Energy/Automotive News| WTI Crude $80.92/bbl, Brent $85.03/bbl, Opec $84.27/bbl
London, 15 March 2024, (Oilandgaspress):– Automakers and suppliers are adding capacity to build gasoline-electric hybrid and plug-in hybrid vehicles for the U.S. market, responding to increased consumer demand for technology that General Motors and other automakers once planned to phase out in favor of all-electric fleets, industry executives and analysts said. U.S. sales of hybrids grew five times faster than EV sales in February, Morgan Stanley said. A plug-in hybrid version of the Jeep Wrangler SUV accounted for half of total U.S. Wrangler sales in the second half of 2023, up from 37% in the first half of the year, Stellantis said. Sales of Ford Motor hybrids rose nearly 37% during the first two months of the year, driven by demand for the hybrid Maverick compact truck that starts at $25,315.. Read More
Shannon LNG has confirmed that it has begun pre-application consultation with An Bord Pleanála regarding the development of a liquefied natural gas terminal and power station on the Shannon estuary in Co Kerry. An Bord Pleanála refused permission for the development at the company’s 600 acre site in September last year. . Read More
Renault expects the closing of its joint venture in electric vans with Volvo and French shipping group CMA CGM to happen by the beginning of April, a spokeswoman told Reuters on Wednesday.
Renault and Volvo signed binding agreements last fall to launch a new company where they would initially each hold a 50% equity stake and each invest 300 million euros ($316 million) over the next three years.
CMA CGM also signed at the time a non-binding letter of intent with Renault and Volvo to join the new company and invest 120 million euros through PULSE, its energy fund focused on decarbonisation of transport and logistics sectors. The three companies plan to present the JV on April 3. . Read More
The Volvo Group has signed an agreement according to the previously announced Letter of Intent with Westport Fuel Systems Inc to establish a joint venture to accelerate the commercialization and global adoption of Westport’s High Pressure Direct Injection (HPDI[TM]) fuel system technology for long-haul and off-road applications. The closing of the joint venture is subject to certain closing conditions, including regulatory and government approvals. It is anticipated that the joint venture will become operational following the formal closing which is expected in the second quarter of 2024.
High Pressure Direct Injection (HPDI) is a fuel system technology which can be applied in vehicles with internal combustion engines to replace greenhouse gas-emitting fuels, like diesel, with carbon-neutral or zero-carbon fuels like biogas or hydrogen. . Read full article
The Volvo Group will hold a Capital Markets Day at Volvo Trucks’ operations in Dublin, Virginia, USA on November 14, 2024.During the day, executive management will outline the Group’s strategic direction, which is built on the pillars Perform and Transform. Focus will be on the transformation journey towards more sustainable transport and infrastructure solutions. There will also be a factory tour and a display of the North American product offering, including the all-new Volvo VNL truck.
An invitation will be sent out closer to the event. Read full article
Audi honored 70 top-performing dealerships in the U.S. with the Magna Society Awards, a distinction for dealers who achieved excellent performance in 2023.
