UK probably in recession – Bloomberg

Energy News Beat

7 Nov, 2023 09:52

HomeBusiness News

The country’s GDP data for Q3 is due later this week, but analysts suggest all signs point to a contraction

The UK is likely already in a recession due to soaring interest rates and rising unemployment, Bloomberg reported on Monday.

According to analysis by Bloomberg Economics, the country’s GDP likely shrank by 0.1% in the third quarter, and there is a 52% chance of another contraction in the last three months of the year. This would place the UK in a technical recession, which is defined by two consecutive quarters of decline.

It will be a close call between stagnation and a mild contraction, but the odds are tilted marginally in favor of the latter. The risks are that the fall in output is a little sharper than we have penciled in,” analyst Dan Hanson said in the report. He added that with the labor market “loosening,” consumers in the UK may feel more cautious about spending in the coming months.

This is even as their real incomes continue to rise over the winter. The September money and credit data from the BOE [Bank of England] points to households saving more than they have in the recent past.”UK firms shedding staff as recession fears mount

The Bank of England last week also predicted a 50% chance of a recession in the second half of the year. Official data on Britain’s GDP in the three months through September is expected to be published on Friday.

For more stories on economy & finance visit RT’s business section

The post UK probably in recession – Bloomberg appeared first on Energy News Beat.

 

The Eurozone Disaster – Between Stagnation and Stagflation

Energy News Beat

Authored by Daniel Lacalle,

The Eurozone economy is more than weak. It is in deep contraction, and the data is staggering.

The Eurozone Manufacturing purchasing managers’ index (PMI), compiled by S&P Global, fell to a three-month low of 43.1 in October, the sixteenth consecutive month of contraction. However, European analysts tend to ignore the manufacturing decline using the excuse that the services sector is larger and stronger than expected, but it is not. The Eurozone Composite PMI is also in deep contraction at 46.5, a 35-month low, and the services sector plummeted to recession territory at 47.8, a 32-month low.

Some analysts blame the energy crisis and the ECB rate hikes, but this makes no sense.

The eurozone should be outperforming the United States and China because the energy crisis reverted almost immediately. Between May 2022 and June 2023, all commodities, including natural gas, oil, and coal, as well as wheat, slumped and fell to pre-Ukraine war levels. A mild winter and the impact of monetary contraction created a strong stimulus that should have helped the eurozone, and there were no supply disruptions. In fact, the contribution of the external sector to GDP helped the area avoid a recession, as exports remained healthy while imports declined.

Blaming the eurozone recession on the ECB’s monetary policy is also unfair. The eurozone inflation is unacceptable, and, as the studies of Borio (BIS, 2023) and Congdon and Castañeda (2022) prove, inflation was caused by excessive money growth. Furthermore, the ECB’s monetary policy remains hugely accommodating. In fact, the misguided anti-fragmentation program continues to support the debt of fiscally irresponsible countries. The ECB’s balance sheet is more than 50% of the GDP of the euro area, compared to the Federal Reserve’s 30%.

Fiscal and monetary policy remain expansionary. Governments can spend at will, as the fiscal rules and limits have been suspended. Therefore, fiscal and monetary conditions are a Keynesian dream. There is more, because the much-trumpeted EU Next Generation Fund, a €750 billion stimulus package aimed at strengthening growth and productivity, is in full swing.

Now put all this together. Massive stimulus packages, deficit spending, accommodative monetary policy, and the external support of cheap natural gas and coal… And there is no growth. Blaming it on China’s slowdown is lazy. If eurozone growth was driven by exports to China, Germany would not have been on the verge of recession, with France and Italy delivering zero growth in 2019, for example. Furthermore, the poor growth of the eurozone between 2011 and 2019 coincided with a period of extraordinary expansion in China.

The problem of the eurozone is not China, rate hikes, or the Ukraine war. The curse of the eurozone is central planning. Subsidizing obsolete sectors and zombie firms, bloating government spending, and massively increasing taxes on the most productive sectors are driving away technology, industry, and high-productivity sectors. Government current spending is now the main component of GDP in countries like France or Belgium and is rising all over the eurozone. Implementation of politically imposed economic decisions has crippled euro area opportunities, and energy policy is a key area of stagnation in the economy. A misguided energy policy makes industry less competitive and the economy more vulnerable as power and natural gas prices for households and industries are significantly more expensive than in China or the U.S. due to the accumulation of taxes and regulatory burdens.

