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Pipes run along a technical facility for compressing natural gas on the site of astora GmbH’s Rehden natural gas storage facility, the largest in Western Europe.

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The European Union Monday concluded two months of heated talks over how to protect households from rising energy prices — but some analysts argue the bloc’s solution is unsustainable and might not withstand the realities of a 2023 gas supply crunch.

EU members compromised by adopting a “dynamic” cap on the price that can be bid for front-month gas contracts on Europe’s benchmark trading facility.

The level at which the cap is triggered was lowered to 180 euros per megawatt hour, after an initial proposal of 275 euros per megawatt hour was criticized as far too high by countries including Poland, Spain and Greece.

The 180 euro limit must be surpassed for three working days on the Dutch Title Transfer Facility (TTF), and it must be 35 euros per megawatt above the global reference price for liquefied natural gas over the same period.

Several conditions were inserted to allay the concerns of members such as Germany, which had argued that the scheme could result in gas shortages next year. These clauses prompt an automatic suspension of the cap and include the dynamic bidding rate dropping below 180 euros per megawatt hour for three consecutive working days, or the European Commission declaring an emergency.

Germany eventually voted in favor of the so-called “market correction mechanism,” but the Netherlands and Austria abstained.

EU's proposed gas price cap could be 'very harmful' for supply chains, Dutch energy minister says

Austria’s ministry for climate action said in a Tuesday statement that while it was “confident that the market correction mechanism can play an important role to avoid extreme spikes in European gas prices, the last minute extension of the mechanism on more gas hubs than the TTF does issue some concerns.”

The ministry noted that “there are some risks that the necessary safeguards are undermined by this extension.” Austria depends on Russian gas.

Rob Jetten, Dutch energy minister, said that the mechanism remained “unsafe” despite the latest improvements. He flagged that it could disrupt the European energy market, risk security of supply and have wider financial implications.

“From its inception, we have been very clear about this mechanism: it does not solve the core problem,” he said, adding that the Netherlands’ concerns were shared by the European Central Bank and by ICE (Intercontinental Exchange), the operator of the key natural-gas market in Europe.

The ECB earlier this month said “the current design of the proposed market correction mechanism may, in some circumstances, jeopardize financial stability in the euro area.” It declined to provide further comment to CNBC following the EU announcement.

ICE said in a statement it had “consistently voiced concerns” about the destabilizing impact of a price cap. It added that it would now review the details of the EU announcement to see whether it “can continue to operate fair and orderly markets for TTF from the Netherlands as per our European regulatory obligations.”

Europe's gas price cap will not result in lower prices for consumers, says RBC's Helima Croft

Easy to overturn?

The EU argued the mechanism will be monitored regularly and can be stopped if financial stressors or supply challenges are raised, in response to concerns flagged by the likes of the ECB.

Analysts told CNBC that these conditions called into question the ability of the mechanism to limit energy price rises.

“It reflects the challenge between strong rhetoric and the realities of the security of supply,” Nathan Piper, head of oil and gas research at Investec, said by phone. “It’s a cap, but allows them to operate above the cap if they really need the gas. The fact on the ground is, if you need the gas, you will pay any price, which is what Europe did in 2022.”

Piper listed two possible areas of additional upcoming demand: China and Europe. Beijing this month abruptly relaxed the zero-Covid policy it pursued this year. Europe has meanwhile managed to get its gas stores near-full for this winter by continuing to import Russian gas supplies — but plans to drop this intake drastically in 2023.

Europe and Asia remain net oil and gas importers, Piper continued, which means that intense competition for spot cargoes lies ahead. Around 70% of liquefied natural gas (LNG) is tied up in long-term contracts, leaving 30% available on a spot basis.

In a Tuesday interview with Reuters, Norway’s prime minister Jonas Gahr Støre said he did not expect more Norwegian LNG to be exported outside of Europe as a result of the new EU measure.

But Piper said, “There is no motivation for spot LNG carriers [other] than the highest price. So volumes could go up elsewhere, and [European] security would be jeopardized.”

Janko Lukac, senior analyst at Moody’s Investors Service, echoed this sentiment to CNBC: “The efficiency of an unilateral cap on purchase prices from the EU is highly uncertain.”

“LNG markets globally and structurally will be short for the next couple of years. Hence, if an international buyer is willing to pay a higher price, Europe runs the risk that the respective volumes will go to another buyer,” he said.

