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Claims of high EU energy prices ‘overblown’

Posted on 07 February 2014 by VRS  |  Email |Print

Claims that high energy prices are making European industry less competitive are overblown according to new research showing a relatively small number of companies are affected and most get special protection.
“European economic competitiveness is not determined by energy prices,” says a study by a group of EU research bodies, the latest volley in a growing debate over whether climate and energy policies are sapping the bloc’s ability to compete………………………………………..Full Article: Source

Coking coal: Enhanced supply, bearish trend may cheer up steel industry

Posted on 07 February 2014 by VRS  |  Email |Print

The global supply of coking coal is expected to remain elevated in 2014, a trend that prevailed in 2013. Metallurgical coal – or coking coal – is a vital ingredient in the steel making process. Global steel production is dependent on coal and 70% of the steel produced today uses coking coal.
Enhanced global supply of coking coal in 2013, caused the continued prices decline of Premium Hard Coking Coal (PHCC), Hard Coking coal (HCC) and bearish global demand. But coking coal witnessed an increased global import rates; China, India and Japan importing million tonnes of coking coal, according to The Steel Index (TSI)………………………………………..Full Article: Source

Renewable energy: Little wonders

Posted on 31 January 2014 by VRS  |  Email |Print

In Germany local people hold stakes in about 40% of renewable generation. In Britain almost all of it is owned by big businesses. In 2010 the coalition government—then touting plans for a “big society” of active communities—promised support for groups that build their own low-carbon generators. On January 27th it tried to deliver the goods.
Community groups hope that having their own wind, solar and hydro projects will help cut carbon emissions and bring in cash for neighbourhood causes or for more green schemes. The government sees a chance to further national goals. A green-minded electorate is less likely to oppose big renewable developments and more likely to tolerate the impact of environmental policies, such as rising bills………………………………………..Full Article: Source

Coal becomes commods’ first victim of emerging-market woes

Posted on 31 January 2014 by VRS  |  Email |Print

The rout in emerging markets is starting to spill into commodities, with coal prices tumbling as much as 10 percent this month as utilities in developing economies slash orders. Commodity price developments often go hand in hand with growth in emerging economies, which consume more energy as their wealth rises.
“Commodity demand is more concentrated in fast-growing countries … The marginal buyer of commodities is very much the emerging world and it’s going through a bear market right now,” said Charlie Morris, head of absolute return at HSBC Global Asset Management, who oversees $1.8 billion in assets………………………………………..Full Article: Source

Energy price gap with the US to hurt Europe for ‘at least 20 years’

Posted on 30 January 2014 by VRS  |  Email |Print

High gas and electricity prices will continue to plague Europe for at least 20 years, damaging the competitiveness of industries that employ almost 30m people, the world’s leading energy forecaster has warned.
In findings likely to inflame claims EU climate change policies are damaging the bloc’s manufacturers, the International Energy Agency said Europe will lose a third of its global market share of energy-intensive exports over the next two decades because energy prices will stay stubbornly higher than those in the US………………………………………..Full Article: Source

Coal will ‘dominate global power sector for decades’

Posted on 30 January 2014 by VRS  |  Email |Print

Coal will dominate the power sector globally for decades to come, according to a paper that miners say undermines campaigns by green activists to “demonise” coal.
The paper - written by an International Energy Agency consultant and to be sent to Industry Minister Ian Macfarlane - says coal will remain the dominant power-sector fuel for at least the next quarter of a century despite efforts to diversify power sources and concerns about slower economic growth………………………………………..Full Article: Source

Citigroup expands in Europe energy markets

Posted on 30 January 2014 by VRS  |  Email |Print

Citigroup Inc. (C) is increasing its gas and power business in Europe as competitors from Bank of America Corp. (BAC) to Deutsche Bank AG withdraw amid tighter regulation and staff cuts at utilities.
The third-largest U.S. bank expanded its trading team in Europe last year while other firms cut headcount, Stuart Staley, global head of commodities, said in a phone interview from London. His group now employs 10 people in power and gas trading and sales in the region………………………………………..Full Article: Source

