UN Environment Finance Initiative’s Global Roundtable Kicks off in Dubai

27.10.2016

H.E. Dr. Thani Ahmed Al Zeyoudi, Minister of Climate Change and Environment, inaugurated the UN Environment Program Finance Initiative’s 14th Global Roundtable event, hosted by the United Arab Emirates, represented by the Ministry of Climate Change and Environment and in collaboration with the UAE’s Central Bank, for the first time in the region on 25-26 October 2016 at the Grand Hyatt Hotel in Dubai.

In his opening remarks, Dr. Thani Ahmed Al Zeyoudi extended great thanks and gratitude to His Highness Sheikh Hamdan bin Mohammed Al Maktoum, Crown Prince of Dubai, Chairman of the Executive Council, for his patronage of this event and his continued support for the efforts to transform UAE’s national economy to a green low-carbon economy.

His Excellency said: “The process of transformation towards a green economy approach has been slow in many countries as a result of the absence or ineffectiveness of some basic tools, such as policies, partnerships, technology, financing and resource mobilization, to facilitate the transformation process; but that’s not the case in the UAE, which has taken bold and swift steps in that direction.

We are meeting here today to continue the discussion of funding sustainable development projects and we all hope to contribute to the positive atmosphere created by the globally accepted Sustainable Development Goals 2030 and the Paris Agreement on climate change to overcome the obstacles of securing the necessary funding for the process of transformation, especially in the least developed countries.”

Dr. Al Zeyoudi indicated that the issue of financing green investments is a main approach in the UAE Green Development Strategy, launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President Prime Minister and Ruler of Dubai, under the slogan “Green Economy for Sustainable Development”, and a key element in the green agenda. He also pointed out that, through this approach, the UAE has begun work on bringing about a fundamental change in the finance sector, both conventional and Islamic, establishing strategic partnerships with major local investment and financing institutions that believe in the same principles and strive for the same goals, as well as on developing appropriate policies and regulatory frameworks to stimulate the private sector to invest more in green projects.

“Directing more investment towards research and development, innovation and environment friendly technologies should be given special priority. We have recently witnessed two important developments; the launch of the National Strategy for Innovation in 2014, which aims to put the UAE among the most innovative countries globally, through a range of key economic sectors, including renewable energy, transport, research and technology by 2021, and, last month, the launch of the UAE Strategy for the Future, a comprehensive and integrated national strategy aimed at early anticipation of challenges and seizing opportunities in all vital sectors, including sustainability, environment and climate change”, Dr. Al Zeyoudi added.

At the conclusion of the opening ceremony, UAE financial institutions, who are participating in the UN Environment Program Finance Initiative’s 14th Global Roundtable event, were called upon to sign the Dubai Declaration on Sustainable Financing, through which they confirmed their support for the UAE Vision 2021 and for the process of transforming the national economy to a green economy in accordance with the UAE Green Agenda 2015-2030.

The signatories also stressed the need for cooperation between the financial sector, UAE Government, UN Environment and other relevant institutions to contribute to the process of transformation by improving corporate environmental and societal performance, providing economic, environmental and social opportunities, lend to, invest in, facilitate financing, or provide insurance to the projects, businesses and customers with sustainable purposes as well as support the growth of a successful small and medium-sized enterprise (SME) sector, as well as taking into account climate and environmental, social and governance (ESG) risk in the institution’s risk management processes.

Source: unep.org

Humans Create Carbon Emissions which Spawn Australia’s Extreme Weather – Report

27.10.2016

Zagađenje, Elektrana, grejanje, Ekologija — Foto-ilustracija: Pixabay

Carbon emissions from human activities have driven significant changes to the climate in Australia, including about 1C of warming and an increase in extreme hot days and fire weather, according to the latest State of the Climate report released by the CSIRO and Bureau of Meteorology.

This year the report includes new information on the cause of extreme weather, pointing the finger clearly at carbon emissions from human activities, as well as the latest findings on warming in the oceans.

