ST. JOHN’S, Newfoundland and Labrador--(BUSINESS WIRE)--$ALS.TO #copper--Altius Minerals Corporation (ALS:TSX) (ATUSF: OTCQX) (“Altius” or the “Corporation”) is pleased to report the release of its inaugural Sustainability Report, which will become an annual disclosure item. The report includes the following introductory letter that is addressed to Altius’s many valued stakeholders:
Dear Altius Stakeholder,
We are delighted to provide you with our first formal sustainability report. Within this you will discover the many ways in which Altius is a leader and innovator in terms of its environmental, social and governance, or ESG, responsibilities.
While much has been said in recent times of the risk factors that poor ESG adherences represent to investors and other stakeholders, which we generally concur with, we also believe that strong ESG practices are a path to outsized long-term business opportunities and growth.
Being a strong steward of the environment, respecting the rights and needs of the people our operations touch and going the extra mile to ensure that our governance policies and practices exceed the expectations of those whose investments we have been given the privilege of overseeing, is not a box ticking exercise at Altius. It is our culture, and it is good business.
Societal level ideals and capitalism are more aligned than ever before as evidenced by the extraordinary migration of investment flows towards asset managers and businesses that preferentially invest with a focus on global sustainability best practices, while increasingly shunning those that resist adaptations that science and society believe are necessary to ensure we leave a positive legacy for future generations.
Within Altius, our clearest example of this type of adaptation relates to our strategy to reinvest the remaining proceeds from our phasing out coal power generation based royalties into a new renewable energy royalty business. 2020 has been a pivotal year, as our internal estimate of the value of the renewable royalties has eclipsed the remaining value of the coal royalties. Renewables now represent a rapid growth area, while coal is quickly becoming a “rearview mirror” component of our portfolio.
Society is speaking loudly and clearly with its collective capital in saying it wants change to happen now - if not yesterday. We believe that businesses that quickly embrace these transitions as opportunities to innovate will prosper.
In the pages that follow you will hopefully come to understand that Altius means to be part of the group that prospers and that it has been squarely positioning itself for some time to do just that. We also understand that capturing the full opportunity that these macro-trend transitions offer will require continuous innovation and adaptation.
To this goal, we welcome your feedback on the content of our inaugural sustainability report as we continue to strive to develop Altius as the leading natural resource royalty company – as defined by both its long-term sustainability record and its investment returns profile.
Brian Dalton, President & CEO
The Sustainability Report is available on the Corporation’s website at www.altiusminerals.com, and will be emailed to shareholders and ratings agencies.
About Altius
Altius’s strategy is to create per share growth through a diversified portfolio of royalty assets that relate to long life, high margin operations. This strategy further provides shareholders with exposures that are well aligned with sustainability-related global growth trends including the electricity generation transition from fossil fuel to renewables, transportation electrification, reduced emissions from steelmaking and increasing agricultural yield requirements. These macro-trends each hold the potential to cause increased demand for many of Altius’s commodity exposures including copper, renewable based electricity, several key battery metals (lithium, nickel and cobalt), clean iron ore, and potash. In addition, Altius runs a successful Project Generation business that originates mineral projects for sale to developers in exchange for equity positions and royalties. Altius has 41,464,462 common shares issued and outstanding that are listed on Canada’s Toronto Stock Exchange. It is a member of both the S&P/TSX Small Cap and S&P/TSX Global Mining Indices.
For further information, please contact:
Flora Wood
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Tel: 1.877.576.2209
Direct: +1(416)346.9020
Ben Lewis
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Tel: 1.877.576.2209
TAIPEI, Taiwan--(BUSINESS WIRE)--CPC Corporation, Taiwan (CPC) has been exploring for oil in Africa for decades. In 2006, it signed a contract with Chad’s Ministry of Petroleum and Energy under the name of OPIC Africa. In 2011, it discovered a large amount of crude oil at the first well. In 2017, it was granted the development and production license for the Oryx Concession. It conducted trial production in February 2020. In October 2020, the first cargo of oil produced from Oryx Concession — a tanker carrying about 950,000 barrels of crude oil — departed from the Kribi terminal in Cameroon and arrived in Taiwan at the end of November. On December 1, CPC held a ceremony to celebrate the first cargo of Chadian crude oil arriving in Taiwan at the Dalin Refinery operated by CPC’s Refining Business Division, to announce the latest results of its overseas petroleum exploration project.
CPC Chairman Jerry Ou said at the ceremony: “The Chad Oryx Concession is the first time that CPC has conducted exploration overseas as an operator and entered into development and production phase. This shows that CPC has the capacity to manage the whole life cycle of petroleum exploration and production project by itself. In the future, CPC will replicate its successful experience in Chad and will continue to expand overseas exploration areas to help achieve energy independence for Taiwan.”
Over the past 40 years, CPC has participated in global exploration as well as mergers and acquisitions. In recent years, it has achieved brilliant accomplishments in Africa, Australia, South America, and Southeast Asia, all of which increased Taiwan’s ability to maintain national energy security. CPC will continue to work towards the vision of building itself into an international petroleum upstream sector business with a high asset value.
The seismic surveys, drilling, development and production of the Chad Oryx Concession are all managed by CPC. The company is proud of its expertise in geoscience, oil well drilling and geological modeling technology. Its international export technical services and the technology for oilfield development planning also can be shared with the international community.
Established 74 years ago, CPC is Taiwan’s largest energy group and is listed in Fortune’s Global 500. It is an integrated energy group covering the upper, middle and downstream petroleum industries.
Luo Tsuei-yi
886-2-5051180 ext.680
This email address is being protected from spambots. You need JavaScript enabled to view it.
NEWPORT BEACH, Calif.--(BUSINESS WIRE)--$CLNE #RNG--Clean Energy Fuels Corp. (NASDAQ: CLNE) applauds the passage by the U.S. Congress of an alternative fuel tax credit which will continue to support the expansion of renewable natural gas (RNG), the cleanest transportation fuel that is currently powering tens of thousands of large vehicles every day. President Trump is expected to soon sign the legislation which extends the credit through 2021 and applies to RNG in compressed natural gas (CNG) or liquefied natural gas (LNG) applications.
“This extension of the tax credit comes at a particularly opportune time as more fleets are realizing the tremendous impact that RNG is having on reducing carbon and the long-term impact it has on climate change,” said Andrew J. Littlefair, president and CEO of Clean Energy. “We applaud Congress and the President for taking this action and encourage the implementation of permanent measures to encourage further use of this superior and clean fuel.”
The legislation includes the Alternative Fuels Tax Credit, which extends the $0.50 per gallon fuel credit/payment for the use of RNG as a transportation fuel, and the Alternative Fuel Vehicle Refueling Property Credit, which extends the 30 percent/$30,000 investment tax credit for alternative vehicle refueling property.
RNG is derived from organic waste at dairies and other agricultural facilities and landfills. Carbon emissions captured from dairies and turned into a transportation fuel reduce the harmful effects on long-term climate change. As a result, the California Air Resources Board gives carbon-negative RNG a CI Score (gCO2e/MJ) of -250 (or lower) compared to 97 for diesel and 46 for electric batteries. The demand for this carbon-negative fuel has significantly accelerated over the last few years. Some of the largest heavy-duty fleets in the world such as UPS, Republic Services, New York Metropolitan Transportation Authority and LA Metro, among others, are currently and successfully operating tens of thousands of vehicles on RNG.
Natural gas vehicles are powered by American fuel, American technology, and American innovation. No commercially-available heavy-duty powertrain solution runs cleaner than natural gas, and the cleanest heavy-duty truck engine in the world is powered by natural gas.
About Clean Energy
Clean Energy Fuels Corp. is North America’s leading provider of the cleanest fuel for the transportation market. Through its sales of Redeem™ renewable natural gas (RNG), which is derived from capturing biogenic methane produced from decomposing organic waste, Clean Energy allows thousands of vehicle fleets, from airport shuttles to city buses to waste and heavy-duty trucks, to reduce their amount of climate-harming greenhouse gas by at least 70% and even up to 300% depending on the source of the RNG. Clean Energy can deliver Redeem through compressed natural gas (CNG) and liquified natural gas (LNG) to its network of approximately 540 fueling stations across the U.S. and Canada. Clean Energy builds and operates CNG and LNG fueling stations for the transportation market, owns natural gas liquefication facilities in California and Texas, and transports bulk CNG and LNG to non-transportation customers around the U.S. For more information, visit www.CleanEnergyFuels.com.
Forward-Looking Statements
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 that involve risks, uncertainties and assumptions, including without limitation statements about the benefits of RNG. Actual results and the timing of events could differ materially from those anticipated in these forward-looking statements. The forward-looking statements made herein speak only as of the date of this press release and, unless otherwise required by law, Clean Energy undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances. Additionally, the reports and other documents Clean Energy files with the SEC (available at www.sec.gov) contain risk factors, which may cause actual results to differ materially from the forward-looking statements contained in this news release.
Clean Energy Contact:
Raleigh Gerber
949-437-1397
This email address is being protected from spambots. You need JavaScript enabled to view it.
Investor Contact:
This email address is being protected from spambots. You need JavaScript enabled to view it.
LONDON & OSLO, Norway--(BUSINESS WIRE)--Bulk Infrastructure Holding AS, a Nordic data center, fiber network developer and operator, and logistics real estate developer, announced a new partnership with BentallGreenOak (BGO), a global real estate investment manager, as a strategic partner and investor. BentallGreenOak has committed NOK 1.5 billion (approximately €140 million) to support the future growth of Bulk Infrastructure’s core lines of business.
