Atlantic LNG freight rates drop below $50,000 per day, European prices down – Is this due to the intentional de-industrialization?

Energy News Beat

Atlantic spot LNG freight rates dropped below $50,000 per day this week, while European and Asian prices also decreased compared to the week before.

Last week, charter rates were almost flat after they rose in the week before for the first time since mid-November 2023.

“The Spark30S Atlantic spot 174,000 cbm 2 Stroke LNG freight rate fell to the lowest level in 8 months, falling $4,750 this week to close at $49,750 per day as the spot fixing window moves into the seasonally softer Q2 period,” Henry Bennett, Spark’s COO, told LNG Prime on Friday.

He said the Spark25S Pacific spot rate was almost unchanged on the week at $58,250 per day.

Image: Spark

LNG carriers are still avoiding the Suez Canal due to the situation in the Red Sea.

Since January, LNG carriers, including Qatari vessels delivering LNG shipments to Europe, are favoring the Cape of Good Hope for safer passage.

Kpler said previously that the Suez Canal has witnessed no LNG transits since January 17.

On the other hand, due to a drought situation impacting the Panama Canal, LNG transits through the waterway keep declining.

Official data shows that LNG transits dropped to 326 in fiscal 2023 from 374 in 2022 and 537 in 2021.

In Europe, the SparkNWE DES LNG front month dropped compared to the last week.

The NWE DES LNG for March delivery was assessed last week at $7.339/MMBtu and at a $0.535/MMBtu discount to the TTF.

“The SparkNWE DES LNG price is hovering just above the low from June 2023 and is sitting at $6.858/MMBtu, down $0.481 week on week,” Bennet said.

Image: Spark

Levels of gas in storages in Europe remain high for this time of the year due to mild weather.

Data by Gas Infrastructure Europe (GIE) shows that gas storages in the EU were 64.69 percent full on February 22. Gas storages were 65.94 percent full on February 14.

This week, JKM, the price for LNG cargoes delivered to Northeast Asia, dropped when compared to the last week, according to Platts data.

JKM for April settled at $8.155/MMBtu on Thursday.

State-run Japan Organization for Metals and Energy Security (JOGMEC) said in a report earlier this week that the JKM decreased due to sufficient supply and high inventory.

METI previously said that Japan’s LNG inventories for power generation as of February 18 stood at 2.13 million tonnes, up from 2.05 million tonnes in the previous week.

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CEO: DOE’s permit pause will not slow down Cheniere’s LNG expansion plans

Energy News Beat

US LNG exporting giant Cheniere is going “full steam ahead” with plans to expand its Sabine Pass and Corpus Christi LNG terminals despite a recent move by the Biden administration to pause pending decisions for LNG export terminals, according to Cheniere’s CEO, Jack Fusco.

The Biden administration and the Department of Energy (DOE) announced last month, that the DOE will temporarily pause review and approval of all new and pending applications for export authorization to non-free trade agreement (non-FTA) countries while DOE updates its assessment process.

“While this decision does not currently impact our expansion projects or our FERC processes at Sabine Pass and Corpus Christi, it does introduce regulatory and permitting uncertainty into the US LNG industry as a whole,” Fusco said on Thursday during Cheniere’s 2023 results call.

“I firmly believe that a fair and transparent regulatory framework is essential for the future development of natural gas infrastructure in the United States, particularly liquefaction capacity, given the scale of investment, commercial support, and time required to bring these projects online,” he said.

Fusco said the company believes it would secure all necessary regulatory approvals for Corpus Christi mid-scale trains 8 and 9, and the SPL expansion project within its expected timelines, as “we have for more than a decade under multiple administrations.”

“To be clear, the DOE action has not slowed down our expansion projects at either site. We are full steam ahead on Corpus Christi trains 8 and 9 and the SPL expansion project development. We expect to file the FERC application for SPL very soon, and Corpus Christi trains 8 and 9 are in advanced stages in the FERC approval process,” he said.

Fusco said the environmental assessment for trains 8 and 9 is scheduled for receipt by the end of March, and the company just received a letter of determination from PHMSA, a key agency in the FERC process last week.

“We remain confident that our previous timelines won’t be materially impacted and we will maximize the efficiency with having Bechtel on site already through Stage 3,” he said.

Cheniere is the largest LNG exporter in the US.

The company’s Sabine Pass facility in Louisiana currently has a capacity of about 30 mtpa following the launch of the sixth train in February 2022, while Cheniere’s three-train Corpus Christi plant in Texas can produce about 15 mtpa of LNG and is undergoing expansion to add more than 10 mtpa of capacity.