Why following EIA forecasts is dangerous for the US

Posted on 27 January 2014 by VRS  |  Email |Print

Think back to early 2004. Oil cost around $40 per barrel—on the high side compared to the previous few decades but not much out of the ordinary. Gasoline still cost under $2.00 a gallon for most of the country. The evening news was more concerned with wardrobe gaffes by Janet Jackson (too little, at the Super Bowl) and President Bush (too much, on the USS Abraham Lincoln) than with energy prices.
In retrospect, these were the last days of “normal.” Almost everyone in business, the media, and government assumed that the world had plenty of cheap oil………………………………………..Full Article: Source

European Commission to ditch legally-binding renewable energy targets

Posted on 23 January 2014 by VRS  |  Email |Print

Climbdown on setting mandatory national targets, enforced in the EU courts, will be welcomed by Britain. The European Commission is to ditch legally-binding renewable energy targets after 2020 in a major U-turn and admission that the policy has failed industry and consumers by driving up electricity bills.
A Brussels paper on the European Union’s “2030 framework for climate and energy” will instead propose binding targets to reduce carbon emissions without imposing requirements on how the reductions are made………………………………………..Full Article: Source

Momentum still split between energy and precious metals

Posted on 23 January 2014 by VRS  |  Email |Print

A sharp and exceptional split in short-term momentum between the energy and precious metal sectors is continuing into a second week. The four metals, led by platinum, are all among the top five performers this month while the energy sector holds on to negative momentum.
Some signs of a break-up are now starting to emerge, with the recent recovery in both WTI crude and natural gas having the potential of a return to positive strength — but not yet………………………………………..Full Article: Source

Oil demand to rise as global economy recovers, energy watchdog says

Posted on 22 January 2014 by VRS  |  Email |Print

International Energy Agency (IEA) forecasts growth in oil consumption of 1.3m barrels a day, with demand met from production by the US and Opec countries. Global oil demand will increase more quickly this year as economic growth accelerates, outstripping supply even as shale oil production in the United States reaches record highs, the west’s energy watchdog said on Tuesday.
The International Energy Agency (IEA) said world oil consumption would increase by 1.3m barrels per day (bpd) this year, 50,000 bpd higher than previously forecast……………………………..Full Article: Source

Main elements of EU 2030 energy and environment policy

Posted on 21 January 2014 by VRS  |  Email |Print

The European Union will publish new long-term goals on Wednesday for curbing climate change, marking the start of a long process to fix them in EU law.
Apart from providing guidance for EU member states and their industries, the targets are significant in the context of global climate change talks, which Europe has sought to lead………………………………………..Full Article: Source

Why EIA, IEA, and randers’ 2052 energy forecasts are wrong

Posted on 17 January 2014 by VRS  |  Email |Print

What is the correct way to model the future course of energy and the economy? There are clearly huge amounts of oil, coal, and natural gas in the ground. With different approaches, researchers can obtain vastly different indications. I will show that the real issue is most researchers are modeling the wrong limit.
Most researchers assume that the limit that they should be concerned with is the amount of oil, coal, and natural gas in the ground. This is the wrong limit. While in theory we will eventually hit this limit, because of the way fossil fuels are integrated into the rest of the economy, we hit financial limits much earlier………………………………………..Full Article: Source

BP forecasts slower growth in global energy demand

Posted on 16 January 2014 by VRS  |  Email |Print

Global demand for energy will grow at a slower pace over the next two decades, a report from the oil giant BP predicts. BP’s Energy Outlook says energy demand will rise by 41% between now and 2035 - less than the 55% growth seen over the past 23 years.
It said increased fuel efficiency in developed economies was behind the predicted slowdown. But demand from emerging economies is expected to continue to rise strongly………………………………………..Full Article: Source

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Global investment in clean energy falls for second year running

Posted on 16 January 2014 by VRS  |  Email |Print

New figures show investment fell to $254bn in 2013, with a drop in Europe of 41%. Global investment in clean energy fell for the second year in a row to $254bn last year, with green investment in Europe crashing by 41%, new figures showed on Wednesday.
The drop casts a pall over a high-profile investor summit at the United Nations on Wednesday. The summit, organised by the Ceres investor network, was supposed to build momentum for the shift to a clean energy economy – a transformation requiring global investment of some $1 trillion a year by 2030………………………………………..Full Article: Source

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Over the hump for oil demand

