[[{“value”:”
Daily Standup Top Stories
Winter squeeze: Average energy bills could jump to £1,714
Energy bills across Britain might increase by 9% this winter, reaching an average of £1,714 a year for the typical household‘s gas and electricity. Consultancy Cornwall Insight has released its final forecast for the energy […]
House Hearing Reveals U.S. Could Experience 48 Wind Blade Failures Per Year
A single blade failed in calm weather and scattered shards of fiberglass and debris across beaches of Nantucket. In the wake of the blade failure on the Vineyard Wind development — one of the first […]
Oil falls by more than $2 a barrel on Gaza ceasefire talks and weak Chinese economy
NEW YORK, Aug 19 (Reuters) – Oil prices fell by more than $2 a barrel Monday on the prospect of successful Middle Eastern peace talks reducing supply risks, while leading oil importer China’s economic weakness […]
Oil producer APA explores $1-billion sale of Permian assets, sources say
Aug 19 (Reuters) – APA Corp (APA.O), opens new tab is exploring the sale of oil and gas drilling properties spread across parts of the Permian basin of Texas and New Mexico, in a deal that could […]
Highlights of the Podcast
00:00 – Intro
01:11 – Winter squeeze: Average energy bills could jump to £1,714
03:36 – House Hearing Reveals U.S. Could Experience 48 Wind Blade Failures Per Year
09:36 – Markets Update
10:21 – Oil falls by more than $2 a barrel on Gaza ceasefire talks and weak Chinese economy
11:41 – Oil producer APA explores $1-billion sale of Permian assets, sources say
13:17 – Outro
Follow Stuart On LinkedIn and Twitter
Follow Michael On LinkedIn and Twitter
– Get in Contact With The Show –
Video Transcription edited for grammar. We disavow any errors unless they make us look better or smarter.
Michael Tanner: [00:00:10] What’s going on, everybody? Welcome into the Tuesday, August 20th, 2024 edition of the Daily Energy News Beat stand up. Here are today’s top headlines. First up UK winter squeeze. Average energy bills could jump up to 1,714 pounds. Unbelievable. Next up, we’ll come back here to the United States House hearing reveals U.S. could experience 48 wind blade failures per year according to this new hearing. Absolutely unbelievable. I will then quickly cover what happened in the oil and gas markets. We shedded about $2 off oil prices currently down to 7379. And then I’ll finish up with talking a little Apache. They are exploring a $1 billion sale of Permian assets. That is according to our friends over at Reuters. And then we’ll let you guys get on out of here and finish up your day. I am Michael Tanner. Stu is out on assignment, so I am rocking a solo show. [00:01:10][60.8]
Michael Tanner: [00:01:11] So let’s go ahead and dive right on winter squeeze, average UK energy bills could jump to 1,714 pounds. Unbelievable. Energy bills across Britain are set to increase by 9% this winter, reading an average of 1,700 pounds for the year for a typical household gas and electricity. This is brought to us by consultancy Cornwall Insights, and they released their final forecast for the energy price cap for October 2024. I’m going to now read straight from your article. This energy price cap sets a maximum limit on rates and standing charges that suppliers can charge for variable standard tariffs. The forecasts suggested the cap will be set at about 1,700 pounds for the typical year at Dia, for what is known as dual fuel households, and this would represent a 9% increase based on that current cap. So you know, everyone’s talking about price controls here in the United States. You can look across the pond at the UK and see exactly how it’s working out. Not so much controlling the cost, are they. Now people in the comments are going to argue. Well it is. They’re just trying to keep up. Yeah, they’re keeping up with inflation which is absolutely crushing everybody. This official announcement will be made on August 23rd by OFDM. They also do see a modest increase for the price cap come January 2025. But a lot of this does come down with the Russia Ukraine conflict. So it’s going to be it’s going to be interesting. Again, if you are in the UK, your electric bills we know have gone up because a lot of your gas you’re getting from Russia, you know, with, with Nord Stream being knocked offline by Ian Seals. And I’m talking about legitimate like seal like animal seals because we know in Ukraine it wasn’t one Ukraine. They didn’t say anything. I did see something interesting, you know, the whole yacht theory. But that’s now I’m digressing. You know, gas and electric prices have, have, you know, come up in the UK. They were at some of their lowest points over the year back in February. They’ve they’ve increased modestly now again as, as we move into the summer months and people are beginning to dip. You know it’s a hot summer so there’s that. But UK is getting pounded. It’s just bad energy comes back to bad energy policy and thinking you can control price, you can’t control prices. The free market will set prices where it needs to be, and if you attempt to cap them, you’re going to end up with things like this where we are going to increase it anyway by and now there’s all this back and forth. So even in the UK where they price control energy, it’s still going up. So I wonder how those price controls on food is going to work. [00:03:35][144.8]