Cheniere’s unit Corpus Christi Liquefaction said in the December construction report filed with the US FERC that overall project completion for the Stage 3 project is 51.4 percent.

The company expects to achieve first LNG production from the first train at the end of 2024.

Besides this expansion, Cheniere plans to build two more liquefaction trains as part of the third expansion phase at the Corpus Christi plant.

The firm’s results show that it aims to take a final investment decision on CCL midscale trains 8 and 9 in 2025, subject to regulatory approvals.

In addition, Cheniere also aims to build two new liquefaction trains as part of the Sabine Pass Stage 5 expansion project to add up to 20 mtpa of capacity to the giant facility.

Cheniere plans to take FID on this project in 2026, subject to regulatory approvals.

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Zijin to expand Tibet copper mine expected to be world’s largest

Energy News Beat

China’s Zijin Mining Group announced on Friday that is going ahead with the second phase of a major expansion at its Julong copper project in Tibet, as it has received government approval.

The permit will allow Zijin to increase the mine’s capacity to 350,000 tonnes per day by 2025. One Julong expansion is completed the asset will become China’s largest single copper operation, with ore mining and processing volumes of more than 100 million tonnes a year.

Total investment required for the project has been pegged at about 17.5 billion yuan ($2.43 billion), Zijin said. It added it’s already planning to further increase production and capacity at the Tibet mine.

If the third phase of expansion is approved by local authorities, Julong could raise annual output to about 200 million tons, making it the largest single copper mine in the world, Zijin said.

The company, China’s largest gold miner and one of the country’s top copper producers, took control of the Julong project in 2020 and had it up and running only 18 months later.

Zijin has several assets in Tiber, including the Zhunuo copper mine in Tibet, which it acquired in August last year. It also has a controlling interest in lithium producer Lakkor Resources, and is the second-largest shareholder of Tibet-based companies such as Yulong Copper and Tianyuan Mining.

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Chevron upgrades pair of LNG carriers

Energy News Beat

Chevron has gone to South Korea to upgrade a pair of LNG carriers. HD Hyundai Marine Solution has been chosen to add re-liquefaction systems, hull air lubrication and new gas compressors to the gas carriers. Chevron’s LNG fleet were all built at Samsung Heavy Industries and started delivering around 10 years ago. 

HD Hyundai Marine Solution, part of the country’s largest shipbuilding group, was founded in 2016 originally as Hyundai Global Service but changed its name to HD Hyundai Marine in November last year to expand its business beyond vessel after-sales services, marketing its retrofitting capabilities in particular.

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Rubio warns Chinese cyberattack ‘will be 100 times worse’ than AT&T outage: ‘Your power, your water’

Energy News Beat

ENB Pub Note:  The sad part about this story from Fox News is that the Biden Administration has allowed the United States to be defenseless to these cyber and physical attacks. Between the open border and the grid components I have been talking about for two years from China, and just recently, the Bide Adminstration’s allowing China access to the national internet has set up for remote shutdown by our enemies for easily over 30% of the national grid system. Here is just one of the stories:

Could China Hack Our Electric Grid? – in 4 words – Yes and How Soon? The Real Question – Is Mayorkas in on it?

GOP Sen. Marco Rubio warned on social media that the AT&T outage affecting tens of thousands of Americans pales in comparison to what a potential China cyberattack would look like.

“I don’t know the cause of the AT&T outage,” the Florida Republican posted on X on Thursday. “But I do know it will be 100 times worse when #China launches a cyber attack on America on the eve of a #Taiwan invasion.

“And it won’t be just cell service they hit, it will be your power, your water and your bank.”

Watch the latest video at foxnews.com

Rubio’s warning came as tens of thousands of AT&T customers reported outages on Thursday morning for their home phone, internet and mobile phone services, according to Downdetector.

CHINESE HACKERS HAD ACCESS TO US INFRASTRUCTURE FOR ‘AT LEAST 5 YEARS’ BEFORE DISCOVERY

Sen. Marco Rubio, a Republican from Florida and ranking member of the Senate Intelligence Committee, attends a hearing in Washington, D.C., on March 8, 2023. (Al Drago/Bloomberg via Getty Images)

The outages started popping up just before 3:30 a.m. ET, according to a graph shown on the website that tracks outages.

Most users, 54%, say they are having issues with mobile phone service. More than a third of customers reporting being affected say they have no signal at all, and 8% of users say their mobile internet is down.

“Some of our customers are experiencing wireless service interruptions this morning,” AT&T told FOX Business in a statement. “We are working urgently to restore service to them. We encourage the use of Wi-Fi calling until service is restored.”

