In 2023, U.S. energy production reached a record 103 quadrillion British thermal units (quads), according to the Energy Information Administration (EIA). This 4% increase was driven by a significant rise in natural gas and crude oil output, with natural gas production up 4% and crude oil up 9% from the previous year. Renewable energy also saw a modest 1% growth, with solar energy production increasing by 15%. This record production highlights the ongoing growth and diversification of the U.S. energy sector.
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Top 10 Energy Projects to Watch in Angola. Representing one of the leading producers in Africa, Angola’s oil production is expected to remain steady at approximately 1.1 million barrels per day in 2024. While billion-dollar gas projects progress, developments across the renewable, power and infrastructure sectors have also advanced, with several anticipating a 2024 start. Source: Energy Capital & Power.
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Montenegro: Electricity production reached 4 TWh in 2023 Electricity generation in Montenegro rose by 25% in 2023, compared to the previous year, to 4,043 GWh, according to the Ministry of Energy. In the same period, consumption increased by 3% to 3,179 GWh. Last year’s total electricity generation was 12% higher than planned. The electricity produced from renewable energy sources increased by 42% to 2,520 GWh, while the […] https://lnkd.in/d5W3ATRx
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Electricity generated from renewable sources accounted for 55% of Germany’s total energy network in 2023, an increase of 14% from the previous year, according to figures from SMARD, the electricity market data platform of Bundesnetzagentur. Germany’s Federal Network Agency said that wind energy, especially onshore wind farms, made the largest contribution to the country’s renewables production. Onshore and offshore wind farms held a 31% share, followed by solar at 12.1%, and biomass at 8.4%, with the remaining 3.4% coming from hydropower and other renewables. Renewables generation in Germany totalled 251.2 TWh in 2023, which was approximately 7.5% higher than in 2022. Onshore wind generation increased by 18.0% to 118.7 TWh, while offshore wind dipped by 4.9% to 23.5 TWh. Solar output held steady at 55.2 TWh, offsetting the less sunny year with increased capacity. In contrast, conventional energy sources saw a significant decline, with total generation plummeting to 197.2 TWh, a 24.0% decrease from 2022. This downturn was most pronounced in hard coal and lignite, registering declines of 36.8% and 24.8%, respectively. Despite geopolitical tensions and gas-saving efforts post-Ukraine war, natural gas-based electricity production rose by 31.3%. #cleanenergy
Renewables accounts for 55% of Germany’s electricity production in 2023
https://cleanenergypipeline.com
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An entire country ran on renewable energy for six days straight Between Oct. 31 and Nov. 6, the state’s National Electric system ran entirely on energy from wind, hydropower, and the sun – for 149 hours straight. Portugal produced 1102 GWh of renewable energy, surpassing its demand of 840 GWh, which allowed it to even export some electricity to Spain. Portugal set a similar record in 2019 when it ran on renewables for 131 hours. Usually, about 60 percent of Portugal’s energy comes from renewable sources, while the rest is supplied by the so-called natural gas. Portugal is planning to cut off the use of gas by 2040 and run solely on renewables by 2045.
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Brazil is leading the region in renewable energy generation!
🇧🇷 🌍⚡ Exciting Growth in Renewable Energy Generation in 2023! Wind💨 power increasing by 14 TWh (17.4% growth) and solar☀️ surging over 20 TWh (68.1% growth). Source: Brazilian Energy Balance 2024 💡
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Investor. Trader. CFO. A page dedicated to investors with a longer-term horizon. Delivering outstanding results with the highest level of integrity. Former CFO of major non-profit organizations in California.
In August '23, Renewable Sources Accounted for 30.2% of Electricity Production in OECD Countries. "Total electricity production from renewable sources grew by 5.6% y-o-y, with wind power leading this trend (+19.5% y-o-y), followed by solar power (+17.3% y-o-y). These two renewable technologies offset reduced output from hydropower (-3.6% y-o-y). Renewables accounted for 30.2% of total OECD electricity production, higher than one percentage point compared to August 2022." IEA. Some of the companies in the renewable energy field include First Solar (FSLR), Enphase (ENPH), Solar Edge (SEDG), GE, and Hitachi (HTHIY). A.T.
