Next U.S. president shouldn’t surrender America’s energy dominance, TotalEnergies CEO warns
Whoever wins the 2024 U.S. election should work to preserve America’s energy dominance rather than risk losing it, TotalEnergies CEO Patrick Pouyanne told CNBC on Monday.
The U.S. is the world’s largest oil producer, accounting for 22% of the global total, according to the Energy Information Administration, with Saudi Arabia next, producing 11%. The vast majority of U.S. crude is consumed within the country, which is also the world’s largest oil consumer.
“U.S. energy has been unleashed. In fact, when you look to what happened since the last two, three years, production of oil has never been so high … [the] revolution of U.S. shale is really taking place,” Pouyanne told CNBC’s Dan Murphy at the annual Adipec oil conference in Abu Dhabi.
Roughly 64% of total U.S. crude oil production is shale and the French international energy firm CEO said the U.S. will also soon be No. 1 in liquified natural gas (LNG) production.
“I think that is part of political rhetoric,” Pouyanne said. “My view is that whoever the [winning] camp is, in fact, energy is really one of the big competitive advantages for the U.S. and whoever will win [will put] U.S. first, I would say.”
Looking ahead to the election, former President Donald Trump and the Republican party have long been proponents of U.S. shale production, pushing for deregulation of the industry and an expansion of drilling projects — drawing the ire of climate activists and many on the left.
Conoco Phillips Eagle Ford Shale Drilling Rig in Texas
Source: Conoco Phillips
But Democratic contender and Vice President Kamala Harris has now changed her position on fracking, expressing support for the controversial oil and gas extraction process and pledging not to ban it as president, despite years of vocal opposition.
Short for hydraulic fracturing, the process — which uses vast quantities of water and can be damaging to the environment — paved the way for America’s shale revolution, jolting the country’s oil production from a record low of 5.1 million barrels per day in 2008 to its historic high of nearly 13 million barrels per day in 2023.
“Kamala Harris has declared that she’s supportive of shale oil fracking and shale gas. So I think it’s part of the game,” Pouyanne said. “Again, for me, today, the U.S. has a clear competitive advantage on energy compared to many [in the] rest of the world. So I will be surprised to see whoever is elected lose the competitive advantage.”
Energy dominance also plays a role when it comes to U.S. exports and geopolitical strength, as the country has been able to boost oil and gas supplies to Europe as the continent cuts its Russian imports following Moscow’s invasion of Ukraine. The U.S. supplied almost half of Europe’s LNG imports in 2023, according to Cedigaz, with most of that produced by shale drilling.
Pouyanne noted that President Joe Biden’s administration had been more restrictive on opening new acreage for drilling, “but at same time, they approved a project from Alaska,” he said.
“So, I mean, it’s more balanced than we think,” the TotalEnergies CEO added. “And my view is that, again: ‘USA first,’ whoever will be president.”
Wind energy powered 20% of all electricity consumed in Europe (19% in the EU) in 2024, and the EU has set a goal to grow this share to 34% by 2030 and more than 50% by 2050.
To stay on track, the EU needs to install 30 GW of new wind farms annually, but it only managed 13 GW in 2024 – 11.4 GW onshore and 1.4 GW offshore. This is what’s holding the EU back from achieving its wind growth goals.
Three big problems holding Europe’s wind power back
Europe’s wind power growth is stalling for three key reasons:
Permitting delays. Many governments haven’t implemented the EU’s new permitting rules, making it harder for projects to move forward.
Grid connection bottlenecks. Over 500 GW(!) of potential wind capacity is stuck in grid connection queues.
Slow electrification. Europe’s economy isn’t electrifying fast enough to drive demand for more renewable energy.
Brussels-based trade association WindEurope CEO Giles Dickson summed it up: “The EU must urgently tackle all three problems. More wind means cheaper power, which means increased competitiveness.”
Permitting: Germany sets the standard
Permitting remains a massive roadblock, despite new EU rules aimed at streamlining the process. In fact, the situation worsened in 2024 in many countries. The bright spot? Germany. By embracing the EU’s permitting rules — with measures like binding deadlines and treating wind energy as a public interest priority — Germany approved a record 15 GW of new onshore wind in 2024. That’s seven times more than five years ago.
