Daily Energy Standup Episode #305 – Weekly Recap: Orsted’s Strategy, Carbon Tax Impact, Nuclear Advocacy, Solar Labor Concerns, EV Resistance, and Hidden Costs of Net-Zero

Daily Standup Weekly Top Stories

Orsted’s strategic shake-up has investors worried

Wind firm Orsted will present its new strategy on Wednesday Company faces dilemma of cutting targets or raising capital Cutting dividend, asset sales could restore confidence -analysts COPENHAGEN, Feb 2 (Reuters) – Orsted (ORSTED.CO), opens new […]

GOLDSTEIN: Trudeau government doesn’t know how much its carbon tax reduces emissions

Given that Prime Minister Justin Trudeau’s carbon tax is costing the average Canadian household hundreds of dollars annually when factoring in its negative impact on the economy, how much is it lowering Canada’s greenhouse gas […]

Steinberg Embraces Nuclear Energy, Supports Third Nuclear Reactor at Millstone

Once a skeptic of nuclear energy, Energy and Technology Co-Chair State Rep. Jonathan Steinberg, D-Westport, is now one of its staunchest supporters. Steinberg told CT Examiner this week that, like many of his contemporaries, he […]

China objects to UN fund warnings on solar’s forced labour risks

China has opposed green projects by the UN’s flagship climate fund because their documents mentioned the risk of forced labour in the Chinese-dominated supply chains of solar panels. At a meeting of the Green Climate Fund (GCF), China’s board […]

Why Americans don’t want electric vehicles

Not long ago, pundits were telling us that gasoline-powered cars would soon vanish from the streets, replaced by sleek, space-age vessels powered by electricity. But consumer demand for electric cars never matched the hype. Fewer […]

The True Costs Of Net-Zero Are Becoming Impossible To Hide

Britain Boiler Tax Scandal In the latest green fiasco, UK Prime Minister Rishi Sunak created a quota system that would require manufacturers to sell more heat pumps to households. Instead of meekly complying with the […]

Highlights of the Podcast

00:00 – Intro
00:52 – Orsted’s strategic shake-up has investors worried
04:32 – GOLDSTEIN: Trudeau government doesn’t know how much its carbon tax reduces emissions
08:23 – Steinberg Embraces Nuclear Energy, Supports Third Nuclear Reactor at Millstone
11:46 – China objects to UN fund warnings on solar’s forced labour risks
14:54 – Why Americans don’t want electric vehicles
19:21 – The True Costs Of Net-Zero Are Becoming Impossible To Hide
23:26 – 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’s going on, everybody? Welcome to a special edition of the Daily Energy News Beat. Stand up here on this gorgeous Saturday, February 10th, 2024. We are are. We got our weekly recap here. I’m here live at NAB with Stuart Turley, and we are just excited to bring you the best, articles from this week. We we’ve had to do some we’ve got some great goals. I’ve got. [00:00:34][19.2]

Stuart Turley: [00:00:34] To. Oh yeah. We’re we’ve got our teacher of right here. We’ve got David Blackman right over here. It has been a great week here. [00:00:41][7.1]

Michael Tanner: [00:00:42] And we and we are looking forward to it. So without further ado we’re going to kick it over to the weekly recap. Just as always guys check us out. World’s greatest website energy news beat.com. We’ll see you on Monday folks. [00:00:52][9.7]

Stuart Turley: [00:00:52] Orsted strategic shakeup has its investors worried either. Michael, if you’re going downhill, you either just speed up and keep going downhill or you try to hit your brakes and slow down. They don’t know what they can do right here. The wind farm Morstead will present its new strategy on Wednesday. It faces a serious cutting edge targets, either cutting dividends or asset sales, or how are they going to price themselves out. So, Michael, let’s go through some of these numbers here and see here the numbers. The 50 gigawatt target has to be removed in the market knows it. This is a quote from their financial markets guy, the Bank of America analysis said recommending Orsted shares by arguing the company can avoid the need for new capital by selling half of its U.S businesses, reducing capital expenditures by 20% and cutting dividends by a quarter. Either they’re going to have to keep hitting it and really producing it and then keep going, but they’re going to lose more money. So do you want to go, this is like the worst Ponzi scheme I’ve ever seen. Keep getting new money so that you can sink it into killing whales and then try to do this. So if they cut the losses, they cut their expenses. They’re not going to be a very good investment. Yeah. [00:02:26][93.7]

