US Vice President Kamala Harris announced that her nation will contribute $3 billion to a United Nations fund to assist developing countries in reducing greenhouse gas emissions and adapting to climate change. “The urgency of this moment is clear,” Harris announced, continuing, “The clock is no longer just ticking, it’s banging. We must make up for lost time.” The EU pledged an investment of €2.3 billion ($2.5 billion) toward energy transition.

COP28 President Sultan Al Jaber of the United Arab Emirates announced that his nation would contribute $100 million to a World Bank fund to cut methane emissions. Among the major corporations that have signed up for this initiative are Exxon Mobil Corp. and Saudi Arabia’s Aramco.

The post COP28 Members to Contribute Billions to Energy Transition Efforts appeared first on theprimarymarket.com.

“I made it a goal for our country to get to net-zero emissions from pollutants by 2050,” Biden explained. “By the way, it’s the only existential threat to humanity, if we don’t stay below these numbers, the whole world is changing. Clean hydrogen is going to help us meet this goal. When it comes to charging our cars or powering our homes, all we need is clean electricity.”

According to a report by the US Energy Department, the country could produce up to 10 million metric tons of hydrogen by 2030. The U.S. government has been on a mission to reduce hydrogen costs by 80% to $1 a kilogram by 2030.

The post Amazon, Exxon Hydrogen to Receive Piece of $7 Billion U.S. Funds appeared first on theprimarymarket.com.

“The energy consumption of something like ChatGPT inquiry compared to some inquiry on your email, for example, is going to [be] probably 10 to 100 times more power hungry,” Sajjad Moazeni, professor of electrical and computer engineering at University of Washington observed. According to research conducted by the university, hundreds of millions of queries on ChatGPT can consume 1 gigawatt-hour a day. This is the equivalent of the daily electricity usage of 33,000 US households.

In an effort to compensate for this consumption, leading cloud providers such as Google Cloud, Microsoft Azure, and Amazon Web Services have all committed to renewable energy projects to match their energy usage. Holding net-zero pledges, each of these companies removes as much carbon as they emit.

The post Energy Consumption to Be Significantly Increased Due to AI appeared first on theprimarymarket.com.

In May, the Northwest United States experienced higher temperatures than expected which melted snow rapidly and also significantly slashed the region’s water supply. With the Northwest accounting for approximately half of the United States’ total hydropower production, this phenomenon greatly affected total generation across the U.S.

“With less water available, the region generated 24% less hydropower in the first half of this year than during the same period in 2022,” the EIA noted. Over the course of the entire year, the EIA expects 19% less hydropower generation in the Northwest compared to last year.

The post EIA Cuts Hydropower Generation Forecast for 2023 appeared first on theprimarymarket.com.

While power prices on Saturday night hit a height of $275, electricity prices are poised to hit more than $2,500 per megawatt-hour on Sunday evening, the Electric Reliability Council of Texas (Ercot) reported. The grid operator added that the surplus of available power capacity on the grid versus power consumption is forecasted to plummet to 1.6 gigawatts at around 6 p.m., a level that can trigger emergency responses.

Over the course of Sunday, power usage is expected to rise to a peak of 84.4 gigawatts at around 4 p.m. This would be the highest-ever level of power usage recorded by Ercot.

In an effort to curb electricity usage, Texan state officials wanted residents to take precautions to avoid wasting electricity. The state is set to activate temporary cooling centers throughout the state.

The post Texas Power Prices to Skyrocket 800% appeared first on theprimarymarket.com.

Data from Epex Spot SE on Saturday showed that energy prices are negative in nearly a dozen countries across the European continent, including Germany, France, the Netherlands, and the UK. Prices in the Netherlands are set to fall as low as -€73.76 per megawatt hour by Sunday afternoon.

Negative power prices are believed to be a result of a record number of solar panels being added to European homes last year, a move that helped to curb overinflated natural gas prices. For the first time this summer, the EU’s monthly solar power generation surpassed that of coal-powered electricity.