Long-term measures

Energy Minister Rob Jetten said it was more important for the EU to focus on its electricity savings targets, on joint gas purchasing agreements and on issuing faster permits for renewable energy schemes.

Ending energy dependency was the key reason why Pavel Molchanov, managing director for renewable energy at wealth management firm Raymond James, said the mechanism was a “stop-gap measure.”

“The solution for Europe will be to diversify its energy mix away from fossil fuels entirely,” Molchanov told CNBC’s “Squawk Box Asia” Tuesday.

“As it stands, about 20% of Europe’s electricity comes from natural gas, 10% comes from coal. Both of these commodities are up dramatically as a result of the war, and the Kremlin’s weaponization of energy exports.”

Energy transition solutions — such as wind, solar and green hydrogen, as well as increasing energy efficiency and removing coal from the electricity mix — could be put on an accelerated timetable to rid Europe of natural gas concerns within five years, he said.

Ending the war premium

EU ministers in favor of the mechanism were upbeat about its impact.

Kadri Simson, European commissioner for energy, said the initiative would “take away the war premium, the mark-up compared to global LNG prices, that Europe pays” due to pricing on the Dutch TTF.

Tinne Van der Straeten, Belgium’s energy minister, said the move would ensure security of supply while protecting citizens and the economy from higher prices.

Investec’s Nathan Piper also said that there were strong reasons why Europe needed to bring down gas prices beyond the strain on households.

“Very high gas prices for multiple years will have major impacts on the competitiveness of European industry. The U.S. gas price is a fraction of Europe’s because they are self-sufficient, so industry could move to where input costs are lower,” he said. “That means a long-term risk for Europe and the U.K. if energy costs can’t come down.”

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Black Friday e-bike sales from Lectric, MOD, and Aventon begin – up to $1,300 in savings with bonus deals, more

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November 1, 2024

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Black Friday e-bike sales from Lectric, MOD, and Aventon begin - up to ,300 in savings with bonus deals, more

It’s finally November and you know what that means – more and more Black Friday events! We’ve got three big e-bike brands all dropping savings this morning, led by Lectric’s Black Friday event that is taking up to $781 off its e-bike bundles, and also giving folks plenty of varying options at extra savings – 25% off accessories, discounted extra battery bundles, and even periodic Deals of the Day too – all starting from $999. The biggest news though, is MOD’s month-long event that has permanently dropped the prices across its e-bike lineup to provide affordable accessibility on top of the Black Friday discounts, with up to $1,300 in total savings starting from $1,799. Bringing up the rear is Aventon’s early savings event that offers the Pace 500.3 Cruiser e-bikes with free extra batteries for 120-mile travel at $1,599, among other models. Plus, all the other hangover Green Deals are in the links at the bottom of the page, like yesterday’s Tenways Black Friday sale and more.

Head below for other New Green Deals we’ve found today and, of course, Electrek’s best EV buying and leasing deals. Also, check out the new Electrek Tesla Shop for the best deals on Tesla accessories.

Lectric’s Black Friday sale begins with up to $781 taken off e-bike bundles from $999 and tons of bonus deals

With November’s arrival, Lectric has switched to Black Friday sales by taking up to $781 off its e-bike bundle lineup, with tons of additional accessory deals too. One noticeable stand out right off the bat is the ONE Long-Range e-bike that is getting $467 in free gear at $2,199 shipped. Normally you’d be pressed for $2,666 to get this bundle at full price, but as always, Lectric includes the savings on all the free gear (though the e-bike is maintaining its $100 price cut from earlier sales). This is the largest bundle package that we have seen on this e-bike to date, making it the best deal yet to score it for your commute, complete with a rear cargo rack, a pair of fenders, two waterproof pannier bags, and a 4L storage bag that stows away right in the frame.

It appears as though this is indeed the 2024 Lectric Black Friday sale starting well ahead of time. We can’t know for sure if the deals will get better later in the month, but considering stock can run out at any time with this brand on the popular models, you might want to jump in now.

