The UK energy secretary announced that keeping the lights on is of greater importance than increasing green energy at all costs. She noted that UK households already face paying high electricity prices for years to come as a result of  expensive subsidies provided to wind and solar farms over the past decade. Going forward the UK intends to adopt policies that will balance “the need to decarbonise with the need to keep bills as low as possible”.

India announced plans to quadruple its renewable electricity generation capacity to 175 gigawatts by 2022 and cut fossil fuel subsidies.

Coal provides 44% of the world’s electricity and will remain the dominant fuel for power in 2035, accounting for approximately one-third of electricity, according to the BP Energy Outlook 2035. Currently there are more than 2,200 coal-fired plants under construction and planned globally.

Four coal-powered plants are poised to come online every week in China despite the odds they will remain under-utilised given the existing glut of capacity. 155 projects with a total capacity of 123 gigawatts were approved in 2015 alone. This is despite the fact that China has practically no need for the energy they will produce. Generation overcapacity has led to a 50% fall in coal plant utilisation in the past year. The Asian country’s state-controlled economy creates strong incentives for the provinces to manage their own energy sources to generate jobs and revenue. Coal plants have long been the easiest, fastest way for provinces to meet their own energy needs and stimulate local economic growth.

As US crude oil inventories continue to climb, some analysts expect the price to fall to $37 per barrel within the next few weeks.

The International Energy Agency sees the global crude oil glut continuing until 2020 as the push for cleaner fuels and greater efficiencies in consumption offset the increased demand stemming from lower prices. The IEA now forecasts the demand for crude oil increasing by 1% in the next 4-5 years. The Agency also sees OPEC increasing its share of the global oil market from 41 to 44% in the next 10 years as non-OPEC producers are driven out of the market.

Russia will remain the most important player in the energy market in Europe, according to the International Energy Agency. The statement came amid Energy Union efforts to reduce its dependence on Russian energy.

The IEA said for the first time in 30 years, investments in the world oil industry will plummet in the next two years. The decline will amount to more than twenty percent in 2015 and continue in 2016.for the first time in 30 years, investments in the world oil industry will plummet in the next two years; the decline will amount to more than 20% in 2015 and continue in 2016. If world crude prices remain very low, oil production in North America, Brazil, Africa and Russia could be reduced.

The Spanish city of Madrid has banned the parking of cars in the city centre to reduce pollution. Only commercial vehicles, taxis and school transport will be permitted to park.  In addition, the speed limit on roads into the city have been reduced from 120 kilometres per hour to 70 km/hr.

 

 

 

 

 

 

with h/t Tom Whipple

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