Investing In the Future of Energy » United States

California Approves First Solar Thermal Power Plant in U.S. in 20 Years

globalfundexchange — Wed, 01 Sep 2010 18:45:31 +0000

Regulators in California have approved a license for the first large-scale solar thermal plant to be built in the United States in twenty years.

After a 2 ½ year-long environmental review, the Beacon Solar Energy Project will be constructed on a 2,012 acre plot of former farmland. Solar thermal plants generate electricity by using long trays of parabolic mirror to reflect the sun’s rays and heat a tube of liquid. The super-heated liquid then creates stem to fire a turbine which generates electricity.

“I hope this is the first of many more large-scale solar projects we will permit. This is exactly the type of project we want to see,” said an Energy Commission member.

However, the Beacon project still has more hurdles to overcome, including environmental concerns about impact on limited water supplies and vulnerable wildlife. Beacon must also secure a contract to sell the electricity they generate. The project supporters are optimistic about obtaining this type of contract, considering California’s utilities are required to purchase 20% of the electricity from renewable sources by 2020.

Read the full article here…

U.S. Coal Plants Experience Largest Growth in Two Decades

globalfundexchange — Tue, 24 Aug 2010 14:35:47 +0000

Over 30 new coal-fired power plants have been built or are currently under construction in the United States since 2008; the industry’s largest expansion in over twenty years.

New coal plants are being built across swaths of the Mid-West and Southeast to take advantage of the plentiful coal resources in the United States. Utilities believe that coal is cheaper than natural gas and nuclear power, and more consistent than intermittent renewables such as solar and wind.

All together, the 16 large plants in operation and the 16 new plants under construction will generate approximately 17,900 MW of electricity. That is enough to power 15.6 million homes, or roughly the combined number of homes in California and Arizona.

The BP oil spill and the tragic coal mine accident in West Virginia have increased public awareness of the social and environmental costs of fossil fuels. However, based on this recent expansion, it appears the coal industry is not convinced that the U.S. will implement legislation to regulate carbon emissions in the near future.

“Building a coal-fired power plant today is betting that we are not going to put a serious financial cost on emitting carbon dioxide,” warned Severin Borenstein, director of the Energy Institute at UC-Berkeley. It is estimated these new 32 coal plants will emit about 125 million tons of greenhouse gases every year, the equivalent of adding 22 million vehicles to the nation’s roadways.

Despite the Obama administration’s dedication of $3.4 billion in stimulus funds to “clean coal” research, none of these new plants incorporate the experimental technology, which filters out carbon before it is emitted into the atmosphere. New investments in traditional coal plants amount to more than $35 billion.

John Grasser, a spokesman for the Department of Energy, acknowledged that these new plants were a “missed chance” to incorporate carbon-limiting technologies into construction. “This is not something that’s going to happen tomorrow,” he remarked, warning that wide-spread carbon neutralizing technologies, he warned, are at least 15-20 years away.

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EIA Expects U.S. Carbon Emissions to Rise in 2010

globalfundexchange — Thu, 19 Aug 2010 20:36:13 +0000

Figures released by the Energy Information Administration (EIA) indicate that stronger economic activity and use of traditional energy such as coal and natural gas will lift U.S. carbon emissions in 2010.

Fossil-fuel related emissions may rise by 3.4%, and emissions from the industrial and electric power sectors may rise by 3.9%, according to the EIA. Coal-related emissions alone are on track to rise by 6% this year.

Despite these projected increases, total U.S. carbon emissions for 2010 and 2011 will still fall below 2008 levels, (or any year dating back to 1999.)

BP Closes in on Gulf Oil Spill ‘Permanent Kill’

globalfundexchange — Mon, 09 Aug 2010 18:29:52 +0000

BP is nearing completion of a relief well to seal once and for all the Deepwater Horizon spill site in the Gulf of Mexico. Upon completion, BP will begin its “bottom kill” operation to plug the leaking well with mud and cement. The well has been provisionally sealed with a containment cap since July 15th.

“They are closing in on the last 30-40 feet,” said retired Coast Guard Admiral Thad Allen, the government’s lead point person on the scene. He expects to intercept the remaining space between the well shaft and the surrounding rock “sometime before the end of the week,” depending upon the path of a developing tropical storm moving across the Florida peninsula.

Carol Browner, the energy and climate change adviser to President Obama, says approximately three-fourths of the spilled oil has been recovered from the Gulf of Mexico waters. Deliberate burning, skimming and direct recovery accounted for about 25%, while natural evaporation, dispersion and other processes took care of about 50% of the volume. The remaining oil has either congealed into tarballs, been embedded into sediment, or remains as a sheen on the water’s surface. “The good news is that the vast majority of the oil appears to be gone,” Browner said during a recent television appearance.

So far, BP has spent $6.1 billion dealing with fallout from the Gulf spill, the worst in United States history. BP has already paid $319 million in compensation to businesses and individuals that have been affected by the spill, and will likely continue to face high costs as it continues environmental cleanup operations in the afflicted region.

BP Spill – A “Wake-Up Call” for the Offshore Drilling Industry

globalfundexchange — Fri, 30 Jul 2010 15:59:08 +0000

The Gulf of Mexico spill is a “wake-up call” for the entire offshore drilling industry, says Bob Dudley, the new replacement for embattled BP CEO Tony Hayward. In the face of harsh public criticism and Congressional scrutiny, Dudley has promised to make safety his number one concern – a change in direction for the company, which has a reputation for risk-taking.

