Daily Standup Top Stories
Giant Wind Turbines Keep Mysteriously Falling Over. This Shouldn’t Be Happening.
Turbine failures are on the uptick across the world, sometimes with blades falling off or even full turbine collapses. A recent report says production issues may be to blame for the mysterious increase in failures. Turbines are growing […]
EU raw material targets need money and faster permits, sector chief says
BRUSSELS, May 16 (Reuters) – The European Union will only meet ambitious targets to reduce its reliance on China and other countries for critical materials by rapidly scaled-up financing and accelerated permitting, according to the […]
Alberta’s wind power drops to 2 megawatts out of 3618 on Friday, the lowest level we’ve seen yet
For three of four days last week, Alberta saw its wind power generation utterly collapse. On Friday, May 12, Alberta’s wind generation fell to the lowest number Pipeline Online has seen in 17 months of […]
Fossil fuel-centred growth is obsolete, says EU’s von der Leyen
(Reuters) – An energy mix based on fossil fuels cannot deliver sustainable economic growth for future generations, European Commission President Ursula von der Leyen said on Monday as she sought to add impetus to the […]
Highlights of the Podcast
00:00 – Intro
03:02 – Giant Wind Turbines Keep Mysteriously Falling Over. This Shouldn’t Be Happening.
05:47 – Alberta’s wind power drops to 2 megawatts out of 3618 on Friday, the lowest level we’ve seen yet
08:05 – 90 wildfires are active in Alberta with 23 out of control, according to the government, forcing about 20,000 people out of their homes
09:31 – EU raw material targets need money and faster permits, sector chief says
12:19 – Fossil fuel centered growth is obsolete, says EU Von Der Leyen
14:30 – Market Updates
18:04 – Outro
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Video Transcription edited for grammar. We disavow any errors unless they make us look better or smarter.
Michael Tanner: [00:00:15] What is going on Everybody, Welcome into another edition of the Daily Energy News Beat Stand Up here on this gorgeous Wednesday, May 17th, 2023. As always, I’ll I’m your humble correspondent, Michael Tanner, coming to you from an undisclosed location here in Dallas, Texas, joined by the executive producer of the show, the preveyor of the show, the Director and Publisher of the world’s greatest website, EnergyNewsBeat.com , Stuart Turley, my man, how we doing today? [00:00:37][22.9]
Stuart Turley: [00:00:38] It’s a beautiful day in a neighborhood and we got a windy show today. [00:00:41][3.0]
Michael Tanner: [00:00:42] We do have a windy show today, an absolutely packed show, keeping with the theme First article, Giant wind turbines keep mysteriously falling over this shouldn’t be happening. Right up the Energy News Beat Podcast. Ali, Stu will cover what’s going on with all of these wind farms. [00:01:00][18.1]
Michael Tanner: [00:01:00] Next up, Alberta’s wind power drops two megawatts on Friday lowest levels we’ve seen yet. So Stu will cover what’s going in Alberta. I think I have a feeling some of that has to do with the wildfires going on up there, and we’d be remiss if we didn’t also quickly cover what is going on with those wildfires up in Calgary so Stu will give us an update there. [00:01:21][20.2]
Michael Tanner: [00:01:21] Next up, EU raw material targets need money and faster permits according to Sector chief, this is stating the obvious you know, this is a Hello McFly.Hello! So now they’re finally way there, you know, so, you know, the EU is asleep at the wheel, but it seems to be finally figuring out to Stu will cover what they’re now just finally discovering over there with the raw materials. [00:01:42][21.2]
Michael Tanner: [00:01:43] And then finally we will cover Fossil fuel centered growth is obsolete, says use Von der Leyen. I mean, it’s I don’t even know where to begin with this deal we’ll cover this last one because this just makes my blood boil. He will kick it over to me we’ll talk about what happened in the oil and gas finance markets today. [00:01:57][14.6]
Michael Tanner: [00:01:58] Not much in the oil on the oil news side just, you know, everything staying fairly pat. We did see API crude oil inventories drop. So I will cover all that and a bag of chips. Guys, before we go back and kick this show off. [00:02:10][12.1]
