: AllianceBernstein, Venugopal Garre, Zomato, NTPC, Paytm, it's, — CNBC's Michael Bloom Organizations: Stock, HDFC Bank, Jio Financial Services Locations: India, Brazil

☆ Eni's Plenitude revises prices for electric car charging in Italy
▼ + stars: | 2023-10-13 | by ( ) www.reuters.com time to read: +2 min

Eni's (ENI.MI) Plenitude subsidiary generates power from renewables, sells electricity, gas and energy services to households and businesses, and offers power for electric cars. The unit prices for all the charging points at direct current will remain stable at between 0.85 euros and 0.95 euros per kWh depending on the speed of charging, Plenitude added. Last year the company had 13,093 charging points, of which 12,099 at alternating current and the rest at direct current. Most of the charging points are in Italy. In addition, Plenitude said it would increase penalties for customers leaving their cars parked at charging points after having finished replenishing the battery.

Persons: Molly Darlington, Plenitude, Francesca Landini, Keith Weir Organizations: REUTERS, Eni, Thomson Locations: Northwich, Britain, Italy

☆ JPMorgan profit beats estimates on record interest income, First Republic purchase
▼ + stars: | 2023-10-13 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Caitlin Ochs/File Photo Acquire Licensing RightsOct 13 (Reuters) - JPMorgan Chase (JPM.N) beat expectations for third-quarter profit on Friday as a tighter monetary policy and the acquisition of failed First Republic Bank drove its interest income to a record high. Shares of the bank rose 1.1% to $147.40 in premarket trading. Rivas, who previously ran the financial institutions group, was one of JPMorgan's lead negotiators in its purchase of First Republic. The lender's profit rose 35% to $13.15 billion, or $4.33 per share, for the three months ended Sept. 30. Excluding one-time costs, the bank reported a profit of $4.50 per share, above analysts' average estimate of $3.96 per share, according to LSEG IBES data.

Persons: Caitlin Ochs, JPMorgan Chase, Jamie Dimon, Dimon, NII, SoftBank Group's, Jeremy Barnum, Fernando Rivas, Rivas, JPMorgan's, Jay Horine, Wells Fargo, Niket, Nupur Anand, Lananh Nguyen, Anil D'Silva Organizations: JPMorgan Chase Bank, REUTERS, JPMorgan, Bank, First Republic, First, Federal, Arm Holdings, Investment, Reuters, Thomson Locations: New York City, U.S, Ukraine, Israel, First Republic, North America, Bengaluru, New York

The White House calls clean hydrogen “essential to achieving the president’s vision of a strong clean energy economy" and net-zero greenhouse gas emissions in the U.S. by 2050. Some environmentalists call hydrogen a false solution because it frequently relies on natural gas or other fossil fuels as feedstocks. Among those selected were the Appalachian Regional Clean Hydrogen Hub, based in West Virginia, and the Philadelphia-based Mid-Atlantic Clean Hydrogen Hub. Other projects selected include the Alliance for Renewable Clean Hydrogen Energy Systems in California, which will produce hydrogen from renewable energy and biomass. Big fossil fuel companies, renewable energy developers and researchers in university and government labs are involved, too.

Persons: Biden, Joe Biden's, Marcellus, Sen, Joe Manchin, Perry Babb, Patty Murray, it’s, ”, Silas Grant, ___ Levy Organizations: WASHINGTON, White House, Energy, Energy Department, Democratic, Philadelphia, The, West Virginia Democrat, Partners, Alliance, Hydrogen Energy Systems, Heartland, Washington, Center for Biological Diversity Locations: Pennsylvania, California, Philadelphia, U.S, California , Washington , Minnesota , Texas , Pennsylvania, West Virginia, Illinois, The West Virginia, Pittsburgh, Virginia, Appalachia, ., Delaware , Pennsylvania, New Jersey, Houston, United States, Minnesota, Midwest, Illinois , Indiana, Michigan, Pacific Northwest, Washington, Pacific, Harrisburg , Pennsylvania

☆ JPMorgan says this struggling clean energy play may have finally bottomed, sees nearly 60% upside
▼ + stars: | 2023-10-12 | by ( Hakyung Kim | ) www.cnbc.com time to read: +2 min

Hydrogen fuel cell company Plug Power is on pace for meaningful upside with several near-term catalysts ahead, according to JPMorgan. Analyst Bill Peterson added Plug Power to its positive catalyst watch list for the near term in a Thursday note, in addition to reiterating its overweight rating on the stock. Plug Power lowered its 2023 revenue forecast to account for a disappointing third quarter, but Peterson said he had anticipated this would occur. On Friday, the Biden administration is expected to announce $7 billion in hydrogen hub grants, from which Peterson thinks Plug Power is well-positioned to benefit. Plug Power could see further tailwinds from a positive resolution with the U.S. Department of the Treasury on the Inflation Reduction Act's clean hydrogen production tax credits.

