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Wind turbines in waters off the coast of the U.K.
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The world wants to “transition” away from fossil fuels toward green energy, but the difficult reality is this: Dirty fuels are not going away — or even declining — anytime soon.

The total amount of renewable energy that’s available is growing. That’s good news for a world threatened by potentially devastating climate change.

But the increase in renewable energy is still lower than the increase in global energy demand overall. A “transition” from fossil fuels may come someday, but for now, renewable energy isn’t even keeping pace with rising energy demand — so fossil fuel demand is still growing.

“The global power market is experiencing rapid power demand growth as markets recover from the pandemic. Despite all the capacity additions in renewables generation, the amount of power currently generated by renewables is still not enough to meet this increased demand,” Matthew Boyle, manager of global coal and Asia power analytics at S&P Global Platts, told CNBC.

The global supply of renewables will grow by 35 gigawatts from 2021 to 2022, but global power demand growth will go up by 100 gigawatts over the same period, according to Boyle. Countries will have to tap traditional fuel sources to meet the rest of the demand. A gigawatt is 1 billion watts.

Projections from the International Energy Agency tell a similar story. Global electricity demand is set to rebound strongly, jumping by close to 5% this year and by 4% in 2022, according to the IEA.

The amount of electricity generated from renewables is set to increase too — by 8% this year and more than 6% in 2022, the IEA said. However, it added: “Despite these rapid increases, renewables are expected to be able to serve only around half of the projected growth in global demand in 2021 and 2022.”

Overall energy shortage

At the same time, the amount spent on oil and gas has declined as prices collapsed in 2020 and the industry faced growing pressure to move away from dirty fuels. Total spending in 2021 was a little more than $350 billion – “well below” 2019 levels, said the IEA’s World Energy Outlook 2021 report released last month.

“The world is not investing enough to meet its future energy needs … Transition-related spending is gradually picking up, but remains far short of what is required to meet rising demand for energy services in a sustainable way,” the IEA report said.

That shortfall will only widen as economies reopen and travel resumes, with demand already spiking to pre-pandemic levels. The IEA said the rapid “but uneven” recovery from the pandemic is straining energy markets, sparking sharp rises in prices for natural gas, coal and electricity.

Already, countries are in the throes of a major energy crunch, as a gas shortage slams Europe and coal shortages pressure China and India.

That said, just because major energy companies may be cutting investment in fossil fuels doesn’t mean those emissions have stopped altogether.

Speaking at the Green Horizon Summit chaired by CNBC’s Julianna Tatelbaum during the COP26 climate conference in Glasgow, Scotland, BlackRock Chairman and CEO Larry Fink expressed worries that publicly traded oil companies are lowering their reportable emissions by merely selling parts of their business to private companies that are less transparent than big firms traded on public markets.

Fossil fuels as necessary backup

One problem with renewables is that many sources are at the mercy of the weather.

“You might build a lot of wind farms, you might have hydro reservoirs and and hydro generation facilities, and you might have a lot of solar panels,” Anthony Yuen, head of energy strategy at Citi Research told CNBC in a phone interview. “The problem is: What if you don’t have enough water, wind, or solar versus your initial planning assumption?”

Renewable energy sources tend to under-deliver during certain periods — such as for instance in the month of September, when there’s less wind power generated in Europe and China, according to Boyle of S&P Global Platts.

Yuen said countries need to think through ways to ensure a reliable energy supply, and one “common ground solution” would be to use traditional fuels as a backup when renewables fail to carry through.

“We have to be more conservative, and that means two things. One is, you basically build more capacity [for renewables] so that you try to cover more,” he said. “But the other point is, what are some of the backup systems? Because sometimes, you know, let’s say the hydro reservoir or wind doesn’t show up for days … So the battery system is probably not sufficient.”

Yuen added that some “cleaner” fossil fuels such as natural gas can be used as a backup.

“Some would say that you’re perpetuating fossil fuel use. But what then is the trade-off between people actually having sufficient energy or not, right?” he said. “And that means that maybe carbon capture should still be on the table until the system is reliable enough that you don’t need fossil fuels.”

Carbon capture refers to technology designed to capture carbon dioxide from high-emitting activities such as power generation or industrial facilities that use either fossil fuels or biomass for fuel.

What it means for climate targets

In 2021, $750 billion will be spent globally on clean energy technologies, but that “remains far below” what is required for climate targets, the IEA said.

Such spending would need to double in the 2020s to maintain temperatures “well below” a 2 degrees Celsius rise, and they’d need to more than triple to keep it to a 1.5 degrees Celsius increase.

Countries under the 2015 Paris Agreement agreed to limit the rise in global temperatures to 1.5 degrees Celsius — the threshold that scientists say could stave off the worst impact of global warming.

Getting the world on track for net-zero emissions by 2050 — a target set in the Paris Agreement — would require clean energy transition-related investment to accelerate from current levels to around $4 trillion annually by 2030, according to the IEA . That would mark an increase of more than three times the current investment.

Metals shortfall

Lithium, cobalt and nickel are metals essential to generating renewable energy, as well as for the production of electric vehicles.

