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☆ Norway's gigantic sovereign wealth fund loses a record $164 billion, citing 'very unusual' year
▼ + stars: | 2023-01-31 | by ( Sam Meredith | ) www.cnbc.com time to read: +1 min

Norway's sovereign wealth fund was established in the 1990s to invest the surplus revenues of the country's oil and gas sector. Norway's sovereign wealth fund on Tuesday reported a record loss of 1.64 trillion Norwegian kroner ($164 billion) for the whole of 2022, citing "very unusual" market conditions. The $1.3 trillion fund was established in the 1990s to invest the surplus revenues of Norway's oil and gas sector. Norway's vast North Sea oil and gas reserves are the bedrock of the fund's wealth. Indeed, the country's skyrocketing fossil fuel revenues amid Russia's war in Ukraine have prompted an impassioned debate about international justice.

Jan 31 (Reuters) - Solar panels and home batteries have soared in popularity because they allow consumers to generate and store their own carbon-free power and save on their electricity bills. When used this way, they are called virtual power plants, or VPPs. "Virtual power plants are at the center of that." U.S. solar companies including Sunrun Inc (RUN.O) and SunPower Corp (SPWR.O) have pooled some of their customers' systems into virtual power plants in California, Hawaii and New England. Sunrun last year, for example, operated a virtual power plant with thousands of homes in New England that provided 1.8 gigawatt-hours to the grid during June through August.

☆ U.S. House backs bill limiting drawdowns from oil reserve
▼ + stars: | 2023-01-27 | by ( ) www.reuters.com time to read: +2 min

WASHINGTON, Jan 27 (Reuters) - The U.S. House of Representatives passed a bill on Friday limiting the ability of the energy secretary to tap the strategic oil reserve without developing plans to increase the amount of public lands available for oil and gas drilling. The bill is expected to face an uphill battle in the Senate, which unlike the House, is controlled by Biden's fellow Democrats. "The SPR should be used as a tool of ‘last resort,'" said Representative Cathy McMorris Rodgers, the chair of the House Energy and Commerce Committee and co-sponsor of the bill. The Biden administration has said it sold the oil to counter gasoline prices that had risen to $5.00 a gallon that helped fuel inflation to the highest in decades. U.S. Energy Secretary Jennifer Granholm told reporters at the White House this week that Biden "will not allow the American people to suffer because of the backwards agenda that House Republicans are advancing."

PDVSA has found reserves of 4.2 trillion cubic feet (TCF) in the Dragon field, on the Venezuelan side of its maritime border with Trinidad. Even with Washington's granting of Trinidad's request, it could take years of investment and development to bring Venezuelan gas to Trinidad and boost LNG to Europe, experts say. In addition, with no payments authorized to Venezuela, it could be difficult for Trinidad to craft a deal with Caracas. "At the request of the Government of Trinidad and Tobago, the United States Department of the Treasury issued a specific license to enable Trinidad and Tobago to develop the Dragon gas field," the senior administration official said. The Chevron license is meant to reopen some oil flows that were shut by U.S. sanctions nearly four years ago.

☆ Sun Cable project: Billionaires' feud over Australia-Singapore cable escalates
▼ + stars: | 2023-01-18 | by ( Hilary Whiteman | ) edition.cnn.com time to read: +10 min

The proposed Sun Cable project would see a subsea cable stretch from Darwin to Singapore. A statement from Cannon-Brookes’ private investment arm, Grok Ventures, suggested all investors except Forrest’s investment arm Squadron Energy remain committed to the cable. Tim Buckley, director of Climate Energy Finance, says the export of green hydrogen (hydrogen generated from renewable energy) is at least a decade away. “The market for green hydrogen exports has sort of deflated quite dramatically when people realize there’ll be a decade or two before you can actually ship green hydrogen anywhere overseas,” he said. For example, Xlinks plans to run a cable almost as long and powerful from Morocco to the United Kingdom.

