Daily Standup Top Stories
Ireland Rejects LNG Terminal Project on Climate Grounds
Amid Europe’s angst over energy security, Ireland has made one of the boldest moves of any nation on the continent in the name of climate action: It rejected a new fossil fuel import facility. The country’s planning […]
Money managers are shifting their attitude to ESG as ‘realism’ sets in, says S&P’s Dan Yergin
The planned transition toward renewables is still in focus for the energy industry, and technology such as hydropower, solar, biofuels and many others remain key as the world seeks to move away from a carbon-intensive […]
Why reports of renewables price cannibalisation may be greatly exaggerated
Price cannibalisation is an emerging threat to the transition to zero-carbon electricity grids, as solar and wind penetrate ever further into the power mix. It is the phenomenon where variable renewables depress wholesale power prices at […]
South Africa gives go-ahead for TotalEnergies to drill offshore
CAPE TOWN, Oct 2 (Reuters) – South Africa’s environment ministry has given the go-ahead for TotalEnergies (TTEF.PA) to drill offshore for gas and oil, after rejecting an appeal from more than a dozen individuals and lobby groups […]
Saudi Arabia And Russia Will Not Alter Voluntary Oil Supply Cuts
Saudi Arabia and Russia have both confirmed that they will be keeping their supply cuts in November despite the recent oil price rally. The announcements came just hours before the Joint Ministerial Monitoring Committee and […]
EU Launches Carbon Border Tax To Push Greener Global Trade
Starting 2026, EU importers and non-EU exporters will face a levy on emissions linked to their products, echoing the EU Emissions Trading System. The carbon tax aims to promote green technologies and may exempt imports […]
Highlights of the Podcast
00:00 – Intro
02:11 – Ireland Rejects LNG Terminal Project on climate Grounds.
04:26 – Money managers are shifting their attitude to ESG realism sets in as S&P Dan Yergin
06:44 – Why Renewables Price of cannibalization may be greatly exaggerated.
08:44 – South Africa gives go ahead for total energies to drill offshore
09:52 – Saudi Arabia and Russia will not alter voluntary oil supply cuts.
10:46 – EU Launches Carbon Border Tax to Push Greener Global Trade.
12:09 – Outro
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Video Transcription edited for grammar. We disavow any errors unless they make us look better or smarter.
Stuart Turley: [00:00:15] Hello, everybody. Welcome to the Energy News Beat podcast. My name is Stuart Turley, President and CEO of Sandstone Group. Today is October 5th. Buckle up. We got a lot of fun for you. Michael’s out on assignment. I’m filling in for him today. We’ve got a lot to talk about. We’ve got Ireland Rejects LNG terminal project on climate grounds. It’s kind of interesting considering what’s going on in Ireland and Scotland. Let’s take a look at money. Managers are shifting their aptitude to ESG as realism sets in. Says S&P is in your ear again. Good guy. Why reports of renewable prices? Cannibalization may be greatly exaggerated. It’s pretty interesting article and I don’t agree with it, but we’re going to cover it. South Africa gives the go ahead for total energy. Totalenergies Is Michael Wood going to drill offshore? Saudi Arabia and Russia will not alter voluntary oil supply cuts. They want prices high for a reason and we’re going to cover that in just a sec. EU Launches Carbon Border Tax to Push Greener Global Trade. It’s kind of interesting, but I don’t think it’s going to go anywhere. So with that, subscribe like share. Tell your dogs, Tell your friends. Tell your in-laws Thank you to all of those that have been sharing, liking and subscribing. We’re just having an absolute blast. Send any questions, questions@energynewsbeat.com. And if you want to be a podcast host, if you’re a CEO or an industry thought leader, I want to talk to you about all types of energy. Remember, it’s about delivering the lowest cost kilowatt per hour to all people of the planet and having the least amount of impact on their environment and delivering that. So let’s have some serious fun. [00:02:11][115.7]
Stuart Turley: [00:02:11] Ireland Rejects LNG Terminal Project on climate Grounds. I find this one kind of funny because the board refused to hear any more about the LNG import facility because it’s the first Ireland’s probably the first country to deny an LNG facility based on climate as opposed to local environment opposition, according to Jonathan Stern. He is a research fellow at Oxford Institute for Energy Studies. But here’s what they’re wanting to do. They’re not wanting to bring in an import facility because they want to continue using their renewables. But Ireland also was the same country that had some of their wind farms being powered by diesel generators, and LNG is being touted around the rest of the world as being able to save consumers money as well as working with wind farms. So I’m not understanding why they’re not wanting to do this. Key part of this article is U.S. LNG developer New Fortress Energy had sought to build a floating terminal in Ireland for LNG imports, which would supply a 600 megawatt power plant. It is not going to get approved as what it looks like. So as we take a look at gas and the countries will be eyeing the renewable strategy now, Ireland expects to increase its current off onshore wind capacity of 4.9 gigawatts, 4.59 gigawatts to six gigawatts by 2025. Ireland is still aiming for a variety of clean power resources to meet 80% of its energy needs by 2030. Currently, renewable energy only represents 37% based off of all of the rest of the world and the amount that renewables and they cannot support it. Let’s watch Ireland and see if they can actually make this happen. The numbers for Ireland any good, this will be one to watch. Let’s go to the next story. Money managers are shifting their attitude to ESG realism sets in as S&P. [00:04:30][139.4]
