The Energy Gang Wood Mackenzie

More money will be invested this year in the solar industry than in oil production. 




So said Faith Birol, executive director of the International Energy Agency, last week. Amy Harder, executive editor of Cipher, attended the Cleanpower 2023 event in New Orleans and experienced at first-hand what it means for the Big Green energy industry to be rivalling the scale of Big Oil. The event has been dubbed the ‘Coachella of clean energy’ and as Amy recounts walking the half-mile long hall, full of clean energy businesses looking to capitalise on the booming industry, that comparison certainly seems appropriate. 




Amy Myers Jaffe, director of NYU’s Center for Global Affairs, is also on the show this week. She says that what was once seen as a huge divide between the high-carbon and low-carbon energy industries is now being bridged. But she argues there is still an important role for governments in supporting the growth of newer energy technologies that would otherwise find it too difficult to break into markets dominated by old energy incumbents.




After discussing how the emergence of the Big Green industry relates to US permitting reforms that could affect all energy infrastructure projects, the gang turn their attention to the G7. The recent summit in Hiroshima included some important discussions of the climate and energy, with world leaders repeating their commitments to accelerating the phase-out of fossil fuels, but also acknowledging the case for increased gas production to replace Russian supplies.

Finally, whatever happened to alternative protein? Impossible Foods, Beyond Meat and some of the other companies in the sector have been cutting jobs. Beyond Meat’s share price, which peaked at about $235 in the summer of 2019, is about $10 this week. Impossible Foods has been talking about an IPO, but now says it is not going to happen this year. It’s clear that if you can cut the emissions from food production, and from beef in particular, the climate benefits could be huge. Should changing diets play a bigger role in climate strategy?




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Wood Mackenzie’s Solar & Energy Storage Summit is back,

taking place at the Palace Hotel in San Francisco on June 21 and 22. Join

expert solar and storage analysts for discussions with leading grid-scale

utilities, solar and energy storage developers and federal policy makers.   

 

How is the IRA catapulting the development of solar and storage

in North America? How can we continue to build a productive environment for

solar and energy storage as we move forward with the energy transition? What is

required to nurture the development of a thriving localized storage component

supply chain?   

 

Expect two days of panel discussions, presentations and

workshops, as we explore the opportunities for solar and storage in the coming

decades.   

 

If you are interested in sponsoring or attending find out more

on woodmac.com/events/solar-energy-storage-summit 

 

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The excitement around ChatGPT and other large language models has put AI firmly in the spotlight in recent months. Public perception is that we’re entering a new age of AI; it is a brand-new technology that promises to change our lives. In the world of energy, though, AI is not a new concept. GE was developing its AI capabilities more than a decade ago. BP invested in an AI company in 2017 to support oil exploration and production. And so far, although you can see the impact of AI in many parts of the world of energy, it has not exactly transformed the fundamentals of the industry. So when people get excited about AI in energy today, and expecting revolutionary change, are they just buying into some well-orchestrated hype?

Amy Myers-Jaffe is Director of the Energy, Climate Justice and Sustainability Lab at New York University. She joins Ed and explains the real-world benefits of automation and AI for electricity networks. Automating home energy use and business operations in conjunction with power supplies could have huge implications for energy. The gang is also joined this week by Michael Webber. Michael is the Josey Centennial Professor in Energy Resources, in the Walker Department of Mechanical Engineering at The University of Texas. He’s also CTO of Energy Impact Partners, a cleantech venture fund.

Together, the team examine whether AI will transform energy and our lives in the same way the internet did. And they assess the question: is AI the tool that will ultimately open the door to a net zero energy system?

 

Subscribe to the show so you don’t miss an episode and follow us on Twitter, we’re @theenergygang  




Wood Mackenzie’s Solar & Energy Storage Summit is back, taking place at the Palace Hotel in San Francisco on June 21 and 22. Join expert solar and storage analysts for discussions with leading grid-scale utilities, solar and energy storage developers and federal policy makers.   

 

How is the IRA catapulting the development of solar and

storage in North America? How can we continue to build a productive environment

for solar and energy storage as we move forward with the energy transition?

What is required to nurture the development of a thriving localized storage

component supply chain?   

 

Expect two days of panel discussions, presentations and

workshops, as we explore the opportunities for solar and storage in the coming

decades.    

 

If you are interested in sponsoring or attending find out

more on woodmac.com/events/solar-energy-storage-summit 

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

“Electrify everything” is turning from a slogan into reality

It’s a special edition of the Energy Gang this week. New York University’s 2040 Now event is an initiative focused on addressing the challenges posed by climate change, and this week the Energy Gang joined in. As part of the week of exercises, talks, exhibitions and discussions, regular Energy Gang member Amy Myers-Jaffe led a workshop on building energy transition scenarios, looking for ways to deepen our understanding of the present and strengthen our predictions about the future. The Energy Gang was there to record live in the Kimmel Center for University Life at NYU. 

Scenario analysis is particularly useful for analyzing the energy transition, because its trajectory is still uncertain, and a large number of variables can influence outcomes. Some of the most important of those variables are qualitative rather than quantitative, making them hard to analyze in a computer simulation such as an energy systems model. Thinking about a wide range of scenarios is a vital tool for testing assumptions and highlighting alternative possibilities. 

