Median energy/utility CEO pay package: $9.6 million

first_img FacebookTwitterLinkedInEmailPrint分享Axios:The energy sector is bucking a corporate trend. Across all major industries, CEOs running S&P 500 companies cumulatively made $10 billion in 2017 — 44% higher than what is usually reported — when you factor in their gains from the stock market, according to an Axios analysis of Securities and Exchange Commission filings.Yes, but: Many energy stocks did pretty poorly last year. So energy CEOs overall made less than what is normally reported because their stock grant values were higher than the amount of stock they actually cashed out.By the numbers: Within the total compensation, Axios’ Bob Herman calculated what’s known as the actual realized gains (ARG) of CEOs’ stock options and awards — shares that were actually exercised and taxed — versus the estimated fair value (EFV) of their stock that predicts future stock value and is prominently featured in the summary compensation tables of SEC filings.Overall, 59 energy and utility CEOs made $668 million based on our calculations — 13% lower than the $769 million that is normally shown in the traditional EFV format. The median energy/utility CEO pay package was $9.6 million.In contrast, CEOs in the tech, finance and health care industries often made a lot more in real dollars than what was normally reported.The details: For some CEOs, to be sure, the ARG was a lot higher than the more commonly reported EFV. But for a substantial number of execs, it was lower.More: What oil and power CEOs really make Median energy/utility CEO pay package: $9.6 millionlast_img read more

Analyst says Australia is still on track to hit 50% renewables by 2030

first_img FacebookTwitterLinkedInEmailPrint分享Renew Economy:Australia is likely to reach 50 per cent renewables by 2030, even without a change to federal policy and despite the Coalition government scare campaign, thanks to the growing uptake of rooftop solar and the big pipeline of large-scale projects brought to the market by state-based targets.The assessment in new modelling by leading analyst group Reputex underlines one of the hollow claims by the Coalition government, some business groups and conservative media during the election campaign, that Labor’s 50 per cent renewable energy target by 2030 would ruin the economy and push up prices.Reputex says that the target will likely be reached anyway, with no change to federal energy policy, and will be underpinned by around 19GW of new renewable capacity under the various state renewable energy schemes and the big surge rooftop solar installations.Reputex says that current state policy – driven by the 50 per cent renewable energy targets in Victoria (legislated) and Queensland (an election commitment) is likely to drive around 13GW of new renewable energy capacity by 2030, in addition to the 6GW of renewable capacity currently committed for development.“This would see renewable energy generation grow to more than 50 per cent of electricity in the National Electricity Market (NEM) by 2030,” it says in a new report. “Reputex therefore suggests that the market is on track to reach a 50 per cent renewables target by 2030, irrespective of an explicit 50 per cent renewable energy target.“Under current policy we see around 11GW of new large-scale wind and solar entering the system by 2030, underpinned by the Queensland and Victorian renewable energy targets, along with a further 8GW of new rooftop solar installations”, said Reputex head of research, Bret Harper.More: Australia to reach 50% renewables by 2030, despite Coalition scare campaign Analyst says Australia is still on track to hit 50% renewables by 2030last_img read more

SSE to close Fiddler’s Ferry coal plant in U.K.

first_imgSSE to close Fiddler’s Ferry coal plant in U.K. FacebookTwitterLinkedInEmailPrint分享The Guardian:The UK’s race to increase renewable energy sources has intensified with the announcement of plans to close another coal-fired power station.The news on Thursday came as last winter was revealed to be the greenest yet for the country’s energy system, after strong winds produced more renewable electricity and coal-fired power dwindled.SSE said Fiddler’s Ferry near Warrington, Cheshire, the energy company’s last remaining coal-fired power station, would close in March 2020, reducing the UK’s coal-fired energy fleet to five plants.National Grid said the UK relied less on coal power plants over winter, partly because it was the fifth-warmest recorded in the past 59 years. The milder temperatures dampened energy demand, making it easier to avoid using coal in favour of running gas power plants, which produce half the carbon emissions.Coal-fired power made up 5% of the UK’s electricity over the winter and will be phased out altogether by 2025 under a government ban. Wind power and nuclear plants each made up 18% of the power generation mix, while gas-fired power plants produced 42%.Stephen Wheeler, the managing director of thermal energy at SSE, said Fiddler’s Ferry could not compete with the economics of gas and renewable energy. He said SSE made the “difficult decision” because the plant is losing £40m a year, as government policy focuses on supporting less carbon-intensive forms of energy.More: U.K. to be left with five coal power stations after latest closurelast_img read more