More than 74,000 AT&T users reported outages to Downdetector as of 9:30 a.m. ET.

Earlier this month, FBI director Christopher Wray warned that China’s cyberattacks against the U.S. and its allies are reaching a “fever pitch.”

“You might find your companies harassed and hacked, targeted by a web of corporate CCP proxies,” Wray told the leaders gathered in Germany. “You might also find PRC [People’s Republic of China] hackers lurking in your power stations, your phone companies and other infrastructure, poised to take them down when they decide you stepped too far out of line, and that hurting your civilian population suits the CCP.”

“China-sponsored hackers pre-positioned for potential cyberattacks against U.S. oil and natural gas companies way back in 2011, but these days, it’s reached something closer to a fever pitch,” he continued. “What we’re seeing now is China’s increasing build-out of offensive weapons within our critical infrastructure, poised to attack whenever Beijing decides the time is right.”

Fox News Digital’s Pilar Arias and Anders Hagstrom contributed to this report.

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Honda and GM have already said goodbye to electric cars: this is how they are preparing their new hydrogen beast

Energy News Beat

Together, Honda and General Motors (GM) will be significant players in the research, development, and manufacturing of hydrogen fuel cell cars (HFCVs). Through this collaboration, the technology will be used more quickly and might completely transform the transportation industry.

As part of their collaborative effort to accelerate the advancement and fabrication of hydrogen fuel cell vehicles (HFCVs), Honda and GM founded the Fuel Cell System Manufacturing LLC (FCSM), a specialized plant for mass-producing HFC systems for their respective models.

By combining Honda’s fuel cell technology and GM’s manufacturing expertise, both corporations want to advance hydrogen fuel cell technology, cut expenses, and expand their manufacturing capacities to take advantage of economies of scale. In the long run, this partnership may lead to greater acceptance of hydrogen fuel cell vehicles by utilizing the advantages of each company.

Vehicles using hydrogen fuel cells run on an efficient and clean electrochemical method, as opposed to gasoline engines, which depend on combustion. They use hydrogen gas as fuel, and electricity is produced from hydrogen and oxygen through a sequence of events inside the fuel cell stack. Since the only consequence of this process is water vapor, hydrogen fuel cell cars represent a viable, low-emission, environmentally friendly mode of transportation.

Benefits of hydrogen fuel cell (HFC) technology

Transportation without emissions: HFCVs only emit water vapor as a byproduct, making them a more environmentally friendly option than conventional gasoline and electric cars, which depend on the creation of batteries and power.
Extended driving range: HFCVs have driving ranges that are on a level with gasoline-powered automobiles, which may allay worries about the constrained range that is sometimes connected to electric vehicles.
Quick refuel: Refueling a hydrogen car can be faster than charging an electric vehicle, potentially offering more convenience on long trips.

Honda’s new hydrogen vehicle

The Honda CR-V HFCV is a hydrogen fuel cell vehicle based on the popular Honda CR-V SUV. It has an estimated driving range of around 250 miles on a single fill of hydrogen, which is comparable to many gasoline-powered vehicles.

The 2024 CR-V has a tough exterior with a lengthy wheelbase and broad stance. This hydrogen fuel cell vehicle is equipped with features such as roof rails and a hands-free power tailgate, which make it suitable for a variety of adventures, whether you’re driving across town or the country.

Honda has designed an ideal cabin to explore the country. Thanks to a simple layout and wide sightlines, you will feel right at home as soon as you step in. A roomy cargo area, front seats with body-stabilizing technology, and a Bose premium sound system are among the interior features.

Additionally, there are many advancements in the CR-V, including responsive acceleration in both powertrains and elegant handling with available all-wheel drive (AWD). You can easily connect your smartphone with the available 9-inch touchscreen and wireless Apple CarPlay compatibility.

The CR-V FCEV is an amazing car, but perhaps its only drawback is the availability of hydrogen refueling stations is limited compared to traditional gas stations, which means that it can only be leased in California, where the hydrogen infrastructure is more developed.

The future of Honda and GM partnership

The association between Honda and GM is a major advancement for HFC technology. Nonetheless, additional work is required to solve issues, build out the hydrogen infrastructure, and increase customer interest in and accessibility of HFC vehicles.

While HFC technology is promising, challenges including low infrastructure for recharging, high production costs, and consumer range anxiety must be resolved if HFCV is to become more widely used. Therefore, Honda and GM should remain committed to further research and development of HFC technology to improve efficiency, reduce costs, and expand the range of HFCVs.

