Energy/Automotive News Today
London, 04 July, 2023, (Oilandgaspress) : Electric car drivers are being pressured into downloading more than 30 apps to navigate the charging network.
Nearly every firm running charging points in the UK has its own app for payment, which customers are pushed towards when they visit their website.
At least a dozen charging providers do not even allow payment by other means, such as cash or contactless card. Dailymail reports
A backlash against a proposed 2030 ban on new petrol and diesel car sales was growing last night as Downing Street insisted it was sticking to the plan.
Senior Tories branded the deadline ‘costly virtue-signalling’ which could destroy Britain’s car-making industry, and urged ministers to delay it ‘immediately’.
But No 10 said there were ‘no plans’ to renege on the target, which is designed to turbocharge the switch to electric vehicles as part of efforts to achieve net-zero emissions by 2050. Read More
World’s first offshore hydrogen production pilot
Lhyfe announced that its offshore hydrogen production pilot, known as Sealhyfe, was successfully towed 20 kilometres out into the Atlantic and connected with the SEM-REV power hub. As of 20 June 2023, the platform began producing its first kilos of offshore hydrogen, marking a decisive milestone for the future of the sector. The progress of the Sealhyfe trial once again demonstrates Lhyfe’s ability to bring about concrete advances in the hydrogen industry and at great strides. Sealhyfe was towed this 19 May to the SEM-REV offshore testing site, 20 kilometres off the coast of Le Croisic (France). It was then connected to the site’s subsea hub via a dedicated umbilical cable that was specially designed for the hydrogen application. The system was restarted and on stream in just 48 hours.
Lhyfe will now reproduce all of the tests carried out at quay several times in order to have a strict comparison of results and will then tackle additional offshore-specific tests. Read More
Nigeria Can Seize the Opportunity to Realize Its Growth Potential
The removal of the petrol subsidy and foreign exchange (FX) management reforms are crucial measures to begin to rebuild fiscal space and restore macroeconomic stability, and the opportunity should be seized to take further, necessary policy reform steps, says the latest Nigeria Development Update (NDU). The June 2023 edition of the NDU, titled “Seizing the Opportunity”, adds that it is critical to implement a comprehensive reform package that encompasses a range of complementary measures, including a new social compact to protect the poor and most vulnerable, to maximize the collective impact on growth, job creation, and poverty reduction.With the petrol subsidy removal, the government is projected to achieve fiscal savings of approximately 2 trillion naira in 2023, equivalent to 0.9% of GDP. These savings are expected to reach over 11 trillion naira by the end of 2025. However, compensating transfers will be essential to help shield the most vulnerable Nigerian households from the initial price impacts of the subsidy reform, as without compensation, many households could be pushed into poverty by higher petrol prices and have to resort to coping mechanisms with long-term adverse consequences. Similarly, the move to harmonize the FX windows will help to improve the efficiency of the FX market, unlock private investment, and reduce inflationary pressures, but it is crucial to complete this important reform by removing FX restrictions, clearly communicating how the new FX regime will operate, and implementing supportive monetary and fiscal policies. Read More
Global challenges such as climate change, economic productivity, food and water security, and health could be overcome if countries use their natural resources more efficiently, and this is possible without sacrificing the environment or human prosperity, a new report says. Combining innovative science, data sources, and biophysical and economic models, the Nature’s Frontiers: Achieving Sustainability, Efficiency, and Prosperity with Natural Capital report offers a novel way to address the fundamental challenge of sustainability. It identifies how and where countries can use natural resources more efficiently so they can prosper without damaging the planet – or going beyond their natural efficiency frontiers.The report, prepared by the World Bank, the Natural Capital Project, and the International Institute for Applied Systems Analysis (IIASA), concludes that major efficiency gaps exist in nearly every country in how they use their natural resources. Closing these gaps can address many of the world’s pressing economic and environmental problems: climate change, economic productivity, food and water security, and health. On average, countries can almost double their performance in terms of either economic returns or environmental outcomes by improving on one dimension without a sacrifice in the other outcome. Read More
The Biden administration’s climate agenda is facing an unexpected challenge in drought-prone Corpus Christi, Texas, where a proposed clean hydrogen hub would require the installation of energy-intensive, expensive and potentially environmentally damaging seawater desalination plants.
