Energy Update: Week of October 24th
Energy Update - October 24, 2022
Friends,
Iron Maiden was in DC last night at CapitalOne Arena and it was AMAZING! Abandoned by my normal concertgoers (because of school/life), I was joined by some of my younger PRG colleagues – Rage fan David Bernstein, Aiden Cunningham and Dylan Pasiuk – and it was so good, even if you weren’t necessarily an Iron Maiden fan. They had airplanes, a double flamethrower manned by Bruce Dickinson, giant Eddie props, fireworks, pyro technics and TWO appearances by Eddie. Plus, the music was really amazing for a bunch of guys in their mid-60s. Pretty impressive, and I have seen them five times…
Back to the Action: Following last week’s fueling at Vogtle, it is actually nuclear week here is Washington with the International Atomic Energy Agency holding its 5th Ministerial Nuclear Power Conference on "Nuclear Power in the 21st Century Wednesday to Friday. Energy Secretary Jennifer M. Granholm delivers remarks on Wednesday Morning while DOE’s David Turk and other are also on the agenda. There are also a number of other nuclear events including an Atlantic Council Symposium TODAY, a CSIS forum tomorrow and the 2022 Carnegie International Nuclear Policy Conference on Thursday and Friday.
Also on the schedule this week is the annual Environmental Law Institute dinner and policy forum tomorrow (Bracewell is among the Sponsors). And with last week’s “announcements” on gas prices from the White House and offshore oil lease sales at Interior, it is important to note that these are announcements that we had already heard but seemed to get a fresh release because of the political environment. To that end, expect more as Exxon and Chevron report 3Q earnings on Friday, with others reporting next week. I talked about the gas/oil price topic on CNBC last week with Brian Sullivan and will discuss it tomorrow with Julie Mason on Sirius XM’s POTUS 124 tomorrow at 7:20 a.m.
One item to mark for your calendar (besides Halloween on next Monday) is next Wednesday’s EPRI Sustainability Research Summit.
Call with questions.
Best,
Frank Maisano
(202) 828-5864
C. (202) 997-5932
FRANKLY SPOKEN
"Offshore wind will account for 25% of global renewables investments in 2030, up from 6% in 2020. The Majors are paying up for lease options, often partnering with incumbents and positioning to participate in the next wave of big projects later this decade."
WoodMac Analyst Simon Flowers looking at Offshore Wind’s Value Proposition in a note Friday.
ON THE PODCAST
CSIS Talks Permitting Reforms – On the CSIS podcast this week, CSIS Energy Security and Climate Change Director Joseph Majkut talks with Mike Catanzaro and Marcela Mulholland about the need for permitting reform to allow for new energy infrastructure to be built in the United States. Without significant reforms to the permitting process, energy security and the climate agenda in the U.S. could be at risk as new energy projects will see continued delays and struggle to be built. Catanzaro is President and Chief Policy Officer at the CGCN Group and served as Special Assistant to President Trump for Domestic Energy and Environmental Policy at the White House National Economic Council. Marcela Mulholland is the Political Director at Data for Progress and a member of its senior leadership team.
FUN OPINIONS
Reams: Rep. Curtis Leading Charge on Clean Energy – In an op-ed in the Desert News, CRES exec Heather Reams writes Democrats and Republicans can find common ground on clean energy issues. She praised Utah Rep. John Curtis and his effort to address clean energy and innovation/climate issues. Making sure America's energy and climate policies support our workers, our economy, and our environment is our best hope for reducing global emissions. Maintaining and expanding access to diverse energy sources must be a strategic and national security priority.
FROG BLOG
FitzSimmons: US Can Build Secure Critical Mineral Supply Chains – ClearPath senior program director Alex Fitzsimmons told NTD News how the United States and its allies can build secure supply chains independent of foreign adversaries, after General Motors announced it’s planning to invest up to $69 million in an Australian company to secure a new source of nickel and cobalt for its electric cars.
FUN FACTS
US Remains Net Producer of Crude: The US is a net producer of crude oil (11M+ b/d); it exports light crude oil but imports heavy crude oil. Insert: a comparison of crude oil production by densities, in thousand barrels per day. A crude oil primer: heavy crude oil is a feedstock for things like plastics, petrochemicals, and road surfacing; light crudes are primarily refined into gasoline, diesel and aviation fuels.
NatGas Sets Record in 2021…until Next Year: EIA said US natural gas production set a new record in 2021, but that record will be broken in 2022 (and probably broken again in 2023). Insert: sources of annual US natural gas supply from 2010 - 2021, in billion cubic feet per day.