Michael Tanner: [00:03:36] But well let’s move on to the next one here. U.S. House hearing reveals U.S. could experience 48 win blade failures per year. This is pretty unbelievable. This all goes back to what happened in the Vineyard Wind development earlier this year as one of the blades fell off, scattering fiberglass and all this stuff everywhere. You know, basically what happened was people started freaking out. Two U.S. Representatives, Representative Jeff Van Drew, a Republican from new Jersey, and Representative Scott Perry, a Republican from Pennsylvania, decided to hold a hearing to develop to, you know, basically determine the impacts of wind on the East Coast. And there were some really interesting things that came out. So here’s a few quotes I’ll read. This is from Representative Van Drew himself. These would be the largest wind turbines in the world. He’s speaking of the Atlantic Shores Wind project, which was approved in July. Basically, there’s going to be 195 new wind turbines at 850ft tall. These are off the coast of new Jersey. Quote. You’re back to these would be the largest wind turbines in the world. We will be an experiment for the world right here in your home at the Jersey shore. Dozens of these turbines will be highly visible and maybe even audible, particularly in Burlington. It’s just, you know, we’ve got Amy de Cibolo. She’s a board member for a A or a c, K for whales, a Nantucket based environmental group who’s opposed to offshore wind development. C we’ve got something in common with these environmental groups. She testified that in that in 2014, an offshore wind insurer estimated that out of 700,000 blades operating globally at the time. 3800 failed each year for a range of causes including lightning damage, human error, and manufacturing defect. She also estimated that there are 3000 operating off the East Coast, or 3000 wind turbines operating off the east coast, so we could see as much as 48 blade failures every year like the one we saw in Nantucket. Pretty unbelievable. But this is also interesting. So with an average wind power or an average power of about ten megawatts per turbine, it’s going to take about 3000 turbines to meet that offshore wind goal. What she said the difference is what her analysis doesn’t take into account the fact you have three blades per winter. So that number could be as high as 130. If we’re actually talking about, you know, scaling this up, you know, as we know it, this, you know, back what happened in Nantucket was pretty unbelievable. You had, you know, foam, fiberglass epoxy being scattered all over the place. I mean, we also were we’re talking about, you know, we were also talking again about what happened when it came to the whales. We know, you know, if you’re a long time listening to show, you know, this is the one thing I like about wind is that it’s disintegrating and actually decimating the whale population. Get rid of them. I don’t hear clearly a joke, but let’s go with it here, folks. You know, this is also interesting. You know, this blow. Who’s ahead of this? This this whale program, which we don’t need? She bought a piece of the blade that actually washed up near her home. To the hearing she testified. I’m reading now straight from article. It even has greatly shifted the public sentiment towards the offshore wind industry on Martha’s Vineyard. She to that community depends on tourism, which debris from the broken glass is impacting. Will go down in and we gotta worry about the whales I guess a little bit in 2022. A Save Right Whales coalition, which raises awareness of the impact of offshore wind development on the critically endangered North Atlantic right whale, documented a number of these unfortunate events. You know, nobody wants to actually cover these, which I mean, rightfully so. I mean, this is just goes anti-environmental you’re just now killing the whales again. Offshore wind is horrible. I mean, there’s very there’s little good about offshore wind. It’s inefficient. It’s an eyesore. It’s harmful to the environment. It’s the exact opposite of trying to be environmentally friendly. Maybe it’s renewable, but it’s not really renewable from the standpoint of there’s a lot of, you know, discharge capacity. It’s only when the wind is blowing. I mean, offshore wind, in my opinion, is one of the worst forms of quote unquote, renewable energy. You might as well I’m more here to rank what I think is like the worst renewables, offshore wind at the top, onshore is pretty, pretty bad. I mean, solar is not as bad as this because at least solar you can work around all other, you know, you can work around stuff. It’s unbelievable. It’s pretty unbelievable. These you know, one of the quotes is these underwater Powell driving hammer blows are gonna be able to do blast from 155 millimeter howitzer cannon or cannon in the air. Such noise bursts are far too loud to be permitted anywhere near whale habitats. I mean, it’s pretty unbelievable socially building these things. You know, the Rand Acoustics LLC has produced two studies that find these impacts are extensive when it comes due. Just, you know, noise pollution for these. I mean, it’s pretty unbelievable if people if people are in favor of offshore wind, you know, one, they even haven’t done their research. Two, they’re just ignorant and don’t want to know and don’t want to take the time. Three don’t really care. They’re just in it for the money. So it’s one of those three. But when you’re when you’re offshore wind, I’m telling you, it’s one of those three buckets. If you’re into offshore wind, you fall into you’re ignorant. You just haven’t done your research, which hey, you, you you name, be sure that’s fine. But ignorance bucket one that you refuse to do the research because you don’t want to know the answer for your bucket number three, where you’re just you don’t care. You’re just in it for the money you don’t like. The oil and gas donates to the right side of the aisle. You’re on the left side aisle. So I’m going to stand up for offshore wind because it’s environmentally friendly, because I can make money off it. It’s the worst kind of people. [00:08:54][317.8]