Furthermore, the joint venture investments between Honda and GM should concentrate on constructing a strong hydrogen refueling infrastructure, since this is essential for maintaining the feasibility and widespread integration of HFC automobiles.

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ENB #192 Insider Perspectives: Steve Reese on Energy Trends and Leadership

Energy News Beat

Steve Reese stopped by the NAPE Podcast Pavillion, and this interview was fun, personal, and truly has some insights into the Energy Markets. He has been on the podcast several times, and they have always garnered great feedback (and selfishly large volume).

It is fun when you can have the opportunity to do live podcast events and more fun when you can let your guests know how much they have impacted you both personally and professionally. Our discussion around the great Toby Keith was also meaningful as he really supported the University of Oklahoma and everyone he met.

In the United States, natural gas, midstream, and now the global markets for LNG Reese Consulting have been mainstays for our industry for decades. So when Steve and his team talk about their trends and insights, I listen.

Thank you, Steve, for your leadership, faith, and friendship. – Stu.

Follow Steve on his LinkedIn HERE: https://www.linkedin.com/in/steve-reese-185a86/

Check out Reese Consulting HERE: https://www.reeseenergyconsulting.com/Highlights of the Podcast

Highlights of the Podcast

01:02 – Gratitude for support and faith during health trials

02:10 – Reese Consulting’s success and team

03:18 – Ventures and projects in the energy industry

04:30 – Remembering Toby Keith and his impact

06:00 – Personal stories and reflections on marriage

08:07 – Future of natural gas and its importance

11:44 – Global demand and export of LNG

13:18 – Resolving challenges and taking control of what we can influence

13:50 – Acknowledgment and conclusion

https://energynewsbeat.co/industry-insights-2/

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– Get in Contact With The Show –

Steve Reese Conversations in Energy – Final Cut.mp4

Stuart Turley [00:00:07] They welcome energy. Newsbeat podcast. My name’s Stu Turley President and CEO of sandstone group. There are some things happening in the energy world right now, but right now we’re at make. It is an absolutely wonderful event and I mean, it is fun, but there are industry leaders and then there’s industry legends. I have a friend here today and he has been around the industry since Moses. I think Moses and him were there at the parting of the Red sea. And I was going to say, Moses in the ark, but that doesn’t go together. I gotcha. What race investing race? I mean, at this race, he’s the CEO of Race consulting and race training. Welcome, Steve.

Steve Reese [00:00:57] Thank you sir. I’m still getting sand out of my, sandals from. And Moses wandering the desert for 40 years. But I’m trying to thank you.

Stuart Turley [00:01:05] Oh, I’ll tell you what I did. You know, Moses can be forgiven. Yeah, we all could.

Steve Reese [00:01:12] Yeah, I’m right there with you. You know, it’s an honor to be here. As you know, it’s an honor for me to be alive today after what I’ve been through. And I know a lot of people out here and prayed for me during my health trials and other issues we had. And and I’m forever grateful. And this industry, which stayed on my family’s table. And that’s what it’s all about.

Stuart Turley [00:01:38] You know. I’m going to share with you a personal item, and that is, you know, I’ve been friends and I’ve been on my podcast a while. This is our first time of being able to get a hug ride, and your sickness helped me when I needed it. It sounds kind of odd, but your faith in praying for you and actually seeing your strength if you helped me out. And I don’t mean that in the wrong way, but.

Steve Reese [00:02:08] You know, I understand.

Stuart Turley [00:02:09] Your impact on people is.

Steve Reese [00:02:11] Huge. Well, that’s a good lord. But, you know, it’s not me because I’m just, financially shame and being like the rest of us, right? I’m just a doofus. But I wish that, you know, and there’s always ways we can help each other and work. We’re not a different species, right? We’re all humans, right? We’re we’re trying to love each other. And all of this other stuff is great, right? But when it comes down to your it’s and your family, your. Those are the things that really drive us.

Stuart Turley [00:02:41] Oh, it is. And you’re, not only an industry leader, but you’re, a moral leader and an inspiration.

Steve Reese [00:02:48] So. Thank you. I appreciate that. So what’s on your mind today? What do you.

Stuart Turley [00:02:52] Well, I’ll tell you what. You got your push on the natural gas and, Nord Stream and everything else. With the res consulting I get to visit. You’ve got a great staff and and with your staff. It is so fun when you talk about them. Your eyes light up, and I good seeing y’all as good people.