Posted on 15 January 2014 by VRS  |  Email |Print

The history of energy in the 20th century was mainly about oil; the struggle to find oil, to secure its supply and bring it to market. So important has been oil and its many by-products in fuelling, lubricating and transforming economies and societies over the past 100 years that many have failed to notice trends that are already changing the shape of energy demand in the 21st century.
The developed world is using much less oil. Consumption in the OECD is in long-term decline: in 2012 the industrialised countries used the same amount of oil as they did in 1995; today’s European Union countries are back at consumption levels last seen in 1967………………………………………..Full Article: Source

In 2014, world races to join shale energy boom

Posted on 15 January 2014 by VRS  |  Email |Print

The shale genie is out of the bottle, Warren writes. US production in shale oil and gas offers lessons learned for countries desiring to exploit their own energy resources.
In oil markets, the year 2014 already looks to repeat 2013 with some important differences. Unpredictability in the commodities’ extraction and delivery, political risk, and policy risk may play a bigger role in 2014. The potential lifting of the crude oil export ban, which the industry and some lawmakers desire, may also stir up the market………………………………………..Full Article: Source

Uranium bull market to gather steam over next 18 months - Scotiabank

Posted on 14 January 2014 by VRS  |  Email |Print

Scotiabank analysts are bullish uranium. They have been for some time. As we noted in early 2013, Patricia Mohr, Scotiabank’s vice-president economics and commodity market specialist, made the case that uranium prices, decimated by the 2011 Fukushima Dai-Ichi nuclear disaster, would rebound mid-decade.
It’s not a position that has changed. In her latest commodities report on December 19, 2013 she labelled uranium a “turnaround story” for the mid-2010s. Her thesis - as outlined at the AME BC Roundup conference last year - is heavily contingent on three factors:……………………………………….Full Article: Source

EU urged to set 2030 renewable energy target by ministers

Posted on 08 January 2014 by VRS  |  Email |Print

Ministers from Germany, France, Italy and five other countries call for new renewable energy target in addition to carbon goal. Ministers from Germany, France and six other countries have called for the European Union to set a 2030 goal for renewable energy use, in opposition to their British counterpart who advocates a sole greenhouse gas emissions target.
A 2030 renewables goal, which would be part of a package of EU measures on energy and climate change, would cut dependency on fossil fuel imports and boost jobs and economic growth, the group of ministers said in a letter dated 23 December 2013 and seen by Reuters………………………………………..Full Article: Source

Predictions for 2014: Energy is anything but conventional

Posted on 30 December 2013 by VRS  |  Email |Print

With dramatic new sources of both supply and demand emerging across the globe, energy is poised to get even more unconventional in 2014. What’s next for oil, gas, and renewables? In energy, next year promises to be just as unconventional as the last.
North America’s boom in unconventional oil and gas will continue to expand and the shale success could spread elsewhere. Easy-to-reach conventional oil is dwindling, but 2014 could see a reprieve as production from Iraq, Libya, and other war-torn oil nations seems to be stabilizing. And easing relations with Iran has the potential to bring major amounts of oil back onto global markets………………………………………..Full Article: Source

Global coal demand growth slows

Posted on 20 December 2013 by VRS  |  Email |Print

Growth in global coal demand will slow over the next five years as consumption in China, the US and Europe are expected to ease, according to the International Energy Agency (IEA). In its Medium-Term Coal Market Report, the IEA said that in the period to 2018, global coal demand will grow by 2.3% per year, reaching almost 9 billion tonnes. This is down from its previous forecast annual growth rate of 2.6% over the same period.
Between 2007 and 2012, global coal demand grew by an average of 3.4% per year, the IEA said. However in 2012 the growth in global coal consumption dropped to 2.3% year-on-year, reaching 7.7 billion tonnes………………………………………..Full Article: Source

Global coal demand growth seen moderating between 2013 and 2018 -IEA

Posted on 17 December 2013 by VRS  |  Email |Print

Tougher Chinese policies aimed at reducing the nation’s dependency on coal and curbing pollution will help moderate global coal demand growth over the next five years, said a leading world energy watchdog Monday.
The International Energy Agency said in its Medium-Term Coal Market Report that coal is forecast to grow at an average of 2.3% a year through 2018 compared with the 2012 report’s forecast of 2.6% for the five years through 2017 and the actual growth of 3.4% a year between 2007 and 2012. Coal is forecast to be the fossil fuel with the largest growth in absolute terms up to 2018, although natural gas demand is forecast to grow at 2.4% a year over the same period………………………………………..Full Article: Source

