Energy Update
In April, we witnessed two historic new laws that go further than ever before on changing utility business models, once again showcasing state leadership on clean energy. Hawaiian legislators passed the Ratepayer Protection Act, which directs utilities and the PUC to come up with mechanisms to reward utility performance such as affordability, reliability, customer engagement, integration of renewable energy and timely executive of competitive procurement.
(Tue, 01 May 2018) U.S. tight oil production increased in 2017, accounting for 54% of total U.S. crude oil production, in part because of the increasing productivity of new wells. Since 2007, the average first full month of oil production from new wells in regions tracked by EIAâs <em>Drilling Productivity Report</em> (DPR) has generally increased.
US-based Marathon Petroleum (MPC) has agreed to acquire US-based independent refiner Andeavor (ANDV) for $23.3bn to create one of the largest integrated energy companies with an initial enterprise value of more than $90bn.
BHP Billiton will exit from the Minerva gas plant in the onshore Otway Basin in the Australian state of Victoria by selling its stake of 90% to Cooper Energy, AWE and Mitsui E&P Australia for an undisclosed price.
Petróleo Brasileiro (Petrobras) has completed sale of two of its downstream subsidiaries - Companhia Petroquímica de Pernambuco (PetroquímicaSuape) and Companhia Integrada Têxtil de Pernambuco (Citepe) to Mexico-based Alpek for R$1.523bn ($435m).
U.K.-based Oxford PV last week secured a new round of funding totaling US$11 million from existing investors for its perovskite-on-silicon tandem solar cell technology.
Reaffirming hydroelectric power's role in President Donald Trump's energy policy, the Hon. Mark Menezes, Undersecretary of the U.S. Department of Energy, said the emphasis for the federal government is funding research and streamlining licensing.
The team that produced the first wind turbine blade from a 3-D printed mold has been recognized for a design that could help shorten the time and expense of developing new wind technologies.
A group of organizations led by the Great Plains Institute will work together to assess the potential value of treating renewable energy generation and controlled EV charging as a single linked technology that benefits utilities and consumers.
Rural Pakistanis are increasingly turning to renewable energy to circumvent the country’s notoriously unreliable power supply. Deficient generation and distribution shave an estimated 2 percentage points off Pakistan’s economic growth annually and faults in the national grid are exposed every summer as demand increases.
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