Eastern U.S. states have plans for 19.3GW of offshore wind capacity

first_img FacebookTwitterLinkedInEmailPrint分享S&P Global Market Intelligence ($):States along the U.S. East Coast are seeking to procure more than 19,300 MW of offshore wind capacity through 2035, according to an analysis from S&P Global Market Intelligence and S&P Global Platts.Legislation, regulation and, now, approved power purchase agreements are encouraging the development of the new capacity, though only 30 MW of offshore wind resources are operating in the U.S. Grid operators may have to modify their procedures to accommodate the additional resources.New York has set the pace for offshore wind goals, after Gov. Andrew Cuomo in July signed legislation for the state to get 9,000 MW of electricity from offshore wind by 2035. The state also selected two offshore wind projects, one proposed by Norway’s Equinor ASA, called Empire Wind, and another by a joint venture between Denmark’s Ørsted A/S and U.S. utility Eversource Energy, called Sunrise Wind.Massachusetts officially has an offshore wind target of 1,600 MW by 2027, though Gov. Charlie Baker’s administration is considering an additional 1,600 MW to boost the state’s procurement goals. State distribution utilities have already contracted for a portion of the output of the 800-MW Vineyard Offshore Wind Project, and have issued a request for proposals for up to 800 MW more.In New Jersey, Gov. Phil Murphy signed an executive order directing the state Board of Public Utilities work on initiatives to support 3,500 MW of offshore wind by the 2030. In June, state regulators selected the 1,100-MW Ocean Offshore Wind Farm, from Ørsted.Connecticut recently adjusted its clean energy goals to include a separate 2,000-MW carve-out for offshore wind, issuing a request for proposals Aug. 16. The state’s utilities have already contracted for a portion of the output of the 704-MW Revolution Wind Offshore Project. Another portion of that facility’s output will go to utilities in Rhode Island, which has a 1,000-MW clean energy target set in 2017 by Gov. Gina Raimondo that includes offshore wind.More ($): U.S. East Coast states to add more than 19,000 MW of offshore wind by 2035 Eastern U.S. states have plans for 19.3GW of offshore wind capacitylast_img read more

Uniper set to close 2.9GW of German coal capacity by 2025

first_img FacebookTwitterLinkedInEmailPrint分享Reuters:Uniper aims to close most of its German hard coal-fired power plants over the next five years, accounting for half its European coal capacity, the utility said on Thursday.Uniper, formed in 2016 after being spun off from E.ON, has drawn up plans to shut down about 1.5 gigawatts of capacity involving three blocks at its Scholven plant plus the Wilhelmshaven power station by the end of 2022, it said. It will then shut a further 1.4 GW at its Staudinger and Heyden sites by end-2025, the group added, confirming an earlier Reuters story.The planned closures represent about half of Uniper’s total hard coal-fired capacity in Europe and come as investors and governments demand sustainable business models that do not rely on fossil fuels.The planned closures would cut Uniper’s carbon emissions by about 18 million metric tonnes per year, it said.The plans do not affect Datteln 4, Uniper’s new 1.5 billion-euro state-of-the-art coal-fired power plant which is scheduled to go on-line in mid-2020.Uniper’s largest shareholder is Finland’s Fortum, which holds a 49.99% stake. That holding could top 70% if a deal with activist funds Elliott and Knight Vinke goes through.[Christoph Steitz, Tom Käckenhoff and Vera Eckert]More: Uniper to shut down German hard-coal power plants by 2025 Uniper set to close 2.9GW of German coal capacity by 2025last_img read more