Steve Reese [00:03:13] And I’m very fortunate. You know what’s amazing is these last two years, half the time flat on my back, not able to engage our company exploded and our numbers have done this. And it’s because, I’m not proud. Reagan used to say, you know, he said, I’m just gonna hire people smarter than me, right? Right. And, I just been fortunate, a lot of people, as you know, Stormin Norman, the executive VP thing, that’s, just a rock star, just hired Kimberly Paige for business development. She’s ran down into, like, Renzo Piano and Julius Lightner. Kim Yancey, those people, from that roll up, they’re 30 year veterans, so they know how things work in my field. Guys. Yeah. We’re involved in all kinds of ventures now, from our typical consulting and marketing and auditing. Right. As you know, we have an office in Berlin. We’re looking at it now, AG over there. And, we’re just having the time of our lives. And, I think the good Lord that now I’m back and. Yeah. Be healthy. Hey, Kenny. Jerry Chandler, you know the number two picture on the big chief tablet? You know.

Stuart Turley [00:04:37] That band has.

Steve Reese [00:04:38] Gone.

Stuart Turley [00:04:39] Wrong. You know, I am so happy for you. And it it seems like the more, I’m a sponsor of yours and, looking into what’s out there for you.

Steve Reese [00:04:49] Vicki, Dolphins is amazing. Her voice, she can articulate things and bring in the humor and the data and everything. I mean, you know. Reach 1500 thousand views. Sometimes you.

Stuart Turley [00:05:03] May get.

Steve Reese [00:05:04] An answer. And she deserves a lot of credit. Absolutely.

Stuart Turley [00:05:07] Well, it’s also the you say smacks of things that sound good and you didn’t go to any issue. So that is a good thing.

Steve Reese [00:05:15] Yeah. You know.

Stuart Turley [00:05:16] We.

Steve Reese [00:05:18] We love to hear about, you know, like you, I do have something pretty cool this week. Did you know that you would, the hard thoughts about, you know, we lost a good sooner.

Stuart Turley [00:05:28] We can talk more on that.

Steve Reese [00:05:30] Later on Wednesday night with the basketball game, where he said, kind of in front of where we sit on the baseline and in his chair. They had his guitar in a red solo cup, and there was a young.

Stuart Turley [00:05:44] Little team.

Steve Reese [00:05:45] After the game and they were, you know, breaking up in tears. These are young African Americans off the ground. And they said Toby was like your dad to them.

Stuart Turley [00:05:56] I read Toby Keith and just thank you for that. I bought every one of his albums. That is my favorite, favorite, band of music. Yeah. I mean, in that way, he meant the world to me. And I love that because you can see him on football games over there. Oh, yeah. Yeah. You know, seeing him or even the.

Steve Reese [00:06:17] Women’s gymnastics or softball and everything. But, you know, the thing about him was he was just a regular guy and friends that I know that were around him all the time said, you know, he was just a normal guy. He, you know, having, you know, we had a dancer that he was very engaged, sort of Special Olympics. Right? Very engaging sports. Are you women’s? Are there are you children’s hospital? I know friends of mine that would like to engage sports instead of, he’d say, well, just take one of my cars with this car collection. They get which one? He goes out there, you know, take the Lamborghini. Oh, sure. Said he loved helping people. And then I met him and his wife. They have three great kids. And, how is that a legacy, though, you know?

Stuart Turley [00:07:06] Oh, yeah. And, I’m going to talk about me.

Steve Reese [00:07:08] That was one of my favorites. So absolutely.

Stuart Turley [00:07:11] I want to talk about me. I wish I could sit here and go through what he’s saying is, Willie Nelson, who sang with Winehouse, and he was so excited that he just, cut it early and it was, because he was in a, turnkey cottage again. Yeah. That’s right. I want to know what.

Steve Reese [00:07:33] What? Seriously, I’m.

Stuart Turley [00:07:34] Not a.

Steve Reese [00:07:35] Fan, but Casino Smile guide. But when I first got sick, I wanted to see an interview he did with castaway. I just I was like, yeah. And he says, you know, how do you do watch? And he said, he said, I don’t work the old man in. And, you know, there’s a song he did that. I just wrote short stories. And so I’m just I’m like the old mangling, during the sickness. And it really helped me feel a lot better. So.

Stuart Turley [00:08:06] Yes. Yes, I am.

Steve Reese [00:08:08] Paul. Oh, yeah. Well.

Stuart Turley [00:08:12] I have basically.

Steve Reese [00:08:13] I’m going to be 90, but you know, who cares, right?

Stuart Turley [00:08:16] Oh no.

Steve Reese [00:08:17] I shoot, you have a meal versus a good night barbecue on and off and on for a long time. And, we’ve made a lot of headway here today. We’ve got a really nice potential projects. That’s. It was money well spent. Absolutely.

