Tag: Gas

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Late last year Exxon spent $60 billion to by a shale gas giant – the deserve to go bankrupt

Exxon is like many other oil companies – they have buried their head in the sand, and have continued to deny the science.

There are still oil rigs littering our coasts, do we really want another rush to build more equipment, which will last long after the shale gas runs out?

What astounds me, is that, over the last 3 years, the price of Exxon shares has gone up 3 times over. This means that the majority of people who are investing in the market, believes either that there is a killing to be made from Exxon before it goes out of business, or climate change is wrong (it is true that investment in Exxon 3 years ago would have tripled, but a long-term investment is unlikely to be successful, as Exxon has to completely change its business model.

So, why is Exxon buying a shale giant?

Clearly, it thinks that there is money to be made, before the world transitions. The problem is that should Exxon be right, the world will suffer more global warming.

We already need to leave much of our known reserves of fossil fuels in the ground, Shale gas, is just more,

We need to be moving away from fossil fuels as fast as we can.

How is your family doing? As for us, we have bought a second had electric car, we have just installed our solar and thermal solar, and will in a couple of weeks, have a heat pump installed that will remove our last reliance on gas (these two moves, will have removed carbon from our travel and from our house running and heating – we also have zero carbon electricity). Obviously we still have a way to go, but we are making progress. Of course, from a finance point of view, it is a good move – it is true that our car was more expensive than anything we’ve had before, however, the purchase cost will only take 6-7 years to save back , and our house greening has a payback time of around 4 years- after that we should be several hundred pounds better off each month.

Exxon is still betting that there is more money to be made before the good times are over, however they are betting on our future.

It is foolish to invest in them, either they are right, and will make a fortune while the world suffers, or they are wrong, and this business venture will collapse.

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Do not buy a hydrogen boiler!

The UK watchdog (amongst many other groups) have concluded that hydrogen boiler is a stupid idea. It is true that its only waste product is water and oxygen, but the cost of making the hydrogen is very high.

Should there be large quantities of hydrogen sitting around, then this might make sense – burning hydrogen is generally a very clean fuel. The problem is, that it is almost impossible to store or transport it without loosing much on route, and it is incredibly expensive to split water – the current form for the vast majority of the hydrogen on the planet. Fossil fuel companies are keen, because their old methods can extract and split hydrogen, but it will mean large carbon emissions as well, so is useless – there is a reason that it is called grey hydrogen. Green hydrogen is the only kind that will give us any profit as a world.

So why is the government supporting the switch (alongside gas focused industry). The department for energy security and net zero stated this week that the gas network ” will always be part of our energy system”. I am not sure why anyone would look at it, given an air-source heat pump is likely to be around price parity, and ground source heating even cheaper.

Installation, at the cheap end will be far cheaper than a heat-pump, but this will be more than made up for over the lifetime of the device. Furthermore, with the grants currently available, you are far better off going straight to a heat pump. This is a waste of time and money, and it would not be remotely surprising, if you had to remove it before the end of its life,as it would be costing too much

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Largest offshore windfarm just powered up, and its just off UK

This vast wind farm can produce around 3.6 gigawatts of power when turned on. To put that in perspective, peak demand in the UK is currently around 61 gigawatt hours, This means that even at peak demand, this wind turbine is capable of providing roughly 5% of the UK power demand. By contrast, the average house in the UK has a low-point in power demand, during the night, when around 0.2kwh is used an hour. This equates to around 5gigawatt hours. In other words, this single wind farm is likely to be able to deal with all baseload demands of the UK housing. Of course there is other demand, from shop lights being left on, to night shifts in factories.

However, what is clear, is that this is a significant amount of power, and is likely to greatly reduce the amount of gas required to be burnt for power production.

Given that this adds to the already installed stock, we now can create around 30gwh of electricity from wind – when it is at its peak.

Now, of course the wind does not blow at this required rate to produce the maximum amount of power 24 hours a day, so these numbers are not available all day.

To put these numbers in context, in 2022, wind delivered around 26% of UK electricity. Given all the large wind farms planned, this will grow.

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“EU must cut carbon emissions 3 times faster to meet targets”

A new report has calculated that the EU is only cutting carbon emissions at 1/3 of the rate which is required in order to meet the 55% cut – from buildings, transport and agriculture by 2030

While emissions are falling, they are not falling anywhere near fast enough

Over the last 30 years, carbon emissions have dropped by 32% . while this is an impressive amount, it is far short of the promise.

The best predictions for the future, are that by 2050 the EU will have cut emissions by around 43%. While this is an important step, it is far short of what has been promised.