Five graphs that tell the future story of coal

Posted on 17 December 2013 by VRS  |  Email |Print

International demand for coal is only going in one direction: up. Radical action to stall the growth of coal and curb the growth in greenhouse gas emissions is off-track, according to the International Energy Agency (IEA).
The IEA’s latest five-year outlook predicts coal consumption will grow at an average 2.3 per cent per year. The world will burn almost nine billion tonnes of coal per year by 2018, the agency predicts. Despite efforts from the Chinese government to encourage more efficient use of energy and more power from renewables, China will account for nearly 60 per cent of the predicted growth………………………………………..Full Article: Source

Morgan Stanley: LNG will turn Australia into an energy superpower by 2017

Posted on 17 December 2013 by VRS  |  Email |Print

Morgan Stanley believes that by the middle of the decade Australia will be a global energy superpower thanks to increases in its natural gas exports, allowing it for the first time in nearly 40 years, to eliminate a current account deficit.
They expect LNG production to increase vastly as huge projects start to come online and turn Australia into the world’s largest exporter of LNG by 2017, overtaking Qatar………………………………………..Full Article: Source

Australia to be an energy ’superpower’

Posted on 16 December 2013 by VRS  |  Email |Print

Australia is to become a global gas superpower by the middle of the decade and eliminate its current account deficit for the first time in almost 40 years, according to Morgan Stanley. ”Liquefied natural gas (LNG) exports from Australia could be the next big thing,” said the bank in a new report.
It predicted a ”huge ramp-up” in LNG output that could transform the country’s economy, claiming that Australia could overtake Qatar to become the world’s biggest exporter of LNG as soon as 2017, rather than 2030 as widely assumed………………………………………..Full Article: Source

China’s changing coal consumption threatens Australia

Posted on 16 December 2013 by VRS  |  Email |Print

China’s changing coal consumption is threatening the existence of Australian coal mines. As China rallies to war to work for cleaner air, the most visible casualties of this war would be the Australian coal mines which are at risk of getting stranded, if not all together abandoned.
“Demand below expectations, and lower coal prices as a result, would increase the risk that coal mines, reserves and coal-related infrastructure could become mothballed or abandoned,” a new study by Oxford University, commissioned by HSBC Bank, said………………………………………..Full Article: Source

IEA official calls for new norms for use of energy resources

Posted on 10 December 2013 by VRS  |  Email |Print

A senior official of the International Energy Agency (IEA) has urged governments in the region to make policies to ensure that there is effective and efficient use of their energy resources.
Speaking at the Qatar Energy and Water Efficiency conference yesterday, Robert Tromop, the head of Energy Efficiency at the IEA, said the recommendations on the energy efficiency that the Paris-based 28-member agency has made are applicable to not only the member-countries but also to the rest of the world, including many high requirement countries and energy rich ones………………………………………..Full Article: Source

OPEC inaction masks looming supply glut in 2014: Energy Markets

Posted on 03 December 2013 by VRS  |  Email |Print

Even with OPEC forecast to keep its output quota unchanged at a meeting this week, falling oil demand and prospects for increased supply from some member states mean the group’s leader, Saudi Arabia, will have to cut production anyway.
The kingdom and its allies Kuwait, Qatar and the United Arab Emirates will need to produce about 2 million barrels a day less in 2014 to prevent a glut, the Centre for Global Energy Studies predicts. That’s equal to annual revenue of about $80 billion at today’s prices. The 12-nation group meets in Vienna on Dec. 4 and will reaffirm its collective limit of 30 million barrels a day, according to 22 of 24 analysts and traders surveyed by Bloomberg News……………………………….Full Article: Source