☆ Stellantis, Vulcan Energy to develop renewable energy assets in Germany
▼ + stars: | 2023-01-17 | by ( ) www.reuters.com time to read: +2 min

Jan 17 (Reuters) - Automaker Stellantis (STLA.MI) has teamed up with lithium group Vulcan Energy Resources (VUL.AX) to develop geothermal energy projects in Germany to help decarbonise production of electric vehicles at Rüsselsheim, the two companies said on Tuesday. Stellantis' Rüsselsheim facility is where the world's third largest carmaker by sales produces its DS 4 and Opel Astra models. War in Ukraine has tightened Europe's energy supply, causing uncertainty for manufacturers already suffering from strained supply chains for raw materials and components such as semiconductors. Stellantis CEO Carlos Tavares said the partnership with Vulcan reinforced the group's commitment to greater use of cleanenergy. The carmaker, formed two years ago through the merger of Fiat Chrysler and Peugeot maker PSA, already has a deal with Vulcan for lithium supply from the miner's project in the Upper Rhine Valley in Germany.

☆ GM, Ford, Google partner to promote 'virtual' power plants
▼ + stars: | 2023-01-10 | by ( Valerie Volcovici | ) www.reuters.com time to read: +3 min

[1/2] The GM logo is seen on the China Headquarters in Shanghai, China, August 29, 2022. REUTERS/Aly SongWASHINGTON, Jan 10 (Reuters) - Companies including GM, Ford, Google and solar energy producers said on Tuesday they would work together to establish standards for scaling up the use of virtual power plants (VPPs), systems for easing loads on electricity grids when supply is short. Energy transition nonprofit RMI will host the initiative, the Virtual Power Plant Partnership (VP3), which will also aim to shape policy for promoting the use of the systems, the companies said. Virtual power plants pool together thousands of decentralized energy resources like electric vehicles or electric heaters controlled by smart thermostats. VPPs have already improved grid reliability in such countries as Germany and Australia and in some U.S. states.

☆ Carmaker Stellantis seals batteries material deal with Element 25
▼ + stars: | 2023-01-09 | by ( ) www.reuters.com time to read: +2 min

MILAN, Jan 9 (Reuters) - Carmaker Stellantis (STLA.MI) has signed a deal with Australian miner Element 25 (E25.AX) for the supply of manganese sulphite for batteries for its electric vehicles (EVs), the two companies said on Monday. Based on the five-year binding agreement announced on Monday, Element 25 will supply Stellantis with high-purity manganese sulphate monohydrate to be used in battery packs. Element 25 will source the material from its Butcherbird project in Western Australia and plans to construct a processing facility in the United States. Stellantis, meanwhile, will make an equity investment in Element 25, the two companies added in a statement. "Our commitment to a carbon net-zero future includes creation of a smart supply chain to ensure we meet our customers' desire for EVs," Stellantis CEO Carlos Tavares said.

☆ Opinion | Vaccines, Inflation, Abortion: 2022 in Charts
▼ + stars: | 2022-12-30 | by ( Steven Rattner | ) www.nytimes.com time to read: +16 min

By the end of 2022, 23 percent of American women resided in states with effective bans on abortion. June 2022 March 2022 Dec. 2021 Sept. 2022 Dec. 2022 Fed Funds Rate 6% 5 4 3 2 1 2022 2023 2025 2024 Longer run Unemployment 5% 4 3 2 1 2022 2023 2025 2024 Longer run G.D.P. Growth 4% 3 2 1 2022 2023 2025 2024 Longer run Core Inflation 5% 4 3 2 1 2022 2023 2025 2024 Sept. 2022 June 2022 March 2022 Dec. 2021 Dec. 2022 Fed Funds Rate G.D.P. Growth 4% 6% 5 3 4 3 2 2 1 1 2022 2023 2025 2022 2023 2025 2024 2024 Longer run Longer run Core Inflation Unemployment 5% 5% 4 4 3 3 2 2 1 1 2022 2023 2025 2022 2023 2025 2024 2024 Longer run Source: Federal Open Market CommitteeThe sustained period of high inflation left the Fed playing catch-up, as it had initially believed that the surge would prove transitory. 150 100 Xi Jinping addresses in 2017 & 2022 50 1982-2012 Economy Military Market Technology Reform Security Source: Capital EconomicsThen there was China: Our biggest source of imported goods became ever more clearly our biggest strategic adversary.