The report said record hot average daytime temperatures in 2014 were mostly caused by the extra carbon dioxide in the atmosphere. Researchers found that without the greenhouse gases, the daytime temperatures would have been warm but not record-breaking.

Similarly, another study discussed in the report found that record-breaking temperatures in September 2013 were 85% a result of carbon emissions, and 15% due to natural variations in temperature.

Karl Braganza, from the Bureau of Meteorology, said the science attributing extreme weather events to climate change has matured in the past few years.

“Two years ago, these studies were emerging in the literature. But now we’ve had a good five solid years of these studies in the international literature,” Braganza said.

The report also contained new data on warming affecting the deep ocean, with warming now detected 2km below the surface.

“We now know that the upper two kilometres of the oceans have stored more than 80% of the extra heat that has accumulated since 1970,” said Steven Rintoul, director of the new CSIRO climate science centre.

“And if we include all of the ocean, that increases to 93%. In that sense, global warming is really ocean warming.”

Most of the other findings continued to show the same concerning trends seenyear after year.

The report found that Australia’s surface air temperature and surrounding oceans have warmed about 1C since 1910. Monthly maximum temperatures that occurred just 2.2% of the time between 1951-1980 increased in frequency more than five-fold, occurring 11.45% of the time between 2001 and 2015.

“The main point really is to summarise the state of the science, in particular with regard to observations of changes in the climate science, with a particular focus on Australia,” Rintoul said.

“It further strengthens the evidence that climate change is happening now and having an impact on Australia.”

Braganza said because of the climate changes that are already happening, the Bureau of Meteorology is focusing on helping to inform the country about how to adapt to those changes.

“Climate change is obviously happening now,” he said. “We know there is a tangible impact now, and we know the climate system is going to warm as a response to greenhouse gases already in the atmosphere over the next few decades.

“So in some ways there is more of a focus on informing adaptation to what we know is happening, as well as mitigation. For the bureau, that’s sort of where we’re sitting in our operations: informing near-future adaptation.”

Source: theguardian.com

Dong Energy Considers Sale of Oil and Gas Assets to Focus on Windfarms

27.10.2016

wind-turbin-vetroturbina — Photo illustration: Pixabay

The biggest windfarm operator in the UK is considering selling its oil and gas business, four decades after it was set up to manage Denmark’s North Sea oilfields.

Dong Energy, which is majority owned by the Danish government, said it had appointed JP Morgan to perform a strategy review that could result in the sale of the oil and gas business.

Offloading oil assets would result in the company, whose initials stand for Danish Oil and Natural Gas, focus on wind power instead, completing its transformation from fossil fuels to renewables.

Dong did not say whether selling its oil and gas operations would result in a change of name and added that it had yet to decide on the division’s future.

The company floated on the Copenhagen stock exchange this year, saying it would use the flow of cash from oil sales to fund ongoing investment in renewable energy projects.

But on Wednesday, Dong said it might now look to raise funds more quickly by selling the division.

Any sale could help it cement its position as the UK’s leading exponent of wind power.

Dong has stakes in windfarms that can produce more than 2.2GW in total, equivalent to about 4% of the UK’s predicted peak demand of 52.7GW during cold weather.

It has plans to add a further 1.5GW of wind power capacity, including the Hornsea 1 project 55 miles off the coast of Grimsby, which would be the world’s largest offshore windfarm.

Source: theguardian.com

Mexico’s Energy Reform Is Set to Revitalise an Ailing Sector and Boost the Economy, IEA Report Says

27.10.2016

Mexico’s wide-ranging energy reform, which began in 2013, is expected to reverse the country’s declining oil production, increase the share of renewables in the power sector, and slow the growth in carbon emissions, providing a solid foundation for robust economic growth in the coming decades, according to the International Energy Agency.

Mexico’s energy sector is being completely recast by the Reforma Energética. The reform ends the longstanding dominance of Petróleos Mexicanos (PEMEX) in oil and gas, and of the Comisión Federal de Electricidad (CFE) in the electricity sector, opening up key parts of the energy sector to new players, investment and technology.