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The US Energy Information Administration (EIA) has released its latest forecast, predicting that electricity consumption in the US will surge to record highs in 2024 and 2025. This increase is attributed to growing demand across various sectors, including residential, commercial and industrial users. According to the EIA’s projections, the electricity demand will rise significantly, driven partly by economic growth and increased activity in sectors such as data centres and manufacturing. This surge in demand comes despite efforts to improve energy efficiency across many industries, with natural gas prices set to rise by 36% in the latter half of 2024 compared to the first half, leading to a decrease in natural gas-fired electricity generation. In response, the agency anticipates a significant increase in electricity generation from renewable sources, particularly solar power, alongside a heightened reliance on coal. Solar electricity generation is expected to surge by 42%, with wind power increasing by 6%, hydropower by 3%, and coal by 3% over the same period. ☀ 💧 🌪 https://lnkd.in/dg6cidty
US electricity demand to hit record highs by 2025 - Energy Live News
https://www.energylivenews.com
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Lazard latest report on "Levelized Cost of Energy" is out, here are some facts that some might have missed: 📉 One interesting aspect is the historical cost declines for utility-scale renewable energy generation technologies. Lazard's analysis shows that while there have been significant cost reductions over the years, these declines have begun to level out and even slightly increased in recent years. For example, the average Levelized Cost of Energy (LCOE) for utility-scale solar PV has decreased by 83% since 2009, but recent data indicates a slight increase in costs. ⚡ Another noteworthy point is the potential impact of hourly matching requirements on hydrogen production costs. These requirements, which stipulate that renewable power production must occur in the same hour as hydrogen production, could lead to higher costs due to increased renewable power development expenses and lower electrolyzer utilization rates. 💲 Additionally, the report highlights the feasibility and cost competitiveness of a 25% hydrogen blend in natural gas turbines. Preliminary results suggest that this blend is viable and could be a cost-effective option for gas peaking plants, with the Levelized Cost of Energy (LCOE) for such blends ranging from $110 to $228 per MWh. These insights provide a deeper understanding of the evolving dynamics in the energy sector, particularly in the context of renewable energy and hydrogen production. Chart source: Roland Berger - Lazard
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“We believe the energy sector is in the early stage of a supercycle”, Energy Research analyst Tom Erik R. Kristiansen said at our 30th annual Energy Conference today. Commodity prices remain at high levels, and global oil demand is at record levels. Investments are still down 35% since the previous oil price peak in 2014. The situation is not sustainable long-term and we expect oil prices to increase going forward. However, it creates great near-term cash flow for the producers. At current energy prices, most traditional oil and gas companies will generate their entire enterprise value ahead of peak oil demand. Looking to the service side and asset-heavy oil service, no one has invested in new equipment for years. With limited service capacity available, we expect the strong performance over the last year to continue. For renewable energy, higher cost of capital and cost inflation have triggered a reset of valuations. At the same time, renewables growth has been 40% faster than expected this year. As such, the energy transaction is gaining pace despite some recent headwinds. In addition, we have recently seen cost declines that will further support the scale-up of renewable capacity. Learn more about our Energy Conference: https://lnkd.in/dpEyKhit
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Renewable energy production in Portugal reached a new high, exceeding consumption needs for 149 hours in a row This occurred between 04:00 on 31st October and 09:00 6th November. The previous record was 131 hours, recorded in 2019. Another record was broken during this time where renewable production was greater than consumption, without the need to use natural gas combined cycle power plants and with Portugal exporting to Spain. It now stands at 95hrs, surpassing the previous record of 52 set in 2018. #energy #renewables #renewableenergy
Portugal sets 'important' new record for renewable energy production
euronews.com
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