BentallGreenOak joins main shareholders, Bulk Industrier and Geveran, in securing capital for the company’s future growth, with a series of capital injections from BGO and existing shareholders that will take place from January, 2021. John Carrafiell, Senior Managing Partner and Co-founder of BentallGreenOak, will join Bulk Infrastructure’s Board of Directors, and founder, Peder Nærbø, and his company Bulk Industrier, will continue to work actively within the company and remain the lead investor and Chairman of the Board. Bulk Infrastructure’s capital-intensive investments are advancing scalable, sustainable solutions in infrastructure and real estate that are poised to make long-lasting, positive impacts to the environment.
Bulk Infrastructure, in partnership with BentallGreenOak, expects to invest in the continuing development of its N01 Data Center Campus in south Norway. At 3 million sqm (740 acres) and up to 1 GigaWatt of IT power, N01 Campus has the ambition to become the world’s largest data center campus powered by 100% renewable energy. This data center campus provides integral access to Bulk Infrastructure’s recently completed Havfrue fiber cable, the first trans-Atlantic subsea cable system into the Nordics in almost two decades, providing unparalleled connectivity between Northern Europe and the U.S. Bulk Infrastructure’s planned new cable project, called Leif Erikson, between Norway and Atlantic Canada will further improve connectivity, and build on BGO’s strong position and history in the Canadian market.
“We want to unlock the potential the Nordics and renewable energy has to offer in sustainable digital infrastructure,” says Peder Nærbø, founder of Bulk Infrastructure. “With a top tier international investor like BentallGreenOak in our company, we will enable faster growth and better scale for our opportunities,” the founder continues. “This provides us with a great platform for reaching our vision of bringing sustainable infrastructure to a global audience, and to serve the biggest and most demanding customers out there,” says Nærbø.
“This partnership with Bulk Infrastructure is a perfect match for BGO,” says Senior Managing Partner and Co-founder of BentallGreenOak, John Carrafiell. “BGO has been focused on the European logistics market since 2013, and, similar to Bulk's own evolution, considers data centers to be a natural extension of the firm’s real estate investment strategy. Bulk Infrastructure's commitment to building on the Nordic region's natural advantages to deliver strong economic and environmental performance in real estate and infrastructure, is well-aligned with BGO's own investment priorities. We are pleased to be developing exciting new pathways, on behalf of our investors, that deliver performance-driven investment opportunities that also benefit the local economy and maintain a focus on environmental sustainability.”
“This partnership provides us with a solid financial platform as Bulk Infrastructure is opportunity rich in all three business areas. As an example, we see opportunities for major capacity add in our three existing Data Center campuses as well as in other Nordic destinations. Bulk Infrastructure’s combination of reliable and cost-effective access to 100% green power from renewable sources, cold climate, stable business environment, and well-positioned fiber optic network, is uniquely situated to attract a significant share of the rapidly growing European and global data center market,” says Bulk Infrastructure CEO, Jon Gravråk.
Arctic Securities, Pareto Securities, PwC and Schjødt served as advisors to Bulk Infrastructure on the partnership and BentallGreenOak were advised by Wiersholm and EY.
About Bulk Infrastructure
Bulk Infrastructure is a leading provider of sustainable digital infrastructure in the Nordics. We are an industrial investor, developer and operator of industrial real estate, data centers and dark fiber networks. We believe in the value creation opportunity of enabling our digital society to be fully sustainable. Our ambition is to be the go-to player for anyone that wants to leverage the Nordics for data processing requirements of the future. We have a track record of delivering high quality and cost-effective customer solutions with short time to market. Hence our vision: Racing to bring sustainable infrastructure to a global audience.
Bulk Industrial Real Estate maintains a landbank of strategic locations for industrial real estate projects in Norway, Sweden and Denmark. Based on standard designs, we develop, build and operate warehouse buildings, cross dock terminals and other industrial facilities.
Bulk Data Centers delivers strategically located Nordic data centers and a dedication to service excellence that enable customers to reduce costs and environmental impact with ultra-flexible, highly connected and scalable solutions.
Bulk Fiber Networks connects the Nordics with the world’s major markets via low-latency and high-capacity fiber networks. We build and operate international and intra-Nordic fiber infrastructure that is designed to meet the large-scale data transport needs of the future.
About BentallGreenOak
BentallGreenOak is a leading, global real estate investment management advisor and a globally recognized provider of real estate services. BentallGreenOak serves the interests of more than 750 institutional clients with approximately $50 billion USD of assets under management (as of September 30, 2020) and expertise in the asset management of office, logistics, multi-residential and retail property across the globe. BentallGreenOak has offices in 24 cities across twelve countries with deep, local knowledge, experience, and extensive networks in the regions where we invest and manage real estate assets on behalf of our clients.
In Europe, BentallGreenOak is a leading investment manager with over 50 professionals and $5.2 billion USD in AUM across debt and equity, with strategies spanning from Core to Value-Add and Development, with its own internalised operating capability. The firm has acquired or developed over 133 logistics assets comprising 4.8 million square meters (52 million square feet) since 2015. BentallGreenOak’s investment vehicles have assembled a large and diversified land bank across Europe, currently owning or controlling 4.4 million square meters of land (capable of building 2.2 million square meters of space) zoned for Logistics, Data Centers and Cold Storage.
BentallGreenOak is a part of SLC Management, which is the institutional alternatives and traditional asset management business of Sun Life.
The assets under management shown above include real estate equity and mortgage investments managed by the BentallGreenOak group of companies and their affiliates.
For more information, please visit www.bentallgreenoak.com
About Geveran
Geveran Trading Co. Limited ("Geveran"), a company indirectly controlled by trusts established by Mr John Fredriksen for the benefit of his immediate family, invested in Bulk Infrastructure in 2018 and currently has an ownership stake of approximately 14%.
About Bulk Industrier
Bulk Industrier AS is an industrial investment company of Norwegian entrepreneur Peder Nærbø (Naerboe). The company focus on investments that create sustainable solutions with scalable impact. Bulk Industrier is the controlling shareholder to Bulk Infrastructure AS where Mr Naerboe conducts his active leadership as a business and industry developer.
Media Contacts
Mr. Lars Hognestad
Senior Manager Group Communications
Bulk Infrastructure
This email address is being protected from spambots. You need JavaScript enabled to view it.
Mr. Rahim Ladha
Vice President, Corporate Communications
BentallGreenOak
This email address is being protected from spambots. You need JavaScript enabled to view it.
COLUMBUS, Ohio--(BUSINESS WIRE)--The Battelle Savannah River Alliance (BRSA) Team was selected by the Department of Energy to manage one of the country’s premier environmental, energy, and national security research facilities—the Savannah River National Laboratory (SRNL).
Employing approximately 1,000 staff, SRNL conducts research and development for diverse federal agencies, providing practical, cost-effective solutions for the nation’s environmental, nuclear security, energy and manufacturing challenges. As the U.S. Department of Energy’s (DOE’s) Environmental Management Laboratory, SRNL provides strategic scientific and technological support for the nation’s $6 billion per year waste clean-up program.
BSRA is led by and wholly owned by Battelle, one of DOE’s leading laboratory management contractors. The BSRA Team includes five universities from the region—Clemson University, Georgia Institute of Technology, South Carolina State University, University of Georgia, and University of South Carolina—as well as small business partners, Longenecker & Associates and TechSource.
The contract includes a five-year base with five one-year options. The estimated value of the contract is $3.8 billion over the course of 10 years if all options are exercised.
“We are honored by DOE’s decision to award the Savannah River National Laboratory management and operations contract to our team,” said Battelle President and CEO Lou Von Thaer. “We have the lab management experience to make a difference and we’re committed to ensuring the success of this important national resource.”
“We’re honored and excited to have this opportunity,” said Ron Townsend, Battelle’s Executive Vice President for Global Laboratory Operations. “BSRA’s approach will ensure the delivery of high-impact science, technology and engineering solutions into the future through a significant expansion of SRNL’s core competencies. Our team offers an exciting, compelling vision for the future of SRNL and provides DOE a leadership team that will deliver with excellence.”
Battelle currently has a management role at seven DOE national labs including Pacific Northwest National Lab, Brookhaven National Lab, Oak Ridge National Lab, National Renewable Energy Lab, Idaho National Lab, Los Alamos National Lab and Lawrence Livermore National Lab. It also operates the National Biodefense Analysis and Countermeasures Center for the Department of Homeland Security.
About Battelle
Every day, the people of Battelle apply science and technology to solving what matters most. At major technology centers and national laboratories around the world, Battelle conducts research and development, designs and manufactures products, and delivers critical services for government and commercial customers. Headquartered in Columbus, Ohio since its founding in 1929, Battelle serves the national security, health and life sciences, and energy and environmental industries. For more information, visit www.battelle.org.
Katy Delaney at (614) 424-7208 or This email address is being protected from spambots. You need JavaScript enabled to view it.
HOUSTON--(BUSINESS WIRE)--ConocoPhillips (NYSE: COP) today announced a new oil discovery in production license 891 on the Slagugle prospect located 14 miles north-northeast of the Heidrun Field in the Norwegian Sea. ConocoPhillips Skandinavia AS is operator of the license with 80 percent working interest. Pandion Energy AS is license partner with 20 percent working interest.
Preliminary estimates place the size of the discovery between 75 million and 200 million barrels of recoverable oil equivalent. Extensive data acquisition and sampling has been carried out in the discovery well 6507/5-10, and future appraisal will be conducted to determine potential flow rates, the reservoir’s ultimate resource recovery and potential development plan.