The ECB does not have to decide between inflation and growth. This is a false dilemma. There is plenty of growth without inflation in high-productivity economies. The problem is that European governments believe all their fiscal imbalances will be disguised by monetary policy and demand negative real rates and constant monetization of debt. Thus, the ECB will have to choose between stagnation and stagflation because governments are forcing it.

Loading…

Real Estate Investor Pulse

1031 Exchange E-Book

ENB Top News 
ENB
Energy Dashboard
ENB Podcast
ENB Substack

The post The Eurozone Disaster – Between Stagnation and Stagflation appeared first on Energy News Beat.

 

LNG Trading Made The Difference For Oil Supermajors In Q3

Energy News Beat

By Tsvetana Paraskova of OilPrice.com,

The European oil and gas majors, which are also the world’s top LNG traders, reported a mixed bag of third-quarter results, with some beating or meeting estimates and others missing expectations amid diverging gas trading opportunities in Europe and Asia.

Shell and TotalEnergies, the world’s largest and second-largest LNG traders, respectively, reported strong gas trading earnings thanks to the open arbitrage to Asian markets in the third quarter. But BP, another major with a typically strong gas trading business, saw weak results in the division between July and September, which dragged overall earnings below analyst estimates.

The difference between BP, on one hand, and Shell and TotalEnergies, on the other hand, was that BP is more exposed to the European and U.S. markets where inventories were high while volatility was not.

Shell reported last week adjusted earnings of $6.224 billion for the third quarter, generally in line with expectations. The higher adjusted earnings and EBITDA for the third quarter compared to the second quarter reflected favorable trading and optimization results combined with higher realized liquids prices, offset by lower volumes. Shell had already said a month ago that it expects its third-quarter earnings to receive a boost from stronger trading results in its natural gas and products divisions compared to the second quarter.

“Shell delivered another quarter of strong operational and financial performance, capturing opportunities in volatile commodity markets,” Shell’s CEO Wael Sawan said in a statement.

TotalEnergies, for its part, reported a third-quarter net income above expectations, thanks to higher oil prices, strong trading, and stronger refining margins in the summer.

“The Asian buyers are back in the LNG business: today, the JKM is at TTF plus $2 to $3, which means that they are ready to buy. And today, most of the cargoes are going to Asia because the spot market is in favor of Asia,” TotalEnergies chief executive Patrick Pouyanné said on the earnings call, commenting on the natural gas prices in Europe and Asia and their differentials.

“So you might have in this type of market, more call for LNG coming from Asia, so it puts an additional tension on this LNG market.”

While Shell and TotalEnergies benefited from the open arbitrage to the Asian market, BP said that its gas trading performance was weak in the third quarter.

BP reported lower-than-forecast earnings for the third quarter as weak gas marketing and trading and a charge in offshore wind weighed on the results and couldn’t offset a strong oil trading business.

“If you think back to the year, in the first quarter we had an exceptional performance, in the second quarter we had exceptional performance, and then in the third quarter – we’re calling it weak. That was really due to lack of structure in the market,” BP’s interim CEO Murray Auchincloss said on the earnings call.

“So there was a little bit of volatility in the prompt, but the actual structure of the market as you looked out across multiple months wasn’t moving around.”

Auchincloss noted that “It’s just a situation where inventories are very full in Europe, inventories are quite full in the United States, and that just means there’s much less money to make on volatility.”

With the bigger exposure to Europe’s gas market, BP’s trading was weaker than the similar divisions at Shell and TotalEnergies, which took full advantage of the return of Asian buyers and the open arbitrage this summer.

Looking forward, BP’s Auchincloss said “volatility will tell” how the gas trading division would perform in the fourth quarter.

“Weather will determine it, outages will determine it, and you know that our business is poised to do well when volatility occurs,” he said.

Loading…

Real Estate Investor Pulse

1031 Exchange E-Book

ENB Top News 
ENB
Energy Dashboard
ENB Podcast
ENB Substack

The post LNG Trading Made The Difference For Oil Supermajors In Q3 appeared first on Energy News Beat.

 

Oil up as Saudi Arabia and Russia stick to supply cuts

Energy News Beat

Yahoo Finance

(Bloomberg) — Oil gained after Saudi Arabia and Russia reaffirmed they will stick with oil supply curbs of more than 1 million barrels a day through the end of the year. West Texas Intermediate crude increased more than 2% to trade above $82 a barrel.