As a result of this major effort, Mexico’s total oil production, which has been on a sharp decline in recent years, is projected to turn a corner around 2020 and then rise to 3.4 mb/d by 2040, up almost 1 mb/d from today. The increase comes in large part from new offshore developments, including deepwater drilling, and helps restore Mexico’s position as a major global oil producer and exporter.

These findings are in the Mexico Energy Outlook, part of the IEA’s World Energy Outlook (WEO) series, which examines the long-term impact of the Reforma Energética on the energy sector as well as its economic and environmental consequences.

The report also finds that Mexico’s innovative auction system provides a substantial boost to Mexico’s clean energy efforts in the power sector. More than half of the country’s new power generation capacity installed between now and 2040 is renewables-based, tapping Mexico’s large wind and solar resources. New investment in electricity is essential to meet rapid growth in electricity demand, and allows Mexico to reach its target of producing 35% of electricity from clean sources by 2024.

“This is not a reform, it’s a revolution on an unprecedented scale,” said Dr Fatih Birol, the executive director of the IEA. “This transformation touches every sector of the Mexican energy industry and goes well beyond. However, let’s not underestimate the task ahead. It is a huge undertaking and there will be challenges but the reform has made remarkable progress. The government’s path forward is the right one and the IEA stands ready to assist.”

The report comes a year after Mexico took the first steps in November 2015 to join the IEA. The accession of Mexico would be a major step forward for the IEA’s new “open door” policy and allows deeper cooperation in coming years.

“The Mexico Energy Outlook motivates us to continue in the path traced by the Energy Reform and to double our efforts,” expressed Pedro Joaquín Coldwell, Mexico’s Secretary of Energy. “The challenge for Mexico is to turn into reality the positive predictions presented by the IEA. The report includes some very convincing findings on what Mexico would have faced if the reform has never been enacted.”

Without these energy reforms, the report finds that oil production would be 1 mb/d lower in 2040, electricity costs would be higher, and household spending would be hit. Also, the cost to the economy would be substantial, reducing the size of Mexico’s GDP by 4% in 2040, resulting in a total economic loss of $1 trillion over the period of the outlook.

Source: iea.org

Urbanization: The Historical Cause of Low Oxygen Conditions in European Lakes

27.10.2016

A new study shows that hypoxia, i.e. low oxygen conditions, in European lakes started in 1850, becoming more widespread after 1900, long before the use of chemical fertilizers and climate change. A Canadian and European research team has identified urban expansion as the reason for the low amounts of bioavailable oxygen in numerous European lakes in past centuries. Published in Proceedings of the National Academy of Sciences, the findings of this study directed by postdoctoral fellow Jean-Philippe Jenny and Professor Pierre Francus of INRS suggest that increased waste water pollution at the turn of the 20th century boosted the lakes’ biological productivity, which in turn led to a rise in oxygen consumption.

The researchers analyzed information such as climate, land use, and lake sediment data from more than 1,500 European watersheds. For the first time, they compared reconstructions of land occupancy and land use dynamics on a continental scale to their own data of oxygen depletion over the past 300 years. This allowed them to identify urban waste, primarily phosphorus, as the factor responsible for triggering hypoxia at the bottom of lakes starting at the beginning of the 20th century.

“Accurately identifying the source of the nutrient responsible for oxygen depletion was a real challenge because of the variations in environmental stress factors throughout the region and their interactions, as well as the reliability of long term data,” explains Professor Francus of the INRS Centre Eau Terre Environnement.

“Point and diffuse sources have always contributed to nutrient supplies in lakes, but at intensities that vary in time and space,” adds Jean-Philippe Jenny, now affiliated with the Max Planck Institute for Biogeochemistry in Germany. “Our results show that urban point sources of phosphorus are the dominant cause of eutrophication of European lakes during the Anthropocene.”

The researchers recognize, however, that during recent decades, diffuse sources have gradually become the major cause of fresh water eutrophication in developed countries with the increase in the use of chemical fertilizers and the elimination of point sources due to the installation of waste treatment plants.