“This discovery marks our fourth successful exploration well on the Norwegian Continental Shelf in the last 16 months,” said Matt Fox, executive vice president and chief operating officer. “All four discoveries have been made in well-documented parts of the North Sea and the Norwegian Sea and offer very low cost of supply resource additions that can extend our more than 50-year legacy in Norway.”
The discovery well was drilled in 1,165 feet of water to a total depth of 7,149 feet by the Leiv Eiriksson drilling rig.
--- # # # ---
About ConocoPhillips
Headquartered in Houston, Texas, ConocoPhillips had operations and activities in 15 countries, $63 billion of total assets, and approximately 9,800 employees at Sept. 30, 2020. Production excluding Libya averaged 1,108 MBOED for the nine months ended Sept. 30, 2020, and proved reserves were 5.3 BBOE as of Dec. 31, 2019. For more information, go to www.conocophillips.com.
CAUTIONARY STATEMENT FOR THE PURPOSES OF THE "SAFE HARBOR" PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
This news release contains forward-looking statements as defined under the federal securities laws. Forward-looking statements relate to future events and anticipated results of operations, business strategies, and other aspects of our operations or operating results. Words and phrases such as "anticipate," "estimate," "believe," “budget,” "continue," "could," "intend," "may," "plan," "potential," "predict," “seek,” "should," "will," “would,” "expect," "objective," "projection," "forecast," "goal," "guidance," "outlook," "effort," "target" and other similar words can be used to identify forward-looking statements. However, the absence of these words does not mean that the statements are not forward-looking. Where, in any forward-looking statement, the company expresses an expectation or belief as to future results, such expectation or belief is expressed in good faith and believed to be reasonable at the time such forward-looking statement is made. However, these statements are not guarantees of future performance and involve certain risks, uncertainties and other factors beyond our control. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in the forward-looking statements. Factors that could cause actual results or events to differ materially from what is presented include the impact of public health crises, such as pandemics (including coronavirus (COVID-19)) and epidemics and any related company or government policies and actions to protect the health and safety of individuals or government policies or actions to maintain the functioning of national or global economies and markets; global and regional changes in the demand, supply, prices, differentials or other market conditions affecting oil and gas and the resulting company actions in response to such changes, including changes resulting from the imposition or lifting of crude oil production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries and other producing countries; changes in commodity prices; changes in expected levels of oil and gas reserves or production; operating hazards, drilling risks, unsuccessful exploratory activities; unexpected cost increases or technical difficulties in constructing, maintaining, or modifying company facilities; legislative and regulatory initiatives addressing global climate change or other environmental concerns; investment in and development of competing or alternative energy sources; disruptions or interruptions impacting the transportation for our oil and gas production; international monetary conditions and exchange rate fluctuations; changes in international trade relationships, including the imposition of trade restrictions or tariffs on any materials or products (such as aluminum and steel) used in the operation of our business; our ability to collect payments when due under our settlement agreement with PDVSA; our ability to collect payments from the government of Venezuela as ordered by the ICSID; our ability to liquidate the common stock issued to us by Cenovus Energy Inc. at prices we deem acceptable, or at all; our ability to complete our announced dispositions or acquisitions on the timeline currently anticipated, if at all; the possibility that regulatory approvals for our announced dispositions or acquisitions will not be received on a timely basis, if at all, or that such approvals may require modification to the terms of our announced dispositions, acquisitions or our remaining business; business disruptions during or following our announced dispositions or acquisitions, including the diversion of management time and attention; the ability to deploy net proceeds from our announced dispositions in the manner and timeframe we currently anticipate, if at all; potential liability for remedial actions under existing or future environmental regulations; potential liability resulting from pending or future litigation; the impact of competition and consolidation in the oil and gas industry; limited access to capital or significantly higher cost of capital related to illiquidity or uncertainty in the domestic or international financial markets; general domestic and international economic and political conditions; the ability to successfully receive the requisite approvals and consummate the proposed acquisition of Concho resources; the ability to successfully integrate the operations of Concho Resources with our operations and achieve the anticipated benefits from the transaction; changes in fiscal regime or tax, environmental and other laws applicable to our business; and disruptions resulting from extraordinary weather events, civil unrest, war, terrorism or a cyber attack; and other economic, business, competitive and/or regulatory factors affecting our business generally as set forth in our filings with the Securities and Exchange Commission. Unless legally required, ConocoPhillips expressly disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
John C. Roper (media)
281-293-1451
This email address is being protected from spambots. You need JavaScript enabled to view it.
Investor Relations
281-293-5000
This email address is being protected from spambots. You need JavaScript enabled to view it.
SAN DIEGO--(BUSINESS WIRE)--EDF Renewables North America today announced that the 150 megawatt (MW) Merricourt Wind Project achieved commercial operation and has been turned over to Otter Tail Power Company, a subsidiary of Otter Tail Corporation (Nasdaq Global Select Market: OTTR). EDF Renewables developed and managed the construction process for Otter Tail Power under an Asset Purchase Agreement and turnkey Engineering, Procurement, and Construction (EPC) Agreement.
Located approximately 10 miles southwest of Kulm, North Dakota, in McIntosh and Dickey Counties, the Project created 260 construction jobs as well as injected millions of dollars in economic benefits to the local area. The 75 Vestas wind turbines are expected to generate enough energy to meet the consumption of nearly 65,000 homes1 annually.
“North Dakota’s abundant wind resource and supportive regulatory environment combine to create an opportunity to provide low-cost, reliable clean energy to utilities like Otter Tail Power Company,” said Kate O’Hair, Vice President, North Region Development at EDF Renewables. “After many years of development, we are thrilled to see this project fully operational. Our gratitude goes out to Otter Tail Power Company for making this project a reality, and especially the local community and landowners who have supported Merricourt Wind through the years.”
“Completing the Merricourt Wind Energy Center marks a major milestone,” said Otter Tail Power Company President Tim Rogelstad. “At approximately $260 million, Merricourt is the largest capital investment in Otter Tail Power Company’s history. Thank you to EDF Renewables and everyone involved with this project. Your tireless efforts and dedication have made it possible.”
EDF Renewables is one of the largest renewable energy developers in North America with 16 gigawatts of wind, solar, and storage projects developed throughout the U.S., Canada, and Mexico.
With 35 years of experience and 16 gigawatts of renewable projects developed throughout North America, EDF Renewables provides a fully integrated bundle of energy solutions from grid-scale wind, solar, and solar plus storage projects to electric vehicle charging and energy storage management.
1 According to U.S. Energy Information Administration (EIA) 2018 Residential Electricity Sales and U.S. Census Data
About EDF Renewables North America:
EDF Renewables North America is a market leading independent power producer and service provider with 35 years of expertise in renewable energy. The Company delivers grid-scale power: wind (onshore and offshore), solar photovoltaic, and storage projects; distributed solutions: solar, solar+storage, EV charging and energy management; and asset optimization: technical, operational, and commercial skills to maximize performance of generating projects. EDF Renewables’ North American portfolio consists of 16 GW of developed projects and 11 GW under service contracts. EDF Renewables North America is a subsidiary of EDF Renouvelables, the dedicated renewable energy affiliate of the EDF Group. For more information visit: www.edf-re.com. Connect with us on LinkedIn, Facebook and Twitter.
Sandi Briner, +1 858-521-3525
This email address is being protected from spambots. You need JavaScript enabled to view it.
As the market continues to evolve, utilities should consider time-of-use rates, vehicle-to-grid pilots, and increased stakeholder collaboration
BOULDER, Colo.--(BUSINESS WIRE)--#EVcharging--A new report from Guidehouse Insights explores the maturing EV and charging markets, along with EV grid impacts and potential utility benefits.
Electricity demand in the US and European Union has been flat or down for several years, threatening the traditional business utility model of greater demand driving higher revenue. However, projected growth in EV adoption and the electricity that EVs use represent a dramatic increase in the amount of power that utilities will likely sell to consumers, yet, intermittent charge times and geographic clustering could exacerbate peak demand issues and threaten transformers. Click to tweet: According to a new report from @WeAreGHInsights, the evolving EV market, charging infrastructure, and charge times are expected to have a significant impact on utility load shapes.
“As utilities determine investment strategies and how to incorporate a step-change in demand, they will need to consider a range of strategies including price signals and vehicle-to-grid integration,” says Scott Shepard, senior research analyst with Guidehouse Insights. “These tools can help utilities and regulators nudge EV charging behavior to minimize disruptive grid impacts, lower consumer costs, and reduce carbon emissions.”
To position for success as the EV market evolves, Guidehouse Insights recommends utilities and regulators consider shifting electricity customers to time-of-use (TOU) rates. Utilities should work with fleets and firms to foster workplace charging, partner with charging companies to run vehicle-to-grid pilots, and collaborate with automakers to reduce friction for smart charging.
The report, Optimizing EV Load Profiles to Benefit the Grid, explores the maturing EV and charging markets, the move from EV grid impacts from theoretical to practical, and potential utility benefits, including demand response, energy storage, and managed charging. The report also explores this question: how are EVs and renewables exacerbating load shape peaks and troughs? Recommendations for utilities and other stakeholders are provided along with instruments in utility and regulator toolbelts that could help shift EV load. An executive summary of the report is available for free download on the Guidehouse Insights website.