To earn Magna Society recognition, dealers must demonstrate an exceptional level of customer service as well as strong business performance. Among the recipients, 17 dealerships were distinguished as 2023 Audi Magna Society Elite winners, a special honor for superior achievement as the best of the best. The Magna Society was created by Audi of America to identify and recognize dealerships that go above and beyond standard business objectives and sales targets. To qualify for Magna Society status, a dealership must show that they are engaged in sales and service programs and adhere to specific business processes. Their facility and staff should also properly represent the Audi brand. Read full article
On its third long-distance road trip over 1,000+ kilometres, the VISION EQXX technology programme demonstrated that even the Arabian Desert is no obstacle to energy efficiency. On a challenging route profile encompassing busy city streets and open desert, the pioneering test vehicle delivered electric power consumption of 7.4 kWh/100km (8.4 mi/kWh)1. This equates to an equivalent of around 0.9 l/100 km or 282 MPGe for a petrol-fuelled vehicle. In ambient temperatures of up to 34 degrees Celsius (93 degrees Fahrenheit), the VISION EQXX beat its own previous best by a considerable margin. The starting point for the efficiency drive on the Arabian Peninsula was the Mercedes-Benz Center in Riyadh, Saudi Arabia. The destination was the recently opened Mercedes-Benz Brand Center in Dubai, UAE. The route of 1,010 km (627.6 miles) was completed in a total driving time of 14 hours and 42 minutes. Having left Riyadh at 4:15 a.m. with a full battery, the VISION EQXX still had 309 kilometres (192 miles) of range left when it arrived in Dubai at 7:57 p.m. The route incorporated urban and sub-urban sections in Riyadh and Dubai with heavy traffic as well as lengthy highway sections across the open desert. Read full article
Mitsubishi Power, a power solutions brand of Mitsubishi Heavy Industries, Ltd. (MHI), captured the top market share by megawatts in 2023 with a global gas turbine market share of 36% according to McCoy Power Reports data.(1) The company has also secured a 56% market share in the Advanced Class(2) gas turbine market, led by Mitsubishi Power’s latest model JAC (J-Series Air-Cooled) gas turbines. This is the second consecutive year for Mitsubishi Power to achieve the top global market share for gas turbines, following 2022. Mitsubishi Power’s high market share is the result of the company’s strong project execution track record, high performance, and product reliability. Mitsubishi Power has extensive experience with large frame gas turbines, including the F, G and J-class. The J-class (including the JAC model) has surpassed 2.3 million actual operating hours (AOH). Orders are also increasing worldwide, with cumulative orders recently surpassing 120 units. In the heavy-duty gas turbine market, which is the most popular segment for Gas Turbine Combined Cycle (GTCC) power plants, the JAC is the world’s leading gas turbine with an efficiency greater than 64%. As a result, it meets rigorous standards for reductions in carbon emissions, allows for operation flexibility including shorter startup time and superior load-following capability, and plays an important role in regulating the supply and demand of electricity associated with the introduction of renewable energy. . Read full article
The Norwegian government, industry associations and trade unions have reached an agreement on the future of the Norwegian CO2 compensation scheme, valid from 2024 until 2030. The agreement between the Norwegian government, Norsk Industri, Industri Energi & Forbundet for ledelse og teknikk, Fellesforbundet, LO, and NHO is valid from 2024 until 2030. It includes an annual maximum CO2 compensation for eligible industries of NOK 7 billion. The CO2 quota price floor that was introduced in 2022, and further increased for 2023, will be fully removed. The compensation cap will be subject to inflation adjustment. The revised CO2 compensation scheme includes a commitment for the industries to implement emission reduction and energy efficiency measures corresponding to 40 percent of the CO2 compensation paid. The revised CO2 compensation scheme will be subject to approval by EFTA Surveillance Authority (ESA), as well as the Norwegian parliament annual approval as part of the ordinary state budget process. Read full article
Volkswagen Group Charging (Elli) opened its large European charging network to mobility companies outside the Volkswagen Group for the first time. With Elli’s extensive charging infrastructure and innovative digital mobility solutions, customers can now enjoy seamless access to a vast and high-quality charging network across Europe. The new product SIXT charge simplifies the entire charging experience: from access to Elli`s charging network to find charge points, starting and ending charging sessions, and complete billing and payment. SIXT charge is available in the SIXT App in Germany, Austria, France, the Netherlands, Belgium, and Luxembourg. In the upcoming months, SIXT will continue to roll-out its charging solution for customers in further European countries, successively increasing the number of charge points of the Elli charging network that are available in the SIXT App.
Elli is continuously expanding its network and offers access to over 650,000 charge points in 29 European countries. The Elli charging network is now one of the largest and has experienced a remarkable 44% growth in the past 12 months. The commitment goes beyond quantity. As the e-mobility customer base is becoming more comfortable with travelling further distances, they are increasingly relying on a high quality international public charging network. In light of this, Elli founded the Selected Partner Network as a carefully curated group of partners operating high-performance charging infrastructure with on-site convenience (e.g. cafés, restaurants, sanitary facilities), and excellent operational reliability. Currently, IONITY Europe, Aral Pulse, the Audi charging hubs in Germany, Austria and Switzerland, and Ewiva in Italy are part of the Selected Partner Network. The Selected Partner Network comprises of approximately 8,000 charging points and is continually growing. On March 1st, Elli integreated Zunder ES*ZUN, one of the leading providers of ultra-fast charging in Southern Europe, into the Selected Partner Network. Read full article
Snowdonia Aerospace Centre, the UKs leading large scale drone and soon to be eVTOL testing facility have selected AEROVOLT to provide multiple charging systems for aircraft development and future flight technologies.