Source: Reuters

The announcement by the OPEC+ heavyweights on Sunday came after concerns about weaker global demand pushed oil prices down by almost 6% last week.

Crude is trading at prices seen before the Israel-Hamas war began as the fighting fails to disrupt output from the Middle East, the source of about a third of the world’s oil.

While the conflict still could spread, the Organization of Petroleum Exporting Countries and its partners are keeping tight control over supplies amid a shaky demand outlook, underscored by a surprise contraction in Chinese manufacturing last month. Saudi Arabia has slashed daily production by 1 million barrels, and Moscow is curbing exports by 300,000 barrels, on top of earlier cuts made with fellow OPEC+ nations.

“We believe these voluntary supply cuts are likely to be extended into the first quarter of 2024 — given seasonally weaker oil demand at the start of every year, ongoing economic growth concerns, and the aim of producers and OPEC+ to support the oil market’s stability and balance,” said Giovanni Staunovo, a commodity analyst at UBS Group AG.

Saudi Aramco, meanwhile, kept its December official selling prices for two of five oil grades unchanged to Asian customers. However, the kingdom slashed its prices for Europe, a further sign of the concern over consumption in the region.

In a bearish signal, more traders are paying a higher premium for contracts that profit from a price decline rather than a rally. The gauge known as the put skew widened to levels last seen in mid-October. Hedge funds also slashed bullish bets on US crude by the most since July 2021.

Real Estate Investor Pulse

1031 Exchange E-Book

ENB Top News 
ENB
Energy Dashboard
ENB Podcast
ENB Substack

The post Oil up as Saudi Arabia and Russia stick to supply cuts appeared first on Energy News Beat.

 

Venezuela in talks with oilfield services firms to revive oil production

Energy News Beat

Oil Price

After the sanctions relief from the U.S. last month, Venezuela is in contact with domestic and international oilfield services providers to help it ramp up crude oil production, Reuters reported on Monday, citing sources close to the negotiations.

Source: Reuters

Venezuela’s state-controlled oil firm PDVSA is discussing hiring equipment and services from oilfield services suppliers now that the United States has lifted sanctions on Venezuela’s oil industry after the Nicolas Maduro government reached a deal with the opposition that could see elections held next year.

Some of the international oilfield services firms that have inactive equipment in Venezuela are SLB, Evertson International, and Nabors Industries, according to two Reuters sources.

Still, Venezuela will need years to recover its crude oil production to the levels from before the U.S. sanctions as it needs a lot of investments, analysts say.

Venezuela is expected to raise its crude oil production by less than 200,000 barrels per day (bpd) until the end of 2024 as years of underinvestment and mismanagement will hamper rapid output growth following the effective lifting of most oil sanctions on Venezuela for six months, the U.S. Energy Information Administration (EIA) said last month.

The U.S. has issued a six-month general license until April 18, 2024, temporarily authorizing transactions involving the oil and gas sector in Venezuela. The license will be renewed only if Venezuela meets its commitments under the so-called electoral roadmap, the U.S. Treasury noted.

Venezuela’s crude oil production, at 735,000 bpd in September 2023, per EIA estimates, is unlikely to jump above 900,000 bpd by the end of 2024, the administration reckons. Most of the near-term growth is expected to come from Chevron’s joint ventures, which could raise production to 200,000 bpd by the end of 2024 from 135,000 bpd in 2023, according to the EIA.

Joint ventures operated by Eni, Repsol, and Maurel & Prom could increase production by an additional 50,000 bpd in the near term, according to IPD Latin America cited by the EIA. As a result, Venezuela’s total crude oil production could grow to about 900,000 bpd by the end of 2024.

By Charles Kennedy for Oilprice.com

Real Estate Investor Pulse

1031 Exchange E-Book

ENB Top News 
ENB
Energy Dashboard
ENB Podcast
ENB Substack

The post Venezuela in talks with oilfield services firms to revive oil production appeared first on Energy News Beat.

 

How the U.S. is pumping more oil with fewer rigs

Energy News Beat

Oil Price

Despite the falling and flatlining rig count, U.S. crude oil production managed to hit a monthly record-high in August 2023, boosted by productivity gains and more efficient operations. U.S. exploration and production companies are drilling longer laterals and deploying rigs to the most promising areas to get more bang for their buck.