About Guidehouse Insights
Guidehouse Insights, the dedicated market intelligence arm of Guidehouse, provides research, data, and benchmarking services for today’s rapidly changing and highly regulated industries. Our insights are built on in-depth analysis of global clean technology markets. The team’s research methodology combines supply-side industry analysis, end-user primary research, and demand assessment, paired with a deep examination of technology trends, to provide a comprehensive view of emerging resilient infrastructure systems. Additional information about Guidehouse Insights can be found at www.guidehouseinsights.com.
About Guidehouse
Guidehouse is a leading global provider of consulting services to the public and commercial markets with broad capabilities in management, technology, and risk consulting. We help clients address their toughest challenges with a focus on markets and clients facing transformational change, technology-driven innovation and significant regulatory pressure. Across a range of advisory, consulting, outsourcing, and technology/analytics services, we help clients create scalable, innovative solutions that prepare them for future growth and success. Headquartered in Washington DC, the company has more than 7,000 professionals in more than 50 locations. Guidehouse is led by seasoned professionals with proven and diverse expertise in traditional and emerging technologies, markets and agenda-setting issues driving national and global economies. For more information, please visit: www.guidehouse.com.
* The information contained in this press release concerning the report, Optimizing EV Load Profiles to Benefit the Grid, is a summary and reflects the current expectations of Guidehouse Insights based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Guidehouse Insights nor Guidehouse undertakes any obligation to update any of the information contained in this press release or the report.
Lindsay Funicello-Paul
+1.781.270.8456
This email address is being protected from spambots. You need JavaScript enabled to view it.
MINNEAPOLIS--(BUSINESS WIRE)--On Thursday, January 28, 2021, Xcel Energy (NASDAQ: XEL) will host a conference call to review fourth quarter and year end 2020 financial results. Earnings will be released prior to the opening of trading.
The call will begin at 9:00 a.m. Central Time. To participate in the conference call, please dial in at least 5-10 minutes prior to the scheduled start and follow the operator’s instructions. You will be asked for the conference ID number.
US Dial-In: 888-394-8218
International Dial-In: 400-120-8590
Conference ID: 6174235
The conference call will also be simultaneously broadcast and archived on our website, along with an MP3 download, at the following location:
http://www.xcelenergy.com
Under Company, select: Investor Relations
If you are unable to participate in the live event, the call will be available for replay from 12:00 p.m. on January 28 through 12:00 p.m. on January 31, Central Time.
Replay Numbers
US Dial-In: 888-203-1112
International Dial-In: 719-457-0820
Replay Passcode: 6174235
About Xcel Energy
Xcel Energy (NASDAQ: XEL) provides the energy that powers millions of homes and businesses across eight Western and Midwestern states. Headquartered in Minneapolis, the company is an industry leader in responsibly reducing carbon emissions and producing and delivering clean energy solutions from a variety of renewable sources at competitive prices. For more information, visit xcelenergy.com or follow us on Twitter and Facebook.
Financial analysts may call:
Paul Johnson, Vice President - Investor Relations 612-215-4535
News media inquiries please call Xcel Energy Media Relations at 612-215-5300.
Internet: www.xcelenergy.com
Company’s largest project generates electricity for Fortune 500 corporate customers
DULUTH, Minn.--(BUSINESS WIRE)--ALLETE Clean Energy, a wholly owned subsidiary of ALLETE, Inc. (NYSE: ALE), announced today the start of commercial operations at its Diamond Spring wind site in southern Oklahoma.
The output from the 303-megawatt Diamond Spring site is contracted to provide renewable energy to Walmart, Smithfield Foods and Starbucks though separate renewable energy sales agreements with 12-15 year terms.
Diamond Spring is ALLETE Clean Energy’s largest wind site, producing enough energy to power about 114,000 homes and increasing the company’s total wind capacity to more than 1,000 megawatts.
“Diamond Spring will help our customers achieve their climate-action goals and bring more renewable energy onto the nation’s power grid,” said ALLETE Clean Energy President Allan S. Rudeck Jr. “I’m extremely proud of our team for developing our largest wind site and bringing it to commercial operation on schedule during a global pandemic. We intend to continue to build on our strong reputation for delivering timely, responsible and cost-effective renewable solutions. ALLETE Clean Energy will continue to innovate and drive new growth opportunities in the clean-energy sector.”
“Meaningful and lasting actions to address climate change by utilities, cities, and corporate and industrial customers are an important part of ALLETE’s sustainability in action strategy and provide an exciting market for ALLETE Clean Energy as companies embrace sustainability goals,” said ALLETE President and CEO Bethany Owen.
Smithfield Foods, a $16 billion global food and agriculture company, announced a goal in 2016 to reduce greenhouse gas emissions across its supply chain 25 percent by 2025. Earlier this year, the company furthered its commitment to emissions reduction by announcing it will become carbon negative across its company-owned operations in the United States by 2030.
“Smithfield Foods has an ambitious carbon reduction program aimed at making a real, positive impact on the climate and generating value for multiple stakeholders,” said Kraig Westerbeek, senior director of Smithfield Renewables for Smithfield Foods. “With the completion of the Diamond Spring project, the wind energy generated from this site will account for what is needed to power more than 15 percent of our total U.S. operations, marking a significant step forward in achieving our goals.”
ALLETE Clean Energy’s strategic purchase of wind turbines that qualify for the safe harbor provision of federal production tax credits enables Diamond Spring’s low energy costs. In addition to turbines installed at Diamond Spring, ALLETE Clean Energy retains more safe harbor turbines for additional wind site development.
With Diamond Spring online, ALLETE Clean Energy has turned its attention to developing the Caddo wind site in central Oklahoma. The 303-megawatt Caddo site is fully contracted to three corporate customers, of which 200 megawatts is contracted to McDonald’s Corp., increasing ALLETE Clean Energy’s share of the corporate and industrial clean-energy market. The project is expected to be operational by the end of 2021.
ALLETE Clean Energy acquires, develops and operates clean and renewable energy projects and is well-positioned to drive additional clean-energy sector growth. ALLETE Clean Energy owns, operates, has in advanced construction and has delivered build-transfer projects totaling more than 1,450 megawatts of nameplate wind capacity across seven states.
ALLETE, Inc. is an energy company headquartered in Duluth, Minnesota. In addition to its electric utilities, Minnesota Power and Superior Water, Light and Power of Wisconsin, ALLETE owns ALLETE Clean Energy, based in Duluth; BNI Energy in Bismarck, North Dakota; and has an 8 percent equity interest in the American Transmission Co. More information about ALLETE is available at www.allete.com. ALE-CORP
The statements contained in this release and statements that ALLETE may make orally in connection with this release that are not historical facts, are forward-looking statements. Actual results may differ materially from those projected in the forward-looking statements. These forward-looking statements involve risks and uncertainties and investors are directed to the risks discussed in documents filed by ALLETE with the Securities and Exchange Commission.
Amy Rutledge
Manager - Corporate Communications
218-723-7400
This email address is being protected from spambots. You need JavaScript enabled to view it.
LONDON--(BUSINESS WIRE)--#GlobalOffshoreOilandGasPipelineMarket--The offshore oil and gas pipeline market is poised to grow by USD 2.79 bn during 2020-2024 progressing at a CAGR of over 4% during the forecast period.
Worried about the impact of COVID-19 on your Business? Here is an Exclusive report talking about Market scenarios, Estimates, the impact of lockdown, and Customer Behaviour.
Get FREE Sample Report in Minutes!
The report on the offshore oil and gas pipeline market provides a holistic update, market size and forecast, trends, growth drivers, and challenges, as well as vendor analysis.
The report offers an up-to-date analysis regarding the current global market scenario, the latest trends and drivers, and the overall market environment. The market is driven by the increase in global energy demand.
The offshore oil and gas pipeline market analysis includes the product segment and geography landscape. This study identifies the economic benefits of offshore pipelines than other oil and gas transportation modes as one of the prime reasons driving the offshore oil and gas pipeline market growth during the next few years.
This report presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources by an analysis of key parameters.
The offshore oil and gas pipeline market covers the following areas:
Offshore Oil And Gas Pipeline Market Sizing
Offshore Oil And Gas Pipeline Market Forecast
Offshore Oil And Gas Pipeline Market Analysis
Companies Mentioned
Related Reports on Energy Include:
Key Topics Covered:
Executive Summary
Market Landscape
Market Sizing
Five Forces Analysis
Market Segmentation by Product
Customer landscape
Geographic Landscape
Vendor Landscape
Vendor Analysis
Appendix
Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio’s in-depth research has direct and indirect COVID-19 impacted market research reports.
Register for a free trial today and gain instant access to 17,000+ market research reports.
Technavio's SUBSCRIPTION platform
About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Website: www.technavio.com/
DUBLIN--(BUSINESS WIRE)--The "The Global Military Simulator Systems Market to 2030" report has been added to ResearchAndMarkets.com's offering.
The report covers the industry analysis including the key market drivers, emerging technology trends, and major challenges faced by industry participants. It also offers insights regarding key factors and government programs that are expected to influence the demand for military simulator systems market over the forecast period.
The demand for military simulator systems is anticipated to be driven by high levels of expenditure by emerging economies in the Asia-Pacific region, including India and China. The North American region, supported by the US Armed Forces' multi-year procurement programs, is anticipated to register a second leading position globally, exhibiting a steady pace of growth over the forecast period. Militaries are incorporating simulators into their training programs to cut down various operating costs associated with the training involved with real equipment. Governments are also planning to shift most pilot training to simulators.