“Despite the many cleanup initiatives in the 1980s, the deepest layers in the lakes we studied still are not being reoxygenated and the hypoxia persists. This illustrates the importance of studying historical land use and the need to put long-term strategies in place to maintain and restore water quality in lakes,” say the study’s authors.

Source: sciencedaily.com

Western Australia Must Embrace Dawn of Renewable Energy Era or Risk Being Left Behind

27.10.2016

Last year the world’s governments finally got their act together on climate change, agreeing to limit global warming to well under two degrees. To meet this commitment, we need a rapid global transition to net zero greenhouse gas emissions. The fossil fuel age is over.

The new era, powered by renewable energy, will be swept in on a massive wave of investment. According to Beyond Zero Emissions’ report, Renewable Energy Superpower, the world will invest $US28tn in renewable energy and energy efficiency in the next 20 years.

But Western Australia risks being left behind. Here investors have poured more than $100bn into liquefied natural gas (LNG) over the past decade yet the state has little to show for it. Another $60bn is slated for LNG development, but with current low gas prices, the sense of that investment is questionable. Energy consumers fork out for coal-fired power that goes unused and endure endless debate about grid privatisation. Meanwhile Western Australia’s electricity-related emissions are rising, just as almost all other states are managing to reduce them.

The irony is that Western Australia should welcome the dawn of the renewable energy era. The state’s enormous resources of sunshine, wind and wave mean it could become a renewable energy superpower of the future. Our report shows how Australia’s world-beating renewable energy resources represent a huge economic opportunity. Incredibly the report shows that in Western Australia alone, there is enough wind and solar, available at competitive prices, to provide almost 9% of the world’s energy every year. In other words Western Australia has more renewable energy than fossil energy.

There are in fact signs of life in Western Australia. For example, Perth start-upPower Ledger is trialling software enabling neighbours to trade energy between homes – an Australian first. And Carnegie Wave Energy is conducting one of the world’s most successful wave energy projects, generating power for the naval base on Garden Island. Carnegie has recently won funding from the Australian Renewable Energy Agency (Arena) to help develop its CETO wave energy technology which could attract interest from around the world.

Opportunities in the renewable energy era extend beyond the energy sector. In a low carbon world, a cheap and plentiful supply of renewable energy will attract energy-intensive industries. With its abundant mineral resources, Western Australia could become the world-centre for zero carbon metals like steel and aluminium.

What can Western Australia do to seize this opportunity? Firstly, like the ACT, the government needs to set a target of 100% renewable electricity. Such a target will attract investment and stimulate development of local technologies that could be sold to the rest of the world. Secondly, the government should set up an innovation fund for the development and commercialisation of new energy solutions. With Arena’s funding slashed, it is vital that the Carnegies of the future are not thwarted by lack of investment.

The government should also call a halt to the expansion of the gas distribution network. There’s nothing gas does for us that electricity can’t do more efficiently. Government and business should work together to encourage the uptake of high-efficiency electric appliances such as hot water heat pumps. At the same time, electric transport should be promoted. BZE has shown that a complete transition to electric cars in 10 years is affordable, and would reduce dependence on foreign oil.

The reward for this type of forward-looking policy would be investment, jobs and a head-start in renewable energy era. Nature has given Western Australia all it needs to ride this wave. Now it just needs the vision.

Source: theguardian.com

World Bank Approves $1.8 Million Grant to Boost Chilean Geothermal Market

27.10.2016

The World Bank Board has approved a US$1.8 million Clean Technology Fund grant to strengthen the Chilean Ministry of Energy’s capacity to further develop the country’s geothermal sector and improve its energy security.

The grant will contribute to Chile’s Energy Agenda and the Energy Policy 2050, which aims to boost the use of non-conventional renewable energy (NCRE) and reduce the cost of electricity.

World Bank on Oct. 12 said that the government of Chile has made a concerted effort to develop its nascent geothermal energy industry, but despite what appeared to be a promising start, a number of issues stymied exploration investments. The goal of the new funding is to resolve those issues and improve the geothermal energy market conditions.

