Renewable Energy Companies Europe
Renewable