Anglo American to exit South African thermal coal market

first_imgAnglo American to exit South African thermal coal market FacebookTwitterLinkedInEmailPrint分享Bloomberg:Anglo American Plc plans to exit its biggest thermal coal business within the next three years by spinning off its South African operations as the miner accelerates its retreat from the dirtiest fuel.Anglo has been increasingly vocal on its plans to stop mining thermal coal in the past year but has so far given few details. Today’s comments, in a written response to shareholder questions, provide a clear route to the exit for a large part of the business.The company said it’s working toward a possible demerger of the South African coal operations as its preferred option. The unit could be listed on the Johannesburg Stock Exchange within the next two to three years. Still, Anglo said it will consider other options, such as a trade sale.The company has spent decades positioning itself as an environmental and social champion, from treatment plans for employees with HIV or tuberculosis, to developing new ways to mine with less water. Yet it has risked getting left behind on thermal coal, after Rio Tinto Group sold its last coal mine in 2018 and as BHP Group looks at options to exit the business.Anglo has already dramatically reduced the amount of thermal coal it mines in recent years, cutting output by more than half. It now has two remaining businesses in South Africa and Colombia.In South Africa, it owns four export mines, including a joint venture with Exxaro Resources Ltd., and has a 21% stake in Richards Bay Coal Terminal, the biggest export facility for the fuel on the continent. Getting out of Colombia might be more difficult. The company owns the Cerrejon mine there in partnership with Glencore Plc and BHP. The mine predominantly ships to Europe, where the coal market has been hit hard by cheap gas prices, potentially limiting the pool of interested buyers.[Thomas Biesheuvel]More: Anglo American to exit coal business in South Africalast_img read more

Intesa Sanpaolo, Italy’s biggest retail bank, to curb loans to the coal sector

first_img FacebookTwitterLinkedInEmailPrint分享Reuters:Intesa Sanpaolo said on Tuesday it had introduced guidelines curbing lending to the coal sector, joining the ranks of other banks looking to improve their green credentials.Italy’s biggest retail bank said in a statement that under the new guidelines it would not grant new loans for investments in coal-mining projects or the construction of coal-fired plants. It said the aim was to support customers phasing out the use of coal in energy production and help the transition to low carbon alternatives.Last November Italy’s biggest bank by assets UniCredit pledged to halt all lending for thermal coal projects by 2023.Italy’s ruling coalition has called for the phasing out of coal-fired plants by 2025.Intesa Sanpaolo said under the new guidelines the ban would not apply to credit line renewals and the extension of credit lines with a set maturity. It also said loans could be granted to companies producing energy from renewable sources even if they were part of a group generating energy from fossil fuels.“Intesa Sanpaolo will continue funding companies with a medium/long-term strategy of gradually cutting their use of coal,” the bank said.[Stephen Jewkes]More: Italy’s Intesa Sanpaolo sets new guidelines to curb coal financing Intesa Sanpaolo, Italy’s biggest retail bank, to curb loans to the coal sectorlast_img read more

Goldman Sachs sees $16 trillion investment opportunity in renewable energy through 2030

