Google falling short of climate target

Crude oil prices moved higher today after the U.S. Energy Information Administration reported an inventory decline of 12.2 million barrels for the week to June 28. The inventory change compared with an inventory build of 3.6 million barrels estimated […

Highlights of the Podcast

00:00 – Intro

01:36 – French nuclear giant scraps SMR plans due to soaring costs, will start over

04:08 –  Florida windmill ban law goes into effect along with language removing “climate change”

06:24 – EU Commission clears Romania’s plans to build two new nuclear reactors

07:24 – Google falling short of important climate target, cites electricity needs of AI

09:05 – “Electric vehicles not cost-effective for emissions reduction”

10:29 – Oil Prices Rise As EIA Confirms Huge Crude Draw

12:35 – Outro

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Video Transcription edited for grammar. We disavow any errors unless they make us look better or smarter.

Stuart Turley: [00:00:14] Hello, everybody. Welcome to the Energy News. Be daily stand up. Today is July 4th. I hope you’re having an absolutely wonderful day out there. Keep your fingers and toes away from them firecrackers. But let’s celebrate the independence of the United States. Let’s hope we have another 200 years left in us here. So anyway, with that, let’s get with our top stories here. French nuclear giant scraps smart plans due to soaring costs. They’ll start over. Holy smokes. Florida with a new windmill ban. Law goes into effect today along with language removing climate change. Very important when you take a look at this. EU Commission clears Romania plans to build two new nuclear reactors. We’re seeing this all around the world. Here’s the next article. Google falling short of an important climate target sites electricity needs of I. Oops. Let’s go to the next article. Electric vehicles not cost effective for emissions reduction. Wow, this is pretty important. I think this is great. There’s somebody finally stepping up and putting the numbers together. Oil rises as EIA confirms huge crude draw. We’ll go through some of those numbers here in a second. [00:01:36][81.4]

Stuart Turley: [00:01:36] Let’s go ahead and get started here with the French nuclear giant scraps smart plans due to soaring costs. And they’ll start over. The French nuclear giant EDF is a government owned agency that manages the country’s vast fleet of nuclear power stations, is reportedly scrapped its plans to develop a new design for small nuclear reactors because of fears of soaring costs. This is pretty important because nuclear is. France was always the poster child of what to do for nuclear. And then they had the anti-nuclear folks stop and really stop investing in their maintenance. So they have about 50 ballpark ish nuclear reactors. They are running at 25% because of the maintenance that needs to be done on these. The EDF plans to, have run into similar problems with its potential customers, the European energy companies Vattenfall, Kedzie and Fortum warning guidelines that the smears would not have a levelized cost of energy, more than €100 a megawatt hour or 161 megawatt per hour, and EDF decided that was not possible. So when you sit back and take a look at some small modular nuclear reactors, they are going to be incredibly important. And much like my conversation with the CEO of Copenhagen Atomics. The small modular reactors have to be built in and rolled out in a cost effective manner. So I applaud them for holding this up. And overwhelmingly, majority of aged 18 to 54 through Peter Denning’s nuclear energy plan is just an attempt to extend the life of gas and limit investment in large scale renewables. While a majority of those 55 thought the nuclear plant is serious and should be part of the future energy mix. That is some significant numbers because we need nuclear for baseload. If you want wind and solar, that’s fine, but they cannot provide baseload. And as Michael Tanner and I talked about, when we start having some serious grid problems, it’s because the AI, the big tech and the data centers are going to be taking the nuclear energy and then leaving the grid to fend for renewables, which is intermittent, and that’s going to be rolling blackouts. So anyway, I thought this was an excellent article. [00:04:07][151.0]

Stuart Turley: [00:04:08] Let’s roll the floor. I want to give governor DeSantis ahead. Just and a hand here. New Florida windmill ban goes into effect along with language removing climate change. Needless to say, the Wind Kellys Pensacola factory creates financing for wind turbines. And it’s the house housing. And they’re pretty upset about this. But when you take a look at what this actually is doing is they’re realizing that wind is intermittent and they are putting more into natural gas. So what does it tell Floridians about the state feel for the environment, climate change and hurricane storms? She ask? Well, I think it signals that we don’t believe in science, windmills or something that was put in there. Probably more to get attention than some of the things reversing some of the proactive climate legislation that we had in the long run. I think we’re going to be more damaging to our state. I disagree with her wholeheartedly, but if you look at the graphic that I. Governor DeSantis put out, and hats off to governor DeSantis. He’s got a great producer. If you can slide in the graphic on the Twitter feed here. Florida says no and goes through all of these. He signed in the Senate bill, HB 7071. And it really does, I think, do a good job. And it’s more about putting in stable natural gas plants. And according to meet the Biden administration EPA records, those natural gas plants have to be able to have hydrogen. Here’s a quote. Our state is 75% dependent on natural gas right now. So those prices where the is the validity. So no it doesn’t make sense. So we’re concerned about stability. We’re going to be investing in things other than what we’d be dependent on. The cost of natural gas gets passed on to the consumers when working families can’t afford additional increases as we continue to move forward. So natural gas is as cheap as it gets for being able to support the grid. Nuclear is preferred. Natural gas is second and then wind and solar follow on on after that. So. [00:06:24][136.0]