“Negative pricing is an important signal in the electricity system to incentivize flexibility and storage, which is critical to a modern-day electricity system,” Tom Haddon, a consultant at Arcadis LLP remarked. The influx of renewable energy consumption is helping to costs for grid operators while making it easier for them to keep the system in balance.

The post European Energy Prices to Plummet Amid Solar Boom appeared first on theprimarymarket.com.

“We will start to produce the first lithium-ion battery cells in the country,” said Roberto Salvarezza, president of Y-TEC – a unit of Argentina’s state oil firm YPF. He confirmed the company’s use of lithium carbonate extracted by Livent in northern Argentina.

Argentina’s Mining Minister Fernanda Avila expressed optimism for the project, expressing her hopes for it to be a leading example for future mining and production projects. She claimed that developing supply around mining activity is a priority for Argentina’s government.

Currently the fourth largest producer of lithium in the world, Argentina has been attracting an increasing volume of investment for activities in this sector. Along with Bolivia and Chile, Argentina makes up what has become known as the “lithium triangle” of South America, which holds the world’s largest volume of ultra-light metal, commonly used in batteries.

The post Argentina Set Date to Begin Lithium Production appeared first on theprimarymarket.com.

The IEA claimed that global demand is expected to grow at half the rate that has been realized over the past two years. This comes as a result of the rise of electric vehicles on the market, thereby phasing out fuel-powered cars.

“Growth in the world’s demand for oil is set to slow almost to a halt in the coming years,” the report read. “The shift to a clean energy economy is picking up pace, with a peak in global oil demand in sight before the end of this decade.”

Worldwide oil production is also expected to decline as supply levels remain sufficient to meet changes in demand. The IEA expects global fuel consumption to fall to 400,000 barrels a day in 2028, with the demand for new barrels hovering around 105.7 million barrels per day around that time.

The post Oil Demand Growth Expected to Slow, IEA Claims appeared first on theprimarymarket.com.

The Toronto Stock Exchange’s S&P/TSX composite index ended the day 0.58 higher at 20,585.73. The TSX’s financials sector, which comprises 28% of the total weighting of the index, was down 0.6%.

Among those stocks that were downgraded by Barclays were Royal Bank of Canada, Bank of Nova Scotia, and Toronto-Dominion Bank, all of which declined during trading.

Helping the index to gain ground despite the banking stocks’ decline was the energy sector, which gained 0.4%, as well as industrials, up 0.5% for the day. Oil also advanced, ending the session 0.8% higher at $73.71 per barrel.

Greg Taylor, portfolio manager at Purpose Investments, viewed the Toronto Stock Exchange with high uncertainty as numerous stocks moved in opposite directions.

“It’s a market that is waiting for the next catalyst and everyone is hesitant,” Taylor explained. “The big thing in Toronto … was good strength in the energy stocks which seemed to bounce a bit with the commodity price but that was offset by some downgrades of some of the banks.”

The post Canadian Stocks Rise, Fueled By Energy Market appeared first on theprimarymarket.com.

Shell investors are set to vote on a resolution on May 23 filed by the Follow This Activist shareholder group that calls on the company to align itself in practice with the 2015 Paris Climate deal.

Following scientists’ claims that the world needs to reduce its greenhouse gas emissions by 43%, Shell is committed to cutting the intensity of planet-warming gases across its portfolio by 20% in 2030 and by 100% in 2050.

Currently, Shell is against setting absolute emissions cuts targets. Unlike absolute targets, intensity emissions targets enable companies to continue or increase their fossil fuel output so long as the proportion of renewable energy and biofuels in its product mix increases.

The ISS, like Shell itself, has advised stakeholders to vote against the Follow This Activist resolution, stating that while it accepts the aim of the resolution, it would “represent a change in strategy from the one that Shell has adopted”.

The post Institutional Shareholder Services Advises Shell Stakeholders to Vote Against Climate Resolution appeared first on theprimarymarket.com.