“Developing geothermal technology allows Chile to meet its growing energy demand, provide energy security, in an environmentally sustainable manner, boost the country’s economic competitiveness, and promote investments in remote rural areas, where poverty is more concentrated,” Alberto Rodriguez, World Bank director for Bolivia, Chile, Ecuador, Peru and Venezuela, said in a statement.

The Ministry of Energy will be the lead implementation agency for the project, with support from the International Cooperation Agency of Chile within the Ministry of Foreign Relations. The grant has a four-year implementation period, World Bank said.

Source: renewableenergyworld.com

New Ways to Finance Cities

26.10.2016

The international community has ended the global housing conference in Quito with the ratification of common guidelines for sustainable urban development in the form of the “New Urban Agenda.” KfW attended many of the conference’s events and presented its activities in cities and worked with other attendees from around the world to find solutions for rapid urbanization.

The aim of the “New Urban Agenda” is to serve as a guide for sustainable urbanization around the world. It stands alongside the international Sustainable Development Goals (SDGs), the global Climate Agreement and the Development Finance Agenda. Habitat’s Executive Director, Joan Clos, described the new agenda as an “important instrument for enabling national, sub-national and local agencies to achieve sustainable urban development”.

The 24-page agenda also references financial cooperation issues. For example, it explicitly refers to the importance of sustainable financing for the successful implementation of the agenda. The document also mentions residential property finance, urban transport, and the general provision of basic services to all city dwellers.

One of the ways that Germany is helping to implement the agenda is with a new initiative called the “Transformative Urban Mobility Initiative” (TUMI). As part of the initiative, the German Federal Ministry for Economic Cooperation and Development (BMZ) will increase its efforts to promote sustainable urban transport in the emerging economies and developing countries. KfW is playing a crucial part in implementing the initiative on behalf of the German Federal Government, as underscored by KfW Director Marc Engelhardt: “As a development bank, we are playing a very central role in TUMI. We already serve as a reliable partner for sustainable urban development in many different countries. We want to significantly expand our activities in the field of urban mobility in particular. I expect us to commit to new projects with a total volume of around one billion euros both this year and next.” These funds will mainly go towards public transport.

KfW as a municipal financier

Representatives of KfW were involved in a total of ten events at the conference: at the German stand, the UN pavilion, and various official side events including one held by the German Federal Ministry for the Environment, Nature Conservation, Building and Nuclear Safety (BMUB), which was opened by State Secretary Gunther Adler. At the event, KfW presented its activities in connection with the financing of municipalities: “We make crucial contributions and fill in gaps that are not covered by the commercial banks and other investors, both in Germany and in our partner countries,” added KfW Director Felix Klauda.

During the conference it was repeatedly made clear that many cities suffer from a chronic shortage of funds. Against this backdrop, in a discussion with representatives of municipalities in Mozambique, Senegal and Bangladesh, KfW Director Klaus Gihr stated “We have to find new ways of helping cities in developing countries with the financing of projects.” Although there are many of challenges to overcome, it is also clear that “Cities have to make better use of their own resources, and require access to additional funding. Development financiers can and must help them with this.”

At the German stand, KfW reported on projects in India, Bangladesh, and the Palestinian territories in several well-attended podium discussions with its partners. The bank also described its experiences in promoting energy-efficient buildings in Germany and India.

Source: kfw-entwicklungsbank.de

Energy Community Secretariat Establishes Dispute Resolution and Negotiation Centre

26.10.2016

A Dispute Resolution and Negotiation Centre was established today by the Secretariat. Its launch comes as a response to signals that the settlement alternatives currently available for energy disputes no longer respond to the needs of national authorities and stakeholders, in particular small and medium enterprises and consumers.

Arbitration and litigation proceedings tend to be lengthy, expensive and often fail to take into consideration the foremost prerequisites of stable energy markets, namely the necessity for integration, security of supply, investment, as well as interests of energy consumers and the environment. In the Secretariat’s view, such aims can be achieved while preserving the relation between the parties to the dispute by working together for a solution which is mutually acceptable, and not by lengthy adversarial proceedings.

