Coronavirus crisis could cause $25tn fossil fuel industry collapse
Value of reserves could fall by two-thirds as Covid-19 hastens peak in demand, study shows The coronavirus outbreak could trigger a $25tn (£20tn) collapse in the fossil fuel industry by accelerating a terminal decline for the world’s most polluting
UK industry says more energy storage is needed, as COVID-19 offers glimpse of low carbon future
Industry voices in the UK have said that electricity market activity during the COVID-19 pandemic shows that the network will become prohibitively expensive and possibly unmanageable without the further rapid deployment of energy storage. In article published last week
UK Doubled Its Support for Fossil Fuels Since Signing Paris Agreement
In the three years after countries signed the landmark Paris Agreement, the UK nearly doubled its public finance support for fossil fuel projects. A new report shows the UK spent an average of £1.3 billion annually on the projects
Use of battery power storage seen accelerating to 2030 and beyond
FRANKFURT (Reuters) - The use of batteries for energy storage is expected to grow faster than that of other flexible assets in the period to 2030 and beyond, as renewable energy generation expands, consultancy Wood Mackenzie said in research
Electric vehicles could be as disruptive to oil industry as coronavirus, Suncor CEO says
The shift to electric vehicles and other low-carbon technologies could disrupt crude oil demand on a similar scale to the coronavirus pandemic, Suncor Energy Inc’s chief executive said on Monday. The comments are a stark prediction in an industry
Over 200 businesses call for climate-focused COVID-19 recovery
Decarbonisation should be the focus of the COVID-19 recovery, a letter signed by over 200 business leaders has said. The letter, sent to Prime Minister Boris Johnson, calls for a clear vision for recovery efforts that align with the
Renewable power stocks outperform fossil fuels across the board
Renewable power shares are outperforming fossil fuels in the stock market, but obstacles are still standing in their way. A new report produced by Imperial College London and the International Energy Agency (IEA) found that renewables offered investors higher
Five Takeaways: Early Moves and Current Trends in Energy Storage
McDermott continues its dialogue with renewable industry leaders to provide the latest market updates on the disruption, challenges and opportunities COVID-19 presents to the industry. This week, we focused on the energy storage market and hosted Chris McKissack, CEO
UKPN introduces ‘green’ transformers to aid decarbonisation
UK Power Networks (UKPN) is installing new steel core transformers at substations that are set to help support decarbonisation. The amorphous steel core transformers are high efficiency, with the distribution network operator (DNO) to replace around 15,000 transformers over