Crude oil storage tanks are seen from above at the Cushing oil hub, in Cushing, Oklahoma, March 24, 2016.
Nick Oxford | Reuters
Crude oil futures fell slightly Wednesday as the market waits for further indication of when the Federal Reserve might cut interest rates.
The West Texas Intermediate contract for April was down 21 cents, or 0.3%, at $76.79 a barrel. April Brent futures dropped 25 cents, or 0.3%, to $82.09 a barrel.
U.S. crude and the global benchmark declined more than 1% on Tuesday as traders took profits after the oil market rallied last week as the Middle East once again appeared on the brink of wider conflict.
Oil Prices, Energy News and Analysis
“Oil prices took yesterday as day of correction which was inspired by a lack of any further conflict news from the world’s clash points as markets had to settle on what was bothering the macro world,” John Evans, an analyst with oil broker PVM, wrote in a note Wednesday.
The Federal Reserve will release minutes from its January meeting at 2 p.m. ET on Wednesday. The minutes could provide further insight on when the central bank plans to cut interest rates.
The market has pushed back its expectations on when the Fed will cut rates as inflation remains stubborn in the U.S., with first cut now generally expected in June rather than in March or May. Lower interest rates typically stimulate economic growth which fuels crude oil demand.
White House Middle East envoy Brett McGurk is heading to Cairo Wednesday to continue talks on a temporary Gaza ceasefire in exchange for Hamas releasing hostages. The Biden administration wants a ceasefire in place before the start of Ramadan, which begins March 10 after sunset.
The U.S. has warned Israel against a ground invasion of the southern Gaza city of Rafah without a credible plan in place to protect civilians there. Israeli war cabinet member Benny Gantz vowed Sunday that Israel will push into Rafah if Hamas does not release the remaining hostages by Ramadan.
A groundbreaking new Virtual Power Plant Power Purchase Agreement (VPA) provides Texans with solar panels and two 20 kWh sonnen batteries at no upfront cost.
A new sonnen storage + solar VPP for Texans
SOLRITE Energy, which finances solar and battery storage, and global battery storage manufacturer sonnen today announced the launch of their new VPA in Texas’s ERCOT market. This program offers solar and battery storage for homeowners at an affordable monthly rate, making backup power accessible for many Texans.
Here’s how it works: SOLRITE installs solar panels and sonnen batteries at eligible customer households with no upfront cost. (I’ve asked the sonnen spokesperson what the eligibility criteria are and will update this post when I hear back.) Homeowners then pay a lower-than-average rate for the solar energy they produce each month, saving them money compared to typical electricity rates in Texas.
Texans participating in the SOLRITE program pay a leading rate of 12¢ per kWh for solar energy, significantly lower than the 19-20¢ per kWh rate commonly seen in the state.
The sonnen batteries provide backup power for each home at no charge and enable Texan homeowners to join a larger virtual power plant (VPP) network. The VPP supports the Texas grid, reducing reliance on polluting power plants during times of high demand. SOLRITE and sonnen generate revenue from the energy stored in these batteries, which helps cover the cost of the equipment, and that’s what allows homeowners to use the battery systems at no cost.
Each day, the sonnen batteries in the VPP help balance the Texas grid by directing power where it’s needed most and when it’s most valuable. This reduces energy costs for everyone, whether they’re in the VPP or not, and strengthens the grid’s efficiency and resilience.
The VPP also differs from traditional solar buyback programs that send extra energy to the grid whenever it’s sunny. Instead, the sonnen battery network strategically controls when and how energy is shared with the ERCOT grid, making solar energy a more reliable power source.
Since September 2024, SOLRITE says it’s already committed over 40 megawatt-hours of residential battery power to the Texas market through this program, working with solar installers statewide.
Blake Richetta, chairman and CEO of sonnen Inc. USA said:
The bold and inventive SOLRITE introduction in the Texas market represents the most successful early-stage launch of the sonnenConnect VPP in the world.
sonnen is proud to dispatch authentic VPPs across the United States and Australia, as well as the largest behind-the-meter residential battery based VPP in the European Union – with nerve centers in Germany, Italy and Belgium, amongst other countries.
And in all of these markets, we have never seen anything like the SOLRITE Texas launch. We are so proud of the SOLRITE invention, and we are passionate to build a SOLRITE-Future for Texas.