The Centre will focus on negotiations and mediation of investor-state disputes and offer negotiation support to national authorities in their negotiations with private parties. The Centre also aims to facilitate the swift closure of dispute settlement cases under the Energy Community Treaty via tailor-made negotiation and mediation facilities.

The Centre is attached to the Legal Unit of the Secretariat and is chaired by Mr Dirk Buschle, the Head of the Legal Unit and Deputy Director of the Secretariat. The Secretariat, which has already facilitated negotiations in several high-profile investor-state disputes, will be supported by a group of distinguished individuals with experience in the areas covered by the Centre.

In all cases, the services provided by the Secretariat will be free of charge. Procedural rules will be adopted shortly and published on the Energy Community’s website.

Source: energy-community.org

Victorian Government to Boost Solar Energy Tariffs from July 2017

26.10.2016

Victorians with solar panels will be compensated for reducing greenhouse gas emissions in a planned reward scheme set to increase power costs for other households.

Tens of thousands of rooftop solar homes on minimum feed-in tariffs will reap more generous payments, including a new environment benefit bonus, for generating surplus electricity fed back into the grid.

Australian Energy Council chief Matthew Warren warned non-solar households that had already forked out for overly generous subsidies for a decade, would be further penalised.

Energy Minister Lily D’Ambrosio said the planned changes from July next year would allow renewable energy feed-in tariffs to be set in a fairer way, and reward “environmental value”.

“Victorians should be fairly compensated for the power they generate — plain and simple,” Ms D’Ambrosio said.

Opposition energy spokesman David Southwick said it was effectively a green tax, with retailers tipped to pass on millions of dollars in higher costs to other consumers.

The current 5c per kilowatt hour minimum feed-in tariff for 60,000 homes will be replaced with an average 6.5c-7c per kWh payment, earning them an estimated average $17 extra a year.

The flat rate will switch to a time-of-use system so retailers potentially pay up to 8c per kWh for excess power generated during the 3pm-9pm peak, and less at off-peak times.

“This is the first time the tariff has been increased in the last six years, rising by approximately 20 per cent,” Ms D’Ambrosio said.

The Government estimates the system will cost non-solar households about $2.50 each annually.

The Opposition’s Mr Southwick said: “It’s pretty much a new environment tax that will be subsidising a very small proportion of the community at the expense of those without solar panels.

“This comes at a time when Victorians are threatened with higher electricity prices in anticipation of the Hazelwood power station closure.”

The Essential Services Commission will determine actual rates in February next year.

About 90,000 premium 60c feed-in tariff customers retain that rate until 2024. Another 70,000 on standard and transitional tariffs will have payments dramatically cut when their schemes soon expire.

Solar Citizens consumer campaigner Reece Turner said solar energy ultimately pushed down electricity costs for the entire community, as less money needed to be spent on expensive poles and wires.

Source: heraldsun.com.au

Is Infiniti now Ready to Launch an Electric Car, After All?

26.10.2016

Nissan Leaf, elektromobil — Photo: Pixabay

Nissan’s strong commitment to electric cars has not, so far, extended to its Infiniti luxury brand. While the six-year-old Nissan Leaf is the bestselling electric car in history, the company has repeatedly postponed plans for an all-electric Infiniti model. But Infiniti’s on-again, off-again electric car may now be back on again.

Motivated by demand in China, Infiniti is once again considering an all-electric production model, Bloomberg reports. Any electric car from the brand would be designed “for China definitely,” and China would be the first market where it would be sold, Infiniti President Roland Krueger told Bloomberg during a recent interview in Hong Kong.

Last year, China overtook the U.S. to become the world’s largest market for plug-in electric cars.

The surge in sales was due in part to generous government incentives, which have created renewed interest among manufacturers in electric cars and hybrids tailored specifically for China. Once a decision is made, Infiniti could put an electric car on sale “very fast,” Krueger noted.

