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World Energy Consumption Since 1820 in Charts By   Gail Tverberg Figure 1 (above) shows the huge increase in world energy co...


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Thursday, 8 September 2016

Today's ENERGY News -8 September 2016

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Art Berman: Central Bankers Don’t Understand – The Economy Runs on Energy, Not Money

Old Hickory

The following is a summary of our recent interview with Art Berman, which can be listened to in full on our site here or on iTunes here . There’s a lot of confusion when it comes to energy markets and the idea of peak oil, according to Art Berman, a well-known geological consultant, director of Labyrinth Consulting Services and also director of the Association for the Study of Peak Oil and Gas in the US. This time on Financial Sense, we spoke to Berman about his take on oil markets and how we need to be thinking about the most traded commodity in the world. Peak Oil Is Not About Running Out of Oil “Peak oil” is an unfortunate term we’re unlikely to escape, Berman said but is also entirely inaccurate. “It has nothing to do with running out of oil,” he said. “That’s the first misconception. Peak oil […]

California is using more renewables and less natural gas in its summer electricity mix

 California Independent System Operator (CAISO) as accessed through ABB Velocity Suite Note: Summer is defined as June, July, and August. The mix of energy sources used for power generation in California this summer changed from last summer, as renewables and imported electricity offset lower natural gas use. During summer 2016 (June, July, and August), thermal generation (almost all from natural gas) in the area serviced by the California Independent System Operator (CAISO) was down 20% from the previous summer, while generation from hydroelectricity, other renewables, and electricity imports was higher than the same period last year. The overall level of electricity consumption was 2% higher this summer as temperatures were slightly warmer than the previous summer. Hydroelectric generation in CAISO increased from last summer because the West Coast drought situation has improved . According to the U.S. Drought Monitor , 59% of California experienced […]

Saudi Arabia Said to Weigh Canceling $20 Billion of Projects

Government to review thousands of contracts worth $69 billion Ministries could be merged or eliminated under plans Saudi Arabia is intensifying efforts to shrink the highest budget deficit among the world’s biggest 20 economies, aiming to cancel more than $20 billion of projects and slash ministry budgets by a quarter, people familiar with the matter said. The government is reviewing thousands of projects valued at about 260 billion riyals ($69 billion) and may cancel a third of them, three people said, asking not to be identified as the discussions are private. The measures would impact the budget for several years, according to two of the people. A separate plan includes merging some government ministries and eliminating others, two people said, also speaking on condition of anonymity. The world’s biggest oil exporter is taking unprecedented steps to rein in a budget shortfall that ballooned to 16 percent of gross domestic […]

Norway’s Statoil tightens hold over Barents Sea reserves

After stating its intention to move to northern waters, Norwegian energy company Statoil said it strengthened its grip on Barents Sea assets.  The Norwegian energy company said it reached an agreement with a regional subsidiary British energy company TullowOil to increase its holdings in license areas in the Wisting discovery in the Norwegian waters of the Barents Sea.  “This transaction reflects our strong belief in the exploration potential on the Norwegian continental shelf and our commitment to create value in the Barents Sea,” Jez Averty, a vice president for regional exploration for Statoil, said in a statement.

Enbridge to Buy Spectra Energy in $28 Billion Deal

Image result for enbridge headquarters

Under the deal, announced jointly by the companies, Spectra Energy shareholders will receive shares of Enbridge valued at around $40.33 each, or a premium of about 11.5%, based on the closing price of Enbridge shares on Friday. The arrangement has an enterprise value of about $127 billion and the deal, which has the full support of the boards of both Enbridge and Spectra, is expected to close in the first quarter of 2017, the companies said in a release. On closing, Enbridge shareholders are expected to own about 57% of the combined company, to be called Enbridge Inc., and Spectra Energy shareholders will own the remaining 43%. The merged company will have assets spanning crude oil, liquids and natural gas pipelines, terminal and midstream operations, a regulated utility portfolio and renewable power generation operations. […]


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