Stuart Turley: [00:04:31] Dan Yergin Dan, is it just a class act? He is a very, very knowledgeable man and he says, quote, If you’re if you’re in a money management business, you do need returns. Wow. That’s what Larry Fink finally said. And he says there will be no energy transition this week. And it along with that line, Daniel in this article says, and we’ve seen that with more North American funds, that yes, we want to do the energy transition, we want to do ESG, but we actually need returns as. Well. And that shifted the attitude There’s kind of more realism, quote unquote, Yergin said. In the second quarter of this year, investors have pulled 635 million from U.S. sustainable funds, according to the fund’s Morningstar. That is an outflow of 11.4 billion from these sustainable funds in the last year. That’s 11.4 billion out of those funds. And so that’s why Larry Fink has come out and said in the last week that it is not that energy transition is not going to happen. And he lost more than $1.7 trillion last year. The I.R.A., the Inflation Reduction Act, in terms of scale and money that is being poured in, there is nothing to compare to it. Second thing is cost of capital goes up. That’s affecting renewables. And thirdly, if you look at what’s happening, the cost of supply change. There’s technology and there’s money realism. Daniel Yergin said, Tell you what, he’s a sharp cookie and he’s dead on, right? The ESG movement in investing is coming to a slow down and if not standstill, because you’re seeing that with the wind farms, nobody’s bidding on them. You’re seeing the pulling of ESG funding. People are not willing to pay for the additional that it takes to go to renewable energy anymore. [00:06:43][132.3]
Stuart Turley: [00:06:44] Why Renewables Price of cannibalization may be greatly exaggerated. This article first made my head scratch a little bit. Price cannibalization is an emerging threat to the transition of zero carbon electricity grids as solar and wind permeate even further into the power mix. It’s kind of saying cannibalization happens when in California as solar race is ahead of the other technologies in the power mix. It kind of goes through concerns what will happen when the power comes on and they are producing a lot more that it is cannibalizing the power. I’m not sure I totally agree with that. And it says Tom Brown, an academic at the Technical University of Berlin, models five scenarios with different carbon prices. The highest carbon price would be in the scenario. It says the chart doesn’t paint the dramatic crash of prices a near cannibalization would utter. And he adds that while some are arguing for radical electricity market designs by splitting the market up or making renewable subsidies permanent. The analysis here means that ramp does not believe a hugely radical market redesign is necessary. I thoroughly disagree with that. I think a radical market design is happening and I believe the investors and the market is going to decide that. I believe we’re going to see in the next year consumers telling everyone how things are going to need to move forward and they’re not going to even need to worry about the cannibalization. Renewables price cannibalization may be greatly exaggerated. I don’t think you’re going to even need to worry about it because I think consumers are going to bypass this whole issue totally. Next one we’re going to go to. [00:08:43][119.0]
Stuart Turley: [00:08:44] South Africa gives go ahead for total energies to drill offshore Cape Town. This is from Reuters. South Africa’s environmental ministry has given the go ahead for totalenergies, as Michael would say, to drill offshore. This is pretty cool. BLOCK five, six and seven off the Cape Coast in the series of auctions. This is really cool. Creecy It says, quote, I am therefore satisfied the impact of noise and light has been adequately assessed and mitigated to ensure low impacts on receiving the environment as this ground appeal is discussed. It is pretty cool. The massive gas fields of South Africa in 2019 and 20 did not immediately respond. From total totalenergies 40% and shell also with 40%. It’s pretty cool. We’re glad to see the extra natural gas fields being explored and being done through economical and using ecological methods. [00:09:51][67.5]
Stuart Turley: [00:09:52] Saudi Arabia and Russia will not alter voluntary oil supply cuts. They’ve confirmed that they are keeping their supply cuts in November and it is let’s see here, Saudi Arabia continues with the extra 1 million barrel per day. But in November and December and the approximately 9 million barrels per day until the end of the year. Sorry, Minister, this voluntary cut decision will be reviewed next month to consider that deepening or increasing the production. Alexander Novak, Russia’s deputy prime minister, said both are keeping stable and balance on the oil markets. They like the higher dollar amount. I don’t see them changing it. In fact, if anything, I see them even reducing it more. EU Launches Carbon Border Tax to Push Greener Global Trade. The pattern that is happening right now is the ESG movement is foreign Investors are now wanting their money back. Consumers are not wanting to pay any more in money. Why would a tax situation in launches carbon border tax to pursue greener global trade? This has the markings of failure. [00:11:17][85.5]
Stuart Turley: [00:11:18] Starting in 2026, EU importers and non EU exporters will face a levy on emissions linked to their products, echoing the EU emissions trading system. The carbon tax aims to promote green technologies and may exempt imports from countries with similar carbon policies to the EU. This carbon border adjustment mechanism, it’s called a C bam figured this out. Carbon border tax kicked off October 1st. This is destined to fail. Watch out. And all it’s going do is increase prices to the consumers and it will ultimately even drive more business away from the EU. They are really going to have to watch how they do this and they need to stop doing these kind of things. [00:12:09][50.8]
Stuart Turley: [00:12:09] Otherwise, more and more businesses will be going away from the EU. With that. Please like subscribe. Stay tuned for my interview coming out with Andy Ogles. He is from the congressman from Tennessee and it was fascinating. Thank you so much for everybody listening to the daily energy news. Be my name Stuart Turley, president, CEO of the Sandstone Group, and we’ll talk to you soon. Thanks And be safe out there. [00:12:09][0.0][710.2]
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