first_img FacebookTwitterLinkedInEmailPrint分享Bloomberg:Spending on renewable power is set to overtake oil and gas drilling for the first time next year as clean energy affords a $16 trillion investment opportunity through 2030, according to Goldman Sachs Group Inc.Renewables including biofuels will account for about a quarter of all energy spending next year, up from about 15% in 2014, Goldman analysts including Michele Della Vigna said in a June 16 note. This is in part driven by diverging costs of capital, as borrowing rates have risen to as high as 20% for hydrocarbon projects compared with as little as 3% for clean energy.Clean energy could drive $1-$2 trillion a year in infrastructure investment and create 15-20 million jobs globally. Meanwhile the high cost of capital for fossil fuel developments is leading to underinvestment, which could lead to higher oil and gas prices that in turn spur a faster energy transition.“Renewable power will become the largest area of spending in the energy industry in 2021, on our estimates, surpassing upstream oil and gas for the first time in history,” Goldman said in the note.The divergence in borrowing costs for high- and low-carbon developments implies a carbon emissions price of about $40 to $80 a ton, Goldman said. In the real world, however, only about 16% of global emissions are priced, and the average value is about $3 a ton.That’s creating a bifurcated investment model, with money flowing into mature technologies including wind, solar and biofuels while less-developed efforts such as like carbon capture and clean hydrogen could suffer without higher emissions prices, Goldman said.[Dan Murtaugh]More: Goldman sees $16 trillion opening as renewables pass oil and gas Goldman Sachs sees $16 trillion investment opportunity in renewable energy through 2030last_img read more


first_imgDear EarthTalk: What are “eco-villages?” I’ve heard of one in New York near Ithaca and another one called Arcosanti being built in Arizona.                                    — Jim Killian, Brookline, MA Eco-villages are essentially designed communities intending to be socially, economically and ecologically sustainable. Environmentalist Joan Bokaer developed the vision for the first eco-village, which would eventually be built on the outskirts of Ithaca, New York, while on a continent-wide walk for sustainability across the United States in 1990. In Context magazine publisher Robert Gilman helped refine the concept through his research, writing and speaking on the topic. In 1996, the first residents moved into the EcoVillage at Ithaca, and a movement was born. According to the nonprofit Global Ecovillage Network, some 420 eco-villages exist in both urban and rural settings around the world today. The defining characteristics of an eco-village, according to Robert Gilman’s seminal 1991 article, “The Eco-Village Challenge,” include “human-scale, healthy and sustainable development, full-featured settlement, and the harmless integration of human activities into the natural world.” Gilman also said that eco-villages should limit their populations to 150 individuals, which is the maximum size for any working social network according to the teachings of sociology and anthropology. While the term eco-village did not come into common usage until the 1990s, the concept may in fact be older. Arcosanti, a self-described “experimental town” in the high desert of Arizona, 70 miles north of Phoenix, has been under construction since 1970 and eventually will be the home of some 5,000 forward-thinking residents. In keeping with the concept of clustered development so as to maximize open space and the efficient use of resources, the large, compact structures and large-scale solar greenhouses of Arcosanti occupy a small footprint—only 25 acres—within the community’s 4,000-acre “land preserve.” Italian architect Paolo Soleri designed Arcosanti according to his concept of “arcology” (architecture + ecology), whereby, in his words, “the built and the living interact as organs would in a highly evolved being.” Underpinning the concept is that “many systems work together, with efficient circulation of people and resources, multi-use buildings, and solar orientation for lighting, heating and cooling.” Those interested in learning more can attend a four-week workshop at Arcosanti to study building techniques and arcological philosophy, while getting a chance to contribute to the city’s ongoing construction. To date, some 5,000 participants have all had a hand in the construction of Arcosanti. Some other “intentional communities” designed with sustainability in mind around North America include Cobb Hill in Vermont, Vegan in Hawaii, Dancing Rabbit in Missouri, Maitreya in Oregon, Dreamtime in Wisconsin, Paz in Texas, Earthaven in North Carolina, Prairie’s Edge in Manitoba and Kakwa in British Columbia. For information on these and other eco-villages, the Ecovillage Network of the Americas as well as the Global Ecovillage Network offer extensive resources for free online. CONTACTS: EcoVillage at Ithaca,; Robert Gilman’s “The Eco-Village Challenge,”; Arcosanti,; Ecovillage Network of the Americas,; Global Ecovillage Network, GOT AN ENVIRONMENTAL QUESTION? Send it to: EarthTalk, c/o E/The Environmental Magazine, P.O. Box 5098, Westport, CT 06881; submit it at:, or e-mail: [email protected] Read past columns at: the Editors of E/The Environmental Magazinelast_img read more