US Vice President Kamala Harris announced that her nation will contribute $3 billion to a United Nations fund to assist developing countries in reducing greenhouse gas emissions and adapting to climate change. “The urgency of this moment is clear,” Harris announced, continuing, “The clock is no longer just ticking, it’s banging. We must make up for lost time.” The EU pledged an investment of €2.3 billion ($2.5 billion) toward energy transition.

COP28 President Sultan Al Jaber of the United Arab Emirates announced that his nation would contribute $100 million to a World Bank fund to cut methane emissions. Among the major corporations that have signed up for this initiative are Exxon Mobil Corp. and Saudi Arabia’s Aramco.

The post COP28 Members to Contribute Billions to Energy Transition Efforts appeared first on theprimarymarket.com.

“I made it a goal for our country to get to net-zero emissions from pollutants by 2050,” Biden explained. “By the way, it’s the only existential threat to humanity, if we don’t stay below these numbers, the whole world is changing. Clean hydrogen is going to help us meet this goal. When it comes to charging our cars or powering our homes, all we need is clean electricity.”

According to a report by the US Energy Department, the country could produce up to 10 million metric tons of hydrogen by 2030. The U.S. government has been on a mission to reduce hydrogen costs by 80% to $1 a kilogram by 2030.

The post Amazon, Exxon Hydrogen to Receive Piece of $7 Billion U.S. Funds appeared first on theprimarymarket.com.

“The energy consumption of something like ChatGPT inquiry compared to some inquiry on your email, for example, is going to [be] probably 10 to 100 times more power hungry,” Sajjad Moazeni, professor of electrical and computer engineering at University of Washington observed. According to research conducted by the university, hundreds of millions of queries on ChatGPT can consume 1 gigawatt-hour a day. This is the equivalent of the daily electricity usage of 33,000 US households.

In an effort to compensate for this consumption, leading cloud providers such as Google Cloud, Microsoft Azure, and Amazon Web Services have all committed to renewable energy projects to match their energy usage. Holding net-zero pledges, each of these companies removes as much carbon as they emit.

The post Energy Consumption to Be Significantly Increased Due to AI appeared first on theprimarymarket.com.

In May, the Northwest United States experienced higher temperatures than expected which melted snow rapidly and also significantly slashed the region’s water supply. With the Northwest accounting for approximately half of the United States’ total hydropower production, this phenomenon greatly affected total generation across the U.S.

“With less water available, the region generated 24% less hydropower in the first half of this year than during the same period in 2022,” the EIA noted. Over the course of the entire year, the EIA expects 19% less hydropower generation in the Northwest compared to last year.

The post EIA Cuts Hydropower Generation Forecast for 2023 appeared first on theprimarymarket.com.

While power prices on Saturday night hit a height of $275, electricity prices are poised to hit more than $2,500 per megawatt-hour on Sunday evening, the Electric Reliability Council of Texas (Ercot) reported. The grid operator added that the surplus of available power capacity on the grid versus power consumption is forecasted to plummet to 1.6 gigawatts at around 6 p.m., a level that can trigger emergency responses.

Over the course of Sunday, power usage is expected to rise to a peak of 84.4 gigawatts at around 4 p.m. This would be the highest-ever level of power usage recorded by Ercot.

In an effort to curb electricity usage, Texan state officials wanted residents to take precautions to avoid wasting electricity. The state is set to activate temporary cooling centers throughout the state.

The post Texas Power Prices to Skyrocket 800% appeared first on theprimarymarket.com.

Data from Epex Spot SE on Saturday showed that energy prices are negative in nearly a dozen countries across the European continent, including Germany, France, the Netherlands, and the UK. Prices in the Netherlands are set to fall as low as -€73.76 per megawatt hour by Sunday afternoon.

Negative power prices are believed to be a result of a record number of solar panels being added to European homes last year, a move that helped to curb overinflated natural gas prices. For the first time this summer, the EU’s monthly solar power generation surpassed that of coal-powered electricity.