That’s because it could lean on parent Nissan and its alliance partner, French automaker Renault, for technical expertise. Infiniti took that approach with the LE concept it unveiled at 2012 New York Auto Show. The LE was a four-door sedan based on the current-generation Leaf.

It used a 100-kilowatt (134-horsepower) electric motor with 240 pound-feet of torque, and a 24-kilowatt-hour lithium-ion battery pack. It also featured wireless inductive charging, using a 50-kW DC charging pad that would be placed on a garage floor.

The LE received generally positive reviews at the time of its debut, but Infiniti executives vacillated about committing to a production version. If Infiniti were to revisit the LE, it could well opt for the underpinnings of the next-generation Leaf to make the car more competitive.

The next Leaf is expected to have a 200-mile range, which the Infiniti model would need to compete with the promised Tesla Model 3. But so far, Infiniti has shown more interest in improving the efficiency of internal-combustion powertrains than in developing electric ones.

At the 2016 Paris Motor Show, it unveiled a variable-compression engine, which can alter its compression ratio on the fly. Several automakers have experimented with these engines, but Infiniti will likely be the first to put one into production. It will arrive in 2018 in an unspecified vehicle as a 2.0-liter 4-cylinder turbocharged gasoline engine.

Source: greencarreports.com

Oil Prices Drop as Concerns over Global Fuel Glut Re-emerge

26.10.2016

Oil prices fell more than a percent on Wednesday as a report showing a surge in U.S. crude stocks, rising production in Nigeria and squabbling among producers about a planned output cut re-ignited concerns about a global supply glut.

Brent crude futures were down 61 cents, or 1.20 percent, at $50.18 a barrel as of 0417 GMT. Prices hit $50.17 earlier in the session, the lowest in about three weeks. U.S. crude was at $49.27 per barrel, down 69 cents, or 1.38 percent, from its settlement on Tuesday.

“Crude is on the defensive this morning following American Petroleum Institute (API) inventory numbers showing a rise of 4.8 million barrels against an expected rise of 1.7 million,” said Jeffrey Halley, senior market analyst at brokerage OANDA in Singapore.

Official data by the Energy Information Administration (EIA) is due later on Wednesday.

“EIA crude inventory figures will be closely watched tonight. A large jump in inventories will no doubt see crude pushed lower again,” Halley said. The oil market is also keeping an eye on U.S. currency movements for trading cues.

The dollar hit a nine-month peak overnight against a basket of currencies, underpinned by expectations U.S. rates will rise by the year-end, making commodities priced in the greenback expensive for holders of other currencies.

“Technical resistance with Brent above $50 might (also) be driving some activity,” said Michael McCarthy, chief market strategist at Sydney’s CMC Markets.

According to a Reuters market analyst, Brent could drop further to $49.67, the next support level.

Traders said squabbles within the Organization of the Petroleum Exporting Countries (OPEC) about a planned output cut later this year were weighing on oil markets too.

Other OPEC-members, including Libya and Nigeria, are likely to be exempt from cutting production, while Iran and Venezuela and Indonesia are also unlikely to reduce output.

Royal Dutch Shell has resumed crude exports from the Forcados terminal in Nigeria’s restive Niger Delta following repairs after a militant attack, the Nigerian presidency said late on Tuesday.

Unless non-OPEC production giant Russia joins the effort, that leaves the onus of a potential cut with Arab producers in the Middle East like Saudi Arabia, Kuwait and the United Arab Emirates (UAE).

Source: reuters.com

Renewables Overtake Coal as World’s Largest Source of Electricity Capacity

26.10.2016

Obnovljivi izvori energije — Foto: Pixabay

According to the International Energy Agency (IEA), total clean power capacity increased by 153 gigawatts, overtaking coal for the first time.

“We are witnessing a transformation of global power markets led by renewables and, as is the case with other fields, the center of gravity for renewable growth is moving to emerging markets,” Dr. Fatih Birol, the IEA’s executive director, said.

The agency also raised its five-year forecast for renewable energy by 13 percent and now expects renewables to be 42 percent of global energy capacity by 2021.

