Daily Energy Standup Episode #300 – Weekly Recap: Net Zero Cost Concerns, LNG Export Halt, Turbine Explosions, and Africa’s Energy Vision

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Energy Bills Set to Soar as Report Finds Almost All Major Studies on Net Zero Grossly Underestimate Cost

‘African leaders have the right to define their own energy policy’

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Video Transcription edited for grammar. We disavow any errors unless they make us look better or smarter.

Stuart Turley: [00:00:15] Hello, everybody. Welcome to the Energy News Beat Daily stand up. Today is the weekly recap. Today is Saturday, February 3rd. I hope you had an absolutely fantastic week. It has been a wild week in the news. We even had some drop on Friday that we’re just go check out energy news. Meeko. U.S. officials deliver, warning that Chinese hackers are targeting the infrastructure. Warning about the real question is more Myakka in on it? I’ve been writing about this since, 2020. That the Chinese have had a huge impact on our grid. Lots more information there. If you are an energy expert and you want to come on the podcast, please reach out to us on Energy News Beat subscribe to our Substack and we are having an absolute blast. We’re averaging about 35,000 people on our website news site every day. So thank you so much. And look forward, buckle up and have a great weekend. Cocktails and energy bills set to soar as report finds. Almost all major studies on net zero grossly underestimate cost. Michael, this is a really, really interesting story. And it is by the Royal Society is a direct quote in here. This is out of the UK. The Royal Society, for example, assumes that the cost almost everything will have an efficiency will soar. It’s not that impossible, but imprudent. Let me read you some of the numbers. I’m just going to read these bullet points, Michael. The assumptions 60% reduction in offshore wind capital cost, 70% reduction in offshore wind operating costs 50%. Increase in offshore wind output, 30% in reduction in solar cap back, 70% in solar Opic 90% reduction in electrolyzer CapEx, 45% in electrolyzer efficiency, 60% in reciprocating engine compared to 55% in reciprocating engine efficiency. This is bull hockey. I mean, I the the whole Royal Society was they hell on this report. I’ve got the link in here for everybody to download the report. [00:02:52][156.6]

Michael Tanner: [00:02:53] My what I really want to know is did the did the IEA come up with these assumptions. Because these assumptions are out of nowhere. I mean you’re talking about oh it’s going to be the assumptions are basically cheaper to build, cheaper to operate, more electricity output. I mean, in what world does that happen? Yes, technology gets bigger over time. We do bring down the cost of things, but we’re not even. You’re talking about this. Are you talking about inflation? I mean, you think about the world we’re in right now. It actually is getting more expensive to drill and expensive to outlay all of this capital stuff. [00:03:25][32.1]

Stuart Turley: [00:03:25] And we’ve had billions lost in dollars. I mean, Siemens has lost several billion. And there are wind farms that are not being bid on right now. The, U.S. government went out and put the stuff on the East Coast, and nobody bid on any of it. You can’t make any money now on offshore wind anyway. [00:03:50][24.9]

Michael Tanner: [00:03:50] Yeah. I mean, offshore wind is probably holding up the best under the circumstances. Solar is what’s really getting crushed. [00:03:58][7.1]

Stuart Turley: [00:03:58] Solar. I’m going to I am going to disagree with you, my young padawan. And that is so we’re has a little bit more legs because it does not have the moving part. [00:04:08][9.8]

Michael Tanner: [00:04:09] Okay. [00:04:09][0.0]

Stuart Turley: [00:04:10] Wind actually eight years is in number, and I mean eight years. You got to walk away from these things in eight years. [00:04:17][7.9]

Michael Tanner: [00:04:18] Yeah, I’ve done a lot of offshore wind. I’m with an onshore wind. [00:04:21][3.1]

Stuart Turley: [00:04:21] I’m talking offshore wind is now I’m. My numbers are now coming in lower than eight. Anybody that says they’re going to last 30 years. Oh yes. And then you’re a trades one energy risk for another. The U.S. is not reliable Michael I would not do business with the U.S.. I would not rely on the U.S.. We are worthless. Friday, the Biden administration got in a war with Governor Abbott. He went out in, this started out the other day. He, Thursday, I believe it was he put a delay on a very large, lng thing knowing. [00:05:04][42.7]