Stuart Turley: [00:06:24] Let’s go to the next one here. EU Commission clears Romania plans to build two new nuclear reactors. This is really, really cool. The energy Minister, Sebastien Berdahl I believe, is how you pronounce his name. The two said the two new reactors are expected to make an essential contribution to the national and regional energy security by producing clean, zero emission energy. I think this is absolutely phenomenal. With four nuclear units soon to be operating, Romania is expected to avoid 20 million tonnes of CO2 emissions per year and create more than 19,000 jobs in related industries. That paragraph is critical because nuclear power, clean, stable power equals economic growth and manufacturing stability, and that you can export this energy. Hat’s off to them. [00:07:23][58.9]

Stuart Turley: [00:07:24] Let’s talk about Google. Let’s roll over to Google. I’m not a Google fan. Just thought I’d share that with you. Google falling short of importance on climate target sites. Electricity needs of AI. Google has gone woke. If you’re not aware, three years ago, Google set an ambitious plan to address climate change by going to net zero, meaning it would release no more climate changing gases in the year removed by 2030. Here’s where I find them. Very hypocrisy. They said that they were. I remember seeing on Chrome where they were carbon neutral since 2003 or whatever the day was on there, and that was lying. So you can be a hypocrite and a liar and still be big tech. But rather than declining its emissions, emissions grew in 13% in 2023 over the year compared to the baseline of 2019. Emissions have soared 48%. Google cited the artificial intelligence and the demand it puts on data centers, which requires massive amounts of electricity for last year’s growth. This is a great article, and it really elevates the fact that the data centers and big tech are going to have microgrids, and the consumer grids are going to be left bare. We are going to need very good Department of Energy management of the grid and not incompetent buffoons that are running our, Department of Energy right now. We need an upgrade to the Department of Energy in order to keep the grid rolling. Did I just say that? I was just kidding? No. I’m not. [00:09:05][101.3]

Stuart Turley: [00:09:05] Electric vehicles cost effective for emissions reduction. I absolutely love this one. This is from. The article was originally posted on Energy Live News. And this is Nick Molden, chief executive officer of Emissions Analytics Lead Limited, who spoke at the Coventry Building Society Arena during the inaugural day of the Big Zero Show. How can we actually achieve net zero transport, not just officially explored the challenges of decarbonization in the transit transportation sector? Absolutely. I would love to see this entire presentation. In fact, Nick, if you are listening to the podcast, I would love to have you as a guest in and would want to talk to you about this. There’s a growing gap between public perception and the actual impact of electric vehicles. If you think specifically about the penetration of electric passenger vehicles, sales of them are slowing stalling in their softening, in their softening, not because of misinformation. There’s a little bit. Bit about that. But fundamentally they’re softening because they’re not a cost effective way of reducing emissions. Wow. This is really cool. I really want to find out more about his reports and things that he has going on. So again, a shout out and his information will be in the show notes here. [00:10:29][83.7]

Stuart Turley: [00:10:29] So with our last story here, oil prices rise as the EIA confirms a huge crude draw as we are recording this. Let’s take a look at the prices real quick. We are at 8374 at the time. I’m recording this for WTI and Brant is 8622. And net gas is $2.45. If you are looking to buy and sell crude or any other jet fuel or anything else, please go to Energy News me.com/trading desk and reach out. We do have some great sources and information on that as well too. So let’s roll to oil. Prices moved higher today as the U.S. Energy information, reported an inventory decline of 12.2 million barrels for the week of June 28th. The inventory compared to an inventory build of 3.6 the previous week, where the EIA also saw fuel inventories rise. Gasoline inventories shed 2.2 million barrels in the week to June 28th, which compared to the build of the 2.7 million for the previous week. Gasoline production averaged 10.1 million barrels daily last week, compared to the 9.9 million barrels the previous week. So some of the maintenance and had to have been come off light, come back online. The key risk for oil markets is that Israel Hezbollah war widens into a broader conflict, said the Commonwealth Bank of Australia analyst Vivek Dar told Bloomberg. In particular, the more the particular involvement of Iran and IRA Israel Hezbollah war may put Iran, Iran’s oil supply and related infrastructure pretty crazy. I don’t and when we have other oil price articles that have come out saying that OPEC still will not be able to control the production quotas or their members. I don’t know how you price this out in a in a normal way,. [00:12:35][125.7]

Stuart Turley: [00:12:35] So please like subscribe. Check out the Energy News Beat, Substack, Dot, substack.com, the Energy News, beats Dot, Substack, dot com energy, Newsbeat, dot Co or energy. Newsbeat.com and reach out to us. Michael and I absolutely love all of our fans and all of the great feedback that we get. Have a great day and I hope you have an absolutely wonderful holiday with your family. Thanks. [00:12:35][0.0][738.1]

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