Before we get into the e-bike itself, there’s a few additional savings options you can take advantage of during this sale. The first is a short-term “deal of the day,” that will likely change every few days throughout the month, with you able to currently get a phone mount and an e-bike bell at 40% off for $26 through the weekend. Next, you can get 25% off a selection of add-on accessories that you can browse here. Lastly, Lectric is taking 30% off its extra batteries, allowing you to double your e-bike’s mileage for farther-reaching travel more easily – with long-range models, specifically, getting a chance to add a battery to their bundle at an increased discount ($200, as opposed to $350 while buying it separately).

Lectric’s premium commuter model, the ONE Long-Range e-bike comes built with plenty of top-notch upgrades, like the Pinion auto-shifting gearbox, the carbon fiber drive belt, and the 24A potted motor controller for effortless peaking to its maximum output power. Depending on your state’s laws, you’ll be able to reach a top speed of 20 MPH to 28 MPH, with the 48V 14Ah battery powering its journey for up to 60 miles of range on a full charge. There are five PWR-supported pedal assistance levels with this model, with lag times between the system cut down thanks to the 96 magnet cadence sensors.

Don’t worry if you just want to cruise around with little effort, as there is a thumb throttle too, but our ride will also benefit from the 20-inch puncture-resistant city tires, an integrated headlight and taillight – plus, hydraulic mineral oil disc brakes, and a new color LCD display. It keeps a clean, sleek look with the hidden cable routing, and you’ll also get all the cargo-carrying support you could want with the free add-on gear that comes with the bundle, making this quite the upgrade opportunity for commuters.

Lectric Black Friday XPeak e-bikes with $781 bundle

Lectric Black Friday XP 3.0 Long-Range e-bikes with $454 bundle

Lectric Black Friday XP 3.0 Standard e-bikes with $454 bundle

Lectric Black Friday XPedition Cargo e-bikes with $455 and $406 bundles

Lectric Black Friday XP Trike with $419 bundle

Lectric Black Friday XPress 750 Commuter e-bikes with $365 bundle

Lectric Black Friday XP Lite 2.0 Long-Range e-bikes with $365 bundle

Black Friday e-bike

MOD kicks off Black Friday with massive price drops on its e-bikes at up to $1,300 off, deals from $1,799

MOD Bikes has launched its massive Black Friday e-bike sale through December 1, with some major news to start it off. As of today, the brand is making its quality e-bikes more accessible by permanently dropping the starting prices across its lineup of models, with the sale’s event then taking the savings further. My personal favorite amongst the bunch (and the latest addition to my commute – review coming soon), is the MOD Easy 3 e-bike that is now down at $2,199 shipped from its new $2,399 price tag. Permanently falling from its original $3,499 price, the changeup in its starting rate alone beats out all previous discounts we’ve seen, but now MOD is giving us even more with an additional $200 slashed off for Black Friday, landing it a new all-time low.

Coming into view with a motorcycle-inspired design, I’ve been absolutely loving my rides on MOD’s Easy 3 e-bike with its unique style and charm over other models on the market that more closely resemble mountain bikes. The 750W rear brushless geared hub motor provides steady power that peaks at 1,000W, all powered by the removable 720Wh MOD Samsung Powerpack battery that tag-teams rider support with five levels of pedal assistance (with an upgraded torque sensor over the predecessor’s cadence sensor). You’ll enjoy 28 MPH speeds for up to 50 miles with the battery at full charge, with tons of additional stock features that only heighten the experience while in the saddle.

There’s the 7-speed Shimano ALTUS derailleur, a nice upgrade from the more standard versions other e-bikes possess, with brake light functionality coming alongside the integrated LED headlight and taillight, while the dual suspension, hydraulic disc brakes, and multi-terrain tires increasing its performance ability for a comfortable ride. The features don’t stop there either, as there’s also the rear cargo rack, a much wider-than-normal saddle to accommodate differing body shapes/sizes, fenders over both wheels, a thumb throttle, a bell, and an S3 smart color display that lets you charge our devices via the USB port. It even has password security locking capabilities for added piece of mind.

There’s also the upgraded MOD Easy SideCar 3 package that is down at $3,499 shipped from its new $3,899 price tag (permanently cut from its original $4,799 MSRP). It sports a 150-pound payload capacity which is great if you want to have some joyriding fun with kids, teens, or adults who fall under the limit. There are no seatbelts though, but the company has designed it with your furry pals in mind, including dedicated D-ring anchor points to secure your dog’s leash or harness.

***Note: Remember, all of the models you see listed below just saw $900 to $1,100 in permanent price cuts and are now an additional $200 to $400 off for Black Friday. 

