Forget expensive high-tech silver bullets such as nuclear fusion and carbon capture and storage; the solution to climate change lies in the humble electric immersion heater that sits in the hot water tank under your stairs. That's the view of Dr Mark Barrett, senior researcher at the UCL Energy Institute, who will present his analysis at a meeting in the House of Commonson 18 June .
A tank with an immersion heater may be just an oversized kettle, but there are thought to be around 19m in Britain's homes, which collectively have the capacity to store huge amounts of energy as hot water. And this could be key to achieving an almost wholly renewable electricity supply.
Dr Barrett says the heaters could be switched on and off rapidly to compensate for the erratic output of wind turbines and solar panels, each heater controlled by a gadget that responds to signals sent through the electricity grid – a system used since the second world war. "Everybody is always looking for a shiny new silver-bullet solution" says Dr Barrett, "but this idea is cheap, safe, and based on technology that's been around for decades".(Guardian 2009)
In a similar statement reported by The Financial Times, The Guardian and Bloomberg, Saudi Arabia’s influential oil minister Ali Al Naimi recently said, “In Saudi Arabia, we recognize that eventually, one of these days, we’re not going to need fossil fuels. I don’t know when - 2040, 2050 or thereafter. So we have embarked on a program to develop solar energy. Hopefully, one of these days, instead of exporting fossil fuels, we will be exporting gigawatts of electric power.”
So what happens when the biggest global exporter of petroleum liquids starts vouching for the power of the sun?
What we are witnessing now is a major shift in thinking by some of the biggest stakeholders in oil, who have started laying out a well-planned future investment strategy for their respective energy sectors, with solar taking the lead. One of the main reasons behind this is that solar technology is becoming more affordable and popular with each passing day. Given this scenario, let us now examine the top five emerging solar energy markets from an investment point of view.
Pacific NorthWest LNG has committed to doing business in British Columbia.
The consortium planning to export liquefied natural gas from Price Rupert announced Thursday it has made a positive Final Investment Decision on its proposed $36 billion project.
If built (the project still needs to pass federal environmental assessments, agree to deals with opposing First Nations and have government ratify of the Project Development Agreement in Victoria), PNW LNG would represent the biggest capital investment in B.C. history.
While the final design of the LNG facility on Lelu Island is still to be determined, it is envisioned that the initial phase of the facility would include:
Kuwait’s oil minister has confirmed plans to hike hydrocarbon production to 4 million barrels per day, by 2020, almost 40 percent more than the current level.
“We have discovered new reserves… that contain both oil and gas. This will support Kuwait’s plans to increase its production levels to a stable level of 4 million barrels per day by 2020,” Oil Minister Ali al-Omair said during an OPEC seminar Thursday.
Kuwait’s April production was 2.86 million barrels per day, according to the latest OPEC report.
The minister said it was important to optimize the cooperation with foreign partners, including energy exporters, stressing that the country needs significant investment.
The Organization of Petroleum Exporting Countries (OPEC) is widely expected to maintain its production target of 30 million barrels a day at its June 5 meeting in Vienna, opting to maintain market share rather than cut production to boost prices.
Crude oil prices have fallen to about half of their June 2014 peak, when Brent crude was trading at $115 per barrel. OPEC’s decision not to reduce output in November sent prices temporarily below $50 per barrel.
In Friday morning trading, Brent crude was at $61.65 per barrel and WTI was down at $57.51.
What is likely to become the nation's first offshore wind farm has closed on more than $290 million in financing, which will allow a five-turbine demo of the renewable energy system to be completed.
The Block Island Wind Farm is a 30-megawatt offshore wind farm that will be located about three miles southeast of Block Island. Being developed by Deepwater Wind, the renewable energy system will initially consist of 5 turbines capable of producing 30 megawatts (MW) of power.
"We're ecstatic to reach financial close," Deepwater Wind CEO Jeffrey Grybowski said in a statement. "We're full speed ahead and moving ever closer to 'steel in the water.'"
If all goes well, Deepwater Wind plans to follow the Block Island Wind Farm with the Deepwater ONE project, a 150-200 turbine project also in Rhode Island Sound that will be capable of generating from 900MW to 1,200MW. Deepwater ONE will produce enough electricity to power about 350,000 homes and eliminate more than 1.7 million tons of carbon dioxide emissions annually. That's the equivalent of taking 4 million cars off of the road or 40 million barrels of foreign oil imports.
Construction of the Block Island Wind Farm has already begun. Alstom, a turbine maker based in France, has already completed fabrication of five 6MW offshore wind turbines for the project, along with 15 windmill blades.
Deepwater Wind plans to begin offshore installation of the Block Island project this summer. The wind farm is expected to online by the end of 2016.
Electricity from the wind farm will be transferred to the mainland electric grid via the 21-mile, bi-directional Block Island Transmission System, a submarine cable proposed to make landfall in Narragansett, R.I.
Deepwater Wind Block Island has received the financing from Mandated Lead Arrangers Societe Generale of Paris, France, and KeyBank National Association of Cleveland, Ohio.
how Tai Fook Jewellery Group Ltd. dropped the most in five months after the world’s largest listed jewelry chain reported earnings that missed analyst estimates.
The stock fell 6.5 percent to HK$8.58 at the close of trading in Hong Kong, the biggest decline since Jan. 9. The benchmark Hang Seng Index rose 0.2 percent.
Net income at the Hong Kong-based jeweler fell 25 percent to HK$5.46 billion ($704 million) for the year ended March, as sales weakened in China and major markets such as Hong Kong and Macau, it said Friday. That missed the HK$5.9 billion average of 23 analyst estimates compiled by Bloomberg.
“We are turning more concerned on the company’s outlook,” UBS Group AG analysts led by Spencer Leung wrote in a note on Friday. Hong Kong, which contributed 45 percent of the company’s total, “might have entered a new era as tourism peaked out,” they wrote.
Chow Tai Fook is cutting prices for some diamond jewelry in Hong Kong as it looks to reduce its gem-set jewelry inventories bloated by the weaker-than-expected sales, according to Catherine Lim, an analyst at Bloomberg Intelligence.
The appalling answer can be found in a 138-page briefing paper Pebble Limited Partners filed last year with its lawsuit against the EPA in the U.S. District Court of Alaska.
The secret behind the EPA’s pre-emptive strike against Pebble Limited Partners was a three-pronged cabal–lavishly funded by left-leaning environmental groups–of environmentalist coalitions, anti-mining scientists and anti-mining assessment consultants who were secretly given illegal access to and power over EPA strategy and decision-making, according to the Pebble group’s brief.
Big Green’s devastating, years-long anti-Pebble campaign was the second-most-expensive environmentalist assault ever, right behind the ongoing war of climate alarmists against climate skeptics. Green forces assumed Pebble was dead.