Latest news with #renewables
WIRED
3 hours ago
- Business
- WIRED
Analysts Say Trump Trade Wars Would Harm the Entire US Energy Sector, From Oil to Solar
I also think the tariff on it is just as important as the uncertainty about not knowing where the end game is and what the tariffs are going to be. So, if you're on the manufacturing side of the renewables business, you're making investment decisions that have very long lives when you're building a manufacturing facility. Having that uncertainty around the investment climate and what the level of tariffs is going to be over the long-term just makes it more challenging to make all of those decisions. During the early part of this year, as this tariff war was starting, I had, like, biweekly calls from this manufacturer in Korea, just exasperated, saying, 'Doesn't the US government know that we're making long lead time decisions, and we need to have some sort of clarity around what the policy environment is going to be, not just for the next four years, but for the next 10 years?' The US is making it very challenging right now to make these types of investment decisions. Is there any US energy industry that benefits from trade tensions? I don't think anybody benefits, per se, from the trade tensions. Everybody, no matter what part of the energy sector you're in, is having to navigate the uncertainty around what the tariff levels are going to be. That said, the overall policy environment has changed to one that is more favorable for natural gas. The fact that we are an exporter of natural gas and have all of the domestic resources that we need makes it less impacted by tariffs than what other sectors are, like renewables. But even for E&P [exploration and production of oil and gas], they utilize steel in that process. There are tariffs on steel. Steel prices have gone up. It has a negative impact on all energy sectors. One part of this report that jumped out to me is you said that the US may be stuck with older technologies, especially when it comes to solar, while the rest of the world advances at a quicker pace. What's the long-term effect of that? Before I answer that question directly, let me just give you some context. We estimate that the cost of building a utility-scale solar project is about $1.15 a watt in the US. The comparable number in China is about 42 cents a watt. It's not surprising that the cost of building a solar facility in China is a lot less than the cost of building a solar facility in the US. What is very surprising when we put this data together is how much less expensive it is to build a solar project in Europe than it is in the US. It's about 70 cents a watt to build a solar facility in Europe compared to the US. So the US is almost 50 percent more expensive to build a solar facility than the cost of building it in Europe. And the biggest reason that it's more expensive here is because of all the tariffs that we have on solar. It's not the only reason, but it's the biggest reason. So we've already kind of penalized solar with the tariffs that we have in place.
News.com.au
17 hours ago
- Business
- News.com.au
‘You're a joke': Ugly row on Australia's future after Labor's major energy call
A potentially nation-changing series of moves from the newly-elected Albanese government have caused a huge divide — with irate pollies taking increasingly hostile shots at each other over the plans. Labor has long positioned itself as a champion in the push towards renewables — with a target to hit net zero emissions by 2050 being approved by voters as part of its mandate following a landslide victory this month. But it has become clear this week that we, as a nation at least, are nowhere near done with fossil fuels just yet. On Wednesday, Labor approved the extension of Australia's largest gas plant by a massive 40 years — some 20 years beyond the net zero deadline. Newly appointed Environment Minister Murray Watt made the call to grant approval for Woodside's North West Shelf extension in Western Australia's Pilbara — allowing the company to extend production and supply the domestic market until 2070. The move was met with anger from environmental groups, the Greens and even two Pacific island nations who accused Australia of putting their very survival at risk. With a sweeping mandate to impose his vision of Australia's future and what its energy mix will look like, the Prime Minister is reportedly looking to take further action to back gas as time goes on. In what would be another major move, energy industry sources told the AFR on Friday Labor is likely to consider developing an east coast gas reservation, amid escalating concerns of a future gas shortage in the eastern states. The report caused a serious blow-up on Friday when Nationals senator Bridget McKenzie and independent MP Zali Steggall clashed during a Sky News panel. Senator McKenzie was supportive of the idea while Ms Steggall had serious concerns. She said while the government should prioritise gas for domestic markets and industrial markets, new reserves would accelerate global warming. Senator McKenzie then interrupted: 'So Zali doesn't clearly care about prices, she doesn't care about keeping manufacturing and industrial jobs here at home … 'The people that Zali represents are very affluent people in the heart of Sydney. They don't have to wash their clothes, wash their faces when they come home from work after a heavy day.' Ms Steggall was clearly incensed by the interjection. 'You have no credibility, Bridget. You are such a joke. I mean seriously. I'm talking about regional communities facing drought,' she said. 'I'm talking about regional communities facing floods and all you want to do is keep accelerating and increasing the problem.' 