Michael Tanner: [00:02:26] So they’ve got their earnings coming up on Wednesday. It’s part of the reason they leaked this. You know if if you get bad news you might as well leak it prior to the announcement so that when you hear it you’ve already settled. And what they did say and they passed this along they’re now seeing and the wind farms, they’re divesting in gas. Guess what? They’re selling them at 12 years. Why? Because the maintenance is coming up. So you were as I mentioned, you were close to you were plus or minus two years. You were close. [00:02:54][27.9]

Stuart Turley: [00:02:55] No, it’s eight years. And the the 12 years is when you buy the extra four years of time with the tax incentives and subsidies that are on there. So the eight years is actually the only amount of time those things can actually work. I can guarantee if you took a look at some of those fields, they didn’t weren’t operating for the first couple of years while they were trying to spin them up and get cable out. [00:03:22][27.1]

Michael Tanner: [00:03:23] So and remember, why is there this big shift in strategy will remember, you know, in November, or, you know, over the last two years, they’ve set this pretty insane target of 50GW of renewable capacity, most of that offshore wind, by the end of the decade. Now. Right. You’ve got a portfolio manager. I’m trying to find his name here or whoever this person is. But regardless, the quote is the 50 gigawatt target has to be removed and the market knows it. But they also need to cut their financial goals so deep that it hurts. That’s the quote. An investor wants to see them hurt, that when an investor says that, that means things drastically need to change because that’s going to cause it. Their stock price is gonna take a hit. It’s not like their stock price with his announcement is going to go up per se. It may it may not continue to fall. It may level out the falling because they they understand that people are coming out, but this isn’t going to hurt it regardless of whether or not they’re leaking it now. [00:04:19][56.0]

Stuart Turley: [00:04:20] Oh, absolutely. They need to invest 69 billion to hit that. [00:04:24][4.3]

Michael Tanner: [00:04:25] I, I well I yeah I got no you got no help over here, guys. Sorry. [00:04:29][3.8]

Stuart Turley: [00:04:30] No, it’s out of my credit card limit. Laura Goldstein, put this one out. When Trudeau’s government doesn’t know how much its carbon tax reduces emissions, you have to buy some serious entertainment on Monday to read this one. Our producer, this is absolutely a who’d you take a look at? This guy’s got the Ukrainian flag, that he’s in solidarity with his Canada’s minister of environment and climate change. Stephen. Go. Our. [00:05:02][32.1]

Michael Tanner: [00:05:02] This is, this is John Kerry’s counterpart. Sure. He’s brilliant. [00:05:06][3.3]

Stuart Turley: [00:05:06] Sure. He’s pretty. Is he? Looks like he, has got the brain power of a potato. But but we’ll just leave that alone for now. They. I don’t know. And I let me read you some of this in here. He posted. Trudeau’s radical environment minister admits the government does not measure how many emissions are reduced by their costly carbon tax. Why? Because the carbon tax is not an iron environmental plan. It’s a tax plan. [00:05:33][26.4]

Michael Tanner: [00:05:33] Well, this is the quote. So this this comes from the John Kerry of Canada. Okay. Just to put that in perspective, if this is the quote, the government does not measure the annual amount of emissions that are directly reduced by the federal carbon pricing, retroactively attributing specific GHG reductions to a specific action, such as carbon pricing, a discrete regulation, or a discrete regulation, or in a specific incentive is difficult given the multiple interacting factors that influence emissions, including carbon pricing, taxes and fundings, program investor preferences, and consumer demand. And that came out via the National Inventory report. This is what the the people who are supposed to be overseeing and understanding at the minute level, how their policies are affecting the economy. I mean, he’s literally the minister of Environmental and Climate change. I mean, that’s I mean, talk about waste, the environment minister. Oh, absolutely. I just threw up open my mouth a little bit. But but but they they don’t even know it’s it’s it’s actually insane. [00:06:36][63.0]