If other governments follow Germany’s lead, Europe could unlock the full potential of wind energy and bolster energy security.
Grid connections: a growing crisis
Access to the electricity grid is now the biggest obstacle to deploying wind energy. And it’s not just about long queues — Europe’s grid infrastructure isn’t expanding fast enough to keep up with demand. A glaring example is Germany’s 900-megawatt (MW) Borkum Riffgrund 3 offshore wind farm. The turbines are ready to go, but the grid connection won’t be in place until 2026.
This issue isn’t isolated. Governments need to accelerate grid expansion if they’re serious about meeting renewable energy targets.
Electrification: falling behind
Wind energy’s growth is also tied to how quickly Europe electrifies its economy. Right now, electricity accounts for just 23% of the EU’s total energy consumption. That needs to jump to 61% by 2050 to align with climate goals. However, electrification efforts in key sectors like transportation, heating, and industry are moving too slowly.
European Commission president Ursula von der Leyen has tasked Energy Commissioner Dan Jørgensen with crafting an Electrification Action Plan. That can’t come soon enough.
More wind farms awarded, but challenges persist
On a positive note, governments across Europe awarded a record 37 GW of new wind capacity (29 GW in the EU) in 2024. But without faster permitting, better grid connections, and increased electrification, these awards won’t translate into the clean energy-producing wind farms Europe desperately needs.
Investments and corporate interest
Investments in wind energy totaled €31 billion in 2024, financing 19 GW of new capacity. While onshore wind investments remained strong at €24 billion, offshore wind funding saw a dip. Final investment decisions for offshore projects remain challenging due to slow permitting and grid delays.
Corporate consumers continue to show strong interest in wind energy. Half of all electricity contracted under Power Purchase Agreements (PPAs) in 2024 was wind. Dedicated wind PPAs were 4 GW out of a total of 12 GW of renewable PPAs.
Read more: Renewables could meet almost half of global electricity demand by 2030 – IEA
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In the Electrek Podcast, we discuss the most popular news in the world of sustainable transport and energy. In this week’s episode, we discuss the official unveiling of the new Tesla Model Y, Mazda 6e, Aptera solar car production-intent, and more.
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The Chinese EV leader is launching a new flagship electric sedan. BYD’s new Han L EV leaked in China on Friday, revealing a potential Tesla Model S Plaid challenger.
What we know about the BYD Han L EV so far
We knew it was coming soon after BYD teased the Han L on social media a few days ago. Now, we are learning more about what to expect.
BYD’s new electric sedan appeared in China’s latest Ministry of Industry and Information Tech (MIIT) filing, a catalog of new vehicles that will soon be sold.
The filing revealed four versions, including two EV and two PHEV models. The Han L EV will be available in single- and dual-motor configurations. With a peak power of 580 kW (777 hp), the single-motor model packs more power than expected.
BYD’s dual-motor Han L gains an additional 230 kW (308 hp) front-mounted motor. As CnEVPost pointed out, the vehicle’s back has a “2.7S” badge, which suggests a 0 to 100 km/h (0 to 62 mph) sprint time of just 2.7 seconds.
To put that into perspective, the Tesla Model S Plaid can accelerate from 0 to 100 km in 2.1 seconds. In China, the Model S Plaid starts at RBM 814,900, or over $110,000. Speaking of Tesla, the EV leader just unveiled its highly anticipated Model Y “Juniper” refresh in China on Thursday. It starts at RMB 263,500 ($36,000).
BYD already sells the Han EV in China, starting at around RMB 200,000. However, the single front motor, with a peak power of 180 kW, is much less potent than the “L” model. The Han EV can accelerate from 0 to 100 km/h in 7.9 seconds.
At 5,050 mm long, 1,960 mm wide, and 1,505 mm tall with a wheelbase of 2,970 mm, BYD’s new Han L is roughly the size of the Model Y (4,970 mm long, 1,964 mm wide, 1,445 mm tall, wheelbase of 2,960 mm).
Other than that it will use a lithium iron phosphate (LFP) pack from BYD’s FinDreams unit, no other battery specs were revealed. Check back soon for the full rundown.
Source: CnEVPost, China MIIT
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