Trail Mix: The Boston Boys

first_imgThe Boston Boys first came to my attention when they recently opened a run of shows with The Infamous Stringdusters. I know the ‘Dusters have a good ear for music and regularly pick eclectic, up and coming bands to join them on tour, so I make it a point to check out whoever they are digging at the moment. Upon taking a listen to Idea of Love, the new EP from The Boston Boys, I knew why the ‘Dusters latched on to these guys. The Boston Boys can flat out play, they write great songs, and they defy the convention that might restrain other bands with a similar acoustic instrumentation.This genre blending quartet is already well versed in world traveling, spreading distinctly American sounds overseas while incorporating the foreign musical flavors they experience into their own songwriting. The end result is a fresh sound that can’t be pigeonholed or typecast.I recently caught up with Eric Robertson, guitarist and singer for The Boston Boys, to chat about the new EP, world traveling, and the dangers of being a Red Sox fan in New York City.BRO – Your band is relatively young, but you have already performed in upwards of a dozen different countries. How did you guys get so well traveled so quickly?ER – The first tour this quartet did was in the Middle East. We went to Morocco, Israel, Egypt, Cyprus, and Saudi Arabia in partnership with the U.S. State Department on a program called American Music Abroad. For us, when we saw the audition, it just seemed like an amazing opportunity to kick start the whole thing. Since that tour, we have been to many other countries with the State Department and through our own initiative. The big highlight was a return trip to Morocco in January for nearly a month. We were able to seriously hang and play with some of the country’s most incredible musicians. Through the overseas touring we realized our collective passion for teaching and have embraced that as part of the band’s identity. We frequently teach workshops on the history of American music and push ourselves to dig deep into these roots. When you step back and look at all that’s happened in only the last century, that context is a great reminder of the full range of possibilities we have before us.BRO – We are featuring “Between You and Me” on Trail Mix this month. What’s the story behind the song?ER – “Between You and Me” was a co-write between me and Cameron Scoggins. Cameron is a great musician and actor. We grew up together in Greensboro, North Carolina, and now we are neighbors in Harlem and write together all the time. I think the story of the song is pretty clear; sometimes things get rusty. Sometimes relationships crash and burn. Sometimes they wither. We had fun producing this song. It certainly came out as the most bluegrass sounding track on the new EP.BRO – Exactly what are “future roots”?ER – In the context of all that’s come before us, what are we going to contribute to the heroic status of what music can do for people? To bare that fruit – that’s our challenge.BRO – You released your new EP, Idea of Love, last month. Any plans for a full length release?ER – We are actually about to record a live EP to be released as an A/B side with Idea of Love. But, yes, a full length album is definitely on our horizon. We have a lot of new music written already. The main thing we are waiting for is the right producer. Our three EPs were all self-produced, to the band’s benefit, though we are looking forward to finding the right fit in the studio to help us translate the next vision. After being on the road the past couple of years, we are a much tighter unit. We want to make the next record mostly in the live room together, just playing the whole time, perhaps with someone in the control room to chime in with the occasional “Yeah! Do THAT!” or “You guys should probably go swimming for a while.”BRO – Though you hail from Boston, you now call New York City home. Is it safe to rawk a Red Sox cap in Yankee territory?ER – No. Extremely dangerous.The Boston Boys will be playing the ROMP Bluegrass Roots & Music Festival in Owensboro, Kentucky, on June 26 and then they are off to the historic – and recently reopened – Lime Kiln theater in Lexington, Virginia, where they will be supporting Love Canon on June 28th. The band will also be in the Charlottesville area in October for The Festy Experience, the annual roots music get down hosted by The Infamous Stringdusters.Surf over to for more information on when The Boston Boys will take to a stage near you. Also, check out to download a copy of Idea of Love, the brand new EP.last_img read more