Electrek’s Take
I belong to a virtual power plant in Vermont and have two Tesla Powerwalls, and I love being part of this program. I lease my Powerwalls for $55 a month and had to pay a couple thousand dollars to have them installed, so what sonnen and SOLRITE are offering to Texans is a really good deal.
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The Joint Office of Energy and Transportation’s Communities Taking Charge Accelerator has awarded $43.7 million to 25 innovative EV charging projects across the US.
The Communities Taking Charge Accelerator was launched on April 16, 2024, and the funding comes from the Infrastructure Investment and Jobs Act.
The three main goals of the funding are to expand access to electrified mobility options for folks who don’t have access to home charging, accelerate opportunities for fleet electrification, and improve and advance managed charging systems to mitigate impacts and optimize usage of the grid.
On January 15, 25 project awardees were announced that impact 23 states, the District of Columbia, and Puerto Rico. Challenges that the projects will address include:
Solving for no-home charging. Not everyone has a driveway or garage to charge their EVs, e-bikes, or scooters. Projects are testing creative solutions like curbside chargers, multifamily charging setups, and shared community micromobility hubs. They also look at everything from rate design to building multimodal charging hubs, making it easier for people in apartments or urban areas to power up.
In this project, for example, Voltpost will install lamppost EV chargers in San Francisco using existing infrastructure.
Electrifying fleets for people and goods. Think of shared rides, carpool services, and last-mile delivery trucks. Electrifying these types of light- and medium-duty fleets could have a huge impact on reducing emissions. These projects aim to figure out how to charge fleets more efficiently, whether they’re transporting people or goods. It’s all about improving community access to clean transportation options while keeping operations smooth for fleet operators.
The Los Angeles County Metropolitan Transportation Authority’s project allows Metro Bike Share to increase access to electric bikes by implementing electrified stations with in-dock charging.
Managed charging for clean reliable energy. Managed charging is about coordinating when and how EVs charge to avoid grid strain and use renewable energy whenever possible. Projects in this area are working on open-source tools and standards to make managed charging tech accessible and easy to integrate into today’s energy systems.
The University of Alabama is running a project to develop and implement an end-to-end multi-stakeholder EV charging management framework to enhance grid reliability.
Gabe Klein, executive director of the Joint Office, said, “This investment aims to expand transportation and energy infrastructure to meet the current and anticipated demands – from how people charge and use shared vehicle fleets including e-bikes around transit hubs to a new model for more affordable multifamily housing charging – advancing a more holistic energy and transportation ecosystem.”
Electrek’s Take
The Biden administration has been rapidly doling out funds to clean energy and EV projects, and it’s great to see the Communities Taking Charge Accelerator funds reach its recipients at the 11th hour. There are some great projects, which you can check out here.
Now is a great time to begin your solar journey so your system is installed in time for those sunny spring days. If you want 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 to 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 Advisors to help you every step of the way. Get started here. –trusted affiliate partner
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Tesla announced on X that it is working on a new way to keep the cameras clean on the Cybertruck.
Hopefully, it will make its way to other Tesla vehicles because it is a common problem with the performance of its advanced driver assist systems (ADAS).
When driving using Tesla’s Autopilot or Full Self-Driving (Supervised) suite of driver-assist features, you will often get an alert that the system might not work properly because “one or more cameras are obstructed” due to dirt or snow coming off the road and into the lenses.
For Cybertruck, that’s an even problem because the rear-view camera is the only way to look behind the vehicle when the tonneau cover is up.
It led to some owners complaining that they need to remember to clean the camera at the back of the truck almost every time they use it, especially in the winter.
Tesla responded to some of those comments through its ‘Tesla AI’ account on X. One owner specifically asked if Tesla is planning a solution for when it achieves “unsupervised self-driving” because it then can’t expect someone to always be able to clean the cameras and Tesla responded:
On a more serious note, a more comprehensive cleaning solution is being worked on.
Tesla didn’t elaborate on the solution or when it would be available.
I doubt that it will be lasers, though it would be cool, but there’s undoubtedly a need for a solution.
In my own experience with FSD in the Quebec winter, I get alerts of obstructed cameras literally every other drive.
Tesla has already implemented heaters, which help some, but other than the front-facing cameras, which benefit from the windshield wipers, there’s a need for more.
What’s interesting here is Tesla basically admits that for unsupervised self-driving, which was part of the question it answered, it needs to add extra hardware to make it work.
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