At the beginning of March, AEROVOLT will install their certified smart charging system which uses the AS6968 protocol currently used by a number of certified and in-development aircraft worldwide. Allowing new electric aircraft systems, manned and unmanned, to use point to point flying and re-charging across the UK. Widely expanding the mission scope and operational ability of electric aircraft systems.. Read More
AEROVOLT went live on Octopus Electroverse with our aircraft charging network. With the idea that charging an electric aircraft using a public system is just as easy as charging your car. Octopus Electroverse is the largest EV roaming service in the UK and have recently expanded in Europe. So in the future you will also be able to charge aircraft in Europe just as easily. Read More
| Oil and Gas Blends | Units | Oil Price US$/bbl | Change |
| Crude Oil (WTI) | USD/bbl | $80.92 | Up |
| Crude Oil (Brent) | USD/bbl | $85.03 | Up |
| Bonny Light | USD/bbl | $87.81 | Up |
| Saharan Blend | USD/bbl | $84.24 | Down |
| Natural Gas | USD/MMBtu | $1.72 | Up |
| Murban Crude | USD/bbl | $85.59 | Up |
| OPEC basket 14/03/24 | USD/bbl | $84.27 | Up |
Claudio Descalzi, CEO of Eni, presented the 2024-2027 Strategic Plan whose main objectives translate in: seizing the opportunities and addressing the challenges of the energy transition, achieving enhanced shareholder returns, strong operating and financial growth and a material reduction in net capital expenditure. The strategy will be delivered primarily by realising full value from Eni’s traditional energy businesses and skills while reducing emissions. At the same time, it aims to build new, high-return and high-growth activities related to the transition. Ultimately, Descalzi stressed, the energy transition is irreversible, but it can only become real if it creates material and sustainable returns and enables new forms of profitable business. . Read full article
Hyundai in collaboration with Culture Brands, its African American marketing agency, launched their new multicultural campaign featuring the highly anticipated 2024 Santa Fe SUV. The latest addition to the popular “OKAY Hyundai” series, the new campaign, titled “The Drop”, seamlessly integrates the allure of sneaker culture with the dynamic, adventure-driven lifestyle of the all-new fifth-generation Santa Fe.
“The Drop” immerses viewers in the electric atmosphere of a sneaker release, spotlighting Black-owned brands like Brandblack and Black talent both in front of and behind the camera. Produced by FELA, a Black-owned production company, and directed by Julien Christian Lutz (Director X), known for iconic music videos, the campaign captures the essence of sneaker culture. Collaborating with Culture Brands, CEO Eunique Jones Gibson and Executive Producer Jessica Toscano spearheaded the vision with intention. The spot also features the soundtrack “Big Fish” by Vince Staples. Through each cultural nod, the 2024 Hyundai Santa Fe reveals itself as the true coveted “drop”.The spot powerfully highlights the redesigned Santa Fe’s bold and distinctive design, accentuating its enhanced spaciousness with the addition of a third row and captain’s seats, while also spotlighting its advanced technological features, including dual wireless charging and dual 12.3-inch displays. Positioned competitively in the Compact SUV segment, the Santa Fe is a frontrunner among African American consumers who purchased Hyundai vehicles in 2023, consistently marking its position as a Top 3 choice for the demographic. Offering various trim levels and engine options, including a Hybrid variant, the all-new Santa Fe aligns with Hyundai’s broader sustainability initiatives. Launching the SUV required unique storytelling to effectively communicate its revitalized energy. “The Drop” spot showcases the vehicle’s state-of-the-art technology while capturing a cultural vibe that instills a feeling of FOMO (fear of missing out).. Read full article
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