IEA: Wind power could supply 18% of world’s power by 2050

Posted on 02 December 2013 by VRS  |  Email |Print

Up to 18% of the world’s electricity could be generated with wind energy by 2050, but the massive jump from 2.6% today would require the nearly 300 GW of current wind capacity worldwide to increase eight- to tenfold and cost nearly $150 billion a year, the International Energy Agency (IEA) said in an updated assessment of the world’s wind power.
The Paris-based autonomous energy agency now sees a much larger penetration of wind power than the 12% by 2050 share forecast in its previous 2009 edition of the “Technology Roadmap: Wind Energy.” Forecasts put China as the world’s future wind power leader, overtaking European members of the Organisation for Economic Co-operation and Development by about 2020 or 2025, with the U.S. ranked third………………………………..Full Article: Source

Asia holds power balance in global energy market: IEA

Posted on 29 November 2013 by VRS  |  Email |Print

Asia’s surging energy use means it has leverage to demand cheaper prices and holds the balance of power in the global market, the head of the International Energy Agency (IEA) said Thursday.
Executive director Maria van der Hoeven said China’s growing appetite for new energy sources will drive up demand over the coming decade, replaced by a rising India in the 2020s and fast-developing Southeast Asian nations after that. “These developments together make Asia the unrivalled centre of global oil trade as the region draws in rising shares of available crude oil,” she told a news briefing in Tokyo, part of a roadshow to promote the agency’s annual report………………………………………..Full Article: Source

IEA and emerging countries to collaborate more closely

Posted on 21 November 2013 by VRS  |  Email |Print

The International Energy Agency and six emerging economies including China and India agreed to pursue stronger cooperation, the IEA said on Wednesday in a bid to strengthen ties with non-members whose share in global oil demand has grown rapidly.
The initiative to form an “association” between the West’s energy watchdog, combining 28 developed economies, and non-members is aimed at boosting ties on energy security, data sharing and energy market analysis, the Paris-based group said…………………………………Full Article: Source

Coal industry heats climate change debate with fossil fuel push

Posted on 18 November 2013 by VRS  |  Email |Print

The global coal industry will court controversy on Monday by insisting that the world’s most abundant fossil fuel can play a part in curbing greenhouse gases through the use of new technology at power plants.
The World Coal Association, representing most of the largest companies in the sector, says its call for more government support for research to make coal burning more efficient is an answer to “policy fatigue” surrounding climate change talks………………………………………..Full Article: Source

5 trends that are set to transform the energy sector

Posted on 14 November 2013 by VRS  |  Email |Print

What it must have been like, being one of those pioneers getting into the traditional oil industry back before all the biggest fields went into production. Well, we are back to this point again, only this time we’re in the deep waters and the shale.
There are five major oil and gas trends that have the ability to take us back to those first golden days of the industry, but the golden days won’t last forever and before we know it, deep-waters won’t look so deep, and the unconventional will become the new conventional………………………………………..Full Article: Source

Global energy market in middle of huge upheaval, IEA says

Posted on 13 November 2013 by VRS  |  Email |Print

The International Energy Agency has said the fuel map of the globe is changing rapidly on a vast upheaval of energy markets. It forecast widening regional differences in energy costs, with an impact on competitiveness.
In its global energy demand outlook, the IEA said Tuesday that new reserves of fossil fuels, notably resources of shale in the US and Canada, would compensate for the decline of existing conventional gas and oil fields, raising the competitiveness of nations which used them………………………………………..Full Article: Source

China to build more renewables than EU, U.S. combined, IEA says

Posted on 13 November 2013 by VRS  |  Email |Print

China is expected to build more renewable power plants through 2035 than the U.S., European Union and Japan combined, according to the International Energy Agency.
The share of energy sources including hydropower, biomass, wind and solar in world electricity supply will rise above 30 percent in that period, “drawing ahead of natural gas in the next few years and all but reaching coal as the leading fuel for power generation in 2035,” the Paris-based adviser to 28 nations said in its annual World Energy Outlook report………………………………………..Full Article: Source

Opec says $7.5 trillion investment needed in energy

Posted on 08 November 2013 by VRS  |  Email |Print

Opec upgrades oil demand forecasts on expectation of 380 million new cars on China’s roads by 2035 and says world needs to invest nearly $8 trillion on new energy facilities. Petrol prices are unlikely to fall significantly anytime soon based on the latest long-term projections for the global oil market released by the Organization of Petroleum Exporting Countries (Opec).
The group of 12 major producing nations estimates that meeting increases in world oil demand through to 2035 will require $7.5 trillion (£4.6 trillion) worth of investment into building new infrastructure such as production plants, refineries and pipelines………………………………………..Full Article: Source

