The North Sea could become a ‘central storage camp’ for carbon waste. Not everyone likes the idea

Published

2 months ago

March 4, 2024

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The receiving dock at the Northern Lights carbon capture and storage project, controlled by Equinor ASA, Shell Plc and TotalEnergies SE, at Blomoyna, Norway, on Friday, Jan. 19, 2024.

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Norway’s government wants to show the world it is possible to safely inject and store carbon waste under the seabed, saying the North Sea could soon become a “central storage camp” for polluting industries across Europe.

Offshore carbon capture and storage (CCS) refers to a range of technologies that seek to capture carbon from high-emitting activities, transport it to a storage site and lock it away indefinitely under the seabed.

The oil and gas industry has long touted CCS as an effective tool in the fight against climate change and polluting industries are increasingly looking to offshore carbon storage as a way to reduce planet-warming greenhouse gas emissions.

Critics, however, have warned about the long-term risks associated with permanently storing carbon beneath the seabed, while campaigners argue the technology represents “a new threat to the world’s oceans and a dangerous distraction from real progress on climate change.”

Norway’s Energy Minister Terje Aasland was bullish on the prospects of his country’s so-called Longship project, which he says will create a full, large-scale CCS value chain.

“I think it will prove to the world that this technology is important and available,” Aasland said via videoconference, referring to Longship’s CCS facility in the small coastal town of Brevik.

“I think the North Sea, where we can store CO2 permanently and safely, may be a central storage camp for several industries and countries and Europe,” he added.

Storage tanks at the Northern Lights carbon capture and storage project, controlled by Equinor ASA, Shell Plc and TotalEnergies SE, at Blomoyna, Norway, on Friday, Jan. 19, 2024.

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Norway has a long history of carbon management. For nearly 30 years, it has captured and reinjected carbon from gas production into seabed formations on the Norwegian continental shelf.

It’s Sleipner and Snøhvit carbon management projects have been in operation since 1996 and 2008, respectively, and are often held up as proof of the technology’s viability. These facilities separate carbon from their respective produced gas, then compress and pipe the carbon and reinject it underground.

“We can see the increased interest in carbon capture storage as a solution and those who are skeptical to that kind of solution can come to Norway and see how we have done in at Sleipner and Snøhvit,” Norway’s Aasland said. “It’s several thousand meters under the seabed, it’s safe, it’s permanent and it’s a good way to tackle the climate emissions.”

Both Sleipner and Snøhvit projects incurred some teething problems, however, including interruptions during carbon injection.

Citing these issues in a research note last year, the Institute for Energy Economics and Financial Analysis, a U.S.-based think tank, said that rather than serving as entirely successful models to be emulated and expanded, the problems “call into question the long-term technical and financial viability of the concept of reliable underground carbon storage.”

‘Overwhelming’ interest

Norway plans to develop the $2.6 billion Longship project in two phases. The first is designed to have an estimated storage capacity of 1.5 million metric tons of carbon annually over an operating period of 25 years — and carbon injections could start as early as next year. A possible second phase is predicted to have a capacity of 5 million tons of carbon.

Campaigners say that even with the planned second phase increasing the amount of carbon stored under the seabed by a substantial margin, “it remains a drop in the proverbial bucket.” Indeed, it is estimated that the carbon injected would amount to less than one-tenth of 1% of Europe’s carbon emissions from fossil fuels in 2021.

The government says Longship’s construction is “progressing well,” although Aasland conceded the project has been expensive.

“Every time we are bringing new technologies to the table and want to introduce it to the market, it is having high costs. So, this is the first of its kind, the next one will be cheaper and easier. We have learned a lot from the project and the development,” Aasland said.

“I think this will be quite a good project and we can show the world that it is possible to do it,” he added.

Workers at an entrance to the CO2 pipeline access tunnel at the Northern Lights carbon capture and storage project, controlled by Equinor ASA, Shell Plc and TotalEnergies SE, at Blomoyna, Norway, on Friday, Jan. 19, 2024.

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A key component of Longship is the Northern Lights joint venture, a partnership between Norway’s state-backed oil and gas giant Equinor, Britain’s Shell and France’s TotalEnergies. The Northern Lights collaboration will manage the transport and storage part of Longship.

Børre Jacobsen, managing director for the Northern Lights Joint Venture, said it had received “overwhelming” interest in the project.

