Bitcoin’s Energy Consumption Is Still Climbing

The devastating economic impact of the novel coronavirus pandemic is an unprecedented disaster for global markets, with the world almost certainly plunging into a yearslong worldwide recession. This almost entirely unanticipated interruption to business as usual has some silver linings, however. For decades, world leaders and environmental and climate scientists have been paying a lot of lip service to the need for a global energy transition toward cleaner forms of power, but the momentum of the economic status quo has proven extremely difficult to slow. There have been some strides…

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Mining Giant BHP Commits To Carbon-Neutrality By 2050

BHP (ASX, LON, NYSE: BHP) is fine-tuning details of a revamped strategy to reduce the company’s operational emissions and its use of diesel, which will set concrete targets to be reached by 2030, chief executive Mike Henry said on Thursday. The “very tangible actions” to be announced on September 10, are part of the world’s largest miner’s broader commitment to become carbon-neutral by 2050. Henry told shareholders he would also announce concrete steps towards reducing the company’s Scope 3 emissions (those generated by end-users), an important consideration given BHP is…

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Canadian Oil And Gas Spending Plummets 54%

Canada’s capital spending on its oil and gas industry fell by more than half in the second quarter as the pandemic-inspired low prices continue to burden oil and gas producers with impossible breakevens. Canada’s capital spending fell 54% in Q2, to $3.88 billion, according to Statistics Canada. This is down from $8.46 billion in Q1 2020 and $8.59 billion in Q4 2019. The Canadian Association of Petroleum Producers estimated a couple of months ago that the full-year spend for its oil and gas production sector would be just above $23…

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The World’s Top Oil Importer Is Turning Its Back On Saudi Arabia

At the same time, Chinese oil imports from Saudi Arabia – after hitting all-time highs in May and June thanks to the bargain prices the Saudis offered in the brief price war for market share in March and April – slipped in July as availability of crude from the Middle East shrank after May with the OPEC+ cuts. Chinese refiners were opportunistic buyers of crude in March and April, and given the shorter tanker travel time between the Middle East and China, compared to the U.S.-China route, Chinese imports of…

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Wind Turbine Builder Siemens Gamesa Plots Return To Profitability

Siemens Gamesa Renewable Energy’s new financial strategy will look familiar to those following the pinched U.S. shale sector: the German-Spanish wind turbine manufacturer plans to focus less on breakneck growth, and more on profitability and cash generation.  “We cannot live from volume,” C.E.O. Andreas Nauen said on August 27th in a conference call as the company unveiled its new strategy. “We have to make a profit.”   With revenue of more than €10 billion in 2019, Siemens Gamesa has emerged as the world’s number two builder of the Statue of Liberty-sized wind turbines now…

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Nine gigawatts of wind turbines were added last year in the US

Earlier this year in the US, energy generation from wind, solar, and hydroelectric dams combined to top coal generation for over two months straight. This was the product of spring peaks in renewable generation and reduced electrical demand during lockdowns, but those events were layered on top of coal’s continuing decline and the long-term growth of renewables. A new report from the Lawrence Berkeley National Laboratory looks back at 2019—what is now known as the Before Times—to tally up year-end totals for the wind industry. The topline number is that…

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OGDC makes another oil, gas discovery in Kohat

Oil and Gas Development Company (OGDC) has made a gas and condensate discovery in its exploratory well Saib-1 in Kohat district of Khyber-Pakhtunkhwa. According to a statement issued by the oil and gas exploration company, the Saib Well-1 was drilled and tested using OGDC’s in-house expertise. The well was drilled to the depth of 5,500 metres. Based on the open hole logs data, the well test showed a flow of 1.6 million standard cubic feet of gas per day and 12 barrels per day of condensate with pressure of 190…

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Statement on Implementation of GIDC Verdict

This refers to displays/advertisements appearing in some leading newspapers on August 25 & 28, 2020 regarding the honourable Supreme Court judgement in the GIDC Act 2015. These advertisements have wrongfully presented the landmark Supreme Court judgement of 13th August 2020 on the GIDC Act 2015. Through these advertisements an impression is being created as if this judgement will negatively affect the economy and that there is no need to collect the outstanding Cess as the already collected amount is sufficient to complete these projects. The advertisement erroneously claims that North…

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Sale power tariff not to be reduced after MoUs with IPPs

ISLAMABAD: After the MoUs signed with the independent power producers (IPPs) installed under 1994, 2002 and 2006 power policies, the tariff of private power houses will be sliced but the sale tariff for end consumers will not tumble, as the Power Division wants to use the gains to be achieved from reduction in the IPPs tariff to cope up with the circular debt that has jacked up to over Rs2.2 trillion. Talking to The News on the power sector’s woes and forward looking strategy to rid the sector of financial…

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China Sees Record-Breaking Electricity Consumption In August

China’s electricity consumption hit a record this month after rising steadily since the start of summer, the People’s Daily reported, noting that the trend suggested a robust recovery in economic activity in Asia’s second-largest economy. Electricity consumption in the manufacturing sector has specifically posted a marked recovery since July, reversing a negative consumption trend from the first half of the year. In even better news, electricity consumption in the consumer goods production sector rose by as much as 46.1 percent during the second quarter of the year, signaling expectations of…

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