Michael Tanner: [00:08:54] So with that, guys, let’s go ahead and jump over into the finance section. Before we do that, let’s go ahead and pay the bills. As always, thank you for checking out us on the world’s greatest website, energy news beat.com all the news and analysis I say that in quotes that you just heard is brought to you by said website. You can hit the description below for all links to the timestamps links to the articles. Check us out on Substack. You can also we’re partnering up with our good friends, the crude Truth Ray Trevino offer some direct working interest into an awesome project right here in North Texas. So if you’ve ever wanted to start your oil and gas journey, want to figure out what’s going on, go ahead and hit the link below or visit Invest in Oil.Energy News beat.com. We’ll get you hooked up with all the information to start your journey. [00:09:35][41.3]
Michael Tanner: [00:09:36] In market check. Not terrible. The names of S&P 500 up about 9/10 of a percentage point. Nasdaq 1.3 percentage points. Two year yields flat ten year yields about a 10th of a percentage point dollar index, down about half a percentage point. Bitcoin up about 1.5 percentage points, still below 60,000. No crude oil. Not a great day, was down about three percentage points or about $2 a barrel. 7378 markets just reopened for their night trading session. As we record this here about 530 central time. Brant oil down about 1.5 percentage point 7809 natural gas. Fight a little bit. It was it was, you know, and actually a decent amount is about three and a half percentage points up to $2.24. That was up from a lot. Basically $2.10 was trading at before. I mean, the big thing going on. Color me shocked if you heard this before, oil falling due to the fact that Gaza cease fire talks and weak Chinese economy. I’m getting tired of having to read this headline. So again, what’s really driving it again? The day to day moves in oil are a lot less important than what the trend is going. I mean, the trend is oil has stayed above $70. Why conflict going on in the Middle East and an assumption that demand will continue to rise even if the forecast is shed a little bit? I mean, yes, it’s like inflation. Oh, inflation is at 10% and now at 6%. It’s falling down, but we’re still gaining. [00:10:53][77.2]
Michael Tanner: [00:10:54] Overall inflation is still up at 6%. The slope is still non-zero, which you know people like to throw all that out. You know we did have you know you know you’re sucker to stay. Anthony Blinken not sure if that’s a good or bad thing. He was out there today as we record this on a Monday in his latest diplomatic push by Washington to achieve this, quote unquote, ceasefire, Hamas doesn’t seem into it, Prime Minister Netanyahu says. He reiterated Israel’s commitment to the latest American proposal regarding the release of our hostages, taking to account Israel’s security needs. That’s really it. Okay. You know, the whole China demand stuff. You know, there is an overall China selloff that’s happening, but that’s happening everywhere. As you see Cramer screaming behind me. You know, what will Jerome Powell do with this latest fed meeting. It’s the assumption that he’s going to cut rates. The question is is it a 25 basis points cut. Is it a 50 basis point cut. [00:11:40][46.7]
Michael Tanner: [00:11:41] Only time will tell. The other interesting thing I saw today, oil producer Apache is exploring a $1 billion sale of Permian assets. According to our friends over at Reuters. You know, they’ve opened up and hired who is it true securities and and and Richardson Barr. We love them over there. We get a lot of the stories from we love them. They’re they’ve been hired to explore sale of properties that are spread across Texas and New Mexico, part of the Permian Basin, which is, you know, it really the the Delaware Basin. They they’ve kind of broken them up into different subsections, according to Reuters. Mainly you’ve got the northwest shelf, northern Shelf and the Central Basin platform, both in New Mexico and Texas. This is again on the Delaware Basin side. These sites are around 22,000 boe per day. About 60% of that is oil, according to Apache. Their spokesman says they are actively managing its portfolio. Declined to comment. Any specific transactions, to quote from Patrick Cassidy, the director of corporate communications, it’s going to be a tough job, man. Oh, what one out for Patrick tonight, folks. You’ve seen us do multiple deals recently, including the talent acquisition this year and targeted divestiture of its non-core properties, meaning anything at RBC or Truist Apache has come out and really said at the beginning of this year that they wanted to pay down about $2 billion of the debt they assumed as part of that talent acquisition earlier this year, Apache said it sold some non-core assets earlier this year. Apache did sell some non-core assets, both in the Eagle Ford in the Permian for about $700 million. So just trying to pay it all down. Things are getting spicy, folks. Apache’s just trying to be the latest in that merger. I mean, this isn’t a merger acquisition. This is trying to shed some non-core stuff. But. Day 22,000 barrels of oil a Boe, I should say up for sale. So not bad. [00:13:16][95.5]
Michael Tanner: [00:13:17] That’s really all I’ve got, guys. Still be back in the chair tomorrow and Thursday. I’m actually going to be down in Houston doing some business development stuff, so you’ll get kind of a week of solo show. I’m sorry I’m subjugating you to stew by. Think, you know, like that stew. Michael, just sit here and screams. But that’s okay. Thank you for everybody checking us out. School can be back in the chair and I will see you guys on the week recap. And then see you back on Monday for Stuart Turley and the entire energy movie team I’m Michael Tanner. We’ll see you next time. [00:13:17][0.0][784.1]
– Get in Contact With The Show –
The post UK Energy Bills Go Up appeared first on Energy News Beat.
“}]]
Energy News Beat