Day: October 17, 2022

Oil Industry Execs Lash Out At Botched Energy Transition

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Until recently, the idea of a Fortune 500 company boss criticizing the energy transition would have been considered eccentric, to put it mildly. Now, two Fortune 500 bosses have slammed the transition inside a single week. JP Morgan’s Jamie Dimon was first. On Monday, he told CNBC in an interview that the Biden administration had basically messed up the country’s—and the world’s—energy security by doubling down on the energy transition instead of motivating growth in oil production. Calling the current energy crunch “predictable,” Dimon said that “In my view, America…

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Is Wind Energy Becoming Too Expensive?

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General Electric (GE) plans to make major job cuts in its U.S. wind operations and will consider its other markets too as windfarms are proving to be a major expense in the wake of Covid and the Russian invasion of Ukraine. Continued supply chain disruption and the high cost of wind turbines are deterring companies from investing in wind energy, as they look for cheaper alternatives. It’s a question that has been being asked for years – are wind and solar power more expensive and less reliable? The two renewable…

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Trapped, like canaries in a coal mine

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On the top of a mountain overlooking the coal mines, the August weather brings a pleasant breeze during a lull in frequent rains. This area is around 16km from the city of Quetta and the mountainous terrain is dotted with coal mines, which provide sustenance to hundreds of miners working deep inside them. As I arrive in the area, I witness miners extract coal from these mines — a practice that has continued here since the days of the British Raj. A majority of the workers employed by these coalfields…

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Saudi Arabia Announces $400 Million In Aid To Ukraine

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Saudi state media announced Saturday that the kingdom will provide $400 million in humanitarian aid to Ukraine, following a Friday phone call between Crown Prince Mohammed bin Salman and President Volodymyr Zelensky. SPA stated of the call, “The crown prince expressed the kingdom’s readiness to continue efforts of mediation and support everything that contributes to de-escalation,” in reference to the over seven-month long invasion of Ukraine. The timing of the new aid is raising eyebrows at a moment there are growing calls in US Congress to freeze all new military…

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Pakistan’s power generation cost up nearly 46% YoY in Sep as production declines

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The total cost of generating electricity in the country jumped nearly 46%, hitting Rs9.91 KWh in September 2022 compared to Rs6.80 KWh registered in the same month last year. However, on a month-on-month (MoM) basis, electricity generation cost declined marginally by 1.5%. “On a MoM basis, the decrease in fuel cost is witnessed mainly due to a rise in wind and solar-based generation,” said Arif Habib Limited (AHL) in a note on Monday. “In addition to this, coal and furnace oil-based costs of generation declined by 12% MoM and 3%…

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