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EIA expects significant increases in US wholesale electricity prices this summer

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The US Energy Information Administration (EIA) forecasts that prices in US wholesale electricity markets this summer will significantly increase over last summer’s prices. EIA forecasts summer electricity prices will average $98/MWh in California’s CAISO market and $90/MWh in the ERCOT market in Texas. MMBtu in May 2021.

Price 476
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BNEF: cost of new renewables rises as inflation starts to bite

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The cost of new-build onshore wind has risen 7% year on year, and fixed-axis solar has jumped 14%, according to the latest analysis by research company BloombergNEF (BNEF). The global benchmark levelized cost of electricity, or LCOE, has retreated to where it was in 2019. The latter cost at $74 and $81 per MWh, respectively.

Cost Of 210
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IEF, IHS Markit: deepening underinvestment in hydrocarbons raises specter of continued price shocks and volatility

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Underinvestment in oil and gas development extended into a second year in 2021 even as global energy demand rebounded, raising the prospect of price shocks, scarcity and growing energy poverty, according to a new report by the International Energy Forum (IEF) and IHS Markit.

Price 416
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IEA: global CO2 emissions rebounded to their highest level in history in 2021; largely driven by China

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billion tonnes, their highest ever level, as the world economy rebounded strongly from the COVID-19 crisis and relied heavily on coal to power that growth, according to new IEA analysis. Coal accounted for over 40% of the overall growth in global CO 2 emissions in 2021, reaching an all-time high of 15.3 billion tonnes.

Emissions 370
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Utility solar dethrones coal as the cheapest power source in Asia

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Photo: China News Service Renewable energy costs in Asia last year were 13% cheaper than coal and are expected to be 32% cheaper by 2030, according to a new study. This is significant because it marks a shift toward making renewables increasingly competitive with coal, a mainstay in APAC’s energy mix.

Asia 52
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IEA: governments must act to ensure sufficient supply of critical minerals to meet net-zero goals

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Demand outlooks and supply vulnerabilities vary widely by mineral, but the energy sector’s overall needs for critical minerals could increase by as much as six times by 2040, depending on how rapidly governments act to reduce emissions. Ensure adequate investment in diversified sources of new supply. Source: IEA. Source: IEA.

Supplies 248
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BNEF report finds hydrogen promising decarbonization pathway, but carbon prices and emissions policies required

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The falling cost of making hydrogen from wind and solar power offers a promising route to cutting emissions in some of the most fossil-fuel-dependent sectors of the economy, such as steel, heavy-duty vehicles, shipping and cement, according to a new report from BloombergNEF (BNEF). Abatement cost with hydrogen at $1/kg (7.4/MMBtu).

Hydrogen 221