Clean up and other associated costs related to the spill, the largest in U.S. history, may reach as high as $30 billion. Since the rig explosion in April which broke open the deep-sea well, estimates say over 5 million barrels of oil have spilled into the Gulf of Mexico, endangering marine life and resulting in major closures of fishing waters and tourist beaches along the Gulf coastline.

The U.S. House of Representatives took up debate today on a bill to reform off-shore drilling practices in the wake of the spill. The Senate, the SEC and the Department of Justice have also launched their own investigations, and private lawsuits against BP have piled up as well. The combined effect of these developments has knocked nearly 40% of BP’s market value since the explosion.

BP says it could begin its “static kill” drilling operations to seal the leaking well shut once and for all by this weekend, ahead of schedule. Still, retired Coast Guard Admiral Thad Allen, the government’s main representative in the region, says conclusive clean up of the region will be both costly and time-consuming, requiring many more millions, many more years and much more effort from BP over the long-term.

So Far, 2010 is Hottest Year on Record

globalfundexchange — Mon, 19 Jul 2010 20:20:56 +0000

A U.S. national weather analysis has confirmed a fact that is all too obvious to many people sweltering through this stifling summer. Thus far, 2010 is the world’s hottest year on record, taking over the top spot from 1998.

Abnormally high temperatures have been recorded in Canada, Africa, tropical oceans and regions of the Middle East, with nations such as Britain, Thailand and Israel suffering severe droughts.

A La Nina weather pattern expected later this year could bring cooler weather globally, however it often translates into hotter and drier weather in the U.S. Midwestern farm belt, which could be detrimental to corn and soy bean crops.

Read the full article here…

Renewables Account for over 50% of all New Power in U.S. & Europe

globalfundexchange — Fri, 16 Jul 2010 21:23:40 +0000

A new report from the Renewable Energy Policy Network for the 21st Century (REN21), a body affiliated with the United Nations and the International Energy Agency (IEA), says renewable energy accounts for over half of all new electricity capacity added in the United States and Europe during 2009.

The REN21 report highlights the shift in manufacturing and deployment of these new energy technologies from developed nations to growing ecnomies like China, Brazil and India.

In 2009, China produced 40% of global solar PV and 30% of all wind turbines; a massive increase from 10% in 2007.

However, despite its advances in implementing green power, China’s carbon dioxide emissions also increased in 2009. It has overtaken the United States and now claims the title of highest emitting nation in the world.

BP Containment Test Successful – Gulf Spill Sealed after 85 days

globalfundexchange — Fri, 16 Jul 2010 21:10:21 +0000

After 85 days, BP has finally succeeded in containing the gushing oil spill in the Gulf of Mexico waters. After closing valves and vents on the containment cap during a test on Thursday, the well has stayed in place for two full days.

Although this is a very positive sign, both BP and the White House have warned that the containment cap does not represent a permanent fix – there is still much more work to do to seal the well shut for good, and to clean up the hundreds of millions of spilled oil. “We’re encouraged by this development, but this isn’t over,” said the U.S. government’s lead contact in the region, retired Coast Guard Admiral Thad Allen.

BP will likely release the flow of oil again, siphoning it up to ships on the surface as it continues to drill a relief well to permanently shut the well with mud and cement. The well is expected to be ready in early August.

Investors welcomed news of the containment caps success, sending BP shares higher in trading today. However, since the rig explosion in April nearly $65 billion has been knocked off BP’s market value.

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Obama Supports U.S. Solar with $2 Billion in Loan Guarantees

globalfundexchange — Wed, 14 Jul 2010 20:55:38 +0000

Last week, President Obama offered a strong show of support for domestic solar power with the offer of $2 billion in loan guarantees for large scale solar projects in the Western United States.

Abengoa Solar is the recipient of the first offer, $1.45 billion to help finance the construction and start-up of a concentrating solar power (CSP) plant in Arizona. Once operational, the “Solana” plant would add 250MW of electric capacity to the grid, enough to power 70,000 homes and reduce carbon dioxide emissions by 475,000 tons.

A loan of $400 million was also offered to Abound Solar Manufacturing to for the manufacture of thin-film cadmium telluride solar panels, the first time such manufacturing will be deployed anywhere in the world. When completed in 2013, the manufacturing plant will be capable of producing enough panels to support up to 840MW of new solar every year.

Italy Surpasses U.S. in Solar PV; Installations Buoyed by Feed-in-Tariff

globalfundexchange — Thu, 01 Jul 2010 20:12:58 +0000

Thanks to the implementation of an industry-friendly feed-in-tariff in 2007, the Italian solar PV market has taken off at a furious pace.

Data from the Interstate Renewable Energy Council (IREC) shows that Italy installed more photovoltaic systems than the entire United States in 2009. What’s more, by the end of the year, Italy will have installed over 2,500 MW of solar PV power, more than one and one-half times the U.S. total.

Italy is now the world’s second largest solar PV market after Germany. Unlike Spain, Italy is not planning to remove its feed-in-tariff anytime soon. It has set a new target of 3,000MW for the next time period of 2011-2013, but will trim the tariffs 18% by Q3 of 2011. Italy reached its 2010 target of 1,200MW earlier this year. Most of these new installations are on rooftops or in distributed applications, and according to the Gestore dei Servizi Energetici, almost 1/4 are relatively small (20kW or less).

Read the full article here…