The Gulf Coast port is in the running for up to $1 billion available under President Joe Biden’s 2021 Infrastructure Investment and Jobs Act to create a regional hub to produce hydrogen, a low-emissions fuel made by electrolyzing water that can help decarbonize heavy-emitting industries and transportation. A hydrogen hub would require access to millions of gallons of water – a challenge in Corpus Christi which is experiencing a multi-year drought. While local officials say they can provide that water by constructing a seawater desalination plant, environmental groups and some local residents and lawmakers are lining up to oppose desalination sites.Reuters Read More
Eni’s decarbonisation path
Natural gas, among all fossil fuels, has the smallest carbon footprint.. The challenge is to further reduce its emissions by eliminating so-called fugitive methane emissions, the elimination of process flaring, the integration of renewables into production activities, the use of carbon capture, utilisation and storage (CCUS) technologies, Natural Climate Solutions projects and blue hydrogen production. In parallel, natural gas will be increasingly complemented by biogas.
In this context, gas plays a central role in Eni’s strategy to achieve zero net GHG emissions (scope 1,2,3) by 2050, contributing to the goal of offering our customers increasingly decarbonised products and services. It remains a key element not only for Eni’s business, but also to strengthen the security of energy supply.
The combination of these two aspects – reduction of GHG emissions and energy security – makes natural gas a major contributor to the energy transition. For these reasons, the gas component will become increasingly dominant in Eni’s production mix, accounting for 60% of hydrocarbon production in 2030 and over 90% in 2050, in a context in which overall hydrocarbon production is expected to reach a plateau in 2025 and then decline over time. Read More
On Thursday July 27ᵗʰ, 2023 at 07:00 BST (08:00 CEST and 02:00 EDT) Shell plc will release its second quarter results and second quarter interim dividend announcement for 2023. Read More
In the UK, Ofgem CEO, Jonathan Brearley, has today written to all domestic energy suppliers to warn them they must learn the lessons of the energy crisis as the retail sector is forecast to return to profit after five years of losses. In the letter, he tells the sector’s CEOs that energy regulator Ofgem is ready to act against suppliers that do not yet have sufficient capital if they use profits for paying dividends above recapitalising. After a period where suppliers have largely made losses due to difficult trading conditions, the price cap has now dropped, and the price of wholesale energy, while still well above pre-crisis levels, is much lower than over the last two years. This means the sector is likely to return to profit this year and suppliers can recoup some of the losses from recent years. But while Ofgem has always been clear that reasonable profits are essential for a sustainable and well-functioning sector, the letter makes clear that financial resilience must be prioritised. The letter also reminds suppliers that the energy regulator and government moved quickly to stem losses and protect consumers when prices were rising sharply, including with swift amendments to the price cap rate and methodology where suppliers were suffering higher than expected costs. And multi-billion-pound subsidies were provided for consumer bills from the public purse. Read More
Lordstown Motors Corp. announced a strategic restructuring process to maximize the value of its assets: its on-the-road Endurance all-electric (EV) pickup truck and the intellectual property, platform and people that developed it.
As part of the process, Lordstown today filed litigation against global technology company Hon Hai Technology Group (TWSE: 2317; LSE:HHPD) and certain of its affiliates, including Foxconn Ventures Pte. Ltd. (collectively, “Foxconn”), in the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”). The litigation details Foxconn’s fraud and willful and consistent failure to live up to its commercial and financial commitments to the Company. Foxconn’s actions led to material damage to the Company as well as its future prospects. In addition, and as a consequence of Foxconn’s material and irreparable harm, Lordstown is commencing a comprehensive marketing and sale process for the Endurance vehicle and related assets. To accomplish this expeditiously and provide a prospective buyer with a going concern asset that is free and clear of any legacy issues, Lordstown is restructuring under Chapter 11 of the U.S. Bankruptcy Code (“Chapter 11”) in the Bankruptcy Court. Lordstown further anticipates that the restructuring will enable an expedited timeline for hearing Lordstown’s litigation against Foxconn. Read More
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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