Source: Oil Price

U.S. field production of crude oil reached 404.6 million barrels during the month of August, new EIA data showed this week, for an average of 13.05 million barrels per day—squarely breaking the previous record U.S. drillers set in July of 401.73 million barrels.

Increases in production were seen in PADDs 1, 2, 3, and 4, with the largest percentage increase in production seen in PADD 4, which comprises Colorado, Idaho, Montana, Utah, and Wyoming. The largest actual increase was seen in PADD 2, which includes North Dakota, Illinois, and Kentucky, among other states.

In Texas, the top oil-producing state, crude oil production reached a record high of 5.7 million barrels per day (bpd) in August, per the most recent monthly energy economic analysis by Texas Oil & Gas Association (TXOGA) Chief Economist Dean Foreman.

“Texas’ production of oil and natural gas has achieved records despite relatively modest drilling activity. Productivity gains and leveraging wells that have been drilled but not yet completed have provided a tailwind,” Foreman wrote at the end of September.

Producers in the Permian in Texas and New Mexico and the other shale plays have boosted production of crude oil despite a loss of 117 rigs so far this year, per Baker Hughes data as of October 27.

U.S. crude oil producers have been shedding rigs for most of the year, while the rig count largely stabilized in October.

Part of the production gains were due to the time lag between a significant shift in oil prices and actual production—as Reuters columnist John Kemp notes, “it takes on average about 12 months for a change in prices to filter through into a change in output.”

But the main driver of production gains has been higher efficiency in drilling and other operations.

The U.S. shale patch is now looking to do more with less as it seeks capital and operational efficiency to prove to shareholders that it has turned the page from growth at all costs to measured growth accompanied by higher returns to investors.

The oil and gas firms operating from the Permian to Marcellus shale plays are drilling increasingly deeper lateral wells as drilling rigs are fewer, but wells are longer.

Despite the loss of active drilling rigs, shale firms are producing more oil and gas and have even exceeded some skeptical projections from earlier this year.

Between July and September, activity in the oil and gas sector in Texas, southern New Mexico, and northern Louisiana increased and was driven by the exploration and production (E&P) side of the business, according to oil and gas executives responding to the latest Dallas Fed Energy Survey.

Most executives, 84%, said they expect the number of U.S. oil rigs six months from now to be near current levels, with 14% anticipating a much higher number of oil rigs six months from now and only 1% expecting the number to be much lower.

Despite expectations of a flat number of rigs, U.S. crude oil production is growing, although at a slower pace than before the pandemic. The Energy Information Administration (EIA) has been raising slightly its estimates for American oil output in recent months.

In the latest Short-Term Energy Outlook (STEO), the administration expects U.S. crude oil production to average 12.92 million bpd this year and 13.12 million bpd next year.

In the August outlook, the EIA noted that despite the falling rig counts, “increased well productivity has offset the decline in active rigs so far in 2023.”

“In 2024, we expect the number of active rigs to increase, helping to grow crude oil production in the second half of the year.”

By Tsvetana Paraskova for Oilprice.com

Real Estate Investor Pulse

1031 Exchange E-Book

ENB Top News 
ENB
Energy Dashboard
ENB Podcast
ENB Substack

The post How the U.S. is pumping more oil with fewer rigs appeared first on Energy News Beat.

 

U.S. investors rebuff big oil climate shareholder resolutions

Energy News Beat

U.S. investors rebuff big oil climate shareholder resolutions – Oil & Gas 360

Market Data copyright © 2020
QuoteMedia. Data
delayed 15 minutes unless otherwise indicated (view
delay times
for all exchanges). RT=Real-Time,
EOD=End of Day,
PD=Previous Day. Market Data powered by
QuoteMedia.
Terms of Use.

 

The post U.S. investors rebuff big oil climate shareholder resolutions appeared first on Energy News Beat.

 

Energy Workforce and Technology Council: Interior’s abuse of Endangered Species Act will curtail U.S. energy production

Energy News Beat

World Oil

(WO) – The Energy Workforce and Technology Council issued a statement applauding the passage of H.R. 4821, the Department of the Interior, Environment, and Related Agencies Appropriations Act for Fiscal Year 2024. This bill passed in a bipartisan vote of 213 to 203.

Source: World Oil

The legislation includes provisions advanced by Energy Workforce, including limiting the abuse of the Endangered Species Act. Provisions specific to endangered species include the prohibition of listing both the Dunes Sagebrush Lizard and Lesser Prairie-Chicken.