Land simulator is expected to be the largest segment in the military simulator systems market over the forecast period. The demand for land simulators is anticipated to originate from the procurement of various land platforms, such Australia's Land 400 Phase 2 - Boxer CRV, China's T-15 Light Tank, India's Arjun MK1-A, Russia's T-14 Armata, the UK's Athena C2 and the US's Joint Light Tactical Vehicles (JLTVs), among others.
The land simulator segment is expected to account for a 47.9% revenue share of the total market over the forecast period followed by flight simulator segment. The demand for this segment is driven by several high-value procurement programs worldwide, including the US's Predator Mission Aircrew Training System (PMATS), E-2D Hawkeye Integrated Training System III, AH-64 Apache Flight Simulators, Thailand's F-16A/B Block 15 Simulator, the UK's Military Flying Training System (UKMFTS) and Qatar's P5 Air Combat Training System, among others
The global military simulator systems market is expected to be led by Asia-Pacific with a revenue share of 28.0%. The growth in the Asia-Pacific market is attributed to spending by countries such as India, China, Australia, South Korea, and Japan on advanced simulators of various categories.
Key Highlights
Key Topics Covered:
Executive Summary
Market Dynamics
Global Military Simulator Systems Market - Segment Analysis
Global Military Simulator Systems Market - Regional Analysis
Global Military Simulator Systems Market - Trend Analysis
Key Programs Analysis
Competitive Landscape Analysis
Major Products and Services
Companies Mentioned
For more information about this report visit https://www.researchandmarkets.com/r/w7usp9
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
This email address is being protected from spambots. You need JavaScript enabled to view it.
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
ANNAPOLIS, Md.--(BUSINESS WIRE)--$HASI--Hannon Armstrong Sustainable Infrastructure Capital, Inc. ("Hannon Armstrong") (NYSE: HASI), a leading investor in climate solutions, today announced a preferred equity investment in an approximately 1.6 gigawatt (GW) onshore wind and utility-scale solar portfolio developed and managed by Clearway Energy Group, one of the largest developers and operators of clean energy in the United States with a pipeline of 9 GW of renewable energy through 2022.
The large-scale, diversified, and highly contracted renewables portfolio includes 874 megawatts (MW) of onshore wind, 192 MW of utility-scale solar, and 557 MW of utility-scale solar with 395 MW of co-located storage (seven projects in total) located in four states: California, Hawaii, Texas, and West Virginia. The partnership combines Hannon Armstrong's expertise in providing long-term investment for climate solutions with the world-class development and asset owner-operator experience of Clearway Energy Group.
"We are pleased to expand our relationship with Clearway Energy Group through a preferred equity investment in this portfolio of renewable assets," said Hannon Armstrong Chairman and CEO Jeffrey W. Eckel. "Clearway's mission to accelerate the world's transformation to a clean energy future is aligned with our purpose as a climate-positive investor. These assets will be a significant addition to our portfolio, offering increased scale and diversity to our business and supporting continued growth in recurring Net Investment Income," added Eckel.
"We are thrilled to partner with Hannon Armstrong on such an impactful portfolio transaction," said Craig Cornelius, Chief Executive Officer at Clearway Energy Group, LLC. "This geographically diverse portfolio of wind, solar, and energy storage projects represents the economic opportunity of renewable energy in every corner of this country. Taken together, more than 2,500 American jobs will be created to build and operate these clean energy assets, which will go on to supply clean low-cost power to hundreds of thousands of households and businesses across the United States. This agreement with our investment partners will be pivotal in Clearway's continued ability to provide clean energy at the scale our country demands while helping to deliver on investors' growing interest in climate change solutions."
In accordance with the terms of the investment, which reached financial close on December 21, 2020, Hannon Armstrong will hold a preferred equity interest in a number of holding companies owning the cash equity interests in individual portfolio operating projects and will participate in the cash flows from such projects. Hannon Armstrong has funded approximately $200 million of its investment to date and anticipates funding the remaining portion in 2021 and 2022. Once fully funded, Hannon Armstrong's total investment in the portfolio will be approximately $663 million.
The remaining ownership of cash equity interests in the holding companies will be held by Clearway Energy, Inc. (NYSE: CWEN, CWEN.A), a publicly traded affiliate of Clearway Energy Group focused on ownership of modern, sustainable, and long-term contracted assets across North America. Clearway Energy Group will continue to manage the assets and provide operations and maintenance services.
Highlights
About Hannon Armstrong
Hannon Armstrong (NYSE: HASI) is the first U.S. public company solely dedicated to investments in climate solutions, providing capital to leading companies in energy efficiency, renewable energy, and other sustainable infrastructure markets. With more than $6 billion in managed assets as of September 30, 2020, Hannon Armstrong's core purpose is to make climate-positive investments with superior risk-adjusted returns. For more information, please visit www.hannonarmstrong.com. Follow Hannon Armstrong on LinkedIn and Twitter @HannonArmstrong.
Forward Looking Statements
Some of the information in this press release contains forward-looking statements and within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. When used in this press release, words such as "believe," "expect," "anticipate," "estimate," "plan," "continue," "intend," "should," "may," "target," or similar expressions, are intended to identify such forward-looking statements. Forward-looking statements are subject to significant risks and uncertainties. Investors are cautioned against placing undue reliance on such statements. Actual results may differ materially from those set forth in the forward-looking statements. Factors that could cause actual results to differ materially from those described in the forward-looking statements include those discussed under the caption "Risk Factors" included in our Annual Report on Form 10-K for our fiscal year ended December 31, 2019, which was filed with the U.S. Securities and Exchange Commission ("SEC"), as well as in other reports that we file with the SEC.
Forward-looking statements are based on beliefs, assumptions and expectations as of the date of this press release. We disclaim any obligation to publicly release the results of any revisions to these forward-looking statements reflecting new estimates, events or circumstances after the date of this press release.
Media
Gil Jenkins
This email address is being protected from spambots. You need JavaScript enabled to view it.
443-321-5753
Investors
Chad Reed
This email address is being protected from spambots. You need JavaScript enabled to view it.
410-571-6189
Expanded facility with new commitments from Deutsche Bank, Helaba and NORD/LB driven by rapid growth in 8minute’s solar-plus-storage pipeline
LOS ANGELES--(BUSINESS WIRE)--#RenewableEnergy--After securing a $225 million letter of credit and revolving credit facility earlier this year, 8minute Solar Energy (8minute) has significantly upsized that facility to a total of $350 million with support from new lenders. The additional $125 million in commitments comes from the existing lenders who are joined by Deutsche Bank, Landesbank Hessen-Thüringen (Helaba), and Norddeutsche Landesbank (NORD/LB). The expanded facility will help 8minute accelerate the development of its growing pipeline, which includes more than 18-gigawatts (GW) of solar capacity and 24-gigawatt-hours (GWh) of storage throughout California, Texas, and the Southwestern United States.
“Over the last year, 8minute has been very successful in growing and contracting our best-in-class portfolio through ‘smart’ solar-plus-storage power plants that are the lowest-cost, most reliable way to decarbonize our electrical grid,” said Dr. Tom Buttgenbach, Founder and CEO of 8minute. “This additional financing is not only a strong testament to the demand for 8minute’s technological leadership, but also a sign that lenders are moving away from risky and volatile fossil fuel infrastructure, toward the predictability of clean energy.”
In May, 8minute closed the initial facility from a consortium of banks, led by CIT as sole coordinating lead arranger, with joint lead arrangers KeyBanc Capital Markets, HSBC, Rabobank and Nomura. 8minute is using the facility to cost effectively post securities for its power purchase agreements (PPAs) and interconnection agreements.
8minute has one of the largest development pipelines of solar and solar-plus-storage projects in the country, including more than 50 utility-scale projects in various stages of development, with a typical project size of 400 MW. Most of these projects will deploy 8minute’s new generation of highly efficient solar power plants with energy storage that are custom designed for each customer.
This year alone, 8minute signed about one-gigawatt of solar and 800-megawatt-hours (MWh) of storage with new customers, including its first project in New Mexico and the largest solar and storage center among California’s Community Choice Aggregators (CCAs).
Latham & Watkins LLP represented 8minute and Norton Rose Fulbright LLP represented the lenders.
ABOUT 8MINUTE SOLAR ENERGY
As a nationwide leader in solar-plus-storage, 8minute Solar Energy (8minute) is championing the clean energy transition in the United States and shaping the future of energy. Since its founding in 2009, 8minute has successfully put 2 GW of solar projects into operation and currently has over 18 GW of solar and storage projects under development. By focusing on technology and engineering innovation, 8minute’s best-in-class team has continued to set new industry records, developing the largest solar plant in the nation starting in 2011, delivering the first operational solar plant in the U.S. to beat fossil fuel prices in 2016, and setting the record for the lowest cost solar and solar-plus-storage projects in 2019. As the largest solar developer in the country with an established track record of delivering above-market profitability, 8minute is pioneering a new generation of large-scale, fully dispatchable solar power. For more information, please visit www.8minute.com, and follow 8minute on Twitter and LinkedIn.
Katie Struble
Director, Corporate Communications
This email address is being protected from spambots. You need JavaScript enabled to view it.
Texas Oversized Market Seen as Prime Area for Carrier Growth
HOUSTON--(BUSINESS WIRE)--Port Houston will be the first port of call in the United States on a new direct Trans-Pacific Asia service being launched by THE Alliance called the “EC6,” an East Coast all-water service via Panama calling the U.S. Gulf.
Economic expansion and corporate relocations (Tesla, Hewlett Packard, Oracle are among several new corporate relocations recently announced) have fueled a large and fast growing consumer base and strong housing market which has translated to new import distribution centers in Houston and throughout Texas. Combined with the biggest manufacturing region in the North America for exports, Houston and the U.S. Gulf is a prime area for carrier service growth.
