Category Archives: Energy News

Printed Solar Panels to be tested in Tesla

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In an effort to increase awareness about climate change, scientists in Australia are busy experimenting with printed solar panels. The team from the University of Newcastle is getting the newly invented panels ready for a 15,100-km (9,400-mile) trip in a Tesla electric car which will begin in September.

Charge Around Australia is a project that plans to power a Tesla vehicle using 18 of these special solar panels. With each plastic panel measuring 18 meters (59 feet) long, they are meant to be rolled out on the ground to absorb sunlight in order to charge. Created from laminated PET plastic, the printed solar is lightweight and costs less than $10 per square meter.

According to Paul Dastoor, the developer of the panels and coordinator of the project, the plan is twofold: the first purpose is to check the durability of the plastic panels and the second is to test the possibility of using the panels for other purposes in the future. He explained, “This is actually an ideal test bed to give us information about how we would go about using and powering technology in other remote locations, for example, in space.”

The 84-day journey is sure to raise interest in the effects of climate change. The team’s findings will have significant impact in the use of sustainable energy and solutions for the security of our planet.

Exxon Investing $50 billion in US Business

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Darren Woods, CEO and Chairman of Exon Mobil, said last week that his company will be investing about $50 billion in the development of the US oil business over the next 5 years.

Woods said that Exxon is able to make such an investment due to the company’s strength and because of the recently-passed tax law which will slash corporate tax in the USA.

The money will be used to boost oil production in Texas and New Mexico, and to build new manufacturing facilities.

Woods added that the investments are good quality for shareholders which are made even better by the new tax landscape.

Many business leaders have come out in favor of the tax reform plan, which lowers corporate taxes from 35% down to 21%. Republicans were especially happy with the law, saying it will fuel growth and create more jobs. Democrats are not as pleased, saying the reforms favor the rich and expands the federal budget deficit.

Noble Group Selling Off US Energy Business to Calpine Corp.

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In order to generate cash and improve liquidity, commodity trader Noble Group Ltd. Inked a deal to purchase its American energy business to US power generation company Calpine Corporation for $1.05 billion.

The deal is the latest action in a series of undertakings designed to lower its debt as well as improve its reputation. Shares of Noble have staggered badly since February 2015, when an anonymous research group accused it of questionable accounting methods. Noble insists it did nothing wrong, and even accelerated disclosures. Poor showing of commodity prices did not help the poor earnings experienced by the company.

Therefore, in order to create cash and ease liquidity, Noble announced a series of sales of assets and reduced expenditures.

In a statement released to the Singapore Exchange, Noble announced that it will receive $800 million for Noble Americas Energy Solutions. It will be paid an additional $248 million for the US unit’s working capital.

Calpine describes itself as America’s largest generator of electricity from natural gas and geothermal resources. In July it its third quarterly loss in a row.

Farmers and Oil Companies Unhappy with Levels of Biofuels in Gasoline

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Biofuel picture from La Jolla. La Jolla is biotech mecca. Photo courtesy of Steve Jurvetson.

In order to comply with legislation enacted ten years ago, the US Environmental Protection Agency ordered a small increase in the amount of renewable fuels blended into gasoline. Neither oil producers nor biofuel producers are happy with the percentages.

This year’s gasoline supply will have to have 16.93 billion gallons of corn-based ethanol and other renewable fuels mixed into it; while the 2016 supply will have to include 18.11 billion gallons of renewable fuel. Too much for big oil, but not enough for ethanol farmers.

The numbers are a compromise; they are above the levels proposed by the EPA in May, but are substantially lower than the amounts mandated by law, which refiners have said are “unrealistic.”

“With today’s final rule, and as Congress intended, EPA is establishing volumes that go beyond historic levels and grow the amount of biofuel in the market over time,” announced Janet McCabe, the acting assistant administrator for EPA’s Office of Air and Radiation. She added that the final rule will “provide for ambitious, achievable growth.”

In 2005 Congress initiated a program to slowly but steadily increase the percentage of biofuels to be blended into the US gasoline supply. The law was enacted with two goals in mind: to help free the US from its dependence on foreign sources of oil for gasoline, and to also reduce the carbon footprint of gasoline emissions. The fight over amounts of biofuels to be mixed in has pitted oil companies against farmers in the mid-west, where corn is grown to be the source for ethanol, and important biofuel.

Oil Prices Rise on Increased Demand

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The price of crude oil futures climbed a bit on Monday as demand from Asia and the US edged up as well.

Brent crude surged by 2 cents a barrel to $65.39 at 03:12 GMT. US crude showed a steeper climb, leaving it a bit below Brent crude, at $59.86 per barrel.

Energy Aspects, a London-based publication which discusses  the energy markets, commented on the increased price of oil:

“Global oil demand continues to surprise to the upside, with April data showing no signs of slowdown despite a pick-up in prices.”

Japan’s Ministry of Finance said that crude oil imports to Japan increased by 9.1 percent to 3.62 million barrels per day in April, compared to one year earlier. China hit a new record of crude imports, reaching 7.4 million barrels per day in April. That surge is despite China’s slowing economy which is offset by vigorous car sales.

“We expect Chinese imports to be high in H2 15, potentially averaging 7.5 million barrels per day. This is due to the start-up of 39 mb (million barrels) of commercial storage, five SPR (strategic petroleum reserve) sites and linefill for Kunming refinery—buying for which is ongoing we believe, even though the refinery won’t start up till early 2016,” Energy Aspects said.

On the other side of the globe the United States is now entering its peak season for driving with the Memorial Day weekend just coming to an end. According to the American Automobile Association, road travel in the US is expected to reach a ten-year high over the weekend, tightly correlated with higher oil use.