☆ Explainer: What is Zelenskiy's 10-point peace plan?
▼ + stars: | 2022-12-28 | by ( ) www.reuters.com time to read: +3 min

Dec 28 (Reuters) - Ukraine's President Volodymyr Zelenskiy has been vigorously promoting his 10-point peace plan, discussing it with U.S. President Joe Biden among others, and urging world leaders to hold a Global Peace Summit based on it. Here is an explainer on the plan and world reaction:WHAT IS ZELENSKIY'S 10-POINT PEACE PLAN? WHAT IS ZELENSKIY'S GLOBAL PEACE SUMMIT PROPOSAL? In December, Zelenskiy urged the leaders of the Group of Seven nations to support his Global Peace Summit idea in winter that would focus on the peace plan "as a whole or some specific points in particular". But response to Zelenskiy's peace plan and his proposed peace summit has been more cautious.

☆ California to vote on hotly debated change in rooftop solar policy
▼ + stars: | 2022-12-15 | by ( Nichola Groom | ) www.reuters.com time to read: +3 min

[1/3] Solar installers from Baker Electric place solar panels on the roof of a residential home in Scripps Ranch, San Diego, California, U.S. October 14, 2016. For decades, Californians with rooftop panels have been credited for excess power at or near the full retail electricity rate. Solar companies counter that the changes would slow new installations and threaten California's clean energy and climate change goals. California's three investor-owned utilities are Pacific Gas & Electric (PCG.N), Southern California Edison (EIX.N) and San Diego Gas & Electric (SRE.N). Customers installing solar with a battery, for example, would save about $136 a month under the plan, compared with $100 a month with just solar.

☆ Russia's central bank just issued a warning about 'new economic shocks,' and it shows the new $60/barrel cap on oil is working
▼ + stars: | 2022-12-08 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

The price cap on Russian crude and EU's oil embargo present "new economic shocks," the Bank of Russia said. They could "significantly reduce" Russia's economic activity in the coming months, per the bank. Russia is mulling options to counter the price cap, including banning oil sales to some countries. The European Union, G7, and Australia have set a price cap for Russian crude that kicked in on Monday. On top of that, the EU has also banned all seaborne Russian crude.

☆ The EU price cap on Russian oil is already disrupting the market - tankers are piling up off Turkey after Ankara demands insurance paperwork
▼ + stars: | 2022-12-06 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

The EU's price cap on Russian crude and its ban on seaborne Russian crude kicked in Monday. Oil tankers have begun piling-up off Turkish shores, as Ankara demands proof of insurance coverage. Shipping insurers rejected the request, as Turkey's asking for coverage that could expose them to a breach of sanctions. The pile-up comes just as an EU price cap of $60 a barrel price cap for Russian crude kicked in. ET Monday, while international Brent crude oil futures were 0.8% higher at $83.36 a barrel.

☆ Factbox: What are Russia and Ukraine's positions on talks to end the war?
▼ + stars: | 2022-11-30 | by ( ) www.reuters.com time to read: +6 min

REUTERS/Leah MillisNov 30 (Reuters) - Russia invaded Ukraine on Feb. 24 in what President Vladimir Putin described as a "special military operation". UKRAINEKyiv says peace talks are possible only if Russia stops attacking Ukrainian territory and withdraws its troops from Ukrainian soil. TerritoryKyiv has ruled out conceding any land to Russia in return for peace, and publicly demands Russia relinquish all territory. Ukrainian peace plan:In his speech to the G20, Zelenskiy laid out what he described as a 10-point peace plan. TerritoryPutin denied holding territorial ambitions at the start of the war, saying: "It is not our plan to occupy Ukrainian territory.