MOD Black Friday deals:

Black Friday e-bike

Aventon has launched its early Black Friday sale alongside the launch of its new Abound SR model, with up to $300 being taken off its e-bikes, as well as a free extra battery bundle. If you’re hoping to score the doubled mileage deal, you’ll find the free extra battery coming with the Pace 500.3 Step-Over e-bike at $1,599 shipped and its Step-Through counterpart that is also down at $1,599 shipped. Normally $1,799, whole-roster deals like these are becoming rare for this brand in our post-tariff world, with Best Buy having seen the lowest falls to $1,099 and $1,199 back at the beginning of the year in short-term sales. You’ll be getting a solid $200 off its newer going rate today, with the free extra battery bumping the total savings up to $700 – one of the best deals we’ve seen since the unfortunate economic changeup that went into effect over the summer.

There’s some additional savings available when you bundle three accessories along with your e-bike, taking 20% off their total value after doing so. You’ll find the option on any of the landing pages for the e-bikes in the accessory options box.

Aventon’s tried and true Pace 500.3 e-bikes come with either a Step-Over or Step-Through design, with both sporting 500W rear-hub motors and integrated 48V batteries. The four pedal assistance levels (eco, tour, sport, and turbo) come supported by a superior torque sensor, which is always a happy upgrade to see on affordable models, propelling you up to 28 MPH top speeds for up to 60 miles (120 miles thanks to those extra battery inclusions). This cruiser’s frame features integrated lights that even offer turn-signal functionality and an LCD smart “easy read” display that has a concealed USB port to charge your smartphone while you ride onward. That’s not all either, as it also comes stocked with hydraulic disc brakes, puncture-resistant tires, a throttle for pure electric rides, and an 8-speed Shimano derailleur.

Aventon early Black Friday deals:

Fall e-bike deals!

Black Friday e-bike

Best new Green Deals landing this week

The savings this week are also continuing to a collection of other markdowns. To the same tune as the offers above, these all help you take a more energy-conscious approach to your routine. Winter means you can lock in even better off-season price cuts on electric tools for the lawn while saving on EVs and tons of other gear.

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BYD sold over 500,000 vehicles for the first time in October: Is it enough to take the EV crown?

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November 1, 2024

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BYD sold over 500,000 vehicles for the first time in October: Is it enough to take the EV crown?

BYD-sales-500,000

BYD sales topped the 500,000 mark in October, its first time achieving the feat. After its fifth consecutive record sales month, will BYD take the global EV lead over Tesla this year?

BYD NEV sales top 500,000 for the first time in October

China’s largest EV maker continued its dominant run last month after selling a record 502,657 new energy vehicles (NEVs), up 20% from September.

October was BYD’s fifth straight record-breaking month for NEV sales. Many Chinese automakers report NEV sales, which include plug-in hybrid (PHEV) and all-electric (EV) models. BYD also adds commercial vehicles.

BYD sold 500,525 passenger vehicles last month, 310,912 of which were PHEVs, up 129% from last year. October was BYD’s eighth straight month with higher PHEV sales.

The other 189,614 were all-electric (EV) models, an increase of 15% from October 2023 and last month.

BYD’s Ocean (Dynasty) series accounted for 483,437 vehicles sold last month. Meanwhile, the company’s Fangcheangbao brand sold 6,026, Denza sold 10,781, and Yangwang sold 282 models.

Through October, BYD’s NEV sales reached over 3.25 million, 1.87 million of them being PHEVs. The other nearly 1.36 million were EVs, up 12% from the same period last year.

BYD-sales-500,000
BYD Dolphin (left) and Atto 3 (right) Source: BYD

Will it be enough to top Tesla in 2024?

BYD’s impressive growth is being driven by its ever-expanding lineup of vehicles. Although best known for its ultra-affordable EVs (like the $10,000 Seagull), BYD is quickly expanding into new segments like pickup trucks, luxury models, and smart electric SUVs. It’s also aggressively targeting overseas market share.

With a wave of new models hitting China’s auto market, many domestic automakers are looking overseas for growth.

BYD-sales-500,000
BYD Dolphin Mini (Seagull) launch in Brazil (Source: BYD)

BYD sold nearly 32,000 passenger cars overseas last month. With new plants opening in several key overseas regions, like Thailand, Turkey, Hungary, and Mexico, overseas sales are expected to continue rising.

