This Week's News - Energy

May 3, 2024

• While the rules still need final approval, they do include requirements for energy device OEMs to implement security at the beginning of the design cycle and utilities to submit cybersecurity risk assessments  New EU Cyber Rules for Electricity Providers Aim to Prevent Cascading Outages (Wall Street Journal $)
• “Artificial intelligence could help the US optimize its energy supplies and manage its power grid, but the emerging technology could be also be used to sabotage critical infrastructure or have unintended consequences, the US Energy Department warned”  US DOE flags AI energy security risks, urges industry to tread carefully (S&P Global)
• The US IRA act is considered one of the major government initiatives around the world to promote renewable energy and the transferability of tax credits is a key provision  IRS issues final guidance for IRA’s clean energy tax credit transferability mechanism (Utility Dive)
• And the US is trying permitting reform as well  Biden Administration Moves to Speed Up Permits for Clean Energy (New York Times $)
• “Between 2026 and 2030, Brookfield will deliver wind, solar and “new or impactful carbon free energy generation technologies” to Microsoft in the United States and Europe”  Brookfield, Microsoft ink largest-ever corporate clean energy deal for 10.5 GW (Utility Dive)
• These rules are expected to drive adoption of hot water heat pumps which are a target for VPPs  Water Heaters Use Lots of Energy. The D.O.E. Wants to Change That. (New York Times $)
• More good news on the clean energy front
• G7 reaches deal to exit from coal by 2035 (Reuters)
• G7 nations set 1500GW global energy storage target for 2030 (Energy Storage News)
• Middle East, North Africa to hit 40 GW of solar this year (PV Magazine)
• Germany’s new solar additions hit 3.7 GW in Q1 (PV Magazine)
• Biden Administration Moves to Speed Up Permits for Clean Energy (New York Times $)
• California: ‘Energy storage revolution is here,’ says governor as US leader state surpasses 10GW (Energy Storage News)
• California now has 1 EV fast charging station for every 5 gas stations (Electrek)
• IOC to invest Rs 5,215 cr to build 1GW renewable energy capacity (The Economic Times)
• Pine Gate Renewables secures $650 million total investment (Renewable Energy World)
• ADB offers $121 million for 100 MW solar project in Bangladesh (PV Magazine)
• Citi achieves $441B of $1T sustainable finance 2030 goal with renewables a ‘major driver’: report (Utility Dive)
• Stellantis sees Q1 2024 drop in revenue, but EV sales were up (Electrek)
• Accelerated declines in solar cell prices since late March (PV Magazine)
• Finding space for wind farms might be easier than we thought (Washington Post $)
• Yet more challenges for clean energy
• Battery Energy Storage Capacity Must Increase 6x Faster to Meet Global Climate Goals: IEA (EcoWatch)
• Ørsted boss warns on high prices for renewable energy (Financial Times $)

Miscellaneous

• Yet another worry to add to the list  Climate change risks fuelling antibiotic-resistant ‘superbugs’ (Financial Times)
• Game developers are bring in climate change elements for education  Climate Change Has Infiltrated Game Night—and That’s a Good Thing, Experts Say (Inside Climate News)

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