Michael Tanner: [00:05:04] Well he hold. Well, this is key. What did he do on Friday? [00:05:07][2.4]

Stuart Turley: [00:05:08] He halted LNG exports and. [00:05:12][3.9]

Michael Tanner: [00:05:12] Well, new LNG. Sports until they can determine some new EPA regulations again. This is it’s it’s pretty crazy. Existing LNG facilities are good, but new permits for new facilities. Specifically that what’s crazy is we just saw a Chesapeake Southwestern merger. What was the big selling point of that merger? Massive new LNG export capacity. Well, what it would have been nice to know that four weeks ago before that merger took place. Whoa. [00:05:44][31.3]

Stuart Turley: [00:05:45] I’ll tell you what I absolutely disgusting. The world is relying on globe, our global gas on energy news beat. I now have the global energy monitor. You have to kind of take a look at this with a grain of salt. Natural gas has 4118 projects going on. Let me get rid of the pipelines. There are now 1251 LNG exports and terminals going on. Let’s get rid of the terminals. And then I’m going to go ahead and tell you, operating and under construction there are 206 under construction. There are 43 LNG export terminals under construction. Let’s go under imports. Under construction. There are 64 LNG imports under construction around the world. Unbelievable. They need this natural, this LNG. The only reason we are able to it is the largest export that we’re having. If you owe $34 trillion on your debt, you got to have some export. This man is breaking the economy, ruining us as a part. Here’s a quote out of it. U.S. LNG continues to be the cornerstone of Europe’s supply and diversification strategy, said Leslie Paul de Guzman, head of research and marketing at Sinovac. The Biden decision sends a real message regarding solidarity and the reliability of its supply and medium to long term. This is partially crucial at a particularly crucial juncture, where supplies from Russia and other ships can be mired in unpredictability. This goes along with one of our others in the next story here, Michael. Russia is the winner out of this. Yeah. Good car. [00:07:50][124.5]

Michael Tanner: [00:07:51] Is there. If you don’t mind pulling up that second image from this article. U.S. LNG is increasingly replacing gas from Russia. Look at that share of gas supplies that are from the EU that are coming from the United States. It’s absolutely spiked. We were that lock bar down there, spike. And Russia has contracted almost threefold since quarter one, 2021. [00:08:13][22.5]

Stuart Turley: [00:08:14] On a on this article, Michael, I’m going to embed the video of all the graphs and all the charts that I did in preparation for this article. People will be able to see everything I just said, and it’s in the video in this hour. So that’ll be up here in the June up. [00:08:31][16.9]

Michael Tanner: [00:08:31] Yeah. No, absolutely. [00:08:32][0.5]

Stuart Turley: [00:08:33] Miss producer, can you bring this picture up here? I really think the wind turbine explodes after bursting into flames on quiet Welsh farm, showering broken parts. This looks like my brother and I on the farm when we were having potato guns fights, and we would put M80 in the, tire pumps and just blow each other up. Larry, the cable guy learned from us because we bring each other up all the time. So let’s go into this, this portal thing. Nick and his wife, 61 and 51, were stunned when they saw burning parts of the turbine farm more than 100ft to the ground. They’re not very friendly when they start blowing up. [00:09:17][44.1]

Michael Tanner: [00:09:18] No. And, you know, I mean, this unfortunately, is, you know, one of the it’s it there’s downsides. Everything. But having exploding, exploding engines on a farm is not good. And and I think the other issue is this is obviously catastrophic failure for the wind farm. So the question is you have to decommission the wind farm. Do you what actually then happens once these things, you know, once this thing explodes, really look what’s next. [00:09:48][30.7]

