Daily Standup Top Stories
IMF Hints At Allowing Countries To Use Chinese Yuan For Debt Repayment
Authored by Aldgra Fredly via The Epoch Times, The International Monetary Fund (IMF) has hinted that it may accept the Chinese Yuan as a currency for countries to settle their obligations with the IMF following […]
Developing nations need $1.7trn clean energy investments
Developing countries need renewable energy investments of about $1.7 trillion annually but attracted foreign direct investment in clean energy worth only $544 billion in 2022. There is an urgent need to support these nations to […]
Saudi Arabia leads in new gas-fired power plants as Mitsubishi Power expands in Middle East
Saudi Arabia is dominating the market for new gas-fired power plants in the Middle East, with Mitsubishi Power providing the kingdom with advanced technology, according to Javier Cavada, president and CEO of Europe, the Middle […]
Philippines has mixed reaction to China’s $14bn for clean energy
In January, nine Chinese energy companies committed to invest nearly US$14 billion in renewable energy development in the Philippines. The companies expressed interest mainly in solar and offshore wind, but also hydropower, geothermal and biomass. Notable among them was […]
FREYR Battery Awarded €100 Million EU Innovation Fund Grant
NEW YORK, OSLO, Norway & LUXEMBOURG–FREYR Battery (NYSE: FREY) (“FREYR”), a developer of clean, next-generation battery cell production capacity, has announced that the company has been awarded a €100 million grant from the European Union […]
Texas Must Upgrade Its Energy Grid To Accommodate New Renewable Power
Texas needs upgrades to its electricity transmission grid to accommodate a soaring share of renewable energy generation, otherwise the state risks surging shares of curtailments of wind and solar power generation by 2035, the U.S. […]
Highlights of the Podcast
00:00 – Intro
02:46 – Texas must Upgrade its Energy Grid to accommodate the New Renewable Power
07:13 – Saudi Arabia leads in new gas-fired power plants as Mitsubishi Power expands in Middle East
09:03 – IMF Hints At Allowing Countries To Use Chinese Yuan For Debt Repayment
11:09 – Developing nations needs 1.7 trillion clean energy investments
13:28 – Philippines have got a little bit of a mixed reaction to China’s 14 billion for clean energy
15:59 – Outro
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Video Transcription edited for grammar. We disavow any errors unless they make us look better or smarter.
Stuart Turley: [00:00:07] Hello Everybody, Welcome to the Energy News Beat Podcast. My name is Stuart Turley President CEO of the Sandstone Group. Today is July 17th. This is the Energy News Beat Daily Stand up. Michael‘s on assignment, so you get stuck with me today we’re going to have a fantastic talk. [00:00:25][17.8]
Stuart Turley: [00:00:25] And we would also like to just keep thanking all of our listeners and all of our subscribers and all of the feedback that we’re getting around the World. Thank you so much we want to answer all of your questions. Please contact us on the website EnergyNewsBeat.com or send us a question and Questions@EnergyNewsBeat.com thanks and here we go with the stories we’ve got some kind of a little different story set up here. [00:00:55][29.3]
Stuart Turley: [00:00:56] We’ve got U.S. Energy Texas must upgrade the grid in order to Support Renewables, I’m going to give you also a little insight on what I expect also from storage so I’m going to talk about that in the story as well, too. [00:01:10][14.4]
Stuart Turley: [00:01:11] We have Saudi Arabia leads in Gas Fired Power Plants as Mitsubishi Power Plant expands into the Middle East, this is pretty cool. I think that again, I keep saying it, Saudi Arabia has first, Saudi Arabia‘s got oil and gas policies and then they got renewable policies they’re doing all of the above I kind of like that. [00:01:41][29.9]
Stuart Turley: [00:01:42] Let’s go to the IMF Hints At Allowing Countries To Use Chinese Yuan For Debt Repayment, this article has a lot of underlying tones to it, so I’ll be glad to go over that just a little bit. This one tags in into that and that is Developing nations need 1.7 Trillion Clean Energy Investments. [00:02:08][25.9]
Stuart Turley: [00:02:10] I think I talked about some of this last week we’re going to cover some of my opinions on that one as well, too and the news on that. Now, the Philippines has a mixed reaction to China’s 14 billion for Clean Energy that folds in into all of those other stories. So all of these are on the Energy News Beat Website stop by and take a look. [00:02:35][24.6]
Stuart Turley: [00:02:36] Let’s stop at Texas first, Coming around the corner I’m sitting here in Dallas and I’ve been in West Texas for the last four months. But as we take a look at Texas must upgrade its energy grid to accommodate the new renewable power some interesting stats on this. [00:02:53][16.7]