Although BYD’s revenue surpassed Tesla for the first time in the third quarter, Tesla remained ahead in EV sales.

BYD-sales-500,000
BYD’s wide-reaching portfolio (Source: BYD)

BYD sold 443,426 EVs in Q3, but that was not enough to top Tesla’s 462,890 vehicles delivered last quarter.

Through the first nine months of 2024, Tesla remained ahead with 1,293,656 vehicle deliveries compared to BYD’s 1,169,579 EV sales.

With another 189,614 all-electric models sold last month, BYD’s EV sales reached 1,359,193. Tesla does not report monthly sales numbers, so we will have to wait until Q4 figures come out to determine who will be the market leader at the end of 2024.

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Tesla self-driving test driver: ‘you’re running on adrenaline the entire eight-hour shift’

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November 1, 2024

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Tesla self-driving test driver: 'you're running on adrenaline the entire eight-hour shift'

Tesla Full Self-Driving Beta 10.69 barrier

A new report based on interviews with former test drivers who were part of Tesla’s internal self-driving team reveals the dangerous extremes Tesla is willing to go to test its autonomous driving technologies.

While you can make the argument that Tesla’s customers are self-driving test drivers as the automaker is deploying what it calls its “supervised self-driving” (FSD) system, the company also operates an internal fleet of testers.

We previously reported on Tesla hiring drivers all over the country to test its latest ‘FSD’ software updates.

Now, Business Insider is out with a new report after interviewing nine of those test drivers who are working on a specific project called ‘Rodeo’. They describe the project:

Test drivers said they sometimes navigated perilous scenarios, particularly those drivers on Project Rodeo’s “critical intervention” team, who say they’re trained to wait as long as possible before taking over the car’s controls. Tesla engineers say there’s a reason for this: The longer the car continues to drive itself, the more data they have to work with. Experts in self-driving tech and safety say this type of approach could speed up the software’s development but risks the safety of the test drivers and people on public roads.

One of those former test drivers described it as “a cowboy on a bull and you’re just trying to hang on as long as you can” – hence the program’s name.

Other than sometimes using a version of Tesla FSD that hasn’t been released to customers, the test drivers generally use FSD like most customers, with the main difference being that they are more frequently trying to push it to the limits.

Business Insider explains in more detail the “critical intervention team” with project Rodeo:

Critical-intervention test drivers, who are among Project Rodeo’s most experienced, let the software continue driving even after it makes a mistake. They’re trained to stage “interventions” — taking manual control of the car — only to prevent a crash, said the three critical-intervention drivers and five other drivers familiar with the team’s mission. Drivers on the team and internal documents say that cars rolled through red lights, swerved into other lanes, or failed to follow posted speed limits while FSD was engaged. The drivers said they allowed FSD to remain in control during these incidents because supervisors encouraged them to try to avoid taking over.

These are behaviors that FSD is known to do in customer vehicles, but drivers generally take over before it goes too far.

The goal of this team is to go too far.

One of the test drivers said:

“You’re pretty much running on adrenaline the entire eight-hour shift. There’s this feeling that you’re on the edge of something going seriously wrong.”

Another test driver described how Tesla FSD came within a couple of feet from hitting a cyclist:

“I vividly remember this guy jumping off his bike. He was terrified. The car lunged at him, and all I could do was stomp on the brakes.”

The team was reportedly pleased by the incident. “He told me, ‘That was perfect.’ That was exactly what they wanted me to do,” said the driver.

You can read the full Business Insider report for many more examples of the team doing very dangerous things around unsuspecting members of the public, including pedestrians and cyclists.

How does this compare to other companies developing self-driving technology?

Market leader Waymo reportedly does have a team doing similar work as Tesla’s Rodeo “critical intervention team”, but the difference is that they do the testing in closed environments with dummies.

Electrek’s Take

This appears to be a symptom of Tesla’s start-up approach of “move fast, break things”, but I don’t think it’s appropriate.

To be fair, none of the nine test drivers interviewed by BI said that they were in an accident, but they all described some very dangerous situations in which outsiders were dragged into the testing without their knowledge.

I think that’s a bad idea and ethically wrong. Elon Musk claims that Tesla is about “safety first”, but the examples in this report sound anything but safe.

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