Day: March 8, 2020

According to Renew Economy, German has set higher daily or weekly records in the past, but February of 2020 set the record for an entire month. “Of the total 45.12TWh generated by Germany’s power sector, 27.63TWh, or 61.2%, was generated from renewable electricity sources. Throughout the month, Germany’s renewable energy sector regularly provided around 60% or above of the country’s electricity production – including over a dozen days around or above 70%,” RE writes. Wind turbines were by far the largest contributor to all that renewable energy, generating a record 20.80 TWh, or…

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Saudi Arabia plans to boost oil output next month to well above 10 million barrels a day, as the kingdom responds aggressively to the collapse of its OPEC+ alliance with Russia. At the same time, Saudi Arabia has privately told some market participants it could raise production much higher if needed, even going to a record 12 million barrels a day, according to people familiar with the conversations, who asked not to be named to protect commercial relations. With demand ravaged by the coronavirus outbreak, opening the taps would throw…

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New York (CNN Business)Airline passenger traffic is plunging around the world because of coronavirus. That means tens of thousands of airline workers will probably soon be out of work, at least temporarily.Airlines are already adjusting its staffing by asking employees to take vacation at reduced pay or unpaid leaves of absence. Sofar, airlines’ job cuts have not been permanent. But some companies have frozen hiring, which could hurt airlines’ abilities to fill jobs they need filled once the crisis passes.”Every airline will have to look at doing something like this,” said airline…

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Alexander Novak told his Saudi Arabian counterpart Prince Abdulaziz bin Salman that Russia was unwilling to cut oil production further. The Kremlin had decided that propping up prices as the coronavirus ravaged energy demand would be a gift to the U.S. shale industry. The frackers had added millions of barrels of oil to the global market while Russian companies kept wells idle. Now it was time to squeeze the Americans. After five hours of polite but fruitless negotiation, in which Russia clearly laid out its strategy, the talks broke down.…

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The U.S. power sector’s rush to build out natural gas capacity risks far more than locking in emissions that would bust the Paris climate targets – it also poses tens of billions in financial risk to utility investors. Once commonly considered a “bridge fuel,” electric utilities now must face the mathematical reality that fast-falling clean energy costs mean the bridge only leads to climate breakdown and the destruction of shareholder value. A new report from Energy Innovation and shareholder advocacy group As You Sow outlines these evolving risks for shareholders, strategies for investors to accelerate decarbonization, and policies…

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