An affordable and largely CO2-free European power supply by 2050 can only be realised with renewables as the main energy source and a well-connected electricity grid across the EU. A report by Connect Energy Economic finds wind and solar power could cover nearly 50% of Europe’s power demand, if the grid becomes flexible enough to handle intermittency challenges.
Energy-related carbon dioxide emissions in the United States will decline in most years through the mid-2030s but then start to rise slightly from the mid-2030s through 2050, according to the US Energy Information Administration (EIA). In its AEO2021 Reference case, the EIA projects that by 2050, energy-related emissions will be 5% higher than 2020 levels.
Excelon Corp will split into two publicly traded companies. The plan is to carve out its six regulated electric and gas units as Exelon Utilities (RemainCo) and separate it from Exelon Generation (SpinCo) – set to become the largest clean energy provider in the United States with 31 GW generating assets.
German construction firm Bilfinger and the infrastructure finance arm of Munich Re have both withdrawn from work related to the construction of the Nord Stream 2 pipeline through the Baltic Sea, due to looming US sanctions. Bilfinger had been contracted to deliver and operate process control systems and supply a gas-fired heat and power unit.
Exports of liquefied natural gas from the US will exceed gas exports by pipeline in the first and fourth quarter of 2021, as well as in 2022 on an annual basis. Monthly US LNG exports reached a record of 9.4 Bcf/d in November and of 9.8 Bcf/d in December 2020 and January 2021, according to shipping data, and are forecast to average 9.7 Bcf/d in February.
Volkswagen has sold more electric cars worldwide than Tesla for the first time ever, as electrification of transport accelerates in Europe, the US and China. The brands of the VW group, which include Porsche and Audi, sold 192,000 fully electric cars or plug-in hybrid vehicles in the fourth quarter, compared to Tesla's 181,000 e-vehicles sold.
The Electric Reliability Council of Texas (ERCOT) has narrowly avoided a cascade of power failures thanks to a small surplus of gas supply near some peaking power plants. Natural gas fuels more than 40,000 MW generating capacity in Texas during peak periods, but the latest cold freeze disrupted production and made pipeline compressors trip.
The German gas industry calls for the construction of Nord Stream 2 to be finalised this year to enhance competition amongst gas importers and ensure energy prices remain low. „If we didn't have it, we would be talking about several billion Euros of additional [cost] burdens,” said Timm Kehler, head of the lobby group Zukunft Gas.
The European Union‘s 2030 emissions target of a 55% reduction over 1990 levels has made it the undisputed global leader in climate ambition. But the bloc is falling short of its goal, Wood Mackenzie warns, unless the rollout of electric vehicles and renewable build-out gets accelerated along with coal power plants retirements.