“Negative pricing is an important signal in the electricity system to incentivize flexibility and storage, which is critical to a modern-day electricity system,” Tom Haddon, a consultant at Arcadis LLP remarked. The influx of renewable energy consumption is helping to costs for grid operators while making it easier for them to keep the system in balance.

The post European Energy Prices to Plummet Amid Solar Boom appeared first on theprimarymarket.com.

“We will start to produce the first lithium-ion battery cells in the country,” said Roberto Salvarezza, president of Y-TEC – a unit of Argentina’s state oil firm YPF. He confirmed the company’s use of lithium carbonate extracted by Livent in northern Argentina.

Argentina’s Mining Minister Fernanda Avila expressed optimism for the project, expressing her hopes for it to be a leading example for future mining and production projects. She claimed that developing supply around mining activity is a priority for Argentina’s government.

Currently the fourth largest producer of lithium in the world, Argentina has been attracting an increasing volume of investment for activities in this sector. Along with Bolivia and Chile, Argentina makes up what has become known as the “lithium triangle” of South America, which holds the world’s largest volume of ultra-light metal, commonly used in batteries.

The post Argentina Set Date to Begin Lithium Production appeared first on theprimarymarket.com.

The IEA claimed that global demand is expected to grow at half the rate that has been realized over the past two years. This comes as a result of the rise of electric vehicles on the market, thereby phasing out fuel-powered cars.

“Growth in the world’s demand for oil is set to slow almost to a halt in the coming years,” the report read. “The shift to a clean energy economy is picking up pace, with a peak in global oil demand in sight before the end of this decade.”

Worldwide oil production is also expected to decline as supply levels remain sufficient to meet changes in demand. The IEA expects global fuel consumption to fall to 400,000 barrels a day in 2028, with the demand for new barrels hovering around 105.7 million barrels per day around that time.

The post Oil Demand Growth Expected to Slow, IEA Claims appeared first on theprimarymarket.com.

The Toronto Stock Exchange’s S&P/TSX composite index ended the day 0.58 higher at 20,585.73. The TSX’s financials sector, which comprises 28% of the total weighting of the index, was down 0.6%.

Among those stocks that were downgraded by Barclays were Royal Bank of Canada, Bank of Nova Scotia, and Toronto-Dominion Bank, all of which declined during trading.

Helping the index to gain ground despite the banking stocks’ decline was the energy sector, which gained 0.4%, as well as industrials, up 0.5% for the day. Oil also advanced, ending the session 0.8% higher at $73.71 per barrel.

Greg Taylor, portfolio manager at Purpose Investments, viewed the Toronto Stock Exchange with high uncertainty as numerous stocks moved in opposite directions.

“It’s a market that is waiting for the next catalyst and everyone is hesitant,” Taylor explained. “The big thing in Toronto … was good strength in the energy stocks which seemed to bounce a bit with the commodity price but that was offset by some downgrades of some of the banks.”

The post Canadian Stocks Rise, Fueled By Energy Market appeared first on theprimarymarket.com.

Shell investors are set to vote on a resolution on May 23 filed by the Follow This Activist shareholder group that calls on the company to align itself in practice with the 2015 Paris Climate deal.

Following scientists’ claims that the world needs to reduce its greenhouse gas emissions by 43%, Shell is committed to cutting the intensity of planet-warming gases across its portfolio by 20% in 2030 and by 100% in 2050.

Currently, Shell is against setting absolute emissions cuts targets. Unlike absolute targets, intensity emissions targets enable companies to continue or increase their fossil fuel output so long as the proportion of renewable energy and biofuels in its product mix increases.

The ISS, like Shell itself, has advised stakeholders to vote against the Follow This Activist resolution, stating that while it accepts the aim of the resolution, it would “represent a change in strategy from the one that Shell has adopted”.

The post Institutional Shareholder Services Advises Shell Stakeholders to Vote Against Climate Resolution appeared first on theprimarymarket.com.