In its service network announcement for 2021, member carriers of THE Alliance which include Ocean Network Express (ONE), Hapag-Lloyd, Hyundai Merchant Marine (HMM) and Yang Ming Line have stated they are, “launching the East Coast Loop 6 (EC6), the first service within THE Alliance network to directly and seamlessly connect the US Gulf with important ports in Asia.”
“With the introduction of the EC6, HMM is delighted to add direct coverage between Asia and Port Houston to our expanding global service portfolio,” said Jay Y. Lee, Chairman and CEO, HMM (America) Inc. “The EC6 will allow us to better serve our current customers who have voiced their desire for options between the US Gulf and Asia as well as open up a growing market for us,” continued Mr. Lee.
Among the nation’s top container ports, Port Houston was 2019’s fastest-growing, according to data from maritime sector data vendor IHS Markit PIERS. Port Houston nearly hit the 3 million mark for twenty-foot equivalent units last year, recording 2,987,291 TEUs and is on track to approach the same record for 2020 despite the pandemic.
“We are very excited about the start of this new service by THE Alliance. It offers our regional exporters and importers new options,” Executive Director Roger Guenther said. “We look forward to providing them great efficiencies through our modern facilities.”
“Port Houston’s strategy of relentless focus on customer service and continued investment in terminal capacity allows it to seamlessly handle double digit growth in container volumes,” stated Guenther.
Port Houston is a prominent import gateway with a growing population base that is adding to customer demand. Loaded imports at Port Houston grew 5% in 2019, driven by a broad spectrum of companies from sectors including retail, alternative energy, food and beverage, and industrial materials.
“Hapag Lloyd has had a long presence in Houston and the Gulf. The new EC6 service will provide a new premium solution to our customers in Texas, Louisiana, Alabama and the Southern United States. Port Houston is a great partner and is among the best terminal operators in North America,” stated Uffe Ostergaard, President of Hapag Lloyd, North America.
The new service launched by THE Alliance is part of an adjustment of its overall network. THE Alliance said they made changes to offer customers more capacity in trade lanes with the greatest demand. Additionally, the network has been evaluated and reconfigured to ensure better frequency, more competitive transit times and comprehensive port coverage.
The EC6 service will call the ports of Kaohsiung – Hong Kong – Yantian – Ningbo – Shanghai – Pusan – (Panama) and Houston on a weekly basis before making stops in New Orleans and Mobile before returning to Panama and onward to Kaohsiung.
About Port Houston
For more than 100 years, Port Houston has owned and operated the public wharves and terminals of the greater Port of Houston – the nation’s largest port for the foreign waterborne tonnage and an essential economic engine for the Houston region, the state of Texas and the U.S. nation. The Port of Houston supports the creation of nearly 1.35 million jobs in Texas and 3.2 million jobs nationwide, and economic activity totaling $339 billion in Texas – 20.6 percent of Texas’ total gross domestic product (GDP) – and total of $801.9 billion in economic impact across the nation. For more information, visit the website at PortHouston.com.
Bill Hensel, Manager External Communications, Office: 713-670-2893; Mobile: 832-452-5776; E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.
LEAWOOD, Kan.--(BUSINESS WIRE)--Tallgrass Energy Partners, LP (“TEP”) announced today that the tender offer (the “Tender Offer”) commenced on December 15, 2020 to purchase any and all of the outstanding 4.75% Senior Notes due 2023 (the “Notes”), co-issued by TEP and Tallgrass Energy Finance Corp., a wholly owned subsidiary of TEP (together with TEP, the “Issuers”), expired at 5:00 p.m. New York City Time on December 21, 2020 (the “Expiration Time”).
According to Global Bondholder Services Corporation, the tender agent for the offer, valid tenders had been received at the expiration of the offer in the amount and percentage set forth in the table below.
Title of Security |
CUSIP
|
Principal
|
Principal
|
Percentage of
|
||||
4.75% Senior Notes due 2023 |
87470LAE1/
|
$498,390,000 |
$334,430,000 |
67.10% |
TEP expects to accept for purchase all Notes validly tendered and not validly withdrawn as of the Expiration Time and expects to make payment for any such Notes later today. The settlement date for Notes tendered pursuant to guaranteed delivery procedures is expected to be December 24, 2020.
TEP will use a portion of the proceeds from the issuance of $750 million aggregate principal amount of the Issuers’ 6.00% Senior Notes due 2030 (the “New Notes”), which is expected to close today, for the payment of all Notes to be purchased in the Tender Offer. TEP’s obligation to accept and pay for the tendered Notes is conditioned on, among other things, the closing of the offering of the New Notes (the “Notes Offering”). Subject to the completion of the Notes Offering, TEP intends to exercise its right to redeem any Notes that were not tendered in the Tender Offer. The redemption date is expected to be on or about January 21, 2021. The redemption price for the Notes will be 102.375% of the aggregate principal amount being redeemed, plus accrued and unpaid interest on the Notes redeemed to, but not including, the redemption date.
The Tender Offer was made pursuant to the terms and conditions contained in the Offer to Purchase, Letter of Transmittal and Notice of Guaranteed Delivery, copies of which may be obtained from Global Bondholder Services Corporation, by calling (866) 794-2200 (toll free) or, for banks and brokers, (212) 430-3774. Copies of the Offer to Purchase, Letter of Transmittal and Notice of Guaranteed Delivery are also available at the following web address: https://www.gbsc-usa.com/tallgrass/.
TEP has retained Wells Fargo Securities, LLC to serve as the exclusive Dealer Manager for the Tender Offer. Questions regarding the terms of the Tender Offer may be directed to Wells Fargo Securities, LLC at (toll free) (866) 309-6316 or (collect) (704) 410-4756.
This press release is neither an offer to purchase nor a solicitation of an offer to sell any Notes in the Tender Offer. In addition, this press release is not an offer to sell or the solicitation of an offer to buy any securities issued in connection with any contemporaneous notes offering, nor shall there be any sale of the securities issued in such offering in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. This press release does not constitute a notice of redemption under the indenture governing the Notes.
About Tallgrass Energy
Tallgrass Energy is a leading energy and infrastructure company operating across 11 states with transportation, storage, terminal, water, gathering and processing assets that serve some of the nation’s most prolific crude oil and natural gas basins.
Investor and Financial Inquiries
Andrea Attel, (913) 928-6012
This email address is being protected from spambots. You need JavaScript enabled to view it.
or
Media and Trade Inquiries
Phyllis Hammond, (303) 763-3568
This email address is being protected from spambots. You need JavaScript enabled to view it.
LUXEMBOURG--(BUSINESS WIRE)--Pacific Drilling S.A. (OTC: PACDQ) announced today that the United States Bankruptcy Court for the Southern District of Texas confirmed the First Amended Joint Plan of Reorganization of Pacific Drilling S.A. and its Debtor Affiliates Pursuant to Chapter 11 of the Bankruptcy Code (the “Plan”) on December 21, 2020.
“The Court’s confirmation of our Plan represents an important milestone in our progress towards emergence by year-end with a fully de-levered balance sheet and the capacity to deliver world class drilling services with our fleet of 6th and 7th generation drillships,” said Bernie G. Wolford, Chief Executive Officer of the Company.
In accordance with the confirmed Plan, the Company will de-lever its balance sheet by eliminating over $1 billion of funded debt obligations and have access to additional liquidity to operate going forward with approximately $100 million in cash on hand at emergence and an undrawn $80 million senior secured delayed draw term loan exit facility.
Additional information regarding the restructuring and Chapter 11 proceedings, including the Plan, can be found (i) on the Company’s website at www.pacificdrilling.com/restructuring, (ii) on a website administered by Prime Clerk, at http://cases.primeclerk.com/PacificDrilling2020, or (iii) via our dedicated restructuring information line at: +1 877-930-4314 (toll free) or +1 347-897-4073 (international).
Advisors
Greenhill & Co. is acting as financial advisor, Latham & Watkins LLP and Jones Walker LLP are serving as legal counsel, and AlixPartners is acting as restructuring advisor to the Company in connection with the restructuring. Houlihan Lokey is acting as financial advisor and Akin Gump Strauss Hauer & Feld LLP is acting as legal advisor to an ad hoc group of noteholders.
About Pacific Drilling
With our best-in-class drillships and highly experienced team, Pacific Drilling is committed to exceeding our customers’ expectations by delivering the safest, most efficient and reliable deepwater drilling services in the industry. Pacific Drilling’s fleet of seven drillships represents one of the youngest and most technologically advanced fleets in the world. For more information about Pacific Drilling, including the Chapter 11 proceedings and the Plan of Reorganization, please visit our website at www.pacificdrilling.com.
Forward-Looking Statements
Certain statements and information contained in this press release constitute “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, and are generally identifiable by their use of words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “forecast,” “intend,” “our ability to,” “may,” “plan,” “potential,” “predict,” “project,” “projected,” “should,” “will,” “would”, or other similar words which are not generally historical in nature. The forward-looking statements speak only as of the date hereof, and we undertake no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise.
Our forward-looking statements express our current expectations or forecasts of possible future results or events, including the timing of our expected emergence from our Chapter 11 proceedings; the future impact of the COVID-19 pandemic on our business, future financial and operational performance and cash balances; our future liquidity position and future efforts to improve our liquidity position; revenue efficiency levels; market outlook; forecasts of trends; future client contract opportunities; future contract dayrates; our business strategies and plans or objectives of management; estimated duration of client contracts; backlog; expected capital expenditures; projected costs and savings.