Michael Tanner: [00:02:10] Again, all the stories you’re about to hear or courtesy the world’s greatest website, www.EnergyNewsBeat.com the best place for all of your energy news Stu does great job of curating that website to make sure all of the stories that you need to know to stay up to speed on the industry are there. [00:02:25][14.2]
[00:02:25] I appreciate the team they do a great job of curating the description below to make sure all of the timestamps are correct they’re clickable and these descriptions are there. So all the stories that we cover here, you could just hit the link below your you’ll be able to follow along or you can look them up later If you drive in. [00:02:42][16.8]
Michael Tanner: [00:02:42] Check out Dashboard.EnergyNewsBeat.com the best place for your data and energy news combo get it while you still can. You never know when that’s going behind a paywall. It’s when folks it went from maybe to ahhhh! to now it’s when does get ready folks it’s coming. I’m out of breath tho Stu where do you want to begin? [00:02:59][17.4]
Stuart Turley: [00:03:00] Hey, let’s go to the first one here Giant wind turbines mysteriously falling over this should not be happening. I’ll tell you what, Michael. I get really tickled at this one. First three bullet point turbine failures are on the uptick around the world, sometimes with blades falling off or fall when turbine collapses. [00:03:21][20.6]
Stuart Turley: [00:03:22] A recent report says production issues may be to blame for the mysterious increase in failures. Turbines are growing larger. Are they adding water to them or growing know quality control plans get smaller? I’ll tell you, the taller the wind turbine, the harder they fall and they sure are falling. [00:03:43][21.5]
Stuart Turley: [00:03:44] Michael, I get really tickled at this I got to interview some real experts and death happens to be a side effect for working in a wind farm. And it’s because of the you know, these are not easy to install, but this is multiple turbine and also the numbers Michael, I’m finding that the mean time between failure on wind is less than eight years. I’m going to do my. Biden It’s less than eight years as I lean into the mike. [00:04:15][30.6]
Stuart Turley: [00:04:16] It’s not 30 years it’s not 20. It’s less than 8 so now that they’re falling down and there a high percentage of falling down, this is adding to the cost of these things without industry wide data this is where I ran into this, the one of the last paragraphs chronicling the rise and now fall of turbines we’re relying on industry experts to note the flaws in the wind and farming. We are seeing these failures happening at a shorter time frame on the new turbines. Whew! This is amazing! [00:04:51][34.7]
Michael Tanner: [00:04:52] I think there’s I think the real the real crux of this article, Stu, is the is that second bullet point. They highlight anything a recent production report says production issues may be may be to blame for the mysterious increase in failures. The real questions what are those mysterious reason? I think there’s two obvious choices. The first is Bigfoot, second is the same Ukrainian team that got Nord Stream they’re running around that’s the second off! [00:05:19][26.8]
Stuart Turley: [00:05:19] No, I didn’t think of that one. No way! [00:05:22][3.2]
Michael Tanner: [00:05:23] They’re sabotaging wind now. [00:05:24][1.1]
Stuart Turley: [00:05:25] No, I doubt it. No, but in a conspiracy, in a conspiracy world, they are sabotaging it so they can get paid again on getting them reinstall their you go. [00:05:35][10.2]
Michael Tanner: [00:05:36] It’s economies of scale first you hit Nord Stream, then you hit wind pipelines. They’re equal-opportunity employers they’re probably American. [00:05:42][6.0]
Stuart Turley: [00:05:42] Don’t know [00:05:43][0.3]
Michael Tanner: [00:05:44] What do you got next? [00:05:44][0.4]
Stuart Turley: [00:05:45] Let’s go to speaking of Windy let’s go to Alberta’s wind power drops two megawatts out of 3618 on Friday, the lowest level we’ve ever seen. On Friday, May 12th, Alberta’s wind generation fell to the lowest number pipeline on line has seen in 17 months since the Alberta Electric system operator wind generation fell to two megawatts. [00:06:13][28.7]