Stuart Turley [00:08:33] You know, what’s really, really great about this is being able to see me. I admit, I’m not going to get maybe, 15 people that I’ve interviewed in person, but I had my friend in person in the.

Steve Reese [00:08:49] Library, and.

Stuart Turley [00:08:50] I, I mean, I got together, but. Yeah, I mean, I mean, I would just go right on through this whole process and people are recognizing me, and I’m having a great time of my life.

Steve Reese [00:09:03] You know, I’ve had so many people come up and tell me they were praying for me. They tell me how my daughter influenced their lives. And, so obviously tonight we’re going to buy you a big steak. Then Christina says, I can’t write to me. Still, I gotta sit my story.

Stuart Turley [00:09:23] So I sit with our.

Steve Reese [00:09:25] She’s five two. We call her 100 pounds of whip ass. Yeah.

Stuart Turley [00:09:30] Well, if I had been married 37 years, she they too.

Steve Reese [00:09:34] Exactly. Yeah.

Stuart Turley [00:09:35] I went. Hey.

Steve Reese [00:09:44] Excuse me for a second. Yeah. 11 seven, 87 and very six years for us. Okay. Seven.

Stuart Turley [00:09:52] And so we, we’re about within two days of being named, one year.

Steve Reese [00:09:57] So, so pretty. You shouldn’t set fire to the.

Stuart Turley [00:09:59] Now we’re next. Right in time. I thought this name jumped up with my 12 year old.

Steve Reese [00:10:05] Yeah, guess I understand. That’s fine. That’s not wrong. You know, I’m Sicilian, so. Hi. My name is Mark Casey. Oh, no. And so I would just be very careful. She knows where the bottom of the river was, and she. Might get you.

Stuart Turley [00:10:23] That’s okay. I do a grapefruit fermentation, so my boudin against her.

Steve Reese [00:10:27] There you go.

Stuart Turley [00:10:29] We’ll see what’s coming out of the burners. Release and, natural gas.

Steve Reese [00:10:33] What? I mean, for us. I just I really have no idea.

Stuart Turley [00:10:39] Look.

Steve Reese [00:10:39] You and I both know these guys nuts. These were neighbors. First time there’s a place for them somewhere, right? You know, natural gas, a bridge route, but is up the road, and it’s not going anywhere. We have regular production. We have a rising demand for wells. It’s industry’s amazing low emissions with natural gas. So I don’t talk. Yeah. And let them spend their money foolishly. But these producers here, they’re the ones that keep our homes heated, right? When it’s a cheap room, like I’ve always said, my friend Aubrey would say bring abundant, ubiquitous U.S. made, cheap natural gas. You know.

Stuart Turley [00:11:25] You and I are humanitarians, and it’s all about humanity delivering the lowest terawatt per hour to all citizens of the planet with the least amount of impact on the environment, with power and money. Natural gas? No. Dear God, you can do it. I don’t care. And like you say, wind chill. Fine. Sir. I’m so glad to know whether you me to do it. Exactly.

Steve Reese [00:11:53] And that’s wrong.

Stuart Turley [00:11:54] That is not sustainable. And and. So anyway, I am seeing more and more LNG plants going on all around the world. Export and import. That is phenomenal in a way.

Steve Reese [00:12:11] It’s it’s a global commodity. Now we’re pricing it based or pricing. It was rising in Europe and Japan. It’s it’s it’s not going anywhere yet. This pause on the exports. It’s not gonna hurt anything near term. The thing it does do is our partners in Europe and Japan are wondering if we can be good partners. But, you know, things change.

Stuart Turley [00:12:34] They do. They.

Steve Reese [00:12:36] And, you know, it’s not going to be something that’s going to stick around.

Stuart Turley [00:12:40] No. But it is a sad, especially when you’re driving people to.

Steve Reese [00:12:46] Russia.

Stuart Turley [00:12:46] And I.

Steve Reese [00:12:47] Have a.

Stuart Turley [00:12:47] Prediction. My prediction is when the Tucker Carlson interview comes out. He’s interviewed he just interviewed me. And I think that you’re going to see an end to the Ukrainian Russian war. I think that you’re going to see people buying Russian natural gas again, and that’s going to further, separate more people from the U.S. because of what’s going to be coming out. Sure. And, and I think that we shot ourselves in the foot.

Steve Reese [00:13:18] Yeah. But it’s it’s still a good thing about this country is we have the best reserve intelligence analysts anywhere else, and we’ll be fine. You just, you know, my deal is I just get up and I put one foot in front of the other. That’s all you can do is.

Stuart Turley [00:13:35] Control what we can influence. And you are a very tall man and can see a very far away.