IN THE NEWS
WSJ: Refiners Skeptical pf SPR Buy-Back – The WSJ reports that U.S. companies are wary of boosting output even though the government is offering to buy oil at fixed prices. Last week, President Biden said for the first time that DOE would begin purchasing oil to refill the Strategic Petroleum Reserve when oil prices are $67 to $72 a barrel, or less. Officials also said the department has made a final rule that would allow it to purchase crude at a fixed future price, which they hope would encourage producers to drill more. Energy executives and analysts expressed doubts the plan would spur a large increase in production in the short term. Many oil companies are wary of locking in sales when commodity markets have swung wildly. They hope to capture high oil prices while they are in place. Rising drilling costs and pressure from investors to limit production and return excess cash to shareholders are also dimming the outlook for production growth.
Saudis Looking to China on Energy – In another bad sign for US engagement, Saudi Arabia's energy minister held a virtual meeting on Friday with his Chinese counterpart to discuss cooperation in the global oil market and on nuclear energy. According to the Saudi state news agency, the ministers “confirmed their willingness to work together to support the stability of the international oil market” and stressed the need for “long-term and reliable oil supply to stabilize global market that endures various uncertainties due to complex and changeable international situations." The ministers also discussed cooperation and joint investments in countries that China sees as part of its strategic “Belt and Road” vision. The development projects discussed by Biden during his trip to Saudi Arabia were supposed to be a counterweight to China’s plan in the region.
IEA: CO2 Emissions Growing Slightly – IEA said last week that thanks to record deployment of renewables and EVs, the CO2 intensity of the world’s energy supply is improving again after worsening in 2021 when the economy rebounded sharply. Despite concerns about the effects of the current energy crisis, global carbon dioxide (CO2) emissions from fossil fuel combustion are expected to grow by just under 1% this year, only a small fraction of their increase last year, as a strong expansion of renewables and electric vehicles prevents a much sharper rise. New IEA analysis of the latest data from around the world shows that these CO2 emissions are on course to increase by close to 300 million tons in 2022 to 33.8 billion tons – a far smaller rise than their jump of nearly 2 billion tons in 2021, which resulted from the rapid global recovery from the economic crisis triggered by the pandemic. This year’s increase is driven by power generation and by the aviation sector, as air travel rebounds from pandemic lows.
Court Upholds Social Costs Of Carbon Moves – The 8th U.S. Circuit Court of Appeals upheld the Biden administration's calculation for the social cost of carbon, which is used to calculate economic damages from greenhouse gas emissions, after it was challenged by 13 states. The administration calculates the social cost at $51 per metric ton of carbon dioxide emissions, which was raised from $10 per metric ton set by the Trump administration. The social cost is a metric for estimating harms from global warming. The Court called the case unripe because it doesn't challenge specific rules or policy decisions.
ON THE SCHEDULE THIS WEEK
Forum to Look at Nuclear – The Atlantic Council convenes the United States Nuclear Industry Council’s New Nuclear Capital (NNC) symposium today. The focus of this year’s NNC event will be on global trade and financing of large, small modular, and advanced reactors and supporting fuel cycle technologies. The NNC symposium immediately precede the International Atomic Energy Agency’s 5th International Ministerial Conference on Nuclear Power in the 21st Century in Washington, D.C., United States, from Wednesday October 26th to Friday the 28th. These consecutive events will provide more opportunities and interactions to support the future of nuclear energy. Tons of great speakers including former Trump DOE nuclear expert Rita Baranwal and former Obama DOE official Dan Poneman.
Forum Looks at Europe Climate Transition – The Johns Hopkins University School of Advanced International Studies hosts a forum today at 12:30 p.m. with Heather Grabbe of the Open Society European Policy Institute to look at the European Green Deal and how climate transition will shape the EU's external action.
USEA Hosts Discussion of Tribal Energy – The US Energy Assn holds a forum today at 3:00 p.m. to focus on tribal voices on our energy future. Tribal communities have been at the forefront of Energy Security for the United States and thus the world, especially in the production of uranium, coal, oil, and gas, and in the production of electricity through hydropower.
CSIS Nuke Forum Set – The Center for Strategic and International Studies holds its Project on Nuclear Issues 2022 fall conference tomorrow. The hybrid conference will feature a keynote address as well as presentations from emerging nuclear experts covering topics such as nuclear policy and strategies, arms control and proliferation challenges, technology and capabilities, and deterrence.