“There’s a long history of trying to get CCS going in one way or another in Norway and I think this culminated a few years ago in an attempt to learn from past successes — and not-so-big successes — to try and see how we can actually get CCS going,” Jacobsen told CNBC via videoconference.

Jacobsen said the North Sea was a typical example of a “huge basin” where there is a lot of storage potential, noting that offshore CCS has an advantage because no people live there.

A pier walkway at the Northern Lights carbon capture and storage project, controlled by Equinor ASA, Shell Plc and TotalEnergies SE, at Blomoyna, Norway, on Friday, Jan. 19, 2024.

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“There is definitely a public acceptance risk to storing CO2 onshore. The technical solutions are very solid so any risk of leakage from these reservoirs is very small and can be managed but I think public perception is making it challenging to do this onshore,” Jacobsen said.

“And I think that is going to be the case to be honest which is why we are developing offshore storage,” he continued.

“Given the amount of CO2 that’s out there, I think it is very important that we recognize all potential storage. It shouldn’t actually matter, I think, where we store it. If the companies and the state that controls the area are OK with CO2 being stored on their continental shelves … it shouldn’t matter so much.”

Offshore carbon risks

A report published late last year by the Center for International Environmental Law (CIEL), a Washington-based non-profit, found that offshore CCS is currently being pursued on an unprecedented scale.

As of mid-2023, companies and governments around the world had announced plans to construct more than 50 new offshore CCS projects, according to CIEL.

If built and operated as proposed, these projects would represent a 200-fold increase in the amount of carbon injected under the seafloor each year.

Nikki Reisch, director of the climate and energy program at CIEL, struck a somewhat cynical tone on the Norway proposition.

“Norway’s interpretation of the concept of a circular economy seems to say ‘we can both produce your problem, with fossil fuels, and solve it for you, with CCS,'” Reisch said.

“If you look closely under the hood at those projects, they’ve faced serious technical problems with the CO2 behaving in unanticipated ways. While they may not have had any reported leaks yet, there’s nothing to ensure that unpredictable behavior of the CO2 in a different location might not result in a rupture of the caprock or other release of the injected CO2.”

Environment

In a milestone, the US exceeds 5 million solar installations

Published

11 hours ago

May 16, 2024

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In a milestone, the US exceeds 5 million solar installations

US solar installations — Photo by RAZE Solar on Unsplash

The US has now officially surpassed 5 million solar installations, a significant landmark in its shift toward clean energy, according to data released by the Solar Energy Industries Association (SEIA) and Wood Mackenzie.

The 5 million milestone comes just eight years after the US achieved its first million in 2016 – a stark contrast to the four decades it took to reach that initial milestone since the first grid-connected solar project in 1973.

Since the beginning of 2020, more than half of all US solar installations have come online, and over 25% have been activated since the Inflation Reduction Act became law 20 months ago. Solar arrays have been installed on homes and businesses and as utility-scale solar farms. The US solar market was valued at $51 billion in 2023.

SEIA president and CEO Abigail Ross Hopper said, “Today, 7% of homes in America have solar, and this number will grow to over 15% of US homes by 2030. Solar is quickly becoming the dominant source of electricity on the grid, allowing communities to breathe cleaner air and lead healthier lives.”

Even with changes in state policies, market trends indicate robust growth in solar installations across the US. According to SEIA forecasts, the number of solar installations is expected to double to 10 million by 2030 and triple to 15 million by 2034.

The residential sector represents 97% of all US solar installations. This sector has consistently set new records for annual installations over the past several years, achieving new highs for five straight years and in 10 out of the last 12 years. The significant growth in residential solar can be attributed to its proven value as an investment for homeowners who wish to manage their energy costs more effectively.

California is the frontrunner with 2 million solar installations, though recent state policies have significantly damaged its rooftop solar market. Meanwhile, other states are experiencing rapid growth. For example, Illinois, which had only 2,500 solar installations in 2017, now boasts over 87,000. Similarly, Florida has seen its solar installations surge from 22,000 in 2017 to 235,000 today.

By 2030, 22 states or territories are anticipated to surpass 100,000 solar installations. The US has enough solar installed to cover every residential rooftop in the Four Corners states of Colorado, Utah, Arizona, and New Mexico.