“The passage of H.R. 4821 is a resounding win for landowner rights and American energy security,” said Tim Tarpley, President of Energy Workforce and Technology Council. “As energy demand continues to grow, we must fight for policies that are friendly to American oil and gas, allowing increased production to match global demand. We have serious concerns that a listing of the Dunes Sagebrush Lizard and the Lesser Prairie Chicken may be used as a tool to curtail U.S. energy production. We cannot allow governance by red tape to imperil prosperity in the Permian basin.”

Further, the package requires the Secretary of the Interior to conduct quarterly onshore oil and gas lease sales, directly responding to the administration’s recently released offshore five-year leasing plan. The administration’s new plan decreases the number of offshore lease sales from eleven to three over a span of five years. The U.S. Gulf of Mexico boasts approximately half the carbon intensity of other producing regions and supports the jobs of 375,000 Americans.

“Oil and gas produced in the Gulf is some of the cleanest energy produced anywhere in the world,” said Tarpley. “The recently released offshore five-year leasing plan is insufficient to meet U.S. energy needs. Under this new appropriation package, at least 20 lease sales would be required, granting oil and gas companies the ability to continue offshore production, providing American energy security and saving the jobs of thousands of workers.”

 

The post Energy Workforce and Technology Council: Interior’s abuse of Endangered Species Act will curtail U.S. energy production appeared first on Energy News Beat.

 

US invites Russia to APEC

Energy News Beat

The State Department said it would be “surprised” if Vladimir Putin were to personally attend the summit in San Francisco

The US has sent invitations to the other 20 members of the Asia-Pacific Economic Cooperation (APEC) to take part in a leaders summit slated to kick off on Saturday. Washington does not expect Russian President Vladimir Putin to represent his nation at the event.

The upcoming week-long gathering was discussed by the senior American official for APEC, Matt Murray, during a press conference on Monday. He stressed that as the host of the summit, the US was looking forward to welcoming foreign delegations, provided that US sanctions are observed.

“We’ve been very consistent [and] clear that participating in APEC will be in accordance with US laws and regulations, and we have been working towards appropriate participation of all APEC member economies,” he told journalists.

The sanctions issue came up specifically regarding two member economies, Hong Kong and Russia. The autonomous Chinese territory announced last Tuesday that it would be sending Financial Secretary Paul Chan to the event, rather than Chief Executive John Lee, who is sanctioned by the US.

Lee was penalized in 2020, after Beijing cracked down on mass protests and rioting in the city, which Washington characterized as an attack on the democratic aspirations of Hong Kongers. Beijing at the time accused Washington of inciting the disturbances.

Putin’s hypothetical arrival in San Francisco was virtually ruled out by the US Department of State. Spokesman Matthew Miller said last month he would be “highly surprised” if the Russian leader chose to come.

The US official claimed that Putin was “reluctant to leave his own borders recently” out of fear of arrest for alleged war crimes. Putin visited Kyrgyzstan and China in October.

The arrest threat mentioned by Miller was apparently posed by the International Criminal Court, which charged the Russian president in March with mass abductions of Ukrainian children. Moscow has dismissed the allegations as politically motivated and unsubstantiated.

Washington has sought to isolate Moscow diplomatically over the Ukraine conflict, including by boycotting Russian delegations at international events. According to the Russian government, the campaign has been a failure, as non-Western nations have refused to toe the US line and maintained bilateral relations with Russia.


READ MORE:
US blocking Russians from key Pacific forum – Moscow

The US has said that inviting Russia to San Francisco was about being “good stewards” to APEC.

First Deputy Prime Minister Andrey Belousov represented Russia at the APEC leaders summit in Thailand last November.

 

The post US invites Russia to APEC appeared first on Energy News Beat.

 

How an Asheville nonprofit is working to reduce energy burdens in Buncombe County, N.C.

Energy News Beat

As the first frost visits the mountains of western North Carolina, thousands of households are bracing themselves. Thinly insulated manufactured homes will provide little barrier to the cold. Gaps around doorways will invite it in. Old furnaces, if they work at all, will consume already strained monthly budgets.

A lucky fraction of these families will benefit from a flood of federal weatherization dollars headed to the state thanks to the bipartisan infrastructure law passed two years ago.