Stuart Turley: [00:02:53] We know that ERCOT is the grid manager for Texas, Texas is the number one in wind energy and second in solar. Wind energy alone produces 21% of all electricity in the state, according to the american Clean Power Association, this is pretty darn good. [00:03:18][25.0]
Stuart Turley: [00:03:19] Here’s where we are still under threats in Texas for the potential of rolling blackouts. Rolling blackouts, or because the amount of stress that renewables put on the grid. Just a few months ago, or I believe it was two months ago, the Texas Legislature, they have approved for more natural gas plants that seems to me a very good standby power. However, they’re also looking at adding in a bunch of storage adding in Storage brings up a couple hot points on me. [00:03:57][38.0]
Stuart Turley: [00:03:58] So without expanding ERCOTs electrical Transmission network and storage capacity, congestion and curtailments will rise, said the IEA. Strong projected growth in renewable energy in ERCOT over the next decade could be constrained by transmission capacity. [00:04:17][18.7]
Stuart Turley: [00:04:19] I believe it was around 3 billion 3.5 billion is what it took to get the transmission lines from West Texas where all the wind farms are coming across. That was just for corners to get into the transmission lines to the Dallas Area as well. [00:04:36][16.4]
Stuart Turley: [00:04:37] So let’s take a look at my expectations one of my biggest hot buttons for storage. How much does it cost? But the single most important thing to me is renewable Batteries. Not many of them out there have been able to answer that in fact I’ve only found on Battery Company, one Storage Battery Company that has been able to answer that and that’s fry battery out of Norway. [00:05:05][28.1]
Stuart Turley: [00:05:06] Fry Battery is awarded a 100 million EU Innovative Fund grant. I get to have a interview I interviewed Jeremy on a Friday, and I’ve interviewed Tom before their CEO. And now I’m interviewing the president they are producing a lot of new jobs and new things in the United States. So Fry Battery has their batteries are recyclable. [00:05:46][39.5]
Stuart Turley: [00:05:48] So if you have big Batteries and they’re not Recyclable it’s not really eco friendly, is it? [00:05:54][6.5]
Stuart Turley: [00:05:55] So as Tom Jensen who I interviewed he says, we are delighted from that with the news that we have received from the EU’s Innovation Fund to support Fryer’s Giga Arctic Project. This grant is a recognition that batteries represent the key catalyst to the energy transition, supporting regional energy security through faster deployment of renewable energy. [00:06:23][28.6]
Stuart Turley: [00:06:24] Moreover, this significant financial commitment provides timely support to development of the Giga Arctic Project. It was been under development since June 2020 and it is going to be 100% powered by 100% hydroelectricity. [00:06:46][21.2]
Stuart Turley: [00:06:47] This to me is a phenomenal project and when you sit back and take a look Recyclable batteries. They’ve got new technology coming around in the battery storage they are really looking at renewables in the hydro. I’m all in with fry battery, so well done. [00:07:10][22.7]
Stuart Turley: [00:07:11] So let’s roll around to Saudi Arabia and Saudi Arabia is doing just like Texas was doing we’re talking about the best of breeds here. Saudi Arabia is Dominating the market for New Gas fired power plants in the Middle East, with Mitsubishi Power providing the kingdom with advanced Technology, it’s pretty cool. [00:07:36][24.4]
Stuart Turley: [00:07:37] So when you sit back and take a look at let’s see, here it is, I can tell you we have orders globally that are moving to move gas to hydrogen but in the Middle East, it is an advantage. Although the number of new power plants is smaller they are larger in capacity. [00:07:55][18.3]
Stuart Turley: [00:07:57] So you sit back and take a look again, you take a look at Texas they are adding in Natural Gas, they’re adding in Wind, they’re adding in Solar they’re adding in storage. So I’m all in about how to do it but you got to watch the cost per kilowatt hour. Texas is not as cheap as some other areas, but we’re going to keep an eye on this Fry battery to see if the Hydro or the Arctic Project delivers a low cost energy to the end users. [00:08:34][37.1]
Stuart Turley: [00:08:35] So Saudi. Arabia, the world’s largest oil exporter, is investing in building a low carbon, hydrogen and ammonia industry. Again, you’re seeing what’s the best of both breeds of all breeds and that is Texas Saudi Arabia, Fryer out of Norway trying to really set you up and say, hey, we got to look at all of the above. [00:09:01][25.8]
Stuart Turley: [00:09:02] Now let’s take a look at IMF Hints At Allowing Countries To Use Chinese Yuan For Debt Repayment . This story has a lot of things going on in a Undercurrent with BRICS. When you take a look at BRICS, BRICS is gaining huge traction because of the weaponization of the U.S. Dollar in Sanctions. [00:09:27][25.0]
