Connect with us

Published

on

In this article

Toader Andrei | EyeEm | Getty Images

The CEO of energy technology firm Baker Hughes has outlined what he feels are key points related to the energy transition amid deepening concern about rising gas prices and the knock-on effects this could have in the months ahead.

In an interview with CNBC’s Dan Murphy at the Gastech conference in Dubai, United Arab Emirates earlier this week, Lorenzo Simonelli was asked whether soaring gas prices were likely to be transitory or if he expected wider implications for consumers, markets and the broader economy.

“I think a lot of people are seeing what’s happening in Europe and it’s bringing to light the important discussion around the energy transition, and the importance that we have around gas as well,” he said.

It was still early to see if prices would remain high or if this rise was transitory, he said.

Benchmark European gas prices have jumped over 250% since the start of the year, Reuters reported this week.

The reasons for the spike are varied. The influential, yet typically conservative, International Energy Agency said on Tuesday that surging European gas prices had “been driven by a combination of a strong recovery in demand and tighter-than-expected supply, as well as several weather-related factors.” 

“These include a particularly cold and long heating season in Europe last winter, and lower-than-usual availability of wind energy in recent weeks,” it said.

IEA Executive Director Fatih Birol said given that the reasons behind the price rise were multifaceted, it would be “inaccurate and misleading to lay the responsibility at the door of the clean energy transition.”

Birol’s statement would appear to contrast views expressed by figures such as OPEC Secretary General Mohammed Barkindo. Barkindo told CNBC on Tuesday that soaring gas prices were the cost of the attempted shift to renewable energy sources.

“I have talked about a new premium that is emerging in the energy markets that I term the transition premium,” Barkindo said.

The effect of the gas price rise is already being felt on the ground. In the U.K., for example, it has caused a number of small energy suppliers to go bust. 

“We need energy security,” Baker Hughes’ Simonelli said. “And look, there’s plenty of gas around the world, there’s plenty of energy available,” he added. “It’s a question of bringing it to the market.”

On the energy transition — a term referring to a move from fossil-fuel based sources to ones such as solar and wind — Simonelli sought to highlight a number of issues he felt were important.

“We think there’s three hard truths,” he said. “Firstly, we’ve got to work together, accelerate the move towards decarbonization and also eliminating emissions.”

“Secondly, hydrocarbons are here to stay … and natural gas, in fact, is a key element. And thirdly, we’ve got to do it together, collaborate and actually adopt the new technologies that are available.”

Burning fossil fuels, such as oil and gas, is the chief driver of the climate emergency. And despite policymakers and business leaders repeatedly touting their commitment to net zero strategies, the world’s fossil fuel dependency is expected to get even worse in the coming decades.

None of the world’s major economies are currently on track to contain global heating to the Paris Agreement target of 1.5 degrees Celsius, according to a study published by Carbon Action Tracker earlier this month, while separate research shows the vast majority of the world’s known fossil fuel reserves must be kept in the ground to have some hope of preventing the worst effects of climate change.

The role of natural gas

The current crisis surrounding the price of gas has reinforced its continuing significance, even as major economies such as the U.K., European Union and U.S. outline plans to move away from fossil fuels in the years ahead.

Indeed, in its statement issued Tuesday, the IEA said gas remained “an important tool for balancing electricity markets in many regions today.”

“As clean energy transitions advance on a path towards net zero emissions, global gas demand will start to decline, but it will remain an important component of electricity security,” the Paris-based organization added.

In his interview with CNBC, Simonelli was asked about the role gas would play in the race to net zero. “You just have to look at Europe and look at the United States with regards to the way they’ve been successful in the last decades to actually reduce their CO2 emissions,” he said.

“You’ve seen a shift from coal to natural gas and that’s going to continue as you look at it from an emissions profile,” he said. “So, you can reduce the footprint of natural gas from an emissions standpoint. It is already one of the most efficient fuels and we think it’s here to stay.”

— CNBC’s Natasha Turak contributed to this report

Continue Reading

Environment

Blink + Hubject unlock easier EV charging across North America

Published

on

By

Blink + Hubject unlock easier EV charging across North America

Blink Charging (Nasdaq: BLNK) has struck a deal with Hubject to make charging easier for EV drivers across North America.

The agreement will bring Blink into Hubject’s intercharge eRoaming platform as a charge point operator. That means electric mobility service providers (eMSPs) and their customers in the US, Canada, and Mexico will soon have access to Blink’s charging stations through their existing apps. In turn, Blink drivers will gain better access to stations connected through Hubject’s network.

Hubject, which already connects more than 1 million charging points and 2,750 partners worldwide, expects the integration to strengthen its North American presence by adding Blink’s wide-ranging network of chargers, from Level 2 workplace stations to DC fast charging. Blink, meanwhile, anticipates more customers will plug in, thanks to Hubject’s reach.

“Our collaboration with Blink marks an important step in expanding our North American intercharge network,” said Trishan Peruma, CEO of Hubject North America. “By integrating Blink’s network into our eRoaming platform, we aim to help reduce barriers that have historically complicated EV charging and to support the continued growth of EV adoption across the United States, Canada, and Mexico.”

Advertisement – scroll for more content

Blink Charging’s president and CEO Mike Battaglia added, “Connecting the Blink Network to Hubject’s platform will allow more drivers to benefit from interoperable charging while traveling.”

The integration will use the industry-standard OCPI protocol to keep billing and communication between networks secure and reliable. Deployment is planned in phases throughout 2025, with full integration targeted for the end of the year.