'Australians recognise this to be unfair' The decision to extend the life of the North West Shelf — Australia's largest and longest-running liquefied natural gas (LNG) development — is a huge call for the Albanese government. It was twice delayed by former Minister Tanya Plibersek in Labor's first term, but unions and business groups have expressed relief after the extension was given the green light this week. The project has been at the centre of the nation's energy sector for over four decades, supplying both domestic and international markets Any Aussie who has seen their power bills rise over the past few years won't be comforted to know that the majority of the gas being produced at the North West Shelf project is sent overseas, primarily to key markets in the Asia-Pacific region like Japan, South Korea and China. The project also supplies natural gas to Western Australia's domestic market. This has been governed by a domestic gas reservation policy, mandating the equivalent to 15 per cent of its LNG exports be set aside for domestic use. However, there could be changes afoot on this issue too as Resources Minister Madeleine King said this week it was unfair Australians paid high prices for gas while many of the country's supplies were exported. 'It is as clear as day to everyone who cares to listen that Australians are tired of seeing our vast gas resources exported overseas while simultaneously paying some of the highest gas prices in the developed world,' she told the Australian Energy Producers Conference in Brisbane. 'Australians recognise this to be unfair. 'But there remains a lot of work to do to ensure the domestic market remains well supplied. 'A well-supplied domestic gas market at a reasonable price is fundamental to the social licence of this industry to operate.' She flagged the government may review gas market policy, potentially meaning more of it could be used here in Australia. One way to leverage this could be state-based gas reservation schemes — which are already in place for the nation's biggest gas exporters Queensland and Western Australia — for the eastern states. Labor's big move on gas is being seen by some as proof the Albanese government's position had changed in a matter of months, and that it is taking its mandate for change seriously. After a crushing landslide victory, it is unshackled by the minor parties and Teals — potentially meaning it can make more radical reforms. 'The language within the Labor Party has changed substantially over the course of the last year,' Former Labor minister Joel Fitzgibbon told the Australian Energy Producers conference in Brisbane on Thursday. 'The decision of the North West Shelf yesterday is a clear indicator that Anthony Albanese has taken charge of this area of policy – maybe for the right reasons, but he has interest groups too [in this area], unions for example.' 'Slap in the face': Nations furious with Australia Despite some praise, the call on the North West Shelf project has not been met warmly with some sections of the population, or some nations for that matter. Tuvalu, a nation in the Pacific with a population of just shy of 10,000, has warned against approving the project — saying its survival is at stake. Its Climate Minister Maina Talia said the North West Shelf extension 'would lock in emissions until 2070, threatening our survival' and undermine Australia's chances at hosting the next global climate conference in 2026 in partnership with Pacific nations. Meanwhile Vanuatu's climate minister said he is devastated by the Australian government's decision. Vanuatu's Minister for Climate Change Ralph Regenvanu said that the extension of the project is 'a slap in the face for Pacific Island countries who have repeatedly called on Australia to stop approving new fossil fuel projects'. He continued to say that the approval 'severely undermines our national security and sabotages our future. The single greatest thing the Australian Labor government could do to protect our region is to stop opening new coal and gas projects'. 'See you in court' Local Indigenous groups have also reacted with fury — claiming the extension puts the ancient rock art of Murujuga, which is adjacent to Woodside's Karratha Gas Plant on the Burrup peninsula, at risk. Mardathoonera woman Raelene Cooper, a custodian of Murujuga and a former chair of the Murujuga Aboriginal Corporation, had a simple response to Senator Watt's green light for Woodside. 'See you in court,' she said. 'I'm not on my own, I'm bringing warriors from this ngurra (Country) with me.' Senator Watt said in making his proposed decision, he had considered 'the potential impacts of extending the life of the plant on the national heritage values of nearby ancient rock art' and 'economic and social matters concerning the proposed development'. 'Based on the evidence before me and the Department's recommendations, my proposed decision is subject to strict conditions,' he said. Mr Watt said the impact of air emissions on the Murujuga rock art that forms part of the Dampier Archipelago was considered as part of the process. 'I have ensured that adequate protection for the rock art is central to my proposed decision,' he said. Woodside has 10 business days to make additional comment before a final decision is made. 'While this process is ongoing, I will not be making further comment,' Mr Watt said. 'Failed again': Greens blow up The opposition welcomed the announcement, while Greens Senator Sarah Hanson-Young said the Albanese government had 'failed again'. 