Environment

The EU wants to limit spiking gas prices after ‘excessive’ moves this summer

Published

2 years ago

October 18, 2022

admin

The EU is working on new measures to mitigate gas prices.

Donato Fasano | Getty Images News | Getty Images

LONDON — The European Union is working on new measures to prevent extremely high gas prices after “excessive” levels seen this summer, in a move that could have major implications for European consumers.

The European Commission, the executive arm of the EU, proposed Tuesday setting a limit on daily gas trading levels. The aim is to avoid price spikes, which can lead to higher energy bills for households.

The front-month gas price at the Dutch TTF hub, a European benchmark for natural gas trading, reached historic levels in late August, when the price of natural gas jumped to 341 euros ($334) per megawatt hour, from around 45 euros a year earlier.

Prices have come down since then as EU nations have taken steps to improve their energy supply, but they remain relatively high on an historic basis and are a major problem for the European economy. European natural gas prices were trading around 120 euros per megawatt hour Tuesday.

“We are in a high price global reality,” a senior EU official, who did not want to be named due to the discussions still being underway, told reporters Tuesday. The same official added that the summer’s “excessive” prices “had a significant impact on the European economy and European consumers.”

The potential gas trading limits are, however, meant to be temporary.

A second EU official also told reporters that the commission wants to do “something meaningful, but not harmful” to the market.

Speaking earlier this month, European Commission President Ursula von der Leyen said: “We should consider a price limitation in relation to the TTF in a way that continues to secure the supply of gas to Europe and to all Member States and that would demonstrate that the EU is not ready to pay whatever price for gas,” according to Reuters.

The commission also proposed Tuesday the setting up of a new benchmark for trading liquified natural gas (LNG).

“The TTF is linked to pipeline gas prices, but it is not accurate as most countries use LNG,” the second official said, adding that the idea is not to replace the current benchmark for natural gas but rather creating a new one that only takes into account LNG.

The commission said this new benchmark should be in place next spring, when EU nations will be focused on bolstering their gas storage levels in time for the winter.

EU heads of state are gathering in Brussels Thursday to discuss the new proposals.

Critics have said the 27 member states are taking too long to address the energy crisis jointly. Supporters, however, argue that the EU has taken a number of meaningful steps since Russia’s invasion of Ukraine to boost its energy security.

The EU used to import about 40% of its natural gas from Russia; that number is now at around 7%.

Environment

Ørsted’s largest solar farm in the world is now online in Texas

Published

13 hours ago

November 23, 2024

admin

Ørsted's largest solar farm in the world is now online in Texas

The Mockingbird Solar Center, Ørsted’s largest solar project globally, is now online, next to protected prairie donated by the renewable energy giant.

This massive 468-megawatt (MW) solar farm is set to power 80,000 homes and businesses, providing a major boost to the Texas grid.

But the launch of Mockingbird Solar isn’t just about clean energy – it’s also about restoring precious ecosystems. Ørsted has donated 953 acres of the Smiley-Woodfin Native Prairie Grassland, which sits next to the solar center, to The Nature Conservancy. The donated land is now the Smiley Meadow Preserve, a protected area for tallgrass prairie that’s home to more than 400 species of grasses and wildflowers.

Tallgrass prairies are some of the rarest ecosystems in the US, with less than 1% of Texas’ original tallgrass prairies still in existence. Tallgrass prairie does a lot of heavy lifting for the environment, including storing carbon, preventing floods, and providing crucial habitats for pollinators.

“Native prairies are the rarest landscapes left in Texas – so much so that many people have never seen one,” said David Bezanson, land protection strategy program director for The Nature Conservancy in Texas. He added that preserving Smiley Meadow will not only conserve one of the best prairie remnants left but also help restore other prairie habitats and boost regional biodiversity.

The Mockingbird Solar Center, a half-billion-dollar project, is part of Ørsted’s $20 billion push to expand renewable energy production across the US. Beyond generating electricity, it will inject $75 million into local property taxes, benefiting schools and other public services. The project also created over 550 construction jobs and will continue to be supported by operations staff moving forward.

Ørsted worked with US companies, including First Solar, for solar panels and partnered with local businesses like Drake Construction and Pfifer Farms for construction materials. It also gave more than $50,000 to local volunteer fire departments in Roxton and Brookston.

With Mockingbird Solar now up and running, Ørsted has more than 6 gigawatts of onshore wind, solar, and battery storage projects either in operation or being built across the US.

If you live in an area that has frequent natural disaster events, and are interested in making your home more resilient to power outages, consider going solar and adding a battery storage system. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. They have hundreds of pre-vetted solar installers competing for your business, ensuring you get high quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use and you won’t get sales calls until you select an installer and share your phone number with them.

Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisers to help you every step of the way. Get started here. –trusted affiliate link*

FTC: We use income earning auto affiliate links. More.

Environment

Cramer names oil and natural gas stocks set to do well under Trump

Published

14 hours ago

November 22, 2024

admin

Cramer names oil and natural gas stocks set to do well under Trump

CNBC’s Jim Cramer on Friday said companies related to natural gas and oil will thrive under President-elect Donald Trump’s administration and a majority Republican Congress.

“We’re hearing about all sorts of Trump trades right now, and many of these things have made insane moves in less than three weeks, to the point where, actually, they’re feeling precarious to me,” he said. “If you want a sustainable Trump trade, I say bet on the natural gas ecosystem. This is an industry that already had a lot going for it, it just needed some cooperation from the federal government, which it is about to get.”

President Joe Biden’s administration is largely opposed to fossil fuels, Cramer said, and the federal government has worked to block pipelines and paused new liquified gas export authorizations. This dynamic, coupled with a weaker global economy, caused the sector to underperform for much of the year, he suggested. But Trump has shown more favor to the industry, and Cramer pointed out that he tapped prominent oil executive Chris Wright to lead the Department of Energy.

Cramer recommended several stocks in the sector, including energy producers EQT and Coterra. The former is focused on natural gas and recently acquired peer Equitrans, raising the combined company’s valuation to an estimated $35 billion, Cramer noted. He added that Coterra is a good long-term holding and called the company “one of the shrewdest operators in the industry.”

He highlighted pipeline companies, including Energy Transfer and Kinder Morgan, and said he was especially bullish on Enbridge. Enbridge says it transports about 20% of all natural gas consumed in the U.S., and Cramer claimed the Canadian outfit has “strategically located assets.” He also named Cheniere and Sempra, saying the former is the “best play” for liquified natural gas exports.

“Seasonally, this is a good time for the commodity,” he said, pointing out that natural gas itself has climbed since the election. “But I also think there’s some optimism about the future of the industry driving this move.”

Jim Cramer’s Guide to Investing

Environment

Jeep launches Wagoneer S EV lease prices starting at just $599 per month

Published

15 hours ago

November 22, 2024

admin

Jeep launches Wagoneer S EV lease prices starting at just 9 per month

Jeep’s first global luxury electric SUV will arrive at US dealerships any day. Despite its $72,000 price tag, lease prices for the 2024 Jeep Wagoneer S EV start at just $599 per month.

2024 Jeep Wagoneer S EV lease prices

After unveiling its first global electric SUV, Jeep’s CEO said the Wagoneer S “marks a new chapter” in its storied history.

Jeep claims the Wagoneer S packs “exhilarating performance.” With 600 hp and 617 lb-ft of torque, the big-body SUV can sprint from 0 to 60 mph in just 3.4 seconds. Its 100 kWh battery pack also gives it a driving range of over 300 miles.

The electric SUV is unmistakably still a Jeep, but it did get several upgrades to distinguish it as an EV. The grille is now enclosed without the need to cool a massive engine, giving it a sporty, more modern look.

Jeep revamped its design with a new illuminated seven-slot grille with ambient cast lightning. It also fine-tuned its profile, adding flush door handles, a rear wing, and integrated fins for better airflow.

The first Jeep Wagoneer S Launch Edition models get exclusive dark accent design elements like 20″ Gloss Black Wheels.

Inside, the electric SUV is loaded with the latest tech and connectivity, including a best-in-class 45″ of usable screen space. The setup includes a 12.3″ center screen and an exclusive 10.25″ interactive front passenger screen.

Jeep already announced that the 2024 Wagoneer S EV will start at $71,995, but now the company has revealed lease prices for the first time.

According to Jeep, the 2024 Jeep Wagoneer S Launch Edition can be leased for $599 per month for 36 months (10,000 miles per year). The deal includes $4,999 due at signing and a $7,500 EV incentive. However, you may want to act fast, as Jeep’s offer is only good until December 2, 2024.

Jeep Wagoneer S vs Tesla Model Y	Starting Price	Range	Lease Price
Jeep Wagoneer S Launch Edition	$71,995	+300 miles	$599/mo
Tesla Model Y RWD	$44,990	320 miles	$299/mo
Tesla Model Y AWD	$47,990	308 miles	$399/mo
Tesla Model Y AWD Performance	$51,490	279 miles	$599/mo

In comparison, Tesla Model Y RWD lease prices start at $299 for 36 months with $2,999 down (10,000 miles). The Performance AWD model starts at $599 per month. In an end-of-year promo, Tesla also offers 3 months of free Supercharging and Full Self-Driving.

Ready to drive off in your new electric SUV? We can help you get started. You can use our links below to view offers on the Jeep Wagoneer S and Tesla Model Y at a dealer near you.

FTC: We use income earning auto affiliate links. More.