Persons: Bill Peterson, Peterson, Biden, — CNBC's Michael Bloom Organizations: JPMorgan, U.S . Department of, Treasury, U.S . Department of Energy Locations: Wednesday's, company's Georgia

☆ We already have the tools we need to fight the climate crisis — but a 'green transition' will still take time, 5 sustainability leaders say
▼ + stars: | 2023-10-11 | by ( Catherine Boudreau | ) www.businessinsider.com time to read: +6 min

Insider's climate advisory council convened recently for a roundtable discussion. They told us they're motivated by current innovation on the climate crisis, but labor is a hurdle. The advisory council is part of Insider's One Planet initiative, the optimist's destination for climate action. Sign up for our newsletter to get the latest on the culture & business of sustainability — delivered weekly to your inbox. Help wanted: skilled workersLabor is a hurdle for the green transition, said Donnel Baird, the founder and CEO of BlocPower.

Persons: Alyssa Gilbert, Ford, Cynthia Williams, Williams, It's, Donnel Baird, BlocPower, Baird, Omar Elmawi, He's, Elmawi, there's, we're, Elijah McKenzie, Jackson, McKenzie, We've Organizations: Service, Grantham Institute, Climate, Environment, Imperial College London, Ford Motor, EV, Labor, International Monetary Fund, Human Rights, Oil Locations: Europe, Kenya, Africa

☆ This sustainability-focused real estate stock can rally more than 80%, Baird says
▼ + stars: | 2023-10-10 | by ( Lisa Kailai Han | ) www.cnbc.com time to read: +2 min

A proven track record of success gives Hannon Armstrong a leg up over its peers, according to Baird. The firm reiterated its outperform rating of Hannon Armstrong on Tuesday, naming it a bullish fresh pick. Organized as a REIT, Hannon Armstrong specializes in providing financing for sustainable infrastructure projects in the form of debt and equity capital. Additionally, a competing investment firm's recent reduction of Hannon Armstrong's dividend growth outlook may have also contributed to the sell-off. HASI YTD mountain HASI YTD chart "This frustration and bearish sentiment for broader renewables sector growth outlook in the near term have compounded weakness and led to shares being oversold in our view," he wrote.

Persons: Hannon Armstrong, Baird, Ben Kallo, Hannon, — CNBC's Michael Bloom

Logo of British Petrol BP is seen at a petrol station in Pienkow, Poland, June 8, 2022. REUTERS/Kacper Pempel/File Photo Acquire Licensing RightsCompanies Bp Plc FollowLONDON, Oct 10 (Reuters) - BP (BP.L) said on Tuesday it remained committed to its financial and carbon reduction ambitions, as interim Chief Executive Officer Murray Auchincloss hosted an investor day in Denver. "BP's strategy, financial frame and net zero ambition are unchanged," the energy group said in a statement. "BP remains focused on delivering its strategy safely, with disciplined delivery, quarter-on-quarter, to meet 2025 targets and 2030 aims." The company aims to achieve zero net carbon emissions by 2050 and to invest billions in renewable and low-carbon power.

Persons: Kacper, Murray Auchincloss, Bernard Looney, Ron Bousso, Tomasz Janowski, Susan Fenton, Emelia Organizations: British, REUTERS, Rights, BP, Reuters, Thomson Locations: Pienkow, Poland, Denver

A 3D printed natural gas pipeline is placed in front of displayed Chevron logo in this illustration taken Feb. 8, 2022. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsJERUSALEM, Oct 10 (Reuters) - Chevron (CVX.N) has halted natural gas exports through a major subsea pipeline between Israel and Egypt and is supplying gas via an alternative pipeline through Jordan, the company said on Tuesday. The decision to halt exports via the East Mediterranean Gas (EMG) pipeline came as fighting has intensified between Israel and militants in the Gaza Strip. The 90-kilometer pipeline is the main link between the Chevron-operated Leviathan offshore gas field and Egypt. Israel's energy ministry confirmed in a statement to Reuters that Chevron had requested to export gas through an alternative pipeline that links Leviathan to Jordan as well as Egypt, known as the Arab Gas Pipeline.

