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THE OTHER END OF THE BARGAIN ON LNG: President Joe Biden promised Europe extra liquefied pure gasoline for years to return, and the U.S. is already overdelivering. The EPA is now shifting extra aggressively to carry up the opposite finish of Biden’s discount, which was to crack down additional on methane emissions from the sector he’s asking to step up and assist rescue Europe from its power disaster.
EPA this morning introduced a revised model of its proposed methane rule, first launched final November, that may tighten necessities on oil and gasoline operators to observe and restrict leaks and flaring of gasoline at new and present well-sites.
The background: The U.S.-EU Joint Job Drive on Power Safety, delicate to the emissions penalties of an initiative to extend gasoline manufacturing and LNG exports, promised it could pursue measures to cut back emissions from gasoline infrastructure, together with leaks, whereas it really works to get Europe extra gasoline.
Following the newest assembly of the joint job drive, which occurred final week, the duty drive stated the U.S. and EU would work for vital reductions in flaring, venting, and leakage of methane throughout the oil and gasoline sector. The EPA’s revised rule does that explicitly.
What’s within the rule: The supplemental proposal would change the premise for methane monitoring to make monitoring extra exhaustive to mitigate leaks extra successfully.
It additionally contains new necessities for homeowners or operators to route related gasoline to a gross sales line, or in any other case make use of the gasoline, earlier than they’re permitted to flare it.
The politics of gasoline: Biden has taken warmth from environmentalist critics for facilitating extra LNG exports, and for demanding that oil and gasoline corporations improve manufacturing for shoppers at dwelling. The argument is, extra manufacturing = extra emissions.
The revived methane rule gave Biden one thing to tout immediately throughout remarks at COP27 to indicate he’s making progress on local weather, along with the Inflation Discount Act (Its predecessor, Construct Again Higher, was very a lot on the ropes when Biden attended final 12 months’s convention.)
A phrase extra on COP27: Biden, methane, and COP have a historical past. The Biden administration and a handful of European companions launched a “world methane pledge” forward of the local weather summit final 12 months, which dedicated members to cut back their emissions of methane not less than 30% by 2030. Participant nations now quantity above 130, Biden stated immediately.
EPA additionally launched its preliminary proposed methane rule at the side of Biden’s go to to COP26 in Glasgow final 12 months, making this 12 months’s announcement a repeat of types.
The 12 months of the methane reg: EPA’s in-the-works methane rules are separate fully from the methane price Congress simply handed within the IRA.
The EPA will start levying charges for extra methane emissions towards homeowners and operators of wells, pipelines, and different oil and gasoline services starting in 2024.
Welcome to Day by day on Power, written by Washington Examiner Power and Surroundings Writers Jeremy Beaman (@jeremywbeaman) and Breanne Deppisch (@breanne_dep). E-mail [email protected] or [email protected] for suggestions, options, calendar gadgets, and anything. If a buddy despatched this to you and also you’d like to enroll, click on right here. If signing up doesn’t work, shoot us an e mail, and we’ll add you to our record.
BIDEN TOUTS ‘UNPRECEDENTED’ PROGRESS AT COP27: Biden used his remarks on the U.N. local weather summit as a victory lap, ticking via an inventory of actions the U.S. has taken to struggle local weather change and spend money on clear power over the previous two years—together with passage of the bipartisan infrastructure invoice and the Inflation Discount Act.
Along with highlighting the brand new methane rule proposal, he stated the U.S. is doubling its dedication to a fund aimed toward serving to nations adapt to local weather change. He didn’t deal with the controversial “loss and harm” idea being debated by leaders. Learn extra on his remarks right here.
OIL PRICES UP BY 3% AS CHINA EASES COVID RESTRICTIONS: Oil costs jumped by round 3% immediately on the information that China has began easing a few of its COVID-19 rules, signaling a possible reopening of their economic system after almost three years.
Futures for worldwide benchmark Brent crude climbed as excessive as $96.53 per barrel this morning, whereas the U.S.-based West Texas Intermediate rose to $89.34 per barrel, a $2.87 achieve from the earlier session.
China introduced the brand new easing of restrictions this morning, which embody shortening the quarantine instances for inbound vacationers and shut contacts of optimistic circumstances, and nixing a penalty on airways that transported contaminated passengers, in accordance to Reuters.
“The primary small steps in the direction of easing of the rules that had been introduced by the Chinese language authorities this morning allowed oil costs to climb once more, though this not at all constitutes a departure from the nation’s strict zero-Covid coverage, in our opinion,” Commerzbank stated.
…Nonetheless, many doubt simply how shortly China’s reopening will happen. Saudi Arabia’s power minister stated immediately that OPEC+ will stay cautious on manufacturing, citing ongoing issues over the economic system and ongoing “uncertainties.”
“Our theme is being cautious … about being accountable and never shedding sight of what the market requires” Prince Abdulaziz bin Salman advised Bloomberg in an interview.