Uranium investors, ignore the noise! Fundamentals are compelling

Posted on 04 November 2013 by VRS  |  Email |Print

Over the next decade, we expect uranium demand to grow at about 3% per year (3%/year) with about two-thirds of that incremental buying coming from China, Russia and India. China is building reactors like they’re going out of style—30 units are currently under construction domestically, with 59 in the planning stage — and we’ve just seen China grow its presence internationally with an equity stake in the Hinkley Point power station in the U.K.
Russia is building 10 reactors at the moment. It’s got 28 on the drawing board, according to the World Nuclear Association, and that’s going to more than offset the retirement of some of its aging reactors. Russia is heavily involved in vending reactors globally as well, with projects around the world………………………………………..Full Article: Source

Will demand from China continue moving gold and energy assets?

Posted on 29 October 2013 by VRS  |  Email |Print

Economic growth from China is increasing, which is leading to more demand for commodities ranging from gold to oil to natural gas to coal. China is the biggest consumer of energy in the world. It is the second biggest customer for gold, only behind India. Investors ranging from the Central Bank of the Republic of China (in Taiwan) to individuals buy the yellow metal as an asset.
By the fundamentals of supply and demand, China’s growing economy should move the prices of oil, natural gas, coal and gold higher………………………………………..Full Article: Source

IEA reveals recipe for global wind energy boost

Posted on 23 October 2013 by VRS  |  Email |Print

Wind power could account for almost a fifth of global electricity production by 2050, if the trend for cheaper and more effective turbine technologies continues and economies of scale are fully realised.
That is conclusion of a major new report from the International Energy Agency, which predicts a healthy future for the global wind industry, but warns barriers to deployment such as access to finance, grid connections, and public acceptance still need to be overcome if the technology is to realise its full potential………………………………………..Full Article: Source

Wind may generate 18pct of world electricity in 2050: IEA

Posted on 22 October 2013 by VRS  |  Email |Print

Wind power may multiply more than sixfold to generate as much as 18 percent of the world’s electricity in 2050, the International Energy Agency said, raising an earlier estimate by half.
Spending on new wind farms would need to ramp up to about $150 billion a year from $78 billion last year to achieve the necessary level of installed capacity, the Paris-based IEA said today in a statement on its website. As much as 10 times the current capacity of almost 300 gigawatts is needed, it said………………………………………..Full Article: Source

Energy storage capacity to double worldwide by 2050

Posted on 22 October 2013 by VRS  |  Email |Print

Revolutionary changes in the way energy is produced, stored and consumed world wide will lead to a dramatic increase in capacity addition in storage ,according to a new sustainability research paper by Bank J. Safra Sarasin titled, ‘Electricity Storage-the missing link in the energy revolution’.
The global requirement for storage capacity is likely to almost double by 2050. The development of storage solutions is a key component in the smart grids of the future. The five different storage categories vary in terms of energy volume and discharge time………………………………………..Full Article: Source

IEA: energy efficiency can be the ‘world’s first fuel’

Posted on 18 October 2013 by VRS  |  Email |Print

The size of investment in energy efficiency measures is equal to that in renewable and traditional energy, making it a significant form of fuel, according to the International Energy Association (IEA).
In its new Energy Efficiency Market Report, the organisation notes that investment in energy efficiency rose to $300 billion (£186 billion) in 2011, gaining an important position among the world’s most important fuels………………………………………..Full Article: Source

Much ado about shale gas, but coal is still king

Posted on 16 October 2013 by VRS  |  Email |Print

A boom in US energy production has mades shale natural gas and tight oil the talk of the energy industry. But coal is still the fastest-growing source of energy in the world and is the primary source of fuel for electricity, according to the International Energy Agency.
Two years ago, Saudi Arabia started mulling the prospects of shale natural gas as it faced the possibility of running short on energy supplies. The largest oil exporter in the world said it’s now ready to replicate the shale gas success in the United States and use its own unconventional reserves to keep the lights on………………………………………..Full Article: Source