A view of damaged electrical wires after Ukrainian army retaken control from the Russian forces in Lyman, Ukraine on November 27. (Metin Aktas/Anadolu Agency/Getty Images/FILE)Ukrainian Prime Minister Denys Shmyhal said that the second winter season of the war "will be very challenging." Shmyhal said that "all regions of Ukraine, except Kherson region, are supplied with power. Shmyhal said the situation required a strong air defense and quick repairs of damaged power equipment. Obtaining additional power equipment was also a priority, he said.

☆ Russia says it foiled sabotage at 'South Stream' gas pipeline
▼ + stars: | 2022-11-24 | by ( ) www.reuters.com time to read: 1 min

Nov 24 (Reuters) - Russia's Federal Security Service (FSB) said on Thursday that it had prevented Ukrainian special services from carrying out what it said was sabotage on the "South Stream" gas pipeline. "As a result of a set of investigative measures, [the FSB] prevented an attempt by Ukrainian special services to commit an act of sabotage and terrorism on the South Stream gas pipeline supplying energy resources to Turkey and Europe," the FSB said. It was not immediately clear which pipeline the FSB was referring to. South Stream, originally intended to transport Russian gas under the Black Sea to the Bulgarian coast, was scrapped in 2014 in favour of TurkStream, which makes landfall in Turkey and can supply gas to Hungary and Bulgaria. Reporting by Reuters; Editing by Kevin LiffeyOur Standards: The Thomson Reuters Trust Principles.

☆ Duke Energy Enters Into Amazon Cloud Deal
▼ + stars: | 2022-11-22 | by ( Belle Lin | ) www.wsj.com time to read: +3 min

Duke Energy Corp. said it has signed a three-year deal with Amazon. com Inc.’s cloud-computing unit as the electric power and natural gas holding company aims to advance its power grid improvements and clean energy goals. Charlotte, N.C.-based Duke will use Amazon Web Services to run applications that predict electricity needs on its power grid, and where and how the grid should be updated to meet those needs. Ms. Titone oversees an information-technology department of more than 2,000 people, with about 400 focused on accelerating Duke’s cloud transition. There are certainly things that we need to house and maintain in our own data center,” Ms. Titone said.

☆ COP27: Activists hoped Egypt would bring a focus on Africa. They were disappointed
▼ + stars: | 2022-11-17 | by ( Ivana Kottasová | ) edition.cnn.com time to read: +10 min

Sharm el-Sheikh, Egypt CNN —The crowd was loving what Bhekumuzi Bhebhe had to say, cheering loudly as he yelled “don’t gas Africa!” into the megaphone. Bhekumuzi Bhebhe speaks at a protest against the development of new fossil fuel projects in Africa. Experts and activists are stressing that many African countries are getting locked in fossil fuel investments that are polluting and will likely prove uneconomical in a few years. “Africa has contributed very little to the climate problem, but the fossil fuel companies are using that to their advantage. What Elmaawi, Adow and other activists want is for the COP27 conference to help African countries foster more investment into renewable energy.

As at other recent international forums, the United States and its allies were seeking a statement from the two-day G20 summit against Moscow's military actions. But Russia, whose forces pounded cities and energy facilities across Ukraine even as the G20 met, said "politicization" of the summit was unfair. [1/12] Leaders gather during the G20 leaders summit in Nusa Dua, Bali, Indonesia, Tuesday, Nov. 15, 2022. China and Russia are close, but Beijing has been careful not to provide any direct material support for the Ukraine war that could trigger Western sanctions against it. Cambodian Prime Minister Hun Sen expressed concern for the health of other world leaders - including Biden - after a positive COVID-19 test forced him to return home early.

☆ Zelenskiy urges G20 to adopt Ukraine's plan to restore peace
▼ + stars: | 2022-11-15 | by ( ) www.reuters.com time to read: +3 min

Zelenskiy called on the G20 leaders at their summit, including U.S. President Joe Biden and Chinese President Xi Jinping, to adopt a 10-point peace formula and end the war "justly and on the basis of the UN Charter and international law". "Please, choose your path for leadership - and together we will surely implement the peace formula," Zelenskiy said. Russia calls its action in Ukraine a "special operation" to disarm Ukraine and protect it from fascists. Ukraine and its Western allies say the fascist allegation is baseless and that the war is an unprovoked act of aggression. "If Russia opposes our peace formula, you will see that it only wants war," Zelenskiy said.

