Enel, Iberdrola, NextEra Energy and Orsted have emerged as the largest companies in the energy market, and they all have one thing in common -- a focus on clean energy. They've raced ahead of oil majors in terms of market capitalization, but Royal Dutch Shell, BP and Repsol hope to catch up through ambitious renewable energy investments.
RESB Murmurs: Pandemic-related economics have certainly played a role in these comparisons by hurting the market cap of oil majors, but the shift to renewables is only expected to increase as governments deploy rebuilding policies geared toward decarbonization (See the Policy Watch story below). - Sean
Government-led efforts to overhaul the world's energy mix are picking up steam, but "more action is required to get in striking distance" of the Paris Agreement's goals, according to DNV GL. "By supporting the development and deployment of new technology for generation and distribution of clean electricity, the move from innovation to established and proven climate change solution will accelerate," it said.
Researchers and lithium mining companies say they'll use existing technologies and explore new ones to recover lithium from geothermal brine at sites in the UK, US, Germany and other countries. Extracting lithium from brine leaves a smaller environmental footprint than other methods of recovering the metal, which is used in the manufacture of batteries.
This piece offers a deeper dive the U.S. Energy Information Administration report we covered in last week's RESB. The chart above offers a quick look at the breakdown of renewable electricity generation sources used by the top states in the US. Sometimes seeing data is easier than reading data.
The Power Pulse Podcast goes offshore! In a short series on the challenges and opportunities for offshore wind power, join Hitachi ABB Power Grids for a conversation with Ørsted's Hayes Framme as we discuss the nature of the offshore wind market in the U.S. Listen now.
The Fort Nelson First Nation in British Columbia, Canada, has secured all but $6.3 million of the $100 million needed to build a seven-to-15-megawatt geothermal facility. "I think this would revolutionize our Nation to be able to diversify our economy and add another component of prosperity," said Chief Sharleen Gale.
More governments worldwide are setting or scaling net-zero emissions goals in the wake of President-elect Joe Biden's win, resulting in a competition of sorts to lead the world's energy transition, said attendees during a European Council on Foreign Relations forum. Governments should be wary of international competition because achieving net-zero emissions will require a massive transition and can't be accomplished via government action alone, said Sarah Ladislaw of the Center for Strategic and International Studies.
Geothermal presents an opportunity to reduce greenhouse gas emissions in Canada's building sector, but the energy source has been slow to take off due to cost and a lack of space in urban areas. A new pilot project hopes to change that by using standing column wells.
The world won't have enough specialized installation vessels to keep pace with offshore wind demand by 2025, according to Rystad Energy. "We identify the heavy-lift vessel segment as the key bottleneck for offshore wind development from the middle of this decade, and the need for next-generation vessels may slow the cost reductions expected in offshore wind," says executive Alexander Flotre.
The wind industry is racing to build larger, more efficient turbines, but a different scenario is unfolding for solar. Output from projects featuring larger panels may cost more, depending on logistical, glass production and installation constraints, says Dennis She of LONGi Solar.
Repsol wrote down the value of its oil assets last year and plans to slash its 2021 dividend as the oil major looks to free up capital for renewable energy investments. Repsol has set a goal to have an installed wind and solar capacity of 15 gigawatts.