UBS in a recent estimate said that demand will increase by 11 times for lithium, three times for cobalt and two times for nickel in the next decade.

“However, there is not sufficient supply to meet this demand projection based on our knowledge of known projects today,” the bank said.

According to its estimates, supply deficits will emerge for lithium in 2024, cobalt in 2023 and nickel in 2021.

UBS added that current power restrictions in China will make those shortages clear.

“The [electric vehicle] supply chain is almost wholly dependent on China for upstream materials, and long-term power outages could result in shortages,” the bank said in an October note. “Upstream” refers to materials needed at the production stage.

— Lucy Handley contributed to this report.

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Tesla Model 3 Performance price hiked $1k again, under a month after release

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Tesla Model 3 Performance price hiked k again, under a month after release

The refreshed Model 3 Performance was released on April 23, but less than a month after release it’s having its price hiked again, for a second time.

The Model 3 Performance just got a big refresh, after the Model 3’s overall “Highland” refresh.

The refresh includes more horsepower (up to 510hp now, and 0-60 of 2.9 seconds), some exterior changes, and lots of other underlying changes to make the car better at performance applications.

And it also included a very attractive price – one which was actually cheaper than the lower-spec Long Range Model 3 after taking tax credits into account, since the Performance qualifies for the US EV tax credit and the Long Range model doe snot.

As a result it immediately garnered rave reviews both from online observers who note its impressive specs and value proposition compared to competing vehicles, and from the few car reviewers who Tesla deigned to allow to review the vehicle ahead of its release.

But perhaps those reviews were too good, and Tesla decided they could command a higher price for these vehicles. As a result, just 3 days after release, Tesla hiked the price of the Model 3 Performance by $1,000. At the same time, it reduced the price of some paint and interior options as well.

Now, we’re having a little déjà vu as almost the exact same thing has happened again.

Today, Tesla hiked the price of the Model 3 Performance by another $1,000, up to $54,490, just $10 less than the $55k limit to access the EV tax credit.

Again, just as last time and perhaps to compensate, Tesla lowered the price of some other options. Now, the “Black and White Interior” is included in the base price of the vehicle, instead of being a $1,000 option as it was yesterday. So if you were going to get the black & white interior, the car will cost the same as it did yesterday, but the standard black interior now costs $1,000 more.

The Model 3 Performance is still slightly cheaper than the Long Range model, assuming you qualify for the $7,500 US EV tax credit. If you do, the base price of the Performance model is $47,490, whereas the base price of the Long Range model is $47,740 – $250 more. The Performance model comes with more performance, but the Long Range model does have a longer range, at 341 miles rather than the 296 miles of the Performance model with its stickier tires, bigger motors and so on.

However, since the tax credit is attainable even on non-qualifying cars via a lease, the lease rates for the RWD ($299/mo) and Long Range AWD ($439/mo) are still significantly cheaper than the Performance AWD model ($616/mo) – and that last number, for the Performance model, is $50 more per month than it was yesterday.

Finally, Tesla also changed some pricing for other Model 3 options, increasing the cost of the “Black and White” interior to $2k, from the $1,500 price it was previously, for both the RWD and Long Range models.

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$39,199 Bobcat zero turn electric lawnmower is ready for summer

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,199 Bobcat zero turn electric lawnmower is ready for summer

Bobcat revealed a new, commercialized version of its battery-powered ZT6000e zero-turn electric lawnmower that promises up to eight hours of continuous runtime.

The company says its new machine can deliver up to eight hours of continuous runtime on a single charge, the ZT6000e produces zero “tailpipe” emissions while in use, and is significantly quieter than the ICE-powered competition. Perfect, in other words, for use in municipalities with strict noise regulations.

“The ZT6000e is designed for both lawn care professionals and other businesses that want to create their own professional-grade results in a more sustainable way,” said Daniel Stibral, s grounds maintenance product specialist at Bobcat. “It’s highly maneuverable, efficient, and takes on challenging mowing tasks with precision, ease and the perfect cut.”

The Bobcat ZT6000e packs a 58V, 20.4 kWh battery that can be fully recharged in about 6 hours with a 240-volt “Level 2” connection, or in about 12 hours with a “standard” 120-volt connection. Considering a full charge is enough to mow more than 23 acres, however, there should be very little “range anxiety” involved.

What’s more, Bobcat claims that, apart from routine recharge cycles, the lithium-ion battery requires no maintenance for the life of the machine.

The ZT6000e is built with a heavy-duty, dual-tubed steel frame and is powered by three electric motors to provide precise control over high and low blade speeds and make quick work of any lawn. Pricing starts at $39,199.

Electrek’s Take

Yes, the ZT6000e electric lawmower is more expensive than the 850cc gas-powered version. About 3x more expensive, in fact – but that doesn’t matter.

The fact is that more and more municipalities across the country are effectively banning internal combustion lawn equipment from lawnmowers to edgers to leaf blowers – and the ones that aren’t outright banning small engines are banning them indirectly with increasingly stringent noise regulations. Translation: if you plan on making a living in landscaping, you’re going to need to pony up for an electric mower rather sooner than later.

