Wednesday, June 11, 2014

$35B TOTAL ASSET WRITEDOWNS by US' largest shale players since boom began. Marcellus likely has just 50TCF of technically recoverable reserves, not the over 400 originally est. Expert predicts peak production by end of '15 ... Since 2000, oil industry investments up 180%, global oil supply up just 14%. 2/3 of new supply from shale, other unconventional sources. Peak, plateau in conventional oil production since '05. IEA est. $11.3T industry investment out to '35. About 90% just to keep production at today's levels ... OPEC left in place 30Mb/d production target for '14 at this week's meeting ... ISIS terrorist group took Mosul, stopped repair on Iraq's main oil pipeline to Turkey, threatens oil production in north ... BP using drones to monitor Alaska oil field, pipes ... Govt commission in Chile rejected projected $8B plan for 2 hydropower dams, 1K miles of transmission lines ... MIT study found EPA CO2 rule more costly than putting price on carbon ... Hawaii utility has limit on grid connections for rooftop solar ... Overuse of nitrogen fertilizer bigger emission source than previously thought: study ... Deforestation could starve out freshwater fish: study ... Doughnuts fried in palm oil driving deforestation ... Americans by 2 to 1 would pay more to curb climate change ... US power gen market $363.7B ... Series of orders for repowering wind farms announced lately in Europe. Replacing 18-year-old 600Kw turbines with 3.2Mw direct-drive turbines in 1 case. Old turbines will be refurbished, sold ... ~1% of German muni waste goes into landfills. (68% in US.) Germans recycle near 70% of waste (US ~25%), then burn almost all the rest for power gen. US could add 12Gw of power gen from burning waste even with 70% recycling ... EPA extended compliance date for '13 RFS again to Sept 30 ... 2nd tanker filled with Kurd oil left Turkey. Iraq to bring complaint to UN. 1st tanker offshore Morocco (did turn around in Atlantic) ... Supreme Court ruled against BP in Gulf spill claims case ... Berkeley professor found far less expensive way to make more powerful semiconductors which reduces cost of higher efficient solar cells maybe to cost level of conventional cells. ~25% efficient v. ~18%. Indium phosphide ... GE unit opened plant to gen heat, 17.3Mw power from landfill gas in France ... Sunnova Energy (Houston) raised $145M to expand rooftop solar ops ... Earth Capital Partners (UK) working with major investor to channel over $400M into clean power, energy efficiency projects. Looking to pool 1B Euros to invest ... Greenko Group (India) wants to raise up to $400M from selling bonds. Has 611Mw clean power in ops, plans to boost that to 2Gw by '18 ... Hanergy (China) unit formed JV with Sojitz (Japan) unit to develop solar projects in Japan ... Scotland council rejected SSE's 160Mw wind project ... Spanish comp filed for 178Mw wind project in Australia ... OPIC giving $250M investment guarantee for 310Mw Kenya wind project ... Brookfield Renewable Energy closed $325M equity offering.

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