'It seems they have learnt nothing from the last parliament where they continue to approve new coal and gas mines, only to now approve a pollution bomb that is worse than all of the others put together,' she told ABC. Woodside said the proposed approval would support thousands of jobs and supply 'reliable and affordable energy to Western Australia'. The North West Shelf Project has supplied more than 6000 petajoules of domestic gas, powering homes and industry in Western Australia, the company said — enough energy to power homes in a city the size of Perth for approximately 175 years. Environmental groups estimate the project will result in 4.3 billion tons of greenhouse gas emissions over its lifetime. 'Since starting operations in 1984, the North West Shelf Project has paid over $40 billion in royalties and taxes and supported regional development opportunities in the Pilbara,' Woodside executive vice president and chief operating officer Australia Liz Westcott said in a statement. Woodside, the country's largest oil and gas producer, added it remained committed to protecting the Murujuga sites and supported its World Heritage nomination. The North West Shelf decision came on the same day UNESCO knocked back Australia's bid to have the rock art, believed to be up to 50,000 years old, added to the World Heritage List. The state government environmental approval, granted in 2024, includes a commitment from Woodside for a 'significant reduction in air emissions and measures to manage greenhouse gas emissions and to reduce them over time', and to comply with air quality objectives and standards arising from the Murujuga Rock Art Monitoring Program. Business groups and unions also supported the call. 'The reality is that we do need more gas, and we need it for a variety of reasons,' Business Council chief executive Bran Black told ABC Radio on Thursday. 'Of course, we need it for the purposes of our own energy transition, it's a critical transitional fuel source, but we also need it to support our friends and our allies overseas that have needs of their own in the course of their own energy transition. So that is an important thing, and this project very much contributes to that.' Mr Black added that the process had highlighted the need to speed up environmental approvals at the federal level for major projects. 'That's not to say that we want to try and cut corners, indeed, we think it's critical that these types of processes appropriately balance up environmental, social and economic considerations, but at the end of the day, we've got to be able to deliver greater certainty,' he said. He stressed that the Business Council remained committed to net zero by 2050. Australian Workers' Union national secretary Paul Farrow said the announcement 'correctly prioritises and secures the future of well paid union jobs in WA and secures supply of a crucial transition fuel we need as more renewable energy sources like wind and solar come online'. 'Today's decision to maintain a stable, operational project employing well over a thousand hydrocarbons workers in well-paid jobs is a victory for common sense and allows our members to continue their important work for years to come,' he said on Wednesday. 'Although most of the gas produced by the NWS Project is sent overseas, the project also provides a significant amount of gas domestically. Western Australians, from Broome to Bunbury, can now continue to rely upon this essential fuel into the future.' The decision is likely to be challenged. Greenpeace said it was a 'terrible decision'. Senator Watt last week formally rejected concerns raised by environmental groups, including Greenpeace, about the North West Shelf extension, clearing the way for final approval. Environmental groups have raised concerns about the potential impact on Scott Reef, which is home to threatened species such as pygmy blue whales and green sea turtles. 'The North West Shelf facility is one of Australia's dirtiest and most polluting fossil fuel projects,' Greenpeace Australia Pacific chief executive David Ritter said. 'This approval brings Woodside's toxic gas plans closer to Scott Reef, holds back the clean energy transition underway in WA, and fuels growing climate damage in Australia and around the world.' The Climate Council said the project marked the Albanese government's 27th coal, oil or gas approval since taking office. 'Peter Dutton promised to approve this project before the last election. Voters rejected Dutton,' Climate Council CEO Amanda McKenzie said. 'Why would the Albanese Government take Dutton's lead on climate policy? Approving the North West Shelf extension leaves a polluting stain on Labor's climate legacy. Australians voted for a renewable-powered future, not more climate pollution and destruction.'
South China Morning Post
a day ago
- Business
- South China Morning Post
China grid wears powerful ‘diamond ring' to prevent massive blackout
China 's power grid now wields a futuristic safeguard against catastrophic collapses – a quantum-powered , all-seeing 'diamond ring' capable of detecting grid instability in real time with unprecedented precision. The urgency was underscored in April, when sweeping outages paralysed Spain, Portugal and France after grid oscillations severed Spain from Europe's interconnected network. Similar chaos also struck China's Xinjiang region last year, when solar and wind fluctuations destabilised local grids. Such incidents highlight a critical challenge – as renewables dominate energy transitions, their weather-dependent unpredictability strains traditional monitoring systems. Designed by a team from the University of Science and Technology of China (USTC) in collaboration with the State Grid Corporation, China's 'diamond ring' – a toroidal or ring-shaped device embedding nitrogen-vacancy quantum sensors – acts as a high-precision sentinel for power lines.