More importantly, at the current rate, we will have only met a further 1/3 by 2050.

The job is not done – much of the carbon emissions from the last 3 decades have been easy to achieve. They have been achieved through efficiency gains, and moving production offshore. Very little change in the EU behaviour has been required.  

An easy gain, both for individual cost, and emissions is electric cars. A faster transition is likely to save countries much money too (though it is true that at the current time, there is an issue with the tax revenue coming from fossil fuel sales.

It is far cheaper to run clean alternatives, so we must make that show in the figures.

Some governments are making efforts to help, but not in every way. For instance, in the UK, you can get money towards an electric car, but not a used one (which given the reduction in price, is likely to go further and help more. On heat pump the government is doing better – with the increase in the air-source heat pump grant, the cost to individuals has reduced to around 3500 (on average buying a heat-pump as well as installing and changing radiators to work with the lower temperature (bigger) the cost is around £11,000. However, many people have missed the advertising, and are unaware. It is true that new build homes will not be allowed to install boilers after 2025. 

However, older houses with gas boilers will be unaffected by the change until 2035. But the average cost for a new boiler, plus installation is thought to be around £4000, in 2023, meaning that for many homes, it will be cheaper to replace now.

Furthermore, while an air-source heat pump is thought to be around £50 more to run each year, should something like a thermal solar panel be added, the cost is far lower.

With carefully designed rules for builders, the switch to low cost private transport, and low cost private house heating can be cheap and obvious. At the current rate, though, this is not being met.

In the UK, clearly better understanding and education is essential, and builders need to see that adding things like thermal solar panels is a must.

Will it happen? will the EU meet our 55% target? at current speed, it is clear that this will be hard work. However, if this money is not found, we are likely to need far more in the future to adapt to the world we are creating.

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Reducing gas reliance in the UK power sector from 40% down to 1% in 7 years, and saving money? Really?

A new analysis shows that Britain can cut gas use from the power sector by 2030 (5 years early compared to current targets) and that this would save large amounts of money.

A gas power plant: could these be a thing of the past in the next 7 years? photo credit David Price

How much do you say? it is thought to amount to £93 billion saved, by avoiding fossil gas consumption.

Continue reading “Reducing gas reliance in the UK power sector from 40% down to 1% in 7 years, and saving money? Really?”
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Could fossil fuels be pushed out of electricity generation by 2035 simply by market forces?

A report from Carbon Tracker (a London based non-profit) points out that Solar and wind have the potential of creating thousands of Petawatt hours of electricity a year, while current electricity demands stand at just 27PWh.

More crazy still is the space that it would take to get all our electricity from Solar. It would take 450,000 square km, which sounds like an insane amount of land. However, this is just 0.3% of land and significantly less than the land currently given over to the Fossil fuel industry. Given that much of our energy needs will come from wind, this is likely to be significantly lower. Another analysis suggests just 0.2% of land for solar, with 0.5% covered in wind turbines.

End of Oil Age? might we as a society end the need for oil within the next few decades? Photo credit Alexey
Continue reading “Could fossil fuels be pushed out of electricity generation by 2035 simply by market forces?”
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UK government gives go ahead for shell to develop a new gasfield

As if we need any examples of the contradictory actions of rich governments, the UK government is still giving permission for new had fields to be created.

It is known that if we are to keep warning to 1.5 degrees or less, more than 50% of fossil fuels must remain in the ground. As such this move is foolish.

The government could do as much for consumer bills by bringing back the green housing grants-and funding it properly. Many people in the country can afford to do the work themselves but many more don’t stand a chance.

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UK government sued over decision to to give the go ahead for a large new gas powered power plant

The UK government is being sued after it gave permission for a large new gas powered power plant despite the fact that local planning refuse permission due to the carbon emissions it would produce.

Andrea Ledson overruled the local decision-making process. Drax the power producer, talked about adding carbon capture processes in the future, but not while building. If completed, this power station will emit 75% of the carbon dioxide emissions set aside for power generation in the government’s plans.  Added to the plans to increase the size of the coal power plant in county Durham, it suggests a total lack of seriousness over Global warming with the UK government. Given our hosting of the next carbon cutting conference later this year, the governments behaviour is highly embarrassing and thoroughly foolish.

Their supposedly world-leading decision to make the country carbon neutral by 2050 is undone by their continued decisions that go against this aim. On the one hand they demand praise for an aim they have put in law, but on the other hand continue on with business as usual decisions that makes that aim impossible to meet.

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