Stuart Turley: [00:09:49] You got to take the ones that are, er, repairable after so many years, which is anywhere between 3 and 8 years. And it’s in Texas. It’s over $480,000 just to take one down. Doesn’t include transportation, doesn’t include getting rid of stuff. That is just the cement problem. So here’s the farmers here and the. Biggest problem that David Blackmon and I arena and Tammy brought up on the podcast on Monday for the the energy realities is the fact that, you have so many wind farms do not have the reclamation at the end in the price. So these monoliths to, the Green New Deal, nobody is going to pull them out. European energy channels, wind project offshore cancel. So here we are. Let’s have a moment of silence for this wind project. Off of the coast. Okay. Thank you. They they can’t afford it. Here, where it is. We’ve tried to get the project to fly, among other things, and coexistence with nature, but we have to, note that the authorities and politicians have not much interest in this, so they’re only when they get their kickback as a politician, they don’t care if it actually gets installed. They don’t care. Listen to this one. Since our feasibility study permit has a height limit of 200m, and today’s offshore wind turbines have become 256m. It goes without saying. The project has no future. So I didn’t see how much they’ve already been in it. But it’s a bunch. [00:11:37][108.2]

Michael Tanner: [00:11:39] Yeah, it’s I mean, it’s it’s unfortunate because if anything, offshore wind has held up the best economically relative to all of the others. And if we can’t even get a new project installed, what does that tell you about the long. [00:11:53][14.6]

Stuart Turley: [00:11:54] Term outlook of this stuff? The one that we talked about a little while ago was the one off the Great Lakes, that had for, was a 52 million, 82 million, 52 million for, for wind turbines and 27 of that, was already spent on permitting. And they never got any. And the African leaders have the right to define their own energy policy. This is talking about NJ. And, you know, in one of his, recent interviews, I had the pleasure of interviewing him in the staff is now working on it in production with Cyrus Brooks. This is really important as, he is the head of the African Energy Chamber, and he was being interviewed, here. And there are just some, you know, wonderful discussions in here, Africa. His point is, Africa is capable of financing its own future. The world Bank is forcing Africa to try to put in renewable energy. And they won’t fund coal plants. They won’t fund natural gas, they won’t fund pipelines. And, this is where I think he’s bringing out some strategic differences. He’s talking about Africa should change its perspective and not depend on foreign aid. He wants to go ahead. And his big platform is reaching out, developing jobs, developing the technology. And he and I even talked about having the same ability to mine that the the Congo to mine things in Africa, but yet bring the technology in and ship out finished goods from Africa that would bring the jobs to Africa, that would bring the elevate humanity out of poverty in Africa, rather than shipping all their natural resources out. And this article really goes, he he says my position is clear. Rather than succumbing to external pressure, African states should exploit their own oil and gas reserves to stimulate growth, create opportunities, job income, and reduce energy poverty. I absolutely love what he is talking about and he is a man of action. Take a look at this article. It is a fabulous set up for the interview with, that I talked about that will be, releasing here shortly. Norway defends deep sea mining, which says it may break China and Russia’s rare earth, stronghold. This one might be also a either Tammy name is or Irene a slam email that had this one in it and, Norway. I love Norway. From the standpoint that they have a lot, natural gas, they several years ago, they had slowed down and were turning off their natural gas fields. They have a lot of hydro that they sell to other countries. But let’s go through the top bullet points in this. In a vote earlier this month that attracted cross-party support, Norway Parliament voted 80 to 20 to approve the government proposal to a vast ocean area for commercial deep sea mining. I honestly do not know the ESG impact of deep. See mining. I’m going to be studying this. And the environmental campaign group say that the approval of, extremely destructive process sends a terrible signal to the rest of the world. The problem that Norway is trying to solve is that they turn back on their natural gas fields. They are now a major supplier through the, their gas pipelines to the UK and the EU. And then when you sit back and take a look, we have China and we have, it’s crushing, it’s crushing blow to the, critical minerals. And so you couldn’t even think about doing EVs or the, energy transition. However, I want to give a shout out to Pomerleau Hill on the Crude Truth Substack he put out there in his comment, Was China on book? This was on a different one. I just want to give him out a shout out. This was on actually the China on the, book oil. Pablo Hill on the Crude Truth Substack. I’m not. I had an interview with Captain Current, Kelly, who is such an ocean, defender of the ocean. And I’m going to reach out to him and some of the, issues that were out there were that in the deep, deep coal, like the North Sea, deep sea mining may not have as big of a environmental impact, I don’t know, but on the other hand, we’ve got to figure out ways of not harming the children in the Congo and taking advantage of Africa and then also getting away from the stranglehold on, China. None of this is easy. And if you have solutions, give me a call. [00:11:54][0.0][683.6]

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