Daily Standup Top Stories
EV firm Proterra files for Chapter 11 bankruptcy protection
Aug 7 (Reuters) – Electric-vehicle parts supplier Proterra (PTRA.O) filed for Chapter 11 bankruptcy protection on Monday, making it the latest company to go belly up in an industry grappling with supply chain constraints, slowing demand and […]
Egypt’s natural gas production declines and power cuts bite
By Sarah El Safty CAIRO (Reuters) – Egypt’s natural gas production fell to a three-year low in the first five months of 2023, figures from the Joint Organisations Data Initiative (JODI) show, raising questions about […]
France Is Europe’s Top Power Exporter as Germany Turns Importer
(Bloomberg) — France has overtaken Sweden to become Europe’s top net power exporter, while Germany has moved from exporter to importer during the first half of this year. France’s total net exports amounted to 17.6 […]
Indonesia’s coal burning hits record high — and ‘green’ nickel is largely why
Indonesia burned 33% more coal in 2022 than the year before, contributing to a 20% increase in the country’s carbon emissions from fossil fuels, an analysis of official data shows. This will likely catapult Indonesia […]
Wind Industry in Crisis as Problems Mount
The wind business, viewed by governments as key to meeting climate targets and boosting electricity supplies, is facing a dangerous market squall. After months of warnings about rising prices and logistical hiccups, developers and would-be buyers […]
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Video Transcription edited for grammar. We disavow any errors unless they make us look better or smarter.
Stuart Turley: [00:00:07] Hello Everybody, Welcome to the Energy News Beat Daily Stand up. My name’s Stuart Turley, President and CEO of the Sandstone Group, we got a lot of fun things going on around the world and energy today. And today is August 9th, so thank you for stopping by the podcast today we’d like to give everybody a shout out that’s been given us fantastic feedback. [00:00:29][22.0]
Stuart Turley: [00:00:30] I also want to give a shout out to Ronald Stine he just stopped by the podcast and we had a great interview. He wrote the book Clean Energy Exploitations, hang tight it’s going to be a great one coming around the corner. [00:00:46][16.2]
Stuart Turley: [00:00:47] So with that, we’ve got EV Firm Proterra Files Chapter 11 in bankruptcy protection, got some interesting stories on that one. We’ve got Egypt Natural gas production declines power cuts bite. I’ll tell you then we’re going to be flipping around to Indonesia. Indonesia’s coal burning hits a record high in green Nickel is largely why, boy, it almost rhymes I wonder who thought that one up. [00:01:19][31.7]
Stuart Turley: [00:01:19] Wind Industry in Crisis as Problems Mount, this one is kind of interesting and we’re seeing that people are getting kind of tired of losing money and high prices in energy and so that’s going to be a big deal. France is Europe’s Top Power Exporter as Germany turns to Importer, there’s some things in this article that are just pretty crazy. [00:01:46][26.8]
Stuart Turley: [00:01:48] Just as we get started, all of these stories are on EnergyNewsBeat.com we have a team of people that keep this thing rolling and let us know if you have any feedback. If you’re an energy expert and want to be on the Podcast we’d love to have you. [00:02:06][17.9]
Stuart Turley: [00:02:07] So EV firm Protera Files for Chapter 11 for Bankruptcy Protection. This is coming in a time when I just visit with Ronald Stein about how many EVs are on the parking lots and they’re just not selling very well for Protera is a company making EV parts. [00:02:29][22.3]
Stuart Turley: [00:02:31] Proterra, whose shares nearly half in value after the bell, listed its assets and liabilities in the range of 500 million to a Billion. The company had a market value of 362 million at last close. In January 2021 Proterra was valued at 1.6 billion. [00:02:53][22.1]
Stuart Turley: [00:02:55] We have faced this is from the CEO Gareth Joyce says, “We have faced various market micro economic headwinds that have placed our ability to sufficiently scale”. So they really had some serious problems with the supply chain and then the ups and downs of trying to figure out who their clients were going to be and the changing of the technologies. [00:03:21][26.2]
Stuart Turley: [00:03:23] Here’s the one that kind of got me all worked up on this, is that I’m trying to get more information around Secretary Granholm sold her shares in the stock did she know they were about to file? That’s a good one I doubt it’ll ever get investigated just thought I’d ask for some friends. Maybe we all go to Congress and become stock brokers just a thought. [00:03:53][30.3]
Stuart Turley: [00:03:54] Okay. Next one Coming around the corner is, Egypt’s Natural Gas Production declines and power cuts bite. This one is kind of frustrating for folks. Egypt’s Natural gas Production fell to a three year low in the first five months of 2023. Figures from the joint organization’s data initiative raising questions about the country’s efforts to position itself as a regional energy hub. Gas production between January and May declined by 9% and 12% compared to 2021. [00:04:32][38.4]
Stuart Turley: [00:04:34] So where this is, Olumide Ajayi says the decline in production from the field is having notable impact on gas output in the field accounts for approximately 40% of the country’s total gas production. LNG analyst at LSEG. both E and I and the Egyptian government are commenting on this. [00:05:01][26.8]
Stuart Turley: [00:05:02] It’s really pretty frustrating from the standpoint that natural gas did not have enough money invested to keep the decline curves going. So Rolling blackouts this summer have raised questions about gas supply, which accounted for 77% of Egypt’s power generation. This is crazy you have to invest in energy in order to continue low cost energy. [00:05:31][29.4]