Stuart Turley: [00:06:14] That’s .06 percent capacity or 3/10 of one capacity that’s going to and possibly as low as one of Alberta’s 36 wind farms were generating any power at all the rest would have been zeros across the board. [00:06:34][19.1]
Michael Tanner: [00:06:34] That’s awesome! That’s awesome! [00:06:36][1.3]
Stuart Turley: [00:06:36] Isn’t that great? No. [00:06:37][0.7]
Michael Tanner: [00:06:38] They want to move us Stu I mean, it’s crazy and they want to move us all to wind. [00:06:41][3.4]
Stuart Turley: [00:06:41] Oh, and this picture here is of a caterpillar natural gas generator caption reads Just one of these Caterpillar 3616 generators could put out more power than all of the hundreds of wind turbines across Alberta combined at 7:25 a.m. on Friday. Sorry. [00:07:06][24.5]
Michael Tanner: [00:07:07] I mean,. [00:07:07][0.3]
Stuart Turley: [00:07:08] I love this story. [00:07:09][0.9]
Michael Tanner: [00:07:12] It’s there’s the there’s nothing others there’s really nothing to say what’s next? Give us an update on the fires. [00:07:17][5.1]
Stuart Turley: [00:07:18] Yeah a shoutout goes to all our friends up in Canada we love our Canadian neighbors we love everything about. [00:07:24][5.6]
Michael Tanner: [00:07:24] And even ones who like Justin Trudeau begrudgingly. [00:07:27][2.7]
Stuart Turley: [00:07:29] Yeah, well, I think he’s a scam artist that’s my personal opinion. [00:07:34][5.6]
Michael Tanner: [00:07:35] But that’s shocking to me, that’s absolutely shocking that you wouldn’t like Justin Trudeau. I’m shocked. I think we have to spend the whole show, dissecting it of course, no one shot Stu that. [00:07:46][11.3]
Stuart Turley: [00:07:46] Justin, if you’re listening this is him He’s calling in. Yes. You want to be on the podcast? Absolutely. You know. All right. No, we’re not going to talk to him here. He’s banned. [00:07:58][12.1]
Michael Tanner: [00:07:59] No! So what’s going on with these fires? [00:08:00][1.0]
Stuart Turley: [00:08:01] No podcast for you Trudeau okay the fires, 90 wildfires are active in Alberta with 23 out of control, according to the government, forcing about 20,000 people out of their homes. And we ran another story a little while ago that it shut down most of the oil fields up in there. At one point, the fires for forced oil and gas producers shut in at least 319,000 barrels of oil per day. So it’s cutting it out out of the oil fields hands up there. [00:08:35][34.2]
Michael Tanner: [00:08:36] Yeah, absolutely I mean, it’s 3.7% of their natural production or their national oil production going off line of I guess it’s a BOE so overall but I mean, it’s pretty crazy. [00:08:45][9.0]
Stuart Turley: [00:08:45] Oh, it’s nutty the military and in fact, I didn’t see Justin Trudeau out wandering around talking to the military as they were turning them into firefighters. So that was nice that he was thinking about them. [00:08:58][12.3]
Stuart Turley: [00:08:58] We will build better. Judy, I can’t even pronounce her last name like all of us 50 who lost her Drayton Valley, Alberta House in the wildfires we’re planning to renovate. So now we get to renovate even bigger I love her attitude. [00:09:13][14.3]
Michael Tanner: [00:09:14] Now we were planning on renovating anyway, so nature took care of it well, they’ll probably get a fat check they definitely add fire insurance. [00:09:21][6.5]
Stuart Turley: [00:09:21] Oh, yeah. Okay, well, let’s go around the world. We’re going to our favorite place, the EU,. [00:09:26][4.6]
Michael Tanner: [00:09:27] Brussels,. [00:09:27][0.0]
Stuart Turley: [00:09:29] Brussels, EU Raw material targets need money and faster permit sector chief says Michael, we can’t grow the grid in the US. We can’t supply these without critical minerals. We can’t get to carbon net zero without critical minerals or natural gas or nuclear. So as President Bush would say, nuclear. [00:09:57][28.4]
Stuart Turley: [00:09:58] Under the EU, critical raw materials act, which has yet to enter force, the bloc has set 2030 targets for the minerals required for its green transition. 10% of. Annual needs mined, 15% recycled and 40% processed in Europe. Those are unattainable numbers. Yeah. [00:10:20][22.1]
Michael Tanner: [00:10:20] I mean, is there any lithium in Europe there? No, of course not. What are they going to do? [00:10:24][3.8]
Stuart Turley: [00:10:25] Take it from their Teeth? [00:10:25][0.5]