Although we believe that the assumptions and expectations reflected in our forward-looking statements are reasonable and made in good faith, these statements are not guarantees, and actual future results may differ materially due to a variety of factors. These statements are subject to a number of risks and uncertainties and are based on a number of judgments and assumptions as of the date such statements are made about future events, many of which are beyond our control. Actual events and results may differ materially from those anticipated, estimated, projected or implied by us in such statements due to a variety of factors, including if one or more of these risks or uncertainties materialize, or if our underlying assumptions prove incorrect.
Important factors that could cause actual results to differ materially from our expectations include: the time it may take to execute the steps required for us to emerge from our Chapter 11 proceedings and any unexpected delays of contingencies that may arise; evolving risks from the COVID-19 outbreak and resulting significant disruption in international economies, and international financial and oil markets, including a substantial decline in the price of oil during 2020, which if sustained would continue to have a material adverse effect on our financial condition, results of operations and cash flow; changes in actual and forecasted worldwide oil and gas supply and demand and prices, and the related impact on demand for our services; the offshore drilling market, including changes in capital expenditures by our clients; rig availability and supply of, and demand for, high-specification drillships and other drilling rigs competing with our fleet; our ability to enter into and negotiate favorable terms for new drilling contracts or extensions of existing drilling contracts; our ability to successfully negotiate and consummate definitive contracts and satisfy other customary conditions with respect to letters of intent and letters of award that the Company receives for our drillships; actual contract commencement dates; possible cancellation, renegotiation, termination or suspension of drilling contracts as a result of mechanical difficulties, performance, market changes or other reasons; costs related to stacking of rigs and costs to reactivate a stacked rig; downtime and other risks associated with offshore rig operations, including unscheduled repairs or maintenance, relocations, severe weather or hurricanes or accidents; our small fleet and reliance on a limited number of clients; our ability to continue as a going concern; the effects of the Chapter 11 proceedings on our operations and agreements, including our relationships with employees, regulatory authorities, customers, suppliers, banks and other financing sources, insurance companies and other third parties; the length of time that the Company will operate under Chapter 11 protection and the continued availability of operating capital during the pendency of the Chapter 11 proceedings; increased advisory costs to execute the prearranged Plan; the potential adverse effects of the Chapter 11 proceedings on our liquidity, results of operations, or business prospects; increased administrative and legal costs related to the Chapter 11 proceedings and other litigation and the inherent risks involved in a bankruptcy process; the potential effects of the delisting of our common shares from trading on the New York Stock Exchange, including how long our common shares will trade on the over-the-counter market; the potential effects of the anticipated suspension by the Company of its reporting obligations to the Securities and Exchange Commission (“SEC”); and the other risk factors described in our 2019 Annual Report on Form 10-K filed with the SEC on March 12, 2020, as updated by our Quarterly Reports on Form 10-Q as filed with the SEC on May 8, August 7, and November 6, 2020 and subsequent filings with the SEC. These documents are available through our website at www.pacificdrilling.com or through the SEC’s website at www.sec.gov.
Investor Contact:
James Harris
Pacific Drilling S.A.
+713 334 6662
This email address is being protected from spambots. You need JavaScript enabled to view it.
Media Contact:
Amy L. Roddy
Pacific Drilling S.A.
+713 334 6662
This email address is being protected from spambots. You need JavaScript enabled to view it.
SEOUL, South Korea--(BUSINESS WIRE)--#AI--Nearthlab, an autonomous drone solution provider for wind turbine inspection, announced today that the company successfully completed an offshore wind turbine inspection off the coast of Taiwan in partnership with Siemens Gamesa Renewable Energy and Formosa I Wind Power Ltd.
The turbines inspected in Taiwan are 6MW-class turbines with blades reaching over 75 meters. While onshore blades typically measure around 50 meters, offshore wind turbines utilize longer, larger blades to maximize operational efficiency. Offshore wind turbines are harder to inspect and repair as they have lower accessibility compared to onshore wind turbines. Drone inspection has become a favorable option for farm owners and operators, and more so for those located in the offshore sites.
Nearthlab has been accelerating its market expansion overseas beginning from the first quarter of 2020 in partnership with Siemens Gamesa Renewable Energy North America. Nearthlab’s all-in-one solution includes Nearthlab’s autonomous drone, its data management platform, and a pilot training program. Nearthlab’s data management platform, Zoomable, offers a high level of compatibility with other asset management platforms. Based on this flexibility, Nearthlab offers an inspection solution optimized for the client’s workflow.
Nearthlab is expanding the scope of its partnership with Siemens Gamesa Renewable Energy beginning with onshore wind turbine inspections in North America. Nearthlab has successfully demonstrated its capability to conduct offshore wind turbine inspections with autonomous drone technology in Taiwan. Nearthlab is also providing its all-in-one inspection solution to North America, Europe, and Japan.
About Nearthlab
Founded in 2015, Nearthlab provides AI-powered O&M solutions for the infrastructure inspection market. Nearthlab combines AI and computer vision to solve inefficiencies at inspection sites and facilitate the digital transformation of industrial asset management. With extensive experience in wind turbine blade inspection, Nearthlab’s autonomous drone takes fifteen minutes of flight time to finish the inspection for one wind turbine. Data collected from the inspection is uploaded onto Nearthlab’s data management platform, Zoomable, to be analyzed into valuable insights assisting companies to optimize their operation and maintenance procedure. Nearthlab’s portfolio spans over wind energy, oil and gas, railway, bridges, dams, and telecom towers. Leading energy corporations have selected Nearthlab as their autonomous drone solution provider. Make inspection easy with drone driven data. For more information, visit our website: https://www.nearthlab.com/ and follow us on Facebook https://www.facebook.com/Nearthlab/ and LinkedIn https://www.linkedin.com/company/nearthlab.
Nearthlab
Dawon Lee, PR Manager
This email address is being protected from spambots. You need JavaScript enabled to view it.
Tel: +82 2 566 1574
Fax: +82 2 6935 1574
LONDON--(BUSINESS WIRE)--#GlobalFuelOilMarket--The fuel oil market is poised to decline by USD 84.77 bn during 2020-2024, decelerating at a CAGR of about 13% during the forecast period.
Worried about the impact of COVID-19 on your Business? Here is an Exclusive report talking about Market scenarios, Estimates, the impact of lockdown, and Customer Behaviour.
Get FREE Sample Report in Minutes!
The report on the fuel oil market provides a holistic update, market size and forecast, trends, growth drivers, and challenges, as well as vendor analysis.
The report offers an up-to-date analysis regarding the current global market scenario and the overall market environment. The market is driven by the rise in world energy demand.
The fuel oil market analysis includes application segment and geography landscape. This study identifies the rise in world refining capacity as one of the prime reasons driving the fuel oil market growth during the next few years.
This report presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources by an analysis of key parameters.
The fuel oil market covers the following areas:
Fuel Oil Market Sizing
Fuel Oil Market Forecast
Fuel Oil Market Analysis
Companies Mentioned
Related Reports on Energy Include:
Key Topics Covered:
Executive Summary
Market Landscape
Market Sizing
Five Forces Analysis
Market Segmentation by Application
Customer Landscape
Geographic Landscape
Vendor Landscape
Vendor Analysis
Appendix
Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio’s in-depth research has direct and indirect COVID-19 impacted market research reports.
Register for a free trial today and gain instant access to 17,000+ market research reports.
Technavio's SUBSCRIPTION platform
About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Website: www.technavio.com/
12th annual California Green Innovation Index finds state must achieve five percent emissions reductions each year through 2030 as recession persists
Heavy-duty transportation, case studies of local pollution reduction projects illustrate potential of programs to be scaled
SAN FRANCISCO--(BUSINESS WIRE)--California’s stand out progress reducing greenhouse gas emissions has temporarily reversed, with pollution upticks signaling an increasingly difficult path ahead in achieving the state’s 2030 and 2050 climate targets. That’s the finding of the 12th annual California Green Innovation Index—released by the nonpartisan nonprofit Next 10 and prepared by Beacon Economics.
This year’s Index finds that 2018 greenhouse gas emissions—the latest year for which data are available—rose overall for the first time since 2012, driven in part by increases in the power and commercial sectors. Data from the report illustrate that California now must reduce emissions by an average of 4.9 percent each year from 2020 to 2030 to cut emissions to 40 percent below 1990 levels by 2030, as mandated by SB 32. The largest one-year emissions drop California has ever achieved was at the height of the Great Recession in 2009, when climate pollution fell 6.1 percent. While 2020 may see a similar emissions drop, the state has never cut emissions more than 2.6 percent in a year while not experiencing an economic downturn since California passed AB 32 in 2006. Now the state must double that each year. In this way, the 2020 Index illustrates the many complex challenges that state leaders face in prioritizing policies to combat the climate crisis this decade.
“This year’s Index highlights just how much things need to change,” said F. Noel Perry, businessman and founder of Next 10. “Programs instituted in the past decade may not achieve the gains we need in the coming decade. The fact is, we’ve never come anywhere near cutting emissions five percent in a single year in a period of economic stability—and yet, in order to meet our climate goal by 2030, we have to. But, if any state can achieve this level of reductions while supporting a healthy economy, it’s California.”
The report emphasizes how a steady rise in commercial emissions, a surprise uptick in power sector emissions, and—for the first time in three years—a dip in transportation pollution, illustrate some of the challenges and opportunities facing policymakers. It also comes as the California Air Resources Board welcomes a new chair and several new board members who are now tasked with steadily cutting emissions in a manner that has never been achieved.