On China reopening, “The jury remains to be out,” he stated. “The Chinese language authorities are saying they’re going to proceed to be strict and diligent and comply with the identical regimentation that they’ve.”
His remarks may preview the pondering of others in OPEC+ because the oil cartel prepares to satisfy once more Dec. 4 to determine its subsequent strikes on oil manufacturing. Many merchants concern that Russia may react to the oil worth cap and EU ban on seaborne crude subsequent month by curbing manufacturing.
FOSSIL FUEL REPS HAVE BIG SHOWING AT COP27: Greater than 630 fossil gasoline lobbyists registered to attend this 12 months’s COP27 local weather summit, based on an evaluation from the teams Company Accountability, Company Europe Observatory, and World Witness. Fossil gasoline trade delegates outnumbered the entire variety of representatives from any single nation, excluding the UAE. Their presence has prompted widespread complaints and calls for for his or her exclusion from different attendees.
NORTHEAST CAREENING INTO ‘WHAC-A-MOLE’ WINTER ENERGY CRISIS: After enduring months of record-high gasoline costs and ache on the pump, shoppers and their wallets are prepared for a break. However nowhere is reduction farther from sight than in New England, which is careening quick right into a winter power disaster.
That’s attributable to low distillate inventories, restricted refineries, and a ban on Russian oil imports that threaten a significant provide scarcity.
Distillate gasoline provide in New England has plummeted far under the extent crucial to satisfy demand. The imbalance has despatched costs hovering to 25-year excessive and compelled wholesalers to ration the restricted quantity they do have. In a worst-case situation, the area may run out of gasoline fully.
It’s “like a large sport of Whack-A-Mole, heading into winter,” Mark Wolfe, the manager director of the Nationwide Power Help Administrators Affiliation, advised Breanne. Learn extra right here.
NET METERING CHANGES TOO LITE FOR CALIFORNIA SOLAR LOBBY: The California Public Utilities Fee’s revised web power metering proposal is extra accommodating to issues of photo voltaic pursuits than its predecessor, however the trade’s main photo voltaic foyer within the state maintains the CPUC’s reforms will nonetheless make know-how costlier.
CPUC’s revised proposal, launched yesterday, removes an earlier provision that may have added a “grid participation cost” to residential photo voltaic makes use of, which the trade slammed as a tax that may discourage rooftop photo voltaic additions at a time when the federal authorities and California are squarely centered on including renewable power capability.
However the revised proposal would nonetheless scale back compensation paid to residential photo voltaic customers for energy exported to the grid, in comparison with present charges.
The brand new proposed choice “would actually damage,” stated Bernadette Del Chiaro, government director of the California Photo voltaic & Storage Affiliation. She stated additional the proposal, if finalized as is, “would shield utility monopolies and increase their income, whereas making photo voltaic much less reasonably priced and delaying the purpose of 100% clear power.”
A fast refresher: The online metering reforms pits investor-owned utilities towards the photo voltaic trade, which, via the continued set up of rooftop photo voltaic, is an more and more bigger competitor to conventional energy turbines.
The CPUC’s new proposed reforms substitute these launched final December, which utilities and a few environmental teams supported however which photo voltaic pursuits and plenty of outstanding figures, together with Elon Musk, opposed on the grounds that they’d crimp new installations.
DOE ANNOUNCES AWARD FOR HALEU DEVELOPER, THE NATION’S FIRST: The Power Division introduced a $150 million cost-share award to American Centrifuge Working, LLC, a subsidiary of Maryland-based Centrus Power Corp, to assist fund demonstration of excessive assay low-enriched uranium wanted to gasoline rising superior reactor designs.
The funding dietary supplements present contracts between DOE and Centrus Power to display HALEU manufacturing at its Ohio manufacturing facility. There may be presently no commercial-scale HALEU operation in the USA. Russia’s invasion of Ukraine and related pressures on governments and trade to separate ties with Moscow has upended the marketplace for many superior nuclear corporations that sought to get their gasoline from Russia.
The awarded funds had already been appropriated, however Congress simply accredited further funding for HALEU within the Inflation Discount Act.
ENERGY GIANTS PROPOSING GULF COAST HYDROGEN HUB: A workforce of Houston-area power and chemical corporations and different organizations have thrown their hat into the ring for a share of the Power Division’s hydrogen hub funding, proposing to make use of it to construct clear hydrogen tasks to serve the power capital and different elements of the Gulf Coast.
Members embody the Port of Houston, Air Liquide, and Chevron. The coalition desires to construct on the already current 1,000+ miles of devoted hydrogen pipelines within the Gulf Coast Area to create the “HyVelocity Hub.”
A gaggle of southern utilities, together with TVA and Duke Power, has teamed as much as compete for a share of the hydrogen hub funding, too.
The Rundown
Bloomberg Blue wins in governor’s races carry the hopes of U.S. local weather advocates
Politico EU Egypt’s COP27 PR catastrophe
Calendar
MONDAY | NOVEMBER 14
3:00 p.m. The Senate reconvenes in Washington.
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