Forum to Look at Ukraine/Russia Hydrogen Ambitions – Tomorrow at 9:00 a.m., the German Marshall Fund holds a forum to discuss the Russian war on Ukraine has killed its hydrogen ambitions. This event will discuss these key questions related to the sociopolitical and techno-economic consequences of Russia’s war in Ukraine for its hydrogen ambitions, and the consequences for Europe, the transatlantic community, and the world.
Forum to Focus on Climate, Population – Tomorrow at 11:00 a.m., the Wilson Center, in partnership with the Population Institute, will feature an expert panel on how climate change and population trends are shaping our world, and what this means for understanding future risk and potential solutions.
Solar Role in Net-Zero – Energy Central holds a forum tomorrow at 12:00 p.m. on solar’s important role in net-zero efforts. Industry data shows it clearly: harnessing solar power to fuel our energy transition is a key ingredient to achieving 2030 targets and 2050 emissions reduction goals in line with the UN Paris Agreement on climate change.
AEE Looks at Clean Energy Election Issues – Tomorrow at 1:00 p.m., Advanced Energy Economy holds a forum on the 2022 mid-term elections. In this webinar, AEE’s top state policy experts will provide the political lay of the land in key states across the country as we look ahead to November 8.
ELI Awards Dinner, Corporate Forum Set – The Environmental Law Institute 2022 Annual Corporate Forum will be held tomorrow at 2:00 p.m. at the Omni Shoreham Hotel. Expert panelists will discuss the best practices for corporations to identify and reduce Scope 3 emissions including ESG strategies, the challenges surrounding Scope 3 identification and reporting and much more. After the forum, ELI holds its annual Awards Dinner where they will present their 2022 Environmental Achievement Award to Benjamin Wilson, Environmental Lawyer and Civil Rights Advocate.
AAAS Talks PFAS – The American Association for the Advancement of Science holds a virtual discussion tomorrow at 2:00 p.m., on listing PFAS under Comprehensive Environmental Response, Compensation and Liability Act.
International Nuclear Conference Set –The 5th International Ministerial Conference on Nuclear Power in the 21st Century will be held on Wednesday to Friday in Washington, DC to look at how development and decarbonization can be powered by nuclear. The International Atomic Energy Agency hosts Energy Secretary Jennifer M. Granholm delivers remarks at 9:30 a.m. and Deputy Energy Secretary David Turk speaks at 1:15 p.m.
Forum to Look at Climate – The Middle East Institute holds a virtual discussion Wednesday at 10:00 a.m. on climate progress in the energy sector. This panel - part of the Spotlight on COP27 initiatives at MEI - aims to answer these questions and many others, while debating on the current status of climate progress in the energy sector.
OEP Looks at Hydrogen – OurEnergyPolicy holds a forum on hydrogen and the energy transition on Wednesday at 12:00 p.m. Moderator Tony Toranto (Sheppard Mullin) will join Judith Judson (National Grid), Tomas Green (US DOE, Hydrogen & Fuel Cell Technologies Office), and Connor Dolan (Fuel Cell & Hydrogen Energy Association) to discuss technological advances, government investments, and the economic trends in hydrogen’s emerging role in the energy landscape.
Forum to Look at Cities, Climate Responses – On Wednesday at 12:00 p.m., Annual Reviews, Knowable Magazine, and Future Tense hold a conversation about how we can make cities cooler—and save lives—without further heating the planet. Mayor Kate Gallego of Phoenix will be among the speakers.
Forum to Look at Building Sector Issues in NY, CA – Clean Energy States Alliance holds a forum on Wednesday at 1:00 p.m. on state leadership in decarbonizing the building sector, featuring California and New York examples. The building sector is a substantial contributor to greenhouse gas emissions. This event will highlight two state initiatives that are making a big impact in decarbonizing this sector.
SEJ to Announce Award Winners – On Wednesday at 1:00 p.m., SEJ holds its “Awards for Reporting on the Environment.” The event is virtual and will honor the best environmental journalism on the planet. The First-Place winners in 10 categories will share how they got their award-winning stories. They will also announce the "Best of the Best" LIVE with the winner of the 2022 Nina Mason Pulliam Award and its $10,000 cash prize.
Third Way Nuclear Happy Hour – Third Way holds an exclusive happy hour event on Wednesday evening just a short walk from the Walter E. Washington Convention Center at the Baby Wale. The 5th International Ministerial Conference on Nuclear Power in the 21st Century launches on that Wednesday.
Nuclear Summit Set – Carnegie Endowment for International Peace holds its 2022 Carnegie International Nuclear Policy Conference on Thursday and Friday. Experts, officials, executives, journalists, and students from across the globe will come together to debate—and explore solutions for—the most pressing challenges in nuclear nonproliferation, arms control, disarmament, deterrence, energy and security.