Steve Reese [00:13:43] So I appreciate that.

Stuart Turley [00:13:45] And that, I’m very serious about that. So, we will have all your contact information in there, and we know that people are going to reach out to you, Steve. And I’d just like to again, thank you for everything you’ve done for.

Steve Reese [00:13:59] Me as well as well.

Stuart Turley [00:14:02] Thank you.

Steve Reese [00:14:03] They’ve got to go to work, my friend. Oh, no. Thank you.

Stuart Turley [00:14:06] Thank you all very much.

Steve Reese [00:14:08] Yeah, thanks.

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Appeals court tosses Obama-era federal coal leasing moratorium

Energy News Beat

A federal appeals court on Wednesday axed an Obama-era moratorium on new coal mine leasing on public lands.

It did so by overturning a ruling from 2022 that revived the Obama-era freeze on auctioning off federally owned lands for coal mining.

In 2022, a lower court ruled that in ending the coal leasing pause, the Trump administration had not completed an adequate environmental impact study, and that the pause should therefore be reinstated.

But, this week, a panel of appellate judges vacated that ruling, deciding that the case was now moot.

They said the case was moot because Biden administration Interior Secretary Deb Haaland had revoked the order by Trump-era secretary Ryan Zinke that ended the moratorium.

Judges Ronald Gould, Jay Bybee and Daniel Bress told the lower court to dismiss the challenge to the Trump policy that was brought by environmental advocates, saying that their grievances are no longer the result of Zinke’s order.

“While appellees may be dissatisfied with the government’s position that the Haaland Order did not revive the … moratorium, this does not provide a basis for concluding that a challenge to the defunct Zinke Order is live,” wrote the Clinton, Bush and Trump appointees.

In 2021, Haaland rescinded the Zinke order, but stopped short of reimposing the Obama administration’s freeze. The department said at the time that it would instead continue to review a path forward on coal.

An Interior Department spokesperson declined to comment when asked by The Hill whether the Biden administration planned to hold coal lease sales in light of the ruling.

A coal and mining lobbying group cheered the court ruling.

“This is a victory for American-mined energy,” said Rich Nolan, president and CEO of the National Mining Association, in a written statement.

“With this ruling, important projects can once again advance and support the production of affordable, reliable power to the grid,” Nolan said.

In 2016, then-Interior Secretary Sally Jewell halted new coal leasing on public lands while the department sought to study whether fees charged to mining companies properly accounted for the climate impacts of burning coal.

In light of the ruling, tribal and environmental leaders who sued in an effort to get the coal leasing pause reinstated called on the Biden administration to take action.

“Now that the court has ruled that the Trump administration decision to restart coal leasing was revoked, we need the Biden administration to step up and live up to its promises to protect our climate, conduct a long overdue review of the federal coal leasing program, and make thoughtful plans for the future of public lands,” said Northern Cheyenne Tribal Administrator William Walksalong in a written statement.

Source: The Hill

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The New Hot Climate Investment Is Heat Itself

Energy News Beat

Industrial companies are searching for ways to make steel, cement and chemicals without burning fossil fuels. Some of the world’s biggest investors are betting a fast-developing battery that stores heat can solve the problem.

BlackRock Saudi Aramco and Rio Tinto RIO -0.67%decrease; red down pointing triangle

 headline a group of financiers pouring hundreds of millions of dollars into startups making heat batteries. Also called thermal batteries, they use renewable energy to heat up blocks, rocks or molten salt. That heat is released on demand to power industrial processes.

Using electricity to generate heat is nothing new. That is how toasters work. The difference is that these toasters are roughly the size of shipping containers and release steam as hot as 2,750 degrees Fahrenheit, more than a quarter of the sun’s surface temperature. The trick is keeping the batteries hot until the heat is needed.

Heating Up

Antora Energy uses low-cost renewable energy to power thermal batteries that can generate heat for industrial companies while slashing emissions.

Industrial heat accounts for about a fifth of global energy use and roughly 10% of greenhouse-gas emissions. Hundreds of industrial processes including steelmaking burn fossil fuels to generate the high heat they need.

Large manufacturers are looking at everything from green hydrogen to nuclear fusion to replace fossil fuels and cut emissions. Knowing how hard this can be, they are also looking at removing carbon directly from the atmosphere to offset emissions that can’t be eliminated.

CEO Andrew Ponec, center, and his co-founders studied several possible materials for heat batteries before landing on carbon blocks.

The latest bet on heat batteries is a $150 million investment round for a California startup called Antora Energy from backers including BlackRock, renewable energy giant NextEra Energy  and Bill Gates’s Breakthrough Energy Ventures.