Michael Tanner: [00:10:26] Yeah, I don’t know. [00:10:27][0.6]
Michael Tanner: [00:10:27] It’s going to be there in Poland for lithium. [00:10:29][1.3]
Stuart Turley: [00:10:29] Oh, smack. [00:10:30][0.9]
Michael Tanner: [00:10:32] Good. [00:10:32][0.0]
Stuart Turley: [00:10:34] Bernard Schaefer, CEO of the EIT raw Materials andEU-fundedd group. [00:10:39][5.2]
Michael Tanner: [00:10:39] There’s some there’s some dark money there that’s about as dark as it gets. [00:10:44][4.8]
Stuart Turley: [00:10:45] I was going to say, there’s corruption right,. [00:10:46][1.5]
Michael Tanner: [00:10:47] EU funded climate group I bet that’s a creepy guy. I bet that guy’s got I mean, that guy’s creepy at parties. [00:10:52][5.4]
Stuart Turley: [00:10:53] Oh, yeah. Oh, I bet he knows Epstein. Okay. One of the key elements to accelerate investment and mobilize financing for mining and permitting this will have to happen very soon. Michael. Japan. Excuse me. China has had 20 years of building their supply chain and critical minerals. You’re not going to go public at the time. I need a supply chain of minerals it’s not going to happen. [00:11:20][26.3]
Michael Tanner: [00:11:20] Yeah, they’re not. I mean, this is it is funny how they state, you know, it is like what we said in the open. It’s like that scene from Back to the Future Hello McFly. Anybody home? Hello, McFly. You’ve been asleep at the wheel now for two years. For 20 years wake up now. Oh, we need faster permitting in mining they’re clearly not listening to the show. We clearly don’t quite have Brussels listening to the show. [00:11:45][24.3]
Stuart Turley: [00:11:45] Oh, no, not yet. Norway and Russia, we are big news source and for the Russians [00:11:51][6.3]
Michael Tanner: [00:11:53] Of course you are Putin jr. [00:11:55][1.5]
Stuart Turley: [00:11:56] Ay! They want to know my my imitation of putin I am so funny in russia. [00:12:01][5.5]
Michael Tanner: [00:12:02] I just I hope he likes our impression enough to where when he shoots points the nukes, he points it away from us. [00:12:09][6.9]
Stuart Turley: [00:12:10] Oh, yeah, well, he didn’t call me, you know. [00:12:12][2.7]
Michael Tanner: [00:12:14] Who knows? Putin. Junior. What’s next? [00:12:15][1.6]
Stuart Turley: [00:12:17] Putin Junior, There’s a name I don’t want to have stick. Okay. Fossil fuel centered growth is obsolete, says EU von der Leyen. [00:12:25][7.7]
Michael Tanner: [00:12:25] I can’t. [00:12:25][0.2]
Stuart Turley: [00:12:26] She is a not head under the definition In Wikipedia, Von der Leyen is not head unbelievable. She even looks like Biden In a former life. An energy mix based on fossil fuels cannot deliver, will deliver sustainable economic growth for future generations, European Commissioner President Ursula said on Monday when she sought to add impetus to the decarbonization of Europe’s economy. [00:12:57][31.5]
Stuart Turley: [00:12:59] Let’s get you a quote a growth model centered on fossil fuels is simply obsolete, Von der Leyen said, adding The goal of the EU’s Green Deal energy transition was to create a different growth model that is sustainable far into the future. [00:13:17][18.5]
Michael Tanner: [00:13:21] I have no words I really I’m I’m grasping for straws other than like. [00:13:27][5.9]
Stuart Turley: [00:13:28] I think the only way for Europe to survive is for the EU to disband. And what you’re going to see is that countries very much like Poland will survive because they have very Poland-first rules and policies. Those that have borders, those that have Poland first, those that have the United States first will survive. If you’re a country that does not take care of your own, you will not survive. [00:14:01][33.0]
Michael Tanner: [00:14:02] I mean, it’s just these are the people in charge of the EU. I’m so sorry. If you live in Europe, this is this is this is what you get. I mean that. I’m sorry. [00:14:10][8.3]
Stuart Turley: [00:14:11] I’m sorry, guys. [00:14:11][0.8]
Michael Tanner: [00:14:12] I’m speechless this is like I’m all bummed out I got all fired up for this show today. Let’s look at the Wind to Wind. [00:14:19][7.6]
Michael Tanner: [00:14:20] You kicked off with a bang, you kick the show off with a banger that was brilliant. It was one of your better lines in a while. [00:14:27][6.9]
Stuart Turley: [00:14:27] Okay. All right, man off to you. [00:14:29][2.0]