Daily Mail
2 days ago
- Business
- Daily Mail
Millionaire boss takes a swipe at young Aussies - as she exposes a major double standard
The boss of mining giant Woodside has slammed young Australians, claiming they are hypocrites because they oppose fossil fuel projects but embrace Shein and Temu. Woodside CEO Meg O'Neill said the retailers were wildly popular with Gen Z 'without any sort of recognition of the energy and carbon impact of their actions' when she spoke at the Australian Energy Producers Conference in Brisbane this week. Woodside made headlines on Wednesday when it was given the green light by the federal government to keep operating until the 2070s a massive gas processing plant in the Karratha region of WA as part of its North West Shelf project. 'Most people hit a switch and expect the lights to come on,' Ms O'Neill said. 'It's been a fascinating journey to watch the discussion, particularly amongst young people who have this very ideological, almost zealous view of, you know, fossil fuels bad, renewables good. 'They are happily plugging in their devices and ordering things from Shein and Temu having, you know, one little thing shipped to their house without any sort of recognition of the energy and carbon impact of their actions. 'So that human impact and the consumer's role in driving energy demand and emissions absolutely is a missing space in the conversation.' Ms O'Neill earned $7.45 million in reported pay in 2023 as the CEO of Woodside. New Greens leader Larissa Waters said it was 'laughable' the CEO of a fossil fuel company was pointing the finger at young people over global warming. 'To claim with a straight face that the climate crisis is the fault of young people shopping online for goods they can afford in a cost-of-living crisis - you can't be the head of a massive dirty gas company and point the finger at other people about the climate crisis,' Waters told ABC. 'We've seen this time and time again – when fossil fuel companies feel threatened, they try to shift the blame back onto the individual and distract us from the fact that they have the power to end the climate crisis.' Woodside's gas - most of which is exported overseas - produced 74m tonnes of carbon dioxide emissions in 2024, according to company documents. Shein - which was founded in China in 2008 and has grown to become the largest fashion retailer in the world - emitted 16.7m tonnes of carbon dioxide in 2023 via manufacturing, online business and shipping, according to its sustainability report. Yale Climate Connections, associated with Yale University, noted this is on par with the annual emissions from four coal power plants. Fellow Chinese online retailer Temu doesn't publicly disclose its emissions output but is one of the major players in the fast fashion industry which is the second largest industrial polluter on the planet, contributing about 10 per cent of global emissions. Both companies use economies of scale and exploit the 'de minimise' tax loophole -where small shipments avoid tariffs - to send millions of packages to consumers across the globe each day at incredibly cheap prices. While Woodside scored a win with its lease extension in Karratha it still has to accept conditions around heritage and air quality at the project on WA's Burrup Peninsula, home to ancient rock art, before the approval is made official. But after years of delay, the decision by new environment minister and Queensland senator Murray Watt represents an endorsement of the sector by the Labor government. Ms O'Neill said the conversation in Australia had evolved to recognise the role of gas in smoothing out the energy transition. 'The renewables rollout is not going as fast as had initially been anticipated, and we need to make sure that we're tackling those cost-of-living pressures that were such an important issue at the most recent election,' she told reporters. 'Increased supply of natural gas is part of the solution to help bring those power prices down.' Saul Kavonic, an energy expert with advisory firm MST Marquee, said there was hope within the gas industry that the poor performance of the Greens in the election would allow the government to take a more investment-friendly approach. 'But the truth is, the industry is waiting to see if actions follow words,' Mr Kavonic told Sky News. 'Overall, the investment landscape in Australia is still seen as quite challenging, particularly compared to alternatives that investors can invest in, places like Texas and Louisiana in the United States.' Replacing former environment minister Tanya Plibersek, who was vulnerable to the Greens in her inner-city Sydney electorate, with Senator Watt had been a 'massive improvement for the approvals landscape'. Legal challenges could still jeopardise the project, which Woodside says contributes more than 2000 direct jobs and has paid more than $40 billion in taxes over the past four decades. Mardathoonera woman Raelene Cooper launched a last-minute legal bid to stop the project in the Federal Court, and indicated she would continue her fight following Senator Watt's decision. It came just hours after the United Nations said industrial development at Karratha threatened nearby Aboriginal rock art, likely sinking Australia's attempts to secure heritage listing for the carvings if the extension goes ahead. Ms O'Neill said Woodside had worked closely with traditional custodians for more than 40 years. 