When you do, Bobcat’s seems like a solid choice.

SOURCES | IMAGES: For Construction Pros; Bobcat.

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Pedego Moto puts the ‘fun’ in functional transportation

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Pedego Moto puts the 'fun' in functional transportation

Pedego announced a slew of big new bikes this month, and we got to try out our favorite, the Pedego Moto. This brawny, two-person, class 2/3 beast leaves its competitors in the dust in so many ways. As Micah would say, “Let’s check it out…”

We’ve talked about Pedego a ton here at Electrek, but it bears repeating. No other bike company is doing more to get Americans onto e-bikes. With their excellent brick-and-mortar stores, many, if not most, Americans’ first e-bike experience is renting or trying an e-bike at a Pedego store. And because Pedego stores and e-bikes are top-notch, those experiences are almost entirely good first impressions.

I have a store in my local town, and it is the go-to place to pick up bike accessories, get a quick tuneup, or fix something (on any bike!) . It is also a great place to meet like-minded bike riders. They often sponsor local bike rides and encourage train tourists to visit our town and see it on an e-bike, which is better for everyone than driving a car.

Pedego Moto

The Pedego Moto, at first glance, will remind you of a Juiced Scorpion or the many other copycats that came along in the years since it was introduced. I’m here to say this thing is different in a number of important ways.

The most obvious is that it is much bigger, and its seat is long enough to carry a second passenger without modifications. The 2nd rider foot pegs come with the bike in its default configuration. That stretched seat also lets taller riders slide back for that sweet leg extension when actually pedaling, which on the Moto, I found quite easy. That tapered seat, while comfy for long rides, also tapers at the front to allow easy pedaling.

Also, components are almost universally better, including turn signals, larger 210mm hydraulic brakes, and huge 20-inch wheels that will go off-road much better than others in this class. SRAM gears are going to last a lot longer than the Shimano Altus setup that many of these bikes have. And just look at those burley tires.

The battery is 922Wh at 48V which will power the bike for up to 75 miles according to Pedego but more typically about 40 at near full power with little pedalling. I don’t like that it is a proprietary connector but it fast charges the battery at 5A. I was genuinely shocked how far I could ride with just small battery drops and it will last weeks in between charges if you want it to.

Pedego has revolutionized unboxing!

Like the taller boxes we saw at Upway, Pedego is now using a taller box that allows it only to require screwing in pedals and adjusting/tightening the handlebars. Including removing the tape and bubble wrap, you can be riding the Pedego Moto within 5 minutes of opening the box.

While most Pedegos will be purchased (and tuned up) at stores, this makes the process easier for Pedego technicians and direct-to-consumer customers as well.

There’s no heavy front wheel to put on, cables to plug in, or other stuff to install. Most e-bikes take me at least a half hour to assemble and often more than an hour. Pedogo Moto? I was riding within minutes of the box being delivered. The battery came more than half charged and that was good for a day of play.

Moto Experience

Pedego bikes, though they come in all shapes and sizes generally follow a standard Class 2 system that allows the bike to go up to 20 miles/hour on throttle or pedal assist. Some of their bikes, including the Moto, can be enabled to go class 3, which is up to 28 miles per hour. However, this is only pedal assist, the throttle will stop applying power at 20mph.

This allows pedego bikes to be legal in the largest number of areas while also allowing a speedy 28mph option. In reality, the large size of the bike will put pedal-assist riding at about 25 mph, in my experience. Still quite fast for such a big bike with huge tires.

Other bike companies, including Pedego’s competitors, have various flavors of “off-road mode,” which allow the motors to spin at any speed but also make them illegal in many jurisdictions.

I found the Moto to be a great ride both on the road and on gravel. Those huge tires and soft suspension eat up those potholes like no one’s business. And, even with a passenger in the back, there’s no stopping the powerful 85nm torque motor in the back.

The Moto is best for cruising and riding around town. There it excels and turns some heads, especially in this blue variety.

Moto Safety

While this bike is large, it turns quite well with admirable wheel balance and a solid front fork.

The front light not only lets oncoming cars see the Moto well at night but it also illuminates the road well enough to ride without concern. Those big hydraulic brakes on 210mm discs are also great at stopping this big bike in its tracks.

The step-over nature of the bike makes it easy to get on and off, especially with packages or another rider on the back.

Maybe the most underrated safety item is the turn signals, which I think Pedego has done well, especially in the user interface department. But the backlight is hidden a little too far under the rear seat and is typically small for an e-bike. Still, drivers and riders will almost always see the bright light when at a medium-length distance away.

Pedego Moto Price

This is a Burley bike, and Pedego has to keep its brick-and-mortar stores going, so the price may surprise those used to fly-by-night dropship prices. It is $3995. Yes, it is a lot, but you get a lot, including white glove service and actual local people there to help out when things go wrong.

Electrek’s take

I like all 3 of Pedego’s new e-bikes and if you’ve got the cash, these e-bikes are built to last and a ton of fun. The Moto isn’t light but it rides like a much more svelt e-bike and is even great for carrying 2 people!

The Petego Moto in Black, thanks to Riley at the awesome local Croton Pedego store

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