Persons: Dado Ruvic, Jordan, Ron Bousso, Ari Rabinovitch, Jan Harvey, David Gregorio Our Organizations: Chevron, REUTERS, Rights, Mediterranean Gas, Ministry of Energy, Tamar, FAJR, Israel's, Energy, Arab Gas Pipeline, Reuters, Thomson Locations: Israel, Egypt, Jordan, Gaza, Ashkelon, El, Arish

☆ California may build solar panels alongside highways to power homes
▼ + stars: | 2023-10-10 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +2 min

Gavin Newsom on Saturday gave the greenlight for the state's transportation and energy officials to figure out how to install solar panels, battery storage and other renewable energy sites along highways. According to the state's Department of Transportation, California has 250 state highways containing more than 15,000 miles of road. The empty land alongside those roads could be used to generate one gigawatt of potential solar energy, which could power over 270,000 California homes, according to a joint report from Environment California, a nonprofit backer of SB 49, and highway solar advocate The Ray. In 2008, Oregon became the first state to develop a solar highway project, which now has nearly 600 solar panels. Using empty space along highways to install clean energy sites would help alleviate pressure on the state's deserts where many solar panels are currently housed.

Persons: Gavin Newsom, Ray, Sen, Josh Becker Organizations: Port, Los Angeles , California ., Los Angeles , California . California Gov, Saturday, Department of Transportation, state's Department of Transportation Locations: Port of Los Angeles, San Pedro, Los Angeles , California, Los Angeles , California . California, state's Department of Transportation , California, California, Environment California, Oregon

DUBAI, Oct 9 (Reuters) - The United Arab Emirates is refashioning state-owned Abu Dhabi National Oil Company (ADNOC) in the image of an international oil major by stepping up its global expansion and finding new revenue streams to maximise earnings for the Gulf state. The state-owned company also told Reuters it was investing in energy trading, without giving further details. ADNOC has two trading arms, both set up in 2020: ADNOC Trading, which is focused on crude oil, and ADNOC Global Trading, a joint venture with Italy's Eni (ENI.MI) and OMV which is more focused on refined products. Other recent hires include Bart Cornelissen, who left Deloitte to become ADNOC's senior vice president for group strategy and portfolio last month, according to LinkedIn. Recent senior hires for ADNOC's trading arms include alumni of Gunvor, Litasco, Shell and TotalEnergies, the employment network showed.

Persons: ADNOC, Galp, Austria's, Mohammed bin Zayed, headcount, Michele Fiorentino, Baker Hughes, Musabbeh Al Kaabi, Al Kaabi, Bart Cornelissen, Michael Hafner, Hafner, Morgan Stanley, Neil Quilliam, Sultan al, Jaber, John Kerry, Abu, Maha El Dahan, Yousef Saba, Ron Bousso, David Clarke Organizations: United, Abu, Abu Dhabi National Oil Company, Reuters, BP, NewMed Energy, Italy's Eni, UAE, IOC, Aramco, LinkedIn, Mubadala Energy, Deloitte, Greenhill &, Deutsche Bank, UBS, HSBC, Shell, Eni, Gunvor, The, Chatham House, United Nations, Masdar, Thomson Locations: DUBAI, United Arab Emirates, Abu Dhabi, Gulf, Saudi Arabia, Qatar, UAE, Africa, Mozambique, ADNOC, Geneva, London, The UAE, Europe, Sultan, Dubai

☆ Data centers are booming. Their need for power is causing utilities to retreat on green energy.
▼ + stars: | 2023-10-09 | by ( Daniel Geiger | Ellen Thomas | ) www.businessinsider.com time to read: +18 min

Katie Hobbs at Google's September announcement of a a new $600 million data center in Mesa, Arizona. The amount of electricity needed to power data centers in the U.S. is expected to more than double by 2030, according to McKinsey. "With data centers, you're going to do all of the above to have capacity to meet those loads." Utilities struggle to meet data center loads while cutting carbonThe utility-level impact of the data center industry's energy demand reaches beyond Phoenix. In preliminary documents, it has identified data centers as "the major source of load growth during 2023-2038."