Antora uses carbon blocks that glow red like a toaster coil or an electric stove when heated up. Antora’s batteries are unusual because heat is transferred using the light from the hot blocks, eliminating the need for air or fluid to transfer energy and making the product cheaper.

“There’s not some crazy, magic technology going on here,” Andrew Ponec, Antora’s chief executive, said in an interview. “It’s something that’s very intuitive.”

Antora has been testing its heat battery system with a pilot project near Fresno, Calif.

Pipes and process lines would be used to carry heat from the battery to industrial facilities.

Traditional batteries store and release renewable power by moving lithium ions through a liquid from the cathode to the anode, and back again. They are great when space is at a premium, as is the case inside electric cars. But they can explode or catch fire when they overheat. They are also relatively expensive and typically can only discharge energy for several hours, limiting their applications in heavy industry.

Heat-battery startups say they can cheaply store days worth of renewable energy with a different approach. To charge, Antora’s batteries run renewable electricity through an element comparable to a toaster coil to warm up the blocks. The company settled on the carbon blocks because they can store heat for a long time, and actually get better at storing energy as they get hotter. That allows them to maintain high temperatures for long periods when heat or steam needs to be used.

Other startups are making similar claims, driving significant funding into the industry for the first time. Cheap wind and solar power now make heat batteries cost competitive with heat made from burning fossil fuels like natural gas, analysts say. Tax credits from the 2022 law known as the Inflation Reduction Act are accelerating the momentum.

Many industrial companies had planned to use hydrogen made from renewable power to generate heat, but high production costs and project delays are making that less attractive. That has led companies to pursue other solutions such as heat batteries.

Heat batteries may be poised to leapfrog hydrogen for many industrial uses. They can be deployed at large scale in the next few years and keep costs down by using abundant raw materials, investors say. They are one of several technologies being unlocked by the drop in renewable-electricity prices over the past decade.

Falling prices of solar power have made Antora’s heat batteries cost competitive with burning fossil fuels.

“Antora represents the next era for wind and solar,” said Meghan Sharp, global head of Decarbonization Partners, a joint venture between BlackRock and Singapore’s Temasek Holdings that invests in clean-energy companies and led the Antora investment round. “They’re bringing renewables to industry.”

Founded in 2018, Antora turned on its first battery for a customer in September near Fresno, Calif., and opened its first manufacturing facility in San Jose, Calif., last year. The company expects to use the new funding to install larger projects for customers in the Midwest, accelerate battery production and increase hiring.

In the next few years, it hopes to start producing systems that can turn the light emanating from the blocks into renewable electricity so that the batteries can serve double duty, releasing heat and power.

Antora is also talking to an Energy Department office that loans money to rapidly growing clean-energy companies about potential funding, Ponec said. Much of the company’s initial funding came from the state of California and an Energy Department agency that funds initial research into promising ideas that are too premature for private investment.

A competitor called Rondo Energy that uses clay bricks instead of carbon blocks recently raised $60 million from backers including Rio Tinto, Aramco and Microsoft  and installed its first commercial battery for a biofuel company in California last year. Also backed by Breakthrough, Rondo is working with Asian building-materials giant  Siam Cement Group  to open a megafactory.

“We’ve been building the company like crazy to respond to demand,” Rondo CEO John O’Donnell said.

Source WSJ

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Cheniere: 2023 net profit jumps, revenue down

Energy News Beat

US LNG exporting giant Cheniere reported a 39 percent drop in its 2023 revenue due to lower prices, while its net profit jumped compared to the year before.

The owner of the Sabine Pass and Corpus Christi LNG export terminals said on Thursday its full-year 2023 revenue reached $20.39 billion.

This compares to 2022 revenue of $33.4 billion, which doubled compared to $15.8 billion in the year before.

Cheniere said the drop was mainly due “$9.1 billion decrease in Henry Hub pricing, to which the majority of our long-term LNG sales contracts are indexed.”

Net income was at $9.88 billion in 2023 and compares to $1.42 billion in the year before.

Cheniere said the favorable variance of $8.5 billion for 2023 as compared to the same period of 2022 was primarily attributable to a favorable variance of $14.4 billion, from changes in fair value and settlement of derivatives between the periods.

“The majority of the variance related to derivatives was due to non-cash favorable changes in fair value of our IPM agreements as a result of lower volatility in international gas prices and declines in international forward commodity curves, which changed from a loss of $5 billion in the year ended December 31, 2022 to a gain of $7 billion in the year ended December 31, 2023,” it said.

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