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Environment

In April, Tesla prices were higher month-over-month but lower year-over-year

Published

17 hours ago

May 15, 2024

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In April, Tesla prices were higher month-over-month but lower year-over-year

Tesla posted larger-than-average ATP (average transaction price) increases month-over-month in April, but its prices were lower year-over-year, reports Kelley Blue Book.

April saw Tesla post a month-over-month ATP increase of 5.7% compared to March, but the EV giant’s prices were lower year-over-year by 3.3%, according to EV transaction price data from Kelley Blue Book’s newly released April Average Transaction Price report.

Tesla prices have been a key driver of volatile price dynamics in both the luxury and EV markets because it’s the highest-volume seller in both segments. Tesla prices plummeted from $62,269 in January 2023 to $50,099 in December 2023, a decline of 19.5%.

EV transaction prices in April were essentially flat compared to March – up roughly 0.1% – at $55,252, an increase of only $75 from the prior month. Year-over-year, the average transaction price for an EV was down 8.5%, thanks in part to price pressure on EVs driven by slowing sales, healthy inventory, and more competition.

EV incentive packages remain well above the industry average, in many cases more than 15-20% of the average transaction price.

Some popular EVs posted significant year-over-year price reductions in April – Ford F-150 Lightning’s transaction prices were down 23%, Ford Mustang Mach-e’s were down 15%, Tesla Model Ys were down 12%, and Hyundai Ioniq 6s were down 10%.

However, most EVs presently transact for prices lower than a year ago by approximately 4-5%.

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Environment

BYD launches new Shark PHEV as its first pickup to rival Toyota’s Hilux, Ford Ranger

Published

17 hours ago

May 15, 2024

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BYD launches new Shark PHEV as its first pickup to rival Toyota's Hilux, Ford Ranger

A new electrified pickup is hitting the global market. China’s BYD introduced its new Shark plug-in hybrid (PHEV) pickup in Mexico this week. The new BYD Shark is poised to compete against top-selling trucks globally, like the Toyota Hilux and Ford Ranger.

BYD confirmed its first electrified pickup will be called the Shark last month after years of speculation.

The pickup was spotted for the first time by CarNewsChina at BYD’s facility in November 2022, and the anticipation has been building ever since. We’ve seen leaked patents giving away the design, prototype testing, and more, but the Shark is finally officially here.

BYD introduced the Shark PHEV pickup in Mexico at an overnight launch event. The hybrid pickup will be available in two variants: the GL and GS.

The base GL starts at 899,980 pesos ($53,400), while the GS costs 969,800 pesos ($58,100). Based on BYD’s DMO platform, the Shark features 170 kW (228 hp) front and 150 kW (201 hp) rear motors.

With 429 combined hp, the hybrid truck can sprint from 0 to 62 mph (0 to 100 km/h) in 5.7 seconds. Powered by a 29.58 kWh BYD Blade battery, the Shark has all-electric NEDC range of 100 km (62 mi). Combined NEDC range is 840 km (522 mi).

Meet BYD’s first pickup, the Shark plug-in hybrid

According to BYD, the Shark has low charge fuel consumption of 7.5 L per 100 km, which is 40% lower than that of full gas-powered engine pickups.

At 5,457 mm long, 1,971 mm wide, and 1,925 mm tall, the BYD Shark will directly rival top-selling trucks like the Toyota Hilux (5,325 mm long X 1,855 mm wide X 1,815 mm tall) and Ford Ranger (5,370 mm long X 1,918 mm wide X 1,884 mm tall).

BYD’s new pickup has up to 5,512 lbs (2,500 kg) towing capacity and 1,841 lbs (835 kg) max payload.

Inside, you can see other BYD design features, such as a rotatable 12.8″ center screen and 10.25″ instrument panel.

BYD America CEO Stella Li confirmed the company has no plans to sell the Shark, or any passenger EV (BYD already sells electric buses in the US), in the US. Meanwhile, BYD does plan to take the Shark globally.

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BYD Shark PHEV pickup (Source: BYD)

A right-hand drive prototype was spotted testing in Australia earlier this year, suggesting it could launch there soon. Other global markets will likely include Thailand, South Africa, and parts of Europe. Stay tuned for more info on the BYD Shark as it hits new markets.

Source: CnEVPost, BYD

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