Stuart Turley: [00:09:29] So when you take a look at sanctions imposed by the Biden Administration on just about everything that they possibly can, it is moving people away from the petrodollar. So when you move away from the petrodollar and it’s even moving away from the U.S. Dollar for just even transactions. Africa is really looking to move away at a faster rate. [00:09:54][25.5]
Stuart Turley: [00:09:55] So this one really coincides when you have the International Monetary Funds looking at getting repayment. That means that they’re also taking a look at BRICS and saying, hey, wait a minute this new BRICS is going to be on a gold backed currency. And China has been buying more gold than the rest of the world combined. [00:10:20][25.3]
Stuart Turley: [00:10:21] So as we’ve stated in the past the Argentine authorities continue to remain current on their financial obligations to the IMF, said Ms.. Kazak. She says that Argentina had paid off part of its debts 1.1 billion of the 2.7 with the IMF in Chinese currency. This is huge. [00:10:47][25.5]
Stuart Turley: [00:10:49] How did they get that Chinese currency? Therein lies a whole nother discussion on global financing this is coming around and even some of these other articles. Take a look at that that’s on the EnergyNewsBeat.com. [00:11:07][17.8]
Stuart Turley: [00:11:09] Developing nations needs 1.7 trillion clean energy investments, where are they going to get those investments? Well the BRICS and roads really is from China. And they’re also coming along in this article and it says 4 Trillion Annual Investment Gap for global goals. [00:11:31][22.0]
Stuart Turley: [00:11:31] That means there is 4 Trillion that is needed in renewable energy investments in order to hit that. The report also finds that energy companies along the top 100 multinationals are divesting fossil fuel assets at the rate of about 15 billion per year. [00:11:53][21.9]
Stuart Turley: [00:11:55] I believe that we are at the $2.7 trillion that we need to invest in oil and gas just to meet the normal decline curves. I have to check that number but if you take a look at that Saudi Arabia, Texas all of the smart nations are investing in both. If you invest in both, you’re going to be able to protect because the IEA and Saudi Arabia, OPEC, have all said that we are going to have Demand solid for several years. [00:12:34][38.8]
Stuart Turley: [00:12:35] So when you take a look at several years of demand in oil and gas, you’re going to see a real pattern between all of this. I’m going to have to see if I can figure out how to get our art department to work out a flow chart of how all of this energy is interrelated now. It’s kind of fun, but you got to look at about 16 different articles then you have to be able to chase the dotted lines around. [00:13:00][25.5]
Stuart Turley: [00:13:01] In fact, I think I want to get a poster like you see in those movies where they have all the strings going around and they’re trying to track down an entire process or murder. I don’t want to say that we’re doing a murder, but it’s always in a murder movie seems that way. [00:13:19][18.6]
Stuart Turley: [00:13:21] Let’s roll over to the Philippines, this article is also in related to the BRICS and road in China, reaching out and saying that Philippines have got a little bit of a mixed reaction to China’s 14 billion for clean energy. [00:13:38][17.3]
Stuart Turley: [00:13:40] Nine Chinese in January, 9 Chinese companies committed to invest nearly 14 billion in renewable energy development in the Philippines, mainly in Solar and Offshore Wind but also Hydro love Hydro Geothermal and Biomass notable was state-owned China Nuclear Power Group. [00:14:08][27.7]
Stuart Turley: [00:14:09] What did we just talk about? All of the above. Nuclear, Hydro I do like it from that aspect. But what financial point does China is going to have a stranglehold on the energy? So China’s having a stranglehold on energy they’ve got a stranglehold coming around the corner on currency they are going to be loaning money. [00:14:36][26.4]
Stuart Turley: [00:14:36] The IMF is loaning the International Monetary Fund is loaning money to a more expensive solution when they’re not looking at Natural Gas Renewable combined. So you’re seeing a pattern of trying to insulate what was working for the company man back when the coal man in the coal mining days it’s almost the same kind of thing. So you’re going to be beholden to them for your energy. [00:15:07][30.7]
Stuart Turley: [00:15:08] So with that, I’d like to say thank you for Everybody, hold tight for this week it’s gonna be a crazy week we’re hearing some developments coming around in the oil and gas. [00:15:19][11.0]
Stuart Turley: [00:15:20] Here’s a concern that I have that is now, Iran Possibly has within two days of having a enough material to develop a Nuclear Weapon the geopolitical is just a little bit scary out there, guys. [00:15:38][17.9]
Stuart Turley: [00:15:39] So buckle up, Get that desk, and Pretend to have a Nuclear drill like I had do when I was a kid. Hey, till then, we’ll see you guys on Tuesday. Have a great Day! [00:15:39][0.0]