Forum Looks at Rivers – The Wilson Center's China Environment Forum holds a virtual discussion on Thursday at 9:00 a.m., aimed at seeking innovative solutions for rivers in China, U.S. and the Middle East. This discussion will feature Ma Jun (Institute for Public and Environmental Affairs and Wilson Center Global Fellow), whose dynamic NGO is committed to promoting transparency around pollution and climate change in China; Susanne Schmeier of IHE Delft and John Matthews of the Alliance for Global Water Adaptation.
Forum Looks at Ag Climate Modeling – On Thursday at 9:00 a.m., the American Institutes for Research (AIR) holds a forum to explore the role of modeling in climate change programming, hear about AIR’s recent work in crop modeling for food security decision making, and bring together perspectives from implementers, researchers, data scientists, and funders on climate modeling in their work and the future of programming.
Forum to Look at Green Cities – The World Resources Institute will hold a forum on Thursday at 9:30 a.m. on decarbonizing cities. Buildings are the biggest, most cost-effective climate mitigation solution available, yet investment in energy efficiency and zero carbon buildings is still slow to uptake. This event will highlight various pathways to achieving a Zero Carbon Buildings future.
Forum to Look at NDCs – The World Resources Institute holds a forum on Thursday at 11:00 a.m. to Look at the state of NDCs and how countries’ climate plans stack up. Speakers will share key insights on the contents of countries' NDCs as they currently stand across the various topics and how they can be strengthened to keep the goals of the Paris Agreement within reach.
ITIF Forum Focuses on COP27 – The Information Technology & Innovation Foundation, IIT-Delhi School of Public Policy and the Climate Policy Lab at The Fletcher School of Tufts University hold a forum on Thursday at 12:00 p.m. focused on accelerating innovation at COP 27.
UN Official to Discuss Climate – On Thursday at 1:00 p.m., the Atlantic Council’s Africa Center hosts Ibrahim Thiaw, Executive Secretary of the United Nations Convention to Combat Desertification (UNCCD), for a conversation on the eve of the 27th United Nations Climate Change Conference of the Parties taking place in Egypt in a few weeks. The degradation of land is a major issue as the world grapples with the impact of climate change. Degraded land not only compounds the effects of climate change with increased chances of drought, floods, and wildfires, but also contributes to the loss of biodiversity, increased poverty and hunger, increased pollution, the weakening of social cohesion, and the spread of disease.
Energy Economists Hosts Methane Discussion – On Friday at 11:00 a.m., the US Energy Economists host CSIS expert Ben Cahill, Senior Fellow at CSIS, as their October Luncheon speaker. Cahill will focus on key US policy and regulatory developments aimed at better quantifying and reducing methane emissions -- as well as oil and gas industry responses.
WaPo to Look at Clean Energy – The Washington Post Live holds a forum on Friday at 11:00 a.m. on the clean energy transition. The event will feature DOE’s Jigar Shah and California Air Resources Board Chair Liane Randolph explore the role of technology in reducing greenhouse gas emissions and helping to create a more sustainable economy.
Storage in Illinois to be Discussed – The Clean Energy States Alliance holds an event on Friday at 1:00 p.m. looking at the role of energy storage for accelerating the transition to a decarbonized, clean energy future in Illinois. Speakers will provide an overarching presentation around what energy storage is, why is it critical for decarbonization, and state-by-state activities around it.
EESI Focused on Natural Solutions – The Environmental and Energy Study Institute (EESI) and U.S. Nature4Climate hosts a briefing on Friday at 1:00 p.m., looking at natural climate solutions on the international stage. During this briefing, panelists will respond to these questions and share insights about ways in which natural climate solutions have been integrated into international climate negotiations in the past. They will also share a vision of how these techniques can be central to advancing climate solutions at the national and international levels going forward.
Forum to Look at Permitting – On Friday at 3:00 p.m., the American Enterprise Institute for Public Policy Research holds a discussion on stopping clean power discussing local roadblocks and energy permitting. AEI’s James W. Coleman, Brookings Institution’s Sanjay Patnaik, and George Washington University Law School’s Robert Glicksman to discuss these obstacles and the regulatory, legislative, and legal solutions that will unlock permitting for a cheaper, cleaner, and more secure energy grid.
IN THE FUTURE
Forum to Look at Climate, Health Issues – Next Tuesday at 9:00 a.m., the Wilson Center’s Maternal Health Initiative, in collaboration with UNFPA, holds a panel discussion addressing the lasting effects of climate change on maternal and newborn health outcomes. Panelists will share lived experience, evidence-based research, and innovations and policies from regions most directly impacted by climate change.