Michael Tanner: [00:14:30] Yeah. I mean, not much really. On the on the oil side, we saw some weakness in the oil and gas markets today. You know, I kind of predicted yesterday I thought we would see oil and gas. We would see oil prices specifically rise as we continue to see more shut ins from from this Calgary wildfire. [00:14:44][14.1]
Michael Tanner: [00:14:44] But we really actually saw a little bit of a depression, really on some weaker Chinese data and some higher global demand, which is interesting because it was some weaker than expected data out of China and really what that did was offset a little forecast of higher demand. [00:14:59][14.5]
Michael Tanner: [00:14:59] I mean, is pretty funny you have these two different, you know, tranches that happened today. We have weak economic data in China, which is seen as the driver of higher global demand. But then on the other hand, the IEA comes out and says, well, the. It’s going to be higher. It’s like, well, your data source that you should be feeding into your model just came out today and said they’re going to be weaker than expected. [00:15:19][20.1]
Michael Tanner: [00:15:20] But no, you still expect I mean, these are the bombs that the IEA and you can tell you can tell whoever the traders are zero about the IEA forecast because they cast the IEA, the International Energy Agency forecasted higher global demand than previously forecasted and prices fell. [00:15:38][17.9]
Stuart Turley: [00:15:38] You know why is because they’re the flavor designer, you know, and it’s like, what is the World Health Organization or what is the U.N.? What is any of these want them to say that day? They’re going to say they’ve said, oh, blessed, we’ve had more we’ve had less, we’ve had more. [00:15:58][19.1]
Michael Tanner: [00:15:58] What? What is it in there? I thought I thought the IEA wants to go green, so why do they care What global oil demand should they want it to go down? [00:16:05][6.9]
Stuart Turley: [00:16:06] But Saudi Arabia this week is wanting oil prices to go up. [00:16:09][3.4]
Michael Tanner: [00:16:10] If I was Saudi Arabia I want prices to go up to I don’t need a genius. [00:16:13][2.8]
Stuart Turley: [00:16:14] It just depends on who’s logged in to their account and buttering their bread. [00:16:18][4.2]
Michael Tanner: [00:16:18] Basically got multiple logins to the IEA account. Saudi got this one, but it still didn’t work because China came out and said, sorry, we’re not lower than for gas to production. So that’s literally what happened today in oil prices. [00:16:32][13.7]
Michael Tanner: [00:16:32] We it was really industrial output and retail sales growth undershot core forecast in April on the Chinese side. And really that moment that suggested that this economy is sort of losing momentum as it sort rolls over into their Q3 projections. [00:16:47][14.1]
Michael Tanner: [00:16:47] So, again, take that for what it’s worth, it’s clear that nobody cares about the IEA and it’s hard to reckon with. We saw prices did spike a little bit on natural gas and then immediately did fall, currently sitting very similar to where we were at at $2.34. [00:17:01][13.5]
Michael Tanner: [00:17:03] Nothing really new in the oil markets or in the oil news markets per se. Just a lot of people participating in fireside chats. So lot of a lot of updates to be watching. You know, Crescent Point did point out that they’re going to shut in about 45,000 barrels of oil a day for this wildfire. So that’s you take that into account, the price down a little bit on that one. But what else you looking for Stu what do we got? [00:17:24][21.7]
Stuart Turley: [00:17:25] Well, I’m going to I’m waiting on a phone call from Faith Bristol, from the EIA, I mean, the IEA. So, you know, I’m sure he’ll want to come on the podcast and defend his methodology. [00:17:36][11.0]
Michael Tanner: [00:17:37] Absolutely he gets on to the show. I’m down to have all of our numbers sponsored by the IEA. It’ll just be a joke every time every time IR Guy of the week sponsored by the IEA. [00:17:45][7.9]
Stuart Turley: [00:17:45] Oh, smack. It’s going to be a great week. [00:17:48][2.3]
Michael Tanner: [00:17:48] All right. Well, we’ll let you guys get out here appreciate you guys checking this out. Energy News Beat Podcast for Stuart Turley I’m Michael Tanner we’ll see you tomorrow folks. [00:17:48][0.0]