'Whilst we haven't always gotten it right, we have very strong working relationships now, and we support the World Heritage listing, and we believe industry and heritage can coexist,' she said. The existing gas fields that feed the plant will run out in the 2030s, so Woodside is hoping to tap into the nearby Browse Basin, which could provide Karratha with decades more gas through an undersea pipeline. Ms O'Neill said the North West Shelf extension would still be worth it without Browse, because it also processes gas from other shippers, but Browse would be particularly important for domestic energy security beyond the 2030s. 'So we will continue to work with the states, the EPA and the Commonwealth department of environment on those Browse approvals,' she said. But the massive gas field has also become a target for environmental activists, who claim it would produce 1.6 gigatons of carbon emissions over its 50 year project life. Australian Conservation Foundation CEO Kelly O'Shanassy vowed to keep fighting the proposal. 'ACF and many others will continue to vigorously oppose the expansion of the gas industry, including the exploitation of the Browse climate bomb gas field at Scott Reef,' she said. Independent MP Kate Chaney, who represents the WA seat of Curtin, said she had heard from her constituents on the Woodside project more than on any other issue. 'People are deeply concerned about the North West Shelf going ahead and gas expansion. It's overly simplistic to think Western Australia has one view,' she told ABC TV. 'There are people who work in the gas industry who recognise we need to have a transition, there's so much potential for WA through renewables and green industry, and we need to shift our focus to that.'
Zawya
2 days ago
- Business
- Zawya
Premier Invest to highlight strategic financing for Africa's energy future at African Energy Week 2025
Rene Awambeng, Founder and Managing Partner of Premier Invest, will share critical insights on mobilizing over $10 billion in African energy projects and advancing strategic finance solutions at African Energy Week 2025: Invest in African Energies CAPE TOWN, South Africa -- Rene Awambeng, Founder and Managing Partner of Premier Invest, will be a featured speaker at this year's African Energy Week: Invest in African Energies conference, taking place on September 29-October 3 in Cape Town. With a reputation as one of Africa's leading energy financiers, Awambeng brings decades of experience in mobilizing capital and structuring deals across oil, gas and renewables. Premier Invest is currently facilitating over $10 billion in active energy transactions across the continent, positioning the firm as a critical catalyst for Africa's energy development. From hydrocarbons to green energy, the firm is working closely with governments, developers and financiers to accelerate bankable projects that can unlock economic growth and energy access across the continent. These transactions span a wide range of geographies and technologies, from a €2–5 billion refinery expansion project to a $362 million geothermal power development in Kenya. These are just a few examples of how Premier Invest is shaping Africa's energy landscape through innovative deal structuring, risk mitigation and global investor engagement. As part of its expansion strategy, Premier Invest is also establishing a new financial institution in the UAE. This move signals a strategic shift toward deeper capital market integration between the Gulf and African energy markets. By creating a dedicated Africa-focused bank, Premier Invest aims to streamline energy investment processes and provide bespoke financial products tailored to the continent's infrastructure and energy needs. Awambeng's deep background – including his previous role as Global Head of Client Relations at Afreximbank – has positioned him as a leading voice in African finance. At AEW 2025: Invest in African Energies, he will offer valuable insights into how capital can be effectively deployed across the energy value chain, the types of projects international investors are prioritizing, and how Africa can position itself competitively in the global energy transition. 'Premier Invest plays a pivotal role in mobilizing capital and facilitating strategic investments critical to advancing Africa's energy sector. Their expertise in structuring complex transactions and fostering international partnerships significantly accelerates the continent's energy development and transition. Their participation at AEW 2025 will provide invaluable insights into the financing mechanisms driving Africa's energy future,' states NJ Ayuk, Executive Chairman of the African Energy Chamber. With global finance playing a defining role in the future of African energy, Premier Invest's work represents a crucial bridge between opportunity and implementation. AEW 2025 will offer a unique platform for stakeholders to connect with Awambeng and other key financiers shaping Africa's energy future. Distributed by APO Group on behalf of African Energy Chamber. About AEW: Invest in African Energies: AEW: Invest in African Energies is the platform of choice for project operators, financiers, technology providers and government, and has emerged as the official place to sign deals in African energy. Visit for more information about this exciting event. SOURCE African Energy Chamber