Persons: Karla Moran, Moran, Katie Hobbs, you've, Terry Boston, James Glynn, Glynn, Caryn Potter, it's, OPPD, that's, David Corbin, Corbin, Valerie Plesch, Aaron Ruby, Devon Smiley, Smiley, Lee Kestler, Ruby, George Frey, Wendy Bridges, Bridges, Jill Hanks, Hanks, Potter, Meghin Delaney, Reno, Kestler, EdgeCore, Hunter Holman, Delaney, Holman Organizations: Microsoft, Google, Digital Realty, Arizona Gov, McKinsey, PJM, Columbia University's Center, Global Energy Policy, Southwest Energy Efficiency, Utilities, Omaha Public Power, Sierra Club's, The Washington, Getty, Dominion Energy, Dominion, Blackstone, KKR, APS, Phoenix, Goodyear, NV Energy, Reno, Bay Area, Silver State, Western Resource Locations: Phoenix, Salt, Mesa , Arizona, City, Mesa, U.S, Arizona, Phoenix . Omaha , Nebraska, New York, Sierra Club's Nebraska, Woodbridge , Virginia, Virginia, Nebraska, OPPD, Eagle Mountain , Utah, Brookfield, Seattle, Goodyear, Bay, Nevada, Reno, Las Vegas, North

A general view of GE Renewable Energy wind turbines, part of Pattern Energy’s Western Spirit Wind project, the largest wind project in the U.S., near Encino, New Mexico, U.S., March 15, 2023. Renewable energy funds globally suffered a net outflow of $1.4 billion in the July-September quarter, the biggest ever quarterly outflow, according to LSEG Lipper data. Reuters GraphicsInvestors have been exiting traditional energy funds, too, but the rate has slowed - net outflows reached $438 million in the last quarter compared with $3.32 billion in the previous three months. Reuters GraphicsDemand for exposure to renewable energy had been a major driver of cash flowing into climate-related funds in recent years. Wind projects off Britain, the Netherlands and Norway have been delayed or shelved due to rising costs and supply chain constraints, raising concerns about countries hitting their 2030 renewable energy targets.

Persons: Bing Guan, Denmark's, Madeline Ruid, Ruid, Morningstar, they're, Rich Pontillo, Patturaja, Tommy Reggiori Wilkes, Simon Jessop, Tomasz Janowski Organizations: GE Renewable Energy, REUTERS, Investors, Reuters Graphics, Companies, U.S . Infrastructure, Clean Energy Exchange, Energy, Reuters, Nasdaq, Intelligence, Thomson Locations: U.S, Encino , New Mexico, BENGALURU, LONDON, Britain, Netherlands, Norway, Bengaluru, London

JERUSALEM, Oct 9 (Reuters) - Israel has suspended production at the Tamar gas field off its southern coast and will seek alternative fuel sources to meet its needs, the energy ministry said on Monday following three days of violence in the region. Chevron (CVX.N), which operates the field, confirmed it had been instructed by the ministry to shut down the field, which is a major source of gas to Israel's power generators and industry. "In the wake of the situation, Israel's defence establishment ordered the temporary suspension of natural gas supplies from the Tamar field," the energy ministry said in a statement. Israel's largest offshore gas field, Leviathan, continues to operate normally, Chevron said. Israel became a major regional gas supplier with the start of production at the Tamar field a decade ago, which was followed by several other gas developments.

Persons: Tamar, Benjamin Netanyahu's, Yisrael Katz, Israel, Dan Williams, Ari Rabinovitch, Ron Bousso, Jason Neely, Susan Fenton Organizations: Chevron, Energy, United Arab, Union Energy, Tamar Petroleum, Everest, Petroleum, Thomson Locations: Israel, Jordan, Egypt, Gaza, Yom, Ashdod, Israel's, Tamar, United Arab Emirates, Dor

☆ The 'world's largest offshore wind farm' produces its first power
▼ + stars: | 2023-10-09 | by ( Anmar Frangoul | ) www.cnbc.com time to read: +1 min

A project described as the "world's largest offshore wind farm" took a major step forward over the weekend after producing its first power. Located off the coast of northeast England in the North Sea, the Dogger Bank Wind Farm is being developed in three phases — A, B and C — and will have a total capacity of 3.6 gigawatts once fully up and running. "The project's first turbine at Dogger Bank A started turning and producing electricity at 8.37pm BST on Saturday 7 October," the Dogger Bank Wind Farm Project said in an announcement Monday. "Power from the first offshore wind turbine is now being transmitted to the UK's national grid via Dogger Bank's high-voltage direct current ... transmission system, marking the first-time use of HVDC technology on a UK wind farm," it added. Dogger Bank is using GE Vernova's huge Haliade-X turbines, which boast blades measuring 107 meters, or about 351 feet.

