DAILY ON ENERGY: • Russian reset • Breaking - Manchin opposes Biden FED nominee • UK setting up energy task force
RUSSIAN RESET: The chaos which Russia’s invasion in Ukraine unleashed into global energy markets is forcing leading governments to reset their strategies for cutting loose from fossil fuels and getting to net-zero emissions.
German Chancellor Olaf Scholz said late last month the country would fast-track construction of two liquefied natural gas terminals to make it more secure in its gas supplies. Outside the bloc: The Brits are not nearly as dependent on Russian gas as continental Europe, but they are still facing astronomically high energy prices, and now Boris Johnson’s government is reportedly considering lifting its moratorium on fracking to increase domestic production.
As for the Chinese, who have been criticized by the West for lacking ambition on cutting emissions, the country will now increase domestic oil and gas exploration, as well as coal production, in response to high prices associated with the Russia-Ukraine war, the Australian Financial Review reported last week.
“We are increasing oil production with a record productivity. By the end of the year, we will have produced more oil than any time in the last number of years,” President Joe Biden told fellow Democrats last week at their retreat in Philadelphia. UK SETTING UP ENERGY TASK FORCE: Johnson announced he will set up an “energy task force” to bolster the UK’s oil, gas, and nuclear supplies as it seeks to reduce its dependence on Russian energy. The news comes after Johnson pledged last week to end Britain’s dependence on all Russian energy supplies by the end of 2022.
Once fully operational, The Guardian reports, Finland’s reactor is slated to meet 14% of the country’s electricity demand, helping reduce its dependence on imports from Russia and other countries. The Solar Energy Industries Association put out a report last week finding that prices for large-scale solar projects grew by 18% last year and implicated supply chain issues, higher costs for inputs, and trade uncertainties.
The court determined that the then-majority Republican FERC erred under the National Environmental Policy Act in failing to account for “reasonably foreseeable indirect effects of the project,” namely the greenhouse gas emissions associated with burning the gas carried through the pipeline. FERC will have to undertake a new NEPA assessment to comply with the ruling.
“I think developers of energy infrastructure would agree that when regulatory agencies ignore traditional directives or cut corners, the courts typically vacate the permits and send the agencies back to the drawing board,” Glick said in a recent Senate ENR hearing. “This often adds significant time and hundreds of millions, if not billions, of dollars of additional cost onto a project.”
“This is a positive development as the [Chernobyl] NPP has had to rely on emergency diesel generators for several days now,” IAEA Director General Rafael Mariano Grossi said in a statement yesterday. “However, I remain gravely concerned about safety and security at Chornobyl and Ukraine’s other nuclear facilities.”
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