“California has a solid history of reducing emissions while growing the economy, up until this slight increase in 2018. That’s an important achievement,” said Hoyu Chong, practice lead for sustainable growth and development at Beacon Economics. “We now need to ramp up those efforts in the face of major emissions and economic challenges. Investment breeds investment—so a recovery program that includes clean energy stimulus investments may be exactly what we need for a reset that enables us to scale solutions to these competing crises together.”
Key findings of this year’s Green Innovation Index include:
POWER AND COMMERCIAL SECTOR EMISSIONS INCREASES WORRISOME
The electric power sectors (imports and in-state generation), which have reliably and significantly reduced emissions since 2008 (-47.4% from 2008 to 2018), actually increased slightly in 2018, driven by a decrease in electricity generated by large hydroelectric sources and an increase in generation from natural gas compared to 2017. This was especially true for merchant-owned electricity generation in-state. Imported generation from unspecified sources accounted for an even greater increase in emissions—increasing by 31 percent in 2018.
At the current pace, the state should meet the 50 percent and 60 percent RPS goals by 2026 and 2030, respectively—requiring an increase in renewable generation of 2.6 percent each year from 2019 to 2026 and by 2.5 percent annually from 2026 to 2030.
However, in March 2020, as part of the state’s next cycle for energy resource planning, the California Public Utilities Commission voted to approve a target to reduce emissions for the electric sector to 46 million metric tons carbon dioxide-equivalent (MMTCO2e) by 2030, and instructed energy load providers in the state to also plan for an alternative scenario of a 38 MMTCO2e reduction target by the same year. The Index finds the approved 46 MMTCO2e scenario could hamper the momentum that California’s electric sector has gained in the last several years—and that even the 38 MMTCO2e target may be too high, forcing the electricity sector to rely on achieving steeper emissions, and increasing the use of renewables, in later years.
“Reaching our long-term climate goals is like saving for retirement—the earlier you start to save, the more you have in the bank, and the less work you have to do down the road,” said Chong. “We can’t keep punting the emissions burden, particularly in the power sector. We need to spur innovation in this sector now—with a ramping up of renewable resources plus storage solutions like long-duration storage, so that we don’t risk forcing ourselves into a dramatic and unachievable sprint at the end.”
Replacement of ozone depleting substances causes commercial sector emissions to skyrocket
Compared to 2017, the commercial sector experienced the largest one-year emissions increase (+2.7%) of any sector, and emissions in this sector have shot up 69.3 percent since 2000, with no sign of slowing down. The continuous uptick is primarily due to adoption of carbon-intensive HVAC and refrigeration technologies that came to replace ozone-depleting substances (ODS) phased out decades ago via the Montreal Protocol.
The technologies that replaced hydrofluorocarbons (HFCs) and perfluorocarbons (PFCs) now represent the fastest-growing source of global warming pollution in California—accounting for 4.7 percent of total statewide emissions in 2018—a considerably larger share compared to 2008 (2.3%) and 2000 (1.2%). Internationally, there have been efforts to address this emissions problem (via the Kigali Amendment to the Montreal Protocol, which entered into force in January 2019) by creating market certainty to allow growth of more environmentally friendly alternatives.
The United States has not yet ratified that agreement, but president-elect Biden has indicated plans to do so. And at the state level, California has implemented a number of programs and policies to help transition away from these “super pollutant” refrigerants – including the recent announcement of a new rule that will require all new facilities to use refrigerants that can reduce their emissions by up to 90 percent beginning in 2022. While the California Air Resources Board had recently warned that the state may not be able to meet its 40 percent below 2013 levels reduction goal for these substances by 2030, this new rule could go a significant way in reducing emissions from refrigeration and commercial sector emissions overall.
“We’re encouraged that the ARB has recently announced new standards for reducing the use of these harmful “super polluting” substances,” said Perry. “Businesses have expended significant capital on these technologies that have a long life-span, so the more we can work to scale innovative programs and incentives to move to cleaner technologies, the faster we can help lead a market transformation away from these harmful pollutants.”
California’s record-breaking wildfire season also adds to the complicated picture. As of September 13, 2020, emissions from wildfires reached 83 MMTCO2e—82.4 percent above the 45.5 MMTCO2e recorded for wildfire emissions in 2018. While the state’s forests also serve as a carbon sink, the increasing threat of wildfires and the kind of mega-fires experienced in 2020 pose a significant emissions challenge—not to mention the impacts of particulate matter pollution, which further worsen air quality throughout the state.
TRANSPORTATION BRIGHT SPOT TACKLES DEADLY PARTICULATE POLLUTION, MORE MUST BE DONE TO TRANSITION TO ELECTRIC VEHICLES
The Transportation sector remains by far the largest emitting sector in California, but its share of emissions dropped from an all-time high of 41.3 percent in 2017 to 40.9 percent in 2018—driven by a large drop in heavy-duty vehicle pollution.
All three subsectors of on-road heavy-duty vehicles had reductions in emissions: Heavy-duty Trucks (-4.0%), Buses (-4.6%), and Motorhomes (-3.6%). This sector represents an increased area of opportunity thanks to the Advanced Clean Trucks standard that was adopted by the Air Resources Board in July 2020, which will increase the sale of zero-emission trucks in coming years. On the horizon is the Advanced Clean Fleet standard that is set to be voted on by CARB in late 2021, which will set standards for fleet electrification to align with the manufacturing targets.
But while gains have been made in heavy-duty, emissions from off-road vehicles and light-duty vehicles remain a significant challenge.
Transportation Key Findings
“Gov. Newsom’s executive order calling for 100 percent zero-emission vehicle sales by 2035 is a great market signal,” said Perry. “But obstacles to ZEV adoption remain, and new ones have arisen, with waning federal subsidies and a lack of charging stations. The good news is that the market is finally offering a full line-up of electrified vehicles. Registrations of electric pickups and SUVs increased almost 40 percent compared to 2018—almost double the increase for cars.”
GREEN STIMULUS FOR PANDEMIC RECOVERY COULD BE CALIFORNIA’S BEST BET TO GAIN GROUND
California has already demonstrated that reduction of emissions can occur alongside economic growth, and recent history suggests the inclusion of green investments in economic stimulus packages leads to employment and output growth. The report finds that the state would greatly benefit from long-term funding for programs that produce local emissions reductions while spurring jobs and economic growth, rather than relying solely on cap-and-trade revenue for these projects, given budget shortfalls of 2020.
“Our data show that we should be wary of letting the pandemic derail critical initiatives that support clean technology markets,” said Perry. “Investing in a clean energy stimulus now can play an instrumental role in jumpstarting California’s economy. Clean energy economy spending IS, in fact, economy-wide stimulus spending.”
Investment drives investment, stimulating positive ripple effects throughout local economies
The report assessed the employment, labor income, and economic outputs expected from several green stimulus projects. The model used to analyze the projects measured the market transactions between businesses, between businesses and consumers, as well as the ripple effects on downstream industries.
“Investment can become self-sustaining, creating waves of positive economic stimulus throughout the community,” said Chong. “Policymakers can do more to replicate these projects across the state to help improve the economy for all Californians.”
Stimulus project analysis findings include:
The report outlines opportunities for policymakers to expand the economic potential of green stimulus projects in the coming months to reduce emissions and generate a clean economy growth post-pandemic. Example below:
Private sector investment can also drive green stimulus
Despite decreased investment in transportation and wind power, California still captured 51 percent of the U.S.’ total $6 billion in clean tech venture capital investment in 2019, as large gains were made at companies that focus on geothermal, smart grid, and hydroelectric technologies.
Clean Technology Key Findings
Clean Technology Investment
California Clean Technology Investment by Segment
Raw material potential to store California’s clean energy
The report calls special attention to the potential for California’s Salton Sea to be a new source for lithium development, noting that it could provide up to a third of the world’s current lithium demand, according to some estimates, and up to $860 million annually in revenues. The report also highlights notable investments in lithium recovery in California this year.
EMISSIONS VS. OVERALL ECONOMIC GROWTH
In summary, the 12th annual California Green Innovation Index finds that since the passage of California's landmark climate bill, AB 32, the state has achieved a great deal of emissions reductions primarily through the power sector, but significant hurdles must be overcome to reduce emissions in harder-to-reach sectors such as transportation and buildings.
“It’s been a difficult year full of competing critical and wide-reaching challenges. We’ve been forced to look at the embedded issues in our state and across the country to reflect on how we build a better future for all our citizens,” said Perry. “When we recognize the interdependence between our environment, our health, and our economy, then we can finally prioritize the necessary progress on climate and clean energy that will help us thrive in a post-pandemic world and improve the livelihoods of all Californians.”
About Next 10
Next 10 is an independent, nonpartisan, nonprofit organization that educates, engages and empowers Californians to improve the state’s future. With a focus on the intersection of the economy, the environment, and quality of life, Next 10 employs research from leading experts on complex state issues and creates a portfolio of nonpartisan educational materials to foster a deeper understanding of the critical issues affecting our state.
Christina Heartquist
408-661-2666
This email address is being protected from spambots. You need JavaScript enabled to view it.
Offshore Source keeps you updated with relevant information concerning the Offshore Energy Sector.
Any views or opinions represented on this website belong solely to the author and do not represent those of the people, institutions or organizations that Offshore Source or collaborators may or may not have been associated with in a professional or personal capacity, unless explicitly stated.