Source: ecowatch.com

Nepal, Bangladesh Agree to Build More Than 1,600 MW of Pumped-Storage Hydropower

25.10.2016

The governments of Nepal and Bangladesh have signed an agreement to build two pumped-storage hydropower plants with a total capacity of more than 1,600 MW in Nepal, according to the Kathmandu Post.

The agreement was signed Oct. 16 by Nepal Commerce Minister Romi Gauchan Thakali and Bangladesh Commerce Minister Tofail Ahmed. The projects are 1,110- MW Sunkoshi II and 536-MW Sunkoski III, both on the Sunkoshi River in central Nepal.

The countries will develop the projects under the Bangladesh, Bhutan, India, Nepal (BBIN) initiative the four countries signed to facilitate regional trade and business. Electricity produced will be exported to Bangladesh via India through the BBIN economic corridor.

The Department of Electricity Development assumed the responsibility of conducting feasibility studies on both projects. If the projects proceed, they will be developed as the first pumped-storage facilities in the country. Water will be pumped from the reservoir of Sunkoshi III to Sunkoshi II.

Other projects on the Sunkoshi River include 2.6-MW Sunkoshi Small and 10-MW Sunkoshi.

Source: renewableenergyworld.com

More Northeast Natural Gas Pipeline Capacity Brings Questions

25.10.2016

Led by the surge in Appalachia’s Marcellus and Utica plays, U.S. natural gas production has increased over 50% since 2005 and related infrastructure to move the gas has become short. This is really not just an issue for the U.S. but for the world: the Northeast shale gas boom is making U.S. natural gas a global commodity. Combined, Pennsylvania, Ohio, and West Virginia have rapidly evolved from producing 2.5% of U.S. gas in 2005 to nearly 30% today.

As Northeast supplies are wanted by many markets, the entire U.S. gas industry is being flipped from its decades-old way of operating, which was basically west-to-east and south-to-north. The industry has thus needed to re-learn receipt points and flows as the whole way of operations is transforming, a change that is being further affected by regulatory and social changes, such as the climate change-driven anti-fossil fuel movement. Not exactly a small problem.

The Northeast is still a highly constrained gas market and much of the region doesn’t have access to the local gas surge because there aren’t enough pipelines to take the gas away to markets. In fact, combined with low prices, this lack of infrastructure often has companies in the region curtailing gas production because there’s no way to move the gas out. Cabot Oil & Gas, which has been ranked as the 2nd biggest PA Marcellus producer (here), had to curtail 75 Bcf in 2015, or enough gas to heat more than 1.1 million homes for a year.

New England in particular has suffered and is easily the highest priced gas and power market in the country, with respective rates of 45% and 55% higher than the national average. Natural gas is promoted as a way to reduce New England’s over reliance on heating oil and oil-based power generation, the latter averaging a whopping 16.2 GWh/day in Winter 2014. When gas demand rises in New England, a lack of pipelines means pricer LNG imports from as far away as Yemen. Remember that residential heating gets priority over gas needed for utilities.

The “Not in My Backyard” obstacle is very strong in the Northeast. One problem has been that the Northeast is a relatively new area of major gas production, so residents aren’t used to the infrastructure required to produce more, unlike, say, Texans or Oklahomans. Moreover, the Northeast is generally more environmentally conscious and has a higher population density, which makes it tougher to lay pipelines.

This isn’t welcome news for an oil and gas industry already caught in a historically low price environment that is reducing revenues and making projects more difficult. We have seen gas infrastructure and pipeline projects delayed, denied, or cancelled that are worth billions of dollars, perhaps the largest being the $1 billion Constitution Pipelined headed up by Williams and Cabot. Anti-pipeline groups stress that combating climate change should simply focus on ramping up renewables, storage, energy efficiency, and other demand-side management programs.

Regulatory wise, FERC is the main permitting agency for interstate pipeline projects and is an independent actor that regulates the transmission of gas, electricity, and oil. Particularly in environmental matters, projects require certain state (and sometimes local) permits.

Source: forbes.com

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