☆ Asia's coal phase-out must be gradual, says Mitsubishi Heavy head
▼ + stars: | 2022-11-14 | by ( Leika Kihara | ) www.reuters.com time to read: +3 min

"Previously, the discussion was binary in which you had to choose between renewable energy or existing technology. A "realistic" mix of renewable energy and greener existing infrastructure is needed to help Asia's emerging economies meet a power consumption boom in coming years, Izumisawa said. "You have to think not just about renewable energy, but how to make better use of resources like coal and LNG," he said. Japan, the world's fifth-biggest CO2 emitter, has also called for more focus on promoting the transition of existing fuel plants to greener energy resources. Indonesia is the world's fourth-most populous country and eighth-biggest emitter of greenhouse gases, with coal making up about 65% of its total energy mix.

SHARM EL-SHEIK, Nov 10 (Reuters) - African nations must be allowed to develop their fossil fuel resources to help lift their pepole out of poverty, governments said at the COP27 talks in Egypt, which welcomed leaders of oil and gas companies sidelined at previous talks. African nations said wealthy countries had failed to deliver promised funding that would help them to expand clean energy instead of exploiting their fossil fuel resources. Some 636 fossil fuel lobbyists were registered to attend COP27, another report from a group of organisations that analysed the U.N.'s provisional list of attendees found. That's 100 lobbyists more than attended the Glasgow COP26 summit last year, the group said, lamenting what it described as "rise in the influence of the fossil fuel industry". The analysis also counted delegation members acting on behalf of their country's fossil fuel industry.

☆ Biden to attend summit of Southeast Asian leaders as Myanmar looms
▼ + stars: | 2022-11-09 | by ( The Associated Press | ) www.nbcnews.com time to read: +3 min

BANGKOK — Southeast Asian leaders convene in the Cambodian capital Thursday, faced with the challenge of trying to curtail escalating violence in Myanmar while the country’s military-led government shows no signs of complying with the group’s peace plan. U.S. President Joe Biden will be on hand for the Phnom Penh summit of the Association of Southeast Asian Nations, which comes as Washington and Beijing are increasingly jockeying for influence in the Asia-Pacific region. In addition to Myanmar, the four-day meetings are expected to focus on ongoing disputes in the South China Sea, pandemic recovery issues, regional trade and climate change. Neither Xi nor Putin is expected to attend the ASEAN talks or the parallel East Asia Summit, though both China and Russia are thought to be sending high-level delegations. “For Southeast Asia it’s really important to physically show up, and I think the Americans are very aware of this,” Daniel said.

How Putin and Friends Stalled Climate Progress A handful of powerful world leaders rallied around Russia and undercut global cooperation. Mr. Putin has gained from this as the increasingly autocratic Mr. Xi finds common cause with the Kremlin. “Much depends on whether authoritarian leaders perceive climate action to be in their self-interest.”Though their actions help Mr. Putin, their track records on climate are mixed. Mr. Xi called Mr. Putin his “best friend.”He was returning the favor from a year earlier, when Mr. Putin hosted Mr. Xi at the Grand Kremlin Palace and awarded him one of Russia’s highest medals for foreign dignitaries. At a news conference with Mr. Putin, Mr. Bolsonaro thanked his “dear friend,” saying that Mr. Putin had offered him support when other world leaders were criticizing his Amazon policy.

We're buying 100 shares of Coterra Energy (CTRA) at roughly $28 each. Following Friday's trade, the Jim Cramer's Charitable Trust will own 1,400 shares of CTRA, increasing its weighting in the portfolio to 1.44% from 1.34%. Shares of Coterra Energy dropped more than 8.5% on Friday, following the after-the-bell release of third-quarter results by oil and natural gas exploration and production (E & P) company. Earnings and revenue beat expectations, but free cash flow, while robust, was a little bit below analyst estimates. We also don't see it really impacting our cash flow significantly over the next 3 to 5 years."

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