Amy and host Ed Crooks were joined by Energy Gang regular Robbie Orvis, Senior Director of Modelling and Analysis at the think-tank Energy Innovation, and by Erin Coughlan de Perez, Dignitas Associate Professor at Tufts University.

With contributions from NYU professors, students and invited guests, they discussed the aspects of climate, policy, technology and finance that will shape our energy system and climate over the decades to come. And they ask the question: when we try to predict the future of energy, what are we missing?




Subscribe to the show so you don’t miss an episode and follow us on Twitter, we’re @theenergygang  

The Energy Gang is brought to you by Wilson Sonsini Goodrich & Rosati—the premier legal services provider to technology, life sciences, and clean energy enterprises. Wilson Sonsini has built a leading energy and climate solutions practice and its team is dedicated to a single goal: advancing what’s next in the energy industry.  

For more information about Wilson Sonsini’s energy and climate change team, visit wsgr.com 

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Alternative sources of power are moving into the spotlight.

As the share of dispatchable power in our electricity system declines, with coal-fired plants giving way to variable wind and solar, maintaining reliable supplies to keep the lights on becomes more complex. Investment in wind and solar is still vital for making progress towards net zero emissions, but other sources of low-carbon power are also moving into the spotlight. Those can include nuclear and hydrogen generation, as well as wave and tidal power, but there’s another source of renewable energy that’s been attracting a lot of attention recently: geothermal.   

Today geothermal accounts for just 0.5% of renewables-based capacity for electricity generation globally, but some think it could play a much bigger role in the future. In the past few years there has been growing interest in geothermal energy, driven by some exciting innovations. Quaise Energy, for example, is developing a millimeter wave drill that they say could enable them to deliver energy at $40 per MWh. Fervo is a startup working on horizontal drilling for geothermal, enabling them to reach more areas and lowering surface footprints.   

On the Energy Gang this week, Ed Crooks is joined by Dr. Melissa Lott, the Director of Research at the Center on Global Energy Policy at Columbia University, and by Nneka Kibuule, who is a Principal at Aligned Climate Capital and co-founder of GreenTech Noir. They discuss the potential of geothermal as an energy source, and the important questions over its environmental impact. What are the trade-offs when we develop new sources of low-carbon energy that could help tackle climate change, but create local impacts on sensitive ecosystems?

There’s a $100 million plan to turn apartments in New York City into Virtual Power Plants, or VPPs. There are now hundreds of VPP projects across the US and Canada, with New York and California being the biggest states. But what exactly are they, and how do they work? In New York City, the plan is to control air-conditioning units in real-time to reduce electricity demand, relieving stress on the grid and helping to cut emissions. Nneka Kibuule explains how Aligned Climate Capital has invested in several businesses developing technologies for VPPs, making it possible to turn homes and businesses into a collective energy resource for utilities and the grid.   

Finally, the focus on ESG investing continues. When investors and companies look at ESG scores and ratings, are they getting too hung up on the numbers and not paying enough attention to all the other important factors that are more difficult to measure?

Subscribe to the show so you don’t miss an episode and follow us on Twitter, we’re @theenergygang  

 

The Energy Gang is brought to you by Wilson Sonsini Goodrich & Rosati—the premier legal services provider to technology, life sciences, and clean energy enterprises. Wilson Sonsini has built a leading energy and climate solutions practice and its team is dedicated to a single goal: advancing what’s next in the energy industry.    

For more information about Wilson Sonsini’s energy and climate change team, visit wsgr.com 




 

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

It has been a turbulent month in the financial sector, which could have big implications for the world of energy. Mobilising capital is vital for achieving international goals to curb greenhouse gas emissions and to adapt to the impacts of global warming. As the global banking system shudders from the blow of Silicon Valley Bank collapsing, is long-term climate investment being pushed further to the fringes of the agenda? 

 

The latest Assessment Report from the IPCC has delivered what’s been called a “final warning” on limiting global warming to 1 .5 degrees C, saying we are on course for about 3.2 degrees C of warming by the end of the century. The report, which aims to bring together and summarise the state of the world’s scientific knowledge on climate change, warns that flows of investment, especially to developing countries, “fall short of the levels needed for adaptation and to achieve mitigation goals across all sectors and regions.” 

 

As we learn more about the climate crisis, are we heading for another financial crisis, too? Clean energy share prices have been falling on concerns that the sector will be hit by the collapse of Silicon Valley Bank. Meanwhile, President Biden has used his first veto to protect a government regulation that seeks to encourage the use of ESG (environmental, social and governance) factors in investment decision. The Republicans are leading the charge against ESG investing, arguing that “woke Wall Street” is putting investors’ money at risk. 

 

On the show today: Ed Crooks is joined by Dr Melissa Lott from Columbia University, and Shanu Mathew of Lazard Asset Management, to analyse the financial storm we’ve seen brewing in the past few weeks. What exactly has been going on in the banking system? What are the implications for clean energy as the economic clouds are gathering? Rising interest rates are a big contributor to pressure on the banking system, and also have implications for renewables. 

 

The gang then get on to the ESG backlash: is it real, and what does it mean for investors and for clean energy companies that need capital? Finally, they review the IPCC report: although the problems it sets out look dire, there are solutions, and Melissa and Shanu have some ideas for how to make them happen.

 

Follow us on Twitter – we’re @theenergygang

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