Read more: Blink just made it a lot easier to find its charging stations


The 30% federal solar tax credit is ending this year. If you’ve ever considered going solar, now’s the time to act. 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. It has 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 Advisors to help you every step of the way. Get started here.

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

Continue Reading

Environment

The Hyundai IONIQ 5 N gets a new Essentials trim in Korea and a lower price tag

Published

on

By

The Hyundai IONIQ 5 N gets a new Essentials trim in Korea and a lower price tag

Hyundai wants to make the electric sports car for everyone. Not just those who can afford it. The new Hyundai IONIQ 5 N Essentials trim was launched in Korea on Monday, offering a lower price tag but the same thrilling drive.

Hyundai launches new IONIQ 5 N Essentials in Korea

The IONIQ 5 N is Hyundai’s first EV sports car under the IONIQ series. Initially launched in 2023, the IONIQ 5 N marked a new era for Hyundai’s high-performance N division.

Hyundai’s electric hot hatch not only looks the part with added sporty “N” branded elements scattered inside and out, but it’s also packed with fun features, advanced tech, and a host of drive modes.

Based on a dual-motor all-wheel drive (AWD) powertrain, the IONIQ 5 N delivers up to 641 horsepower when N Grin Boost is engaged. Even without it, the electric sports car packs 601 hp.

Advertisement – scroll for more content

It also draws power from an 84 kWh battery, good for an EPA-estimated range of 221 miles. On the WLTP scale, it’s rated with an official range of 278 miles (448 km). The added power results in a lower range than other IONIQ 5 trims.

Hyundai-IONIQ-5-Essentials
The new Hyundai IONIQ 5 Essentials trim (Source: Hyundai)

Although it was already one of the most affordable sports cars, EV or gas-powered, Hyundai is lowering the price even further.

After launching the new Essentials model in South Korea on Monday, Hyundai said the new trim “is characterized by lowering the barrier to entry so that customers can experience the overwhelming driving performance of the IONIQ 5 N at a reasonable price through optimized specifications.”

Hyundai-IONIQ-5-Essentials
The new Hyundai IONIQ 5 Essentials trim (Source: Hyundai)

Hyundai focused on core convenience features while including the same high-performance motors, battery, and N-specific elements as the base model.

A Hyundai official said, “The Essential trim of the IONIQ 5 N is a new trim that offers greater cost-effectiveness to lower the barrier to entry for high-performance electric vehicles.”

Hyundai-IONIQ-5-Essentials
The Hyundai IONIQ 5 N (Source: Hyundai)

The IONIQ 5 N features advanced driver assistance systems (ADAS), including highway driving assist and navigation-based smart cruise control. Hyundai has also added an exclusive new “Parking Assist Lite” package, offering safety and convenience features such as surround view monitoring and rear parking assistance.

The new Hyundai IONIQ 5 N Essentials trim starts at 74.9 million won ($54,000), including tax benefits. Hyundai said it will continue to make competitive products so more buyers can experience high-performance EVs.

Hyundai-IONIQ-5-N
2025 Hyundai IONIQ 5 N (Source: Hyundai)

Although the Essentials trim is not available in the US, the IONIQ 5 N is still more affordable than most sports cars. The 2025 Hyundai IONIQ 5 N starts at $66,200. But, with the $7,500 tax credit, which is set to expire on September 30, leases are currently listed as low as $549 per month.

Looking to test the IONIQ 5 out for yourself? You can use our link to find the Hyundai IONIQ 5 and high-performance N models near you today (trusted affiliate link).

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

Continue Reading

Environment

In a blow to Trump, judge clears Ørsted’s Revolution Wind to resume

Published

on

By

In a blow to Trump, judge clears Ørsted’s Revolution Wind to resume

A federal judge has cleared the way for Ørsted’s nearly complete 704-megawatt (MW) Revolution Wind offshore wind farm to restart construction, overturning a stop-work order imposed by the Trump administration.

Reagan-appointed senior US District Judge Royce C. Lamberth granted a preliminary injunction in Washington, DC, calling the government’s conduct “the height of arbitrary and capricious government conduct.” He added, “If Revolution Wind cannot meet benchmark deadlines, the entire project could collapse. There is no doubt in my mind of irreparable harm to the plaintiffs.”

Ørsted welcomed the ruling and said in a statement, “Revolution Wind will continue to seek to work collaboratively with the US Administration and other stakeholders toward a prompt resolution. Revolution Wind will resume impacted construction work as soon as possible, with safety as the top priority.”

The decision marks a significant setback for the Trump administration’s attempts to stall offshore wind development. Revolution Wind is already about 80% complete, with all turbine foundations and 45 of 65 turbines successfully installed, and expected to power 350,000 homes in Rhode Island and Connecticut. Earlier this month, the two states’ attorneys general announced they were suing the Trump administration to overturn its “baseless” decision to halt Revolution Wind. That underlying lawsuit challenging the stop-work order will continue to progress.

Advertisement – scroll for more content

Oceantic Network CEO Liz Burdock said, “Today’s decision allowing work to resume on Revolution Wind is welcome news for the hundreds of skilled workers who can now return to their jobs while the legal process continues. This Made in America energy project is putting Americans to work building reliable, affordable power to communities across New England that desperately need it.”

Read more: Connecticut, Rhode Island sue Trump to save 80% complete offshore wind farm


The 30% federal solar tax credit is ending this year. If you’ve ever considered going solar, now’s the time to act. 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. It has 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 Advisors to help you every step of the way. Get started here.

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

Continue Reading

Trending