Forum to Look at Clean Energy Innovation – Dynamo Hub holds a virtual conversation on Tuesday November 1st at Noon focusing on the recent climate policies that have been enacted here in the US. Panelists will include Jeremy Harrell, Chief Strategy Officer at ClearPath and Kyle Hayes, Special Counsel at BakerBotts. The discussion will focus on the significant climate policies that have been enacted in rapid fire fashion with the bipartisan Energy Act of 2020, the Infrastructure Investment and Jobs Act (bipartisan infrastructure bill), the bipartisan CHIPs and Science bill and the Inflation Reduction Act. The combination of these policies represents a significant shift in federal policy toward clean technology demonstration and deployment. Practical implementation of these laws are important if the U.S. is going to meet the emission reduction goals the public and private sector has been committing to in recent years.
Forum to Discuss Climate Agenda, Book – Columbia Global Energy Program Fellow David Sandalow and a team of co-authors have comprehensively updated his Guide to Chinese Climate Policy, exploring these issues and more. In an event On Tuesday November 1st at 1:00 p.m., Sandalow, Michal Meidan, Sally Qiu, and Edmund Downie discuss their new book, which includes eight new chapters on topics including the manufacturing sector, clean energy R&D, clean energy R&D and the food system. The discussion will be especially timely, with major international meetings on these topics in November including COP27 in Egypt and the G20 Summit (where Chinese President Xi Jinping will meet with US President Joe Biden and other world leaders) in Indonesia.
EPRI Holds Sustainability Summit – The Electric Power Research Institute (EPRI) holds its Sustainable Energy Research Summit on Wednesday November 2nd. A pre-summit reception will also be held on the evening of Tuesday, November 1st at 7:30 p.m. This second annual Summit will explore pressing issues around sustainability performance of energy companies.
AC Forum To Address COP27 Clean Energy Deployment – The Atlantic Council’s Global Energy Center, Africa Center, and USAID’s Power Africa hold a forum on Wednesday November 2nd at 9:30 a.m. for a discussion on creating enabling environments across the range of emerging markets on the African continent to accelerate deployment of clean energy systems and build resilient green economies. During this discussion, experts will highlight opportunities to support US and African business partnerships to increase energy access in line with net-zero goals across a diverse range of African nations.
Forum to Preview COP27 – On Wednesday November 2nd at 11:00 a.m., the Environmental and Energy Study Institute (EESI) holds a briefing on what to expect during the upcoming international climate negotiations in Egypt (COP27). Panelists will unpack the overall process of international climate negotiations, explain the key areas of negotiation expected to be at play at COP27, review possible outcomes, discuss how new U.S. laws impact the path forward, and explore what it all means for Congress.
Forum to Look at State of Climate Action – On Thursday November 3rd at 10:00 a.m., the World Resources Institute holds a high-level launch event for the State of Climate Action 2022 report. Developed by Systems Change Lab, the report provides a clear snapshot of the transformations needed across sectors to address the climate crisis. The research reveals some bright spots but overall finds that pace and scale of transformations needed to limit warming to 1.5 degrees C requires efforts to rapidly accelerate.
Forum to Look at Latin American Mining Issues – On Thursday November 3rd at 11:00 a.m., the Wilson Center’s Latin American Program 2022 holds a forum to discuss decarbonization pathways in Latin America’s mining sector.
Forum to Look at Energy Transition – GreenBiz holds a forum on Thursday November 3rd at 1:00 p.m. to discuss an integrated approach to simplifying the energy transition. Nearly 60% of Fortune 500 companies are committed to reducing their carbon footprint, yet the world currently faces pressures unprecedented in recent history – supply chain disruptions, energy price volatility, economic uncertainty and more
COP 27 Begins in Egypt – The United National climate meetings (COP 27) begin on Sunday November 6th in Sharm el-Sheikh, Egypt. The conference will run through November 18th.
ELECTION DAY – Mid-Term Election, Tuesday November 8th
Chamber Forum Set – The Chamber of Commerce Foundation holds its 2022 Corporate Citizenship Conference & Awards on November 16-17 in Washington, D.C. The forum will feature policy discussions, interactive breakout sessions and exclusive field trip opportunities to see impact in action.
BOEM Plans Dec. 6 Leasing Round for CA Offshore Wind – The Bureau of Ocean Energy Management has confirmed it will hold a leasing round for five offshore wind tracts in California's Morro Bay and Humboldt Bay areas on Dec. 6. The sites could support 4.5 gigawatts of capacity and would support both the Biden administration and California's offshore wind targets.