Coal to surpass oil as top global fuel by 2020: report

Posted on 16 October 2013 by VRS  |  Email |Print

Coal will surpass oil as the key fuel for the global economy by 2020 despite government efforts to reduce carbon emissions, energy consultancy firm Wood Mackenzie said on Monday.
Rising demand in China and India will push coal past oil as the two Asian powerhouses will need to rely on the comparatively cheaper fuel to power their economies. Coal demand in the United States, Europe and the rest of Asia will hold steady………………………………………..Full Article: Source

US energy revolution will end old Opec regime

Posted on 15 October 2013 by VRS  |  Email |Print

Wednesday marks the 40th anniversary of the Arab oil embargo, a turning point for US energy security policy. The embargo was imposed by the Organization of Arab Petroleum Exporting Countries after the Yom Kippur war. Oapec banned oil exports to Israel’s supporters – the US and the Netherlands – tightening the oil markets to lead to a 400 per cent price rise.
It used the promise of oil exports on favourable terms to separate them from Nato partners………………………………………..Full Article: Source

IEA says coal is still the fuel of choice

Posted on 15 October 2013 by VRS  |  Email |Print

Two years ago, Saudi Arabia started mulling the prospects of shale natural gas as it faced the possibility of running short on energy supplies. The largest oil exporter in the world said it’s now ready to replicate the shale gas success in the United States and use its own unconventional reserves to keep the lights on.
The shale boom in the United States has turned the global energy market on its head. The director of the International Energy Agency said, however, coal was still the fuel of choice. The United States is on pace to pass Russia as the leading natural gas producer in the world. In theory at least, it could rival Riyadh in terms of oil production………………………………………..Full Article: Source

‘Dark side’ of nat gas boom, according to Chanos

Posted on 14 October 2013 by VRS  |  Email |Print

The shale natural gas upswing in the U.S. has been well documented, but closely watched short-seller Jim Chanos told CNBC he’s a “glass half-empty kind of guy,” and there’s a downside to boom.
At historically low nat gas prices of around $3.75 per million British thermal units, “some of the levered players are struggling to cover their debt service and their obligations to drill more holes under their leases,” Chanos said on “Squawk Box” on Thursday. A day earlier, energy entrepreneur T. Boone Pickens appeared on the show, saying he’s unlikely in his lifetime to see nat gas back up to $10………………………………………..Full Article: Source

Demand for coal will be driven by China and India

Posted on 14 October 2013 by VRS  |  Email |Print

For most of the past decade, one of the most widely held assumptions in the energy world has been that demand for coal will keep on rising, fuelled by China’s soaring thirst for power as its population leaves the countryside for the cities in large numbers.
International coal prices duly rose and stimulated mining activity across Australia, Indonesia and as far away as Colombia and South Africa. The International Energy Agency (IEA) last year predicted that coal would rival oil as the world’s top source of energy by 2017 if no changes were made to government policies; global coal consumption would be 4.32bn tonnes of oil equivalent by that year, compared with around 4.4bn tonnes of oil equivalent for oil, according to its projections………………………………………..Full Article: Source

Clean energy heads for second successive annual fall

Posted on 14 October 2013 by VRS  |  Email |Print

Global investment in clean energy was $45.9bn in the third quarter of 2013, down 14% on the second quarter of this year and 20% below the number for Q3 2012, according to the latest data on deals and projects compiled by research company Bloomberg New Energy Finance.
The latest figure makes it almost certain that investment in renewable energy and energy-smart technologies such as smart grid, efficiency, storage and electric vehicles will end this year below 2012’s $281bn - a total that was itself 11% down from the record established in 2011………………………………………..Full Article: Source

Forty years after OPEC embargo, U.S. is energy giant

Posted on 11 October 2013 by VRS  |  Email |Print

Forty years ago this month, the Organization of the Petroleum Exporting Countries proclaimed an embargo on oil exports to the U.S. as retaliation for its support of Israel in the Yom Kippur War. It would last only five months, but it haunts U.S. energy policy to this day.
The modern global energy market bears scant resemblance to what existed 40 years ago. Today’s market is far more diversified and resilient. Thanks to the shale gas revolution and soaring domestic oil and gas production, the U.S. has reduced the cost of its energy and become a major exporter of refined products………………………………………..Full Article: Source

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