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Tom Sanzillo and Clark Williams-Derry
Rising oil prices fail to mask long-term fundamental weaknesses for oil business
Former ExxonMobil CEO Lee Raymond advanced the idea in the 1980s that the quality of management trumped all else in evaluating the oil industry’s prospects. He believed oil company executives were in the best position to project supply and demand, ride worldwide growth cycles, and provide robust returns to investors, no matter how oil markets […]
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Arab News: ACWA Power, the utility developer backed by Saudi Arabia’s Public Investment Fund (PIF), is planning to invest $16 billion in new projects around the world in 2021, ahead of plans for an initial public offering (IPO). Early last year, CEO Paddy Padmanathan said the company planned to invest $10 billion in new projects […]
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Renew Economy: Australia has been ranked dead last for climate action in the latest Sustainable Development Report, which assesses the progress of countries towards achieving the Sustainable Development Goals. In the latest edition of the report, produced by the UN-backed Sustainable Development Solutions Network, Australia received the lowest score awarded to any of the 193 […]
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PV Tech: Abu Dhabi-based renewables company Masdar has signed an agreement to develop solar projects in Iraq with a minimum total capacity of 2GW. The plants will be built in central and southern Iraq and support the country in its ambition to procure 25% of its energy from renewables, Oil Minister Ihsan Abdul Jabbar Ismail […]
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Bloomberg ($): Saudi Aramco outlined plans to invest in blue hydrogen as the world shifts away from dirtier forms of energy, but said it will take at least until the end of this decade before a global market for the fuel is developed. “We’re going to have a large share” of the market for blue […]
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Bloomberg ($): The United Arab Emirates could become the first nation among the Organization of the Petroleum Exporting Countries to set a net-zero goal, a move that would please Western countries pushing for stronger climate commitments but won’t require it to sell less oil. The country is considering a 2050 target to align with a […]
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Reuters: Germany and Australia on Sunday signed a bilateral alliance on hydrogen production and trade to try to facilitate a renewable energy-based hydrogen supply chain between the two countries. Economy Minister Peter Altmaier and Education and Research Minister Anja Karliczek signed a letter of intent to set up a “Germany Australia Hydrogen Accord” with Australian […]
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Bloomberg ($): “This time is different” may be the most dangerous words in business: billions of dollars have been lost betting that history won’t repeat itself. And yet now, in the oil world, it looks like this time really will be. For the first time in decades, oil companies aren’t rushing to increase production to […]
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Wall Street Journal ($): SoftBank Group Corp. is selling its Delhi-based renewable-energy unit to an Indian rival, a step that effectively pulls the plug on what was once the world’s most ambitious solar investor. Adani Green Energy Ltd. said Wednesday it was buying SB Energy India in a deal that values the unit at $3.5 […]
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Arab News: ACWA Power, the utility developer backed by Saudi Arabia’s Public Investment Fund (PIF), on Monday announced it had started construction on South Africa’s largest ever renewable energy project. The Redstone concentrated solar power (CSP) plant begun construction after it raised 11.6 billion rand ($828 million) from a range of South African and international […]
IEEFA U.S.: FERC gives blank check approval to pipeline builders, while investors and consumers pick up costs
Commission’s 21-year-old pipeline policy puts contracts ahead of utility customersDecember 17, 2020 (IEEFA) — The federal agency responsible for approving interstate gas pipeline projects is basing its decisions on contracts rather than on today’s consumer energy needs or the public interest, according to a report released today by the Institute for Energy Economics and Financial Analysis. The report—FERC’s Failure to Analyze Energy Market Forces—details […]