Texas Electricity Prices Surge Over 800% with Power Usage at All Time High

They say everything is bigger in Texas, this weekend you can add power usage to that list with Southeast Texas is locked into a strong high-pressure system. Electric Reliability Council of Texas (Ercot), the grid operator for the state said that electricity prices for the power grid rose to over $2,500 a megawatt-hour for Sunday evening. This is a gain of 800% from Saturday’s high of around $275 and will strain the grid. Ercot said that power usage on Sunday … Continue reading “Texas Electricity Prices Surge Over 800% with Power Usage at All Time High”

BOEM Sets U.S. Gulf of Mexico Oil and Gas Lease Sale for March 29, 2023

The U.S. Bureau of Ocean Energy Management (BOEM) will hold an oil and gas lease sale in the Gulf of Mexico in March 2023 it announced Friday. The lease sale is one of three offshore lease sales initially cancelled by the Biden Administration in May 2022. The Gulf of Mexico Oil and Gas Lease Sale 259 will offer approximately 13,600 blocks on 73.3 million acres in the Western, Central, and Eastern Planning Areas on the U.S. Outer Continental Shelf. The … Continue reading “BOEM Sets U.S. Gulf of Mexico Oil and Gas Lease Sale for March 29, 2023”

Wind and Solar Energy Operator Enlight Renewable Energy Downsized IPO Debuts

Enlight Renewable Energy, which operates wind and solar energy projects in Israel, Europe, and the US, raised $252 million by offering 14 million shares at $18. The company had previously been indicated to raise $293 million from the offering. Enlight is the second sizable renewables company to IPO in the US this week; solar tracking equipment company Nextracker (NXT) upsized and rose 26.9% on its Thursday debut. Enlight Renewable Energy listed on the Nasdaq under the symbol ENLT. ENLT IPO Highlights … Continue reading “Wind and Solar Energy Operator Enlight Renewable Energy Downsized IPO Debuts”

UK Natural Gas Prices Rise 5% in 2022, 77% off Panic Highs Seen in March

UK Natural Gas prices finished the year well off their highs with a gain of just 5% on the year at 180 GBP/Thm at the end of 2022 and 77.5% off the highs in March. In an extremely volatile year that caused havoc on millions of British citizens and financial markets, after Russia’s invasion of Ukraine and the subsequent Western sanctions disrupted supplies to the European region. Natural gas prices in the UK are well below the intraday-record level of … Continue reading “UK Natural Gas Prices Rise 5% in 2022, 77% off Panic Highs Seen in March”

Renewables Sources Make Up 13% of Global Power Generation in 2021

The power generation blend in 2021 shows coal is still the dominant source with 36%, natural gas has increased to almost 23%. Every other major generation source of the mid-1980s has lost relative share and not all to gas. Renewable power is the other big improver, wind, solar, geothermal, biomass and small hydropower has grown from 0.8% of the world’s electricity mix to 13%. Renewables had just 0.8% market share globally in 1985. In 1985, coal-fired power was 38% of global electricity … Continue reading “Renewables Sources Make Up 13% of Global Power Generation in 2021”

Wind and Solar Generate More Energy Than Nuclear Power

With the global energy crisis which has Europe on the ropes with record power prices decimating Germany there is a revival of nuclear energy chatter. Nuclear generation increased over 4% in 2001, the biggest increase since 2004 with Chinese fleet additions the driver.  In 2020, all renewable power generation surpassed all nuclear generation. In 2021, wind and solar surpassed 10% of global generation by themselves overtaking overtook nuclear in annual generation. Since 1985 renewable power (wind, solar, geothermal, biomass and … Continue reading “Wind and Solar Generate More Energy Than Nuclear Power”

China Overtakes Europe as World’s Biggest Renewable Electricity Generator

China’s transition into a major economy has been relentless and with that its energy consumption. While China is the largest user of natural gas and coal it has also evolved to become the world’s largest renewable energy generator. In 2016 China surpassed the US and reached close to 60% of Europe’s total renewable generation. In 2021 China overtook Europe, adding almost 290 terawatt-hours of total renewable electricity generation in one year. Last year, Japan and India generated a combined 302 terawatt-hours.  … Continue reading “China Overtakes Europe as World’s Biggest Renewable Electricity Generator”