Stuart Turley: [00:06:38] All it is, is a wealth transfer again. [00:06:40][1.9]

Michael Tanner: [00:06:40] It’s it’s like a the government or any government coming out and saying, oh, well, we don’t actually know how much money we’ve sent overseas to help support this war. Oh, wait, that’s the United States, considering we sent an extra 6 billion to Ukraine. Remember the accounting error that that’ll be next in for Canada. They’re going to take a playbook out of us and say, oh, well, it was an accounting error plus or -6 billion. [00:07:02][21.2]

Stuart Turley: [00:07:02] Well, that’s almost like the accounting error in the, Pentagon. They lost $2 trillion. And then the following Monday was 911. And then the Pentagon was blown up where their records were. Go figure that. [00:07:15][12.9]

Michael Tanner: [00:07:15] Out. So here we go. The the the estimate net cost for people living in provinces under the federal carbon tax regime. Okay. So right here you basically got it starts at $65 per ton of emissions. And then the set. And then it’s going to then increase to 170 come 2030. But what’s crazy is if you adjust that for living standards, you’re talking it could be $700 in Alberta, $2,700 in Ontario. Or excuse me, for hunt. Excuse me. It’s 710. And Alberta right now could go up to 2720 30. Ontario’s 478 could go up to 1800. Saskatchewan for ten could go all the way up to 17,000 or $1700. Manitoba three. I mean, basically everything’s about to triple come 2030, but they don’t even they don’t even know how much it’s help. [00:08:05][49.8]

Stuart Turley: [00:08:06] It doesn’t help any. All it does is pass the buck around and then it again, it’s another tax in is a drag in, impacting of inflation and destroying the lower and middle class. [00:08:19][13.1]

Michael Tanner: [00:08:20] Yeah. I mean, you said it best. [00:08:22][1.6]

Stuart Turley: [00:08:22] Oh, yeah. All right. Let’s go to Steinberg. Embraces nuclear energy and supports a third nuclear reactor at millstone. This is pretty darn cool. When we take a look at the, representative, the Jonathan Steinberg, Democrat out of Westport is now one of the staunchest supporters. I’m pretty thrilled when we have people on both sides of the aisle work together, quote unquote. This is from him. When I first came to the legislature, I didn’t know about energy like anyone else. I flipped the switch and the lights came on. He said then there was a little skeptical of nuclear. We thought it was always yesterday’s kind of energy. But as soon as I started doing my homework, I discovered that nuclear was a viable option. It’s carbon free, and if you do a really good managing it, the environment and the safety concerns, it should be considered in the mix. Hat’s off to the Democrat. I like him. I mean, I don’t like I don’t know him, but at least I liked what he said. [00:09:25][62.3]

Michael Tanner: [00:09:25] Yeah, I mean it’s about time somebody came out. And exactly what did he say? He just flipped the lights on and just assumed they come on. He didn’t really think about the chain reaction that goes down. So again, we applaud people for doing their education. There’s still a I think the problem is when people just say, well, nuclear is the answer. Well, if it was the answer, don’t you think we would have gotten there at this point? [00:09:49][23.4]

Stuart Turley: [00:09:50] I did, I only know only, no, only because it was harder to, siphon funds off of nuclear because it was, bigger building projects and stuff. The new Green New Deal allowed for a lot of money transitioning from the wealthy to the wealthy and off of the backs of the. Middle and lower class. So the answer is nuclear is too stable. [00:10:18][28.3]

Michael Tanner: [00:10:19] It definitely is. You know, and and I applaud him. And, you know, again, we applaud Steinberg for coming out here and doing this. You know, all the money that they’re trying to send Ukraine right now is could could have poured down into nuclear and had a few of these guys up and running. [00:10:34][14.9]

Stuart Turley: [00:10:35] Well it’s just an absolutely and he I Steinberg also noted that the nuclear power can also reduce risks of blackouts and brownouts. And thank goodness for, Meredith thing one on the shorting of the grid. I love, I love her, but she also talked about you got to have that baseline on the grid, Michael. No baseline and all. Bad. So let’s go. [00:10:57][21.8]