Persons: Alistair Phillips, Davies Organizations: Dogger Bank, Dogger Bank D, Farm, Dogger Bank's, GE, SSE Renewables Locations: England, North, Dogger

Negotiations between Exxon and Pioneer are advanced but have not yet led to an agreement over the acquisition of the largest oil producer in Permian basin. So far, shareholders profited as the share price more than doubled since early 2021 when activist investors publicly pushed for changes. Big Oil is responsible for the bulk of human-induced greenhouse gas emissions and pressure for action is building. "Investor pressure has decreased; they're backtracking... the big investors are enabling this," said climate investment group Follow This founder Mark van Baal. Privately, investors worried if Exxon bowed out of production, someone else would pick up the slack and nothing would be gained for shareholders or energy transfer.

Persons: Olaf Scholz, Exxon Mobil's, Jim Rossman, that's, Andrew Logan, tussles, Mark van Baal, Charlie Penner, Ceres, Logan, Marguerita Choy Organizations: Environmental, Exxon, Republique, New Global Financial, Big Oil, Energy, Natural Resources, Pioneer, Barclays, Oil, Public, International Energy Agency, Investors, Ancora, Holdings, Algonquin Power & Utilities, Elliott Investment Management, NRG Energy, Smart, Thomson Locations: Paris, France, BOSTON, Ukraine

☆ Ukraine heads into winter with a hobbled energy system
▼ + stars: | 2023-10-06 | by ( Olena Harmash | ) www.reuters.com time to read: +6 min

Ukraine declines to share detailed data on the impact of attacks on its energy system, treating it as sensitive information during wartime. Kyiv School of Economics' research centre estimated the direct damage to Ukraine's energy infrastructure at $8.8 billion as of June. Last winter, Ukraine was helped by relatively mild weather, rapid repairs, nuclear power and electricity imports from Europe, but some officials expect tougher conditions this time. Volodymyr Kudrytskyi, head of national grid operator Ukrenergo, said the main grid, one of the most damaged parts of the energy system, was ready to transmit winter volumes of electricity. "The energy system is not as reliable and with a smaller reserve capacity than it was before the targeted strikes," he said.

Persons: Marcus Lippold, It's, it's, Andriy Sadovy, Oleksandr Kharchenko, Dmytro Sakharuk, Sakharuk, DTEK, Denys Shmyhal, Shmyhal, Volodymyr Kudrytskyi, Oleksiy Chernyshov, Serhiy Sukhomlyn, Julia Payne, Mike Collett, White, Gareth Jones Organizations: United Nations, Kyiv School of Economics, Lviv, Energy Industry Research Center, Reuters, Ukraine's, Naftogaz, Thomson Locations: Ukraine, Russian, Brussels, Russia, Moscow, Europe, Zhytomyr, Kyiv

☆ Higher rates are killing the clean energy stocks — BofA says these are worth buying
▼ + stars: | 2023-10-05 | by ( Brian Evans | ) www.cnbc.com time to read: +3 min

There's still value to be found among renewable energy stocks despite a rout, according to Bank of America. Leading renewable stock NextEra Energy Partners trimmed its growth forecast earlier this week, sparking a sell-off in the cleantech sector that has lasted for several days. Its stock tumbled about 27% so far this week, while its parent NextEra Energy is down 15% during the same period. BofA analyst Julien Dumoulin-Smith said the event has caused a "collapse in confidence" in NextEra and stoked fears that higher rates will dampen demand for renewable energy projects. ConEd stock has slipped about 12% from the start of the year, while shares of Array are down nearly 2%.

Persons: Julien Dumoulin, Smith, BofA, ConEd, — CNBC's Michael Bloom Organizations: Bank of America, Energy Partners, Energy, PPA, Utilities, NextEra Energy, Technologies, Consolidated Edison, NXT, ConEd Locations: NextEra, Dumoulin

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