Stuart Turley: [00:05:32] I’ve got the other story coming up here is about France, and we’re going to talk about that in just a sec. So let’s go ahead and cut to it, France is Europe’s Top Power Exporter as Germany turns importer. There were some numbers in here that I didn’t quite agree with. When you consider Norway and Sweden, whether or not Sweden in how they were calculating it as electricity or pure energy is in the form of natural gas or other so there’s some question on that. [00:06:12][40.0]
Stuart Turley: [00:06:14] France’s total net exports amounted to 17.6 terawatt hours, with most of the power flowing to the Great Britain and Italy, according to EnAppSys that laid out imports and exports. French nuclear output is a cornerstone of the whole Europe it’s the shining star of the nuclear market in Europe. [00:06:40][26.4]
Stuart Turley: [00:06:41] But it’s only at 50% of its capacity or less because over the last 20 years, they have not put money back into their nuclear fleet. I believe they have about 54 Nuclear Reactors and 25% of them are running. So those 25% are not going to be able to sustain this amount of output for very long. [00:07:09][27.8]
Stuart Turley: [00:07:10] Their pipes are rested and you’ve got to be able to maintain a Nuclear Fleet. Last line in this article is pretty funny. Germany’s closure of its nuclear power plants was the reason its energy balance flipped to imports, the report found. [00:07:28][18.2]
Stuart Turley: [00:07:29] So Germany is been the poster child of Renewables they just closed down the last of their, I believe it was 20 Nuclear Plants in their fleet. And now they’re importing energy from France out of their Nuclear Fleet. This is energy hypocrisy at its finest, and you just have to get a chuckle out of it. So Germany thinks that they’re using renewable and they’re not they’re using Nuclear out of France and France cannot keep this up for very long. [00:08:08][38.9]
Stuart Turley: [00:08:09] So let’s go ahead and go to the next one we’re flying around the corner to Indonesia is coal burning hits record high and green nickel is largely why. Indonesia burned 33% more coal in 2022 than the year before, contributing 20% increase in the country’s carbon emissions. They are trying to rebuild their economy by boosting energy, and that’s the same thing that Germany is having, is their economy is faltering because manufacturing is not capable of keeping up. [00:08:52][42.2]
Stuart Turley: [00:08:53] So the data shows that country coal consumption made to be the highest by a very large margin. Is also looking with increases in oil is up 12% and gas 1.2%. It is amazing that they’re having to resort to coal. None of the world’s top ten largest emitters have seen growth in 20% in the last 15 years, Coal is king again, as Michael would say. [00:09:29][36.2]
Stuart Turley: [00:09:30] So when we take a look at it, you cannot go to renewables without a plan. We can’t get to carbon net zero without a plan. You cannot cut out renewable or fossil fuels to just turn 100% to renewable energy tomorrow. We need Nuclear, We need Solar, We need Wind but we got to do it in a responsible way using Coal, Nuclear, Natural gas and Oil. Natural gas is by far the cheapest and least impactful on the environment. [00:10:11][41.3]
Stuart Turley: [00:10:12] Do you have any other information that you would like to discuss on the Podcast? I want to talk to you. I want to know what you’re thinking. Wind industry Industry in Crisis as Problems Mount. Last year, Siemens lost billions. They’ve lost so much money. The wind business viewed by governments is key to meeting climate targets and boosting electricity supplies. [00:10:41][28.7]
Stuart Turley: [00:10:42] I made a call out earlier in the week, in another part, early last week, to get information on the Wind in industry. I got to hand it out to Meredith Angwin and her husband George. He sent me some fantastic data I’m looking forward to visiting with him about that. [00:11:00][18.2]
Stuart Turley: [00:11:01] And there are other data points showing the fiscal responsibility or capability of Wind farms is only eight years. I’m having. I’m asking for help please tell me that’s not true. So as we go through this, In recent weeks, at least ten offshore projects totaling $33 billion planned and spending have been delayed or otherwise hit the doldrums across the U.S. and Europe. It’s because of regulations and it’s costing a lot more on the parts and pieces, very much like we talked about in that auto parts maker that has been shutting down. [00:11:47][45.4]
Stuart Turley: [00:11:49] At the moment, we are seeing the industry’s first crisis Chief Executive of Equinor EQNR – is 18% decrease down in a downward triangle the Norwegian energy major and BP had a 20% decrease. You cannot keep up with wind energy in a sustainable format if you can’t make money. [00:12:21][31.8]
Stuart Turley: [00:12:22] So another three projects in the North Sea totaling 19 billion planned in spending are potentially delayed or revising terms, said Peter Lloyd Williams, senior analyst at Westwood Global Energy Group. We need to know what you think, in my opinion Wind is not ready there. Do we need it? Yes. But we’ve got to do the move to carbon net zero responsibly and within the delivering the lowest cost kilowatt per hour. [00:13:02][39.7]
Stuart Turley: [00:13:03] Thank you all very much. Please let us know your Thoughts and Comments. Subscribe Like and Tomorrow, Michael will be back with us. I know he was goofing off today. So thanks and I appreciate your time. Talk to you soon. [00:13:03][0.0]
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