But for Buncombe County residents who don’t or can’t take advantage of the decades-old Weatherization Assistance Program, there’s an innovative nonprofit in Asheville working to fill the gaps.

Since 2017, Energy Savers Network has helped some 1,000 households cut down on energy waste by tightening air seals, adding DIY storm windows, and performing other upgrades at no cost to occupants.

Designed to help complement, not supplant, federal weatherization funds, the project’s success is due in part to its speed and simplicity. And its track record has earned it a prominent place in Buncombe and Asheville’s plans for 100% renewable energy. 

“By embracing local, clean energy sources, going electric and saving energy,” said Buncombe County Council Chairperson Brownie Newman, in a press release, “we’re taking essential steps toward combating the climate crisis while ensuring a just transition for all residents.”

Distributed largely by community action agencies formed during the War on Poverty, weatherization assistance has evolved to become one of the federal government’s most successful energy efficiency programs, helping some 7 million low-income households nationwide reduce energy waste since 1976. 

But deploying assistance still presents a host of challenges: identifying potential recipients and earning their trust, hiring and training the workers who can perform the work, and remediating homes with immediate health and safety repair needs. Clients-to-be in Buncombe County may spend a year or more on a waitlist. 

Though southwestern North Carolina is set to receive $4.8 million over five years as part of the state’s $90 million share of the infrastructure law, just 440 single-family households are expected to benefit over the 13-county region. 

With some 18,000 families living in energy-inefficient manufactured homes in Buncombe County alone, the demand for energy efficiency upgrades far exceeds the supply of assistance. 

That’s where Energy Savers Network comes in. The concept began 100 miles west in Hayesville, where members of the Good Shepherd Episcopal Church “answered a combined moral calling to help the poor and be good stewards of Creation,” Interfaith Power and Light wrote.

The team of parishioners and other volunteers helped families cut their energy use by 10% to 20% — first conducting an audit, then tracking down free or low-cost materials, and finally performing simple upgrades like replacing lighting or adding weather stripping free of charge.

When church member Brad Rouse, a one-time financial and utility consultant, decided to devote his time to climate causes and move to Asheville, he brought Good Shepherd’s idea with him.

Today, the Energy Savers project is staffed by a small team at the Green Built Alliance, but the volunteer spirit and the simplicity remain. 

At farmers’ markets, community events, and through word of mouth, potential clients indicate interest. Staff then follow up to ensure they meet the income guidelines and can otherwise benefit from energy efficiency upgrades. 

“We do a lot of the intake over the phone,” said Hannah Egan, the project’s outreach and resource manager, “explaining what we might be doing, what we need from them, how long the appointment could last.”

A visit is scheduled. A staff person and two to three volunteers arrive and do what they can accomplish in a day. “Once we’ve qualified the client over the phone, we just go there with our crew,” Egan said. “It’s just a lot easier to do it all in one go.” 

They seal air leaks. They replace lightbulbs, insulate hot water heaters, and reinforce single-paned windows. “And then more as we see fit,” Egan said, “because every home is different. Our goal with that is to make homes more comfortable, reduce their energy usage and their utility bills.”

On average, the improvements help occupants cut energy use about 15%, fueling a virtuous cycle. “A lot of times, when we do get in their homes,” Egan said, “they’re really happy with the work we do,” prompting friend and family referrals. “That’s been a main source of client recruitment since COVID.” 

Hiring building performance expert Kelvin Bonilla onto the Energy Savers team, Egan said, “drastically improved the quality of our work.” A native of Honduras, Bonilla has also helped spread the word to the county’s sizable Spanish-speaking community.

“He’s a really good people person,” Egan said. “He’s very professional, and he knows how far to go and when to stop.” 

Many times, Energy Savers refers clients to Community Action Opportunities, the local provider of weatherization assistance. In some cases, they can return to repair or replace ailing furnaces with high-efficiency heat pumps. Dogwood Health Trust also funds minor home repairs, such as replacing a door or damaged flooring.

With additional support from Duke Energy, the city and the county, the team serves roughly four households a week and nearly 200 a year. From start to finish, the process takes between two and six weeks. 

Moving forward, the hope is to both expand the scope of work and serve as a model to other communities. “We asked for an increase,” Rouse said. “There’s still a little bit of a hole. In order to expand the way we would really like to expand, we need more money.”

 

The post How an Asheville nonprofit is working to reduce energy burdens in Buncombe County, N.C. appeared first on Energy News Beat.