Michael Tanner: [00:10:57] To the Arctic. [00:10:58][0.3]

Stuart Turley: [00:10:59] Hey, speaking of Putin, you know, they they were trying to, call ahead a, you know, I’m glad I was able to get Tucker and Putin all set up, but did you know that Tucker just put out on Onyx that the, CIA was hacked into his signal account and they said, you got to come get approval if you’re going to go interview Putin. [00:11:23][24.0]

Michael Tanner: [00:11:24] And he ran that on Fox News a, in in November. Right. He came out and said that on on Fox, one of his monologues. [00:11:30][6.1]

Stuart Turley: [00:11:31] Oh yeah. But no, this was and this was when he just had a release and it was like, Holy smokes, dude, that they’re, they’re watching him. [00:11:38][7.7]

Michael Tanner: [00:11:39] Well, we appreciate you brokering that. [00:11:41][1.5]

Stuart Turley: [00:11:41] Oh, yeah. Not, I do not need them listening to me. China objects to you in fun warnings on solar’s forced labor risks. You know what? If you know, this one just kind of really gets me kind of worked up in the hypocrisy range here. China has opposed the green projects by the UN’s flagship climate fund, because their documents mention the risk of forced labor in the Chinese dominated supply chains of solar panels. There is more to this article than what is in the article. Let me just tell you this. It’s unacceptable. China’s. I’m going to butcher this one more. This is bad. Michael, it’s Yang Zi Lui, who said the unsubstantiated allegations or so-called forced labor allegations in the supply chain included in project document? It’s unacceptable to have this presumption of guilt and stigmatization of the, PB photogenic, supply chain. Chinese should be treated as fair, just, nondiscriminatory manner. And I just thought I got tickled at this. But, Michael, the real story behind this, is because China, even though the you in it. This is trying to stop the, Belt and Road Initiative, which I’ve covered with George. McMillan, is the fact that the you in the WEF, in the, in the UN are trying to finance renewable projects around the Belt and Road Initiative. So the UN is trying to cash in on this. And so they’re throwing rocks at China, which is pretty stupid. [00:13:36][114.7]

Michael Tanner: [00:13:37] Yeah. And you know, I don’t think this is something that gets talked about nearly as much as it should. I mean, we know it. We know the we’re all familiar with the forced labor that’s going on with the Congo in the conflict minerals. You know, that probably we haven’t talked about as much. But this is the other side of the coin. I mean, the problem is you have in this, Xinjiang region, which is the source of the two, is of the world’s solar grade polysilicon. And that’s a key input into solar. Yes. Problem is, we know that there’s what can probably you know, what you know, the what’s been reported by the UN is a serious human rights violation going on there, particularly against the Uyghur population. So, you know, obviously China is going to push back. They’re not a huge fan. All to that, I say once your companies stop having to stop having to construct nets around the building so that people don’t have to jump and catch them, then I’ll take your human rights. But as long as I’m seeing nets, I’m not believing any of that. [00:14:37][60.0]

Stuart Turley: [00:14:38] So we’re going to take them off the sandstone headquarters. [00:14:39][1.6]

Michael Tanner: [00:14:40] Yeah, we’re going to Sydney. [00:14:41][0.5]

Stuart Turley: [00:14:43] But. [00:14:43][0.0]

Michael Tanner: [00:14:43] You know, somewhere else I’d like to take the nets off of. [00:14:45][2.2]

Stuart Turley: [00:14:46] But that’s where you guys are. But, but, you know, you sit back and kind of go, I just lost my train of thought, but it was good. That was a good one, Mike. Absolutely. Hey, Michael, let’s go to the next one. Why? Americans don’t want electric vehicles. Why do you think that? Just give me your first opinion, a. [00:15:03][17.7]

Michael Tanner: [00:15:04] Well, because I saw a tweet the other day from. I won’t call the guy out, but his name, he’s he’s a prominent he’s a prominent, energy like, renewable energy guy on Twitter. And he tweeted out something of the effect of my app won’t work, so I can’t get into my Tesla. [00:15:19][15.4]

Stuart Turley: [00:15:20] No way. Yeah. [00:15:21][0.8]

Michael Tanner: [00:15:22] He wasn’t seeking it. So why don’t I like EVs too electronic? I like I got my four wheel drive on a block. I don’t need the government drive in me. Right to the right to the the police station when I make a wrong turn. [00:15:34][12.5]

Stuart Turley: [00:15:35] The government doesn’t like me anyway, but we’ll leave that alone. [00:15:37][2.5]

Michael Tanner: [00:15:38] And that’s maybe not EVs as much as it is the electronic car part. I think the problem with EVs is especially like the cold. Maybe in a hot weather environment. It works, right? Think about that cold streak we just had. [00:15:48][10.4]

Stuart Turley: [00:15:48] Oh. And they don’t. Here’s where the number one thing was. Fewer drivers are interested in driving electric vehicles. Hertz. According to a new survey. This is further confirmed by Hertz’s recent announcement to sell 20,000 electric cars in its fleet. [00:16:07][18.5]

Michael Tanner: [00:16:07] We’ll be able to get them cheaper. [00:16:08][0.8]

Stuart Turley: [00:16:09] Oh, no, I would, but you gotta buy a new battery for $20,000. Now, here’s the thing. The zero the number one issue is the charging stations. The charging stations are a failure. And then the zero emissions label is misleading. This is coming up into a whole energy thread that we have. Is that the numbers for the green energy? Yesterday on our podcast, we talked about the UK and how they are misleading, the electricity. Electricity. The green. I’ve interviewed several, big people on, green energy and how climate crisis is being mis reported. That’s coming out here as well too. So, when you sit back and take a look, who can afford Michael the tax incentives, the rich, do you think the poor people will ever care about a tax incentive? [00:17:07][58.5]

Michael Tanner: [00:17:08] I’m sure they don’t have enough free capital to spend. Unfortunately, there are some. I know this comes as a shock to some people, but there are some people in the world. They just have to buy what’s around them because it’s cheap and they don’t have that much money. You don’t just have all this excess money to have a political stance around. [00:17:24][16.3]

Stuart Turley: [00:17:25] No. And I just felt so sorry for all the folks in Chicago that had to wait eight hours to charge their car. Now, on a side note, I’m about ready to go to the next story, Michael. But Toyota, is leading the charge on their, hybrids. You and I have been talking about hydrogen hybrids for over two years. Yep. And I’m all in on having a hybrid car and getting another 4 to 5. No, not a four. [00:17:54][29.4]

Michael Tanner: [00:17:55] Oh, yeah. I want to do. Neighborhoods are definitely the both the best of both worlds. I’m all for battery backup on houses, especially when you have when the grid is in such crazy condition like we’re in. You know, this is this is a, not an opinion piece, but more of a research paper. Jason Isaac, he’s the founder and CEO of the American Energy Institute. Okay. He recently was in front of Congress, the Senate or the Senate Energy and Natural Resources Committee. They heard they had a hearing on the federal electric vehicle incentive that says, is that basically what their what their research showed is that every EV sold leases and nearly $50,000 additional cost to taxpayers. [00:18:35][40.2]

Stuart Turley: [00:18:36] And yes. And then you have, the tires. Tires are lasting less than 5000 miles. [00:18:44][7.5]

Michael Tanner: [00:18:45] Why are the tires on EVs? Why is that? My tire mean my tires are bald right now, but they’ve lasted a while. [00:18:50][5.1]

Stuart Turley: [00:18:51] 30,040 thousand miles. It’s because the way. The way. And then the car parking lots are failing. You start putting in because, EV, the weight on an EV is 14, 15 times more than a normal car. [00:19:08][17.4]

Michael Tanner: [00:19:09] You’re right. They’re much heavier. It’s, you know, it’s. I mean, I’m not driving an EV. Trust me. [00:19:14][5.1]

Stuart Turley: [00:19:14] No, but a hybrid gets you 60 miles per gallon. [00:19:17][3.0]

Michael Tanner: [00:19:18] Oh, yeah. I’m all about the hybrid. [00:19:18][0.8]

Stuart Turley: [00:19:19] I’m all in on the hybrid. Here we go. It is. The true cost of net zero are becoming impossible to hide. You know, it is becoming impossible to hide because the data is now surfacing. They have been hiding the data, Michael, for so long that they’re even manipulating the data in the, Arctic on that. It’s now the hottest summer, hottest year in history. Well, it’s because they’ve manipulated the data in order to do it, and it’s kind of cool finding out how they’re doing it. Now. Britain dumps another net zero. Gimmick. The Wall Street, reports this, they use natural gas to fuel the cabinet size broilers to provide central heating and hot water, forcing them to not. Electric heat pumps. Electric heat pumps. Don’t work nearly as efficiently in the U.S.. The British thermal. It’s kind of ironic. British thermal. That, it does not work nearly as high because you have, either coal or wind and solar, and it does not work. So anyway, I thought that was pretty funny. The Windex. I thought this was another one. The Biden win tax. The U.S. manufacturers have yet to stand up to. I’m not going to use the word. All right. Idiotic regulations. This is a quote out of the article. Yeah, yeah, yeah, just hey, Google, this is a quote out of the article. So Biden’s games are unraveling, and, Bloomberg reports a 48% surge in cost. That Rex is much needed. Wind farm power plans, 48% cost on that. And so, hey, everybody, for our folks, watching out there, we have the Artie Trevino. We do. He’s the big dog over there. Peco’s operating, and we love you, Artie. Thanks. Thanks for stopping by, baby. [00:21:22][122.9]

Michael Tanner: [00:21:22] Absolutely. [00:21:22][0.0]

Stuart Turley: [00:21:23] All right, well, and again, the wind farms are even being canceled in new Jersey. And I think it’s a great thing because they’re killing all the right whales up there, and. [00:21:33][9.2]

Michael Tanner: [00:21:34] Well, it’s going to come back to the East coast. Continues to shoot themselves in the foot. [00:21:38][4.7]

Stuart Turley: [00:21:39] I think a little. [00:21:40][0.4]

Michael Tanner: [00:21:40] Higher than that. And they’re going to end up like we all. We keep saying they’re going back on Russian crew. Don’t you worry. They will end up on Russian crude. [00:21:47][7.1]

Stuart Turley: [00:21:48] Right? I’m going to have something on that here in just a minute. And I think I might as well just give my $0.02 here. Watch what happens shortly on Tucker Carlson. Tucker Carlson is going to be in. He’s already interviewed Putin. So, you know, hey, we were teased about there being, you know, a my Putin imitation. And when when Tucker Carlson releases that there is going to be a huge backlash. They’re already trying to ban, I believe you just said that they’re trying to put. [00:22:21][33.4]

Michael Tanner: [00:22:21] But yeah, the EU is putting a travel ban on. [00:22:23][2.3]

Stuart Turley: [00:22:24] Him on Tucker Carlson. Yeah, it’s because the. [00:22:26][2.2]

Michael Tanner: [00:22:26] One that you’ve got. [00:22:27][0.5]

Stuart Turley: [00:22:27] Right. I don’t blame them because, you know, I’m going to go up to Schwab, you know, Charles Schwab and say, hey, dude, you’re a nut. Now, here’s the thing. What you’re going to find out is, I think that Tucker Carlson is going to go ahead and expose that there was a deal. There was a cease fire between Ukraine and Russia. The Biden administration and the EU. And it. [00:22:55][28.3]

Michael Tanner: [00:22:56] Yep. They sent Boris Johnson down there to blow the deal up. Exactly. [00:22:59][3.1]

Stuart Turley: [00:23:00] Now, here’s what’s going to happen. I think that people are going to say Putin’s a bad guy, but he’s not that bad guy. And so energy makes a difference. And I think you’re going to see an opening up within six months of people buying, Russian. Okay. And that’s not talked about. And I think you heard it here first, Michael. And I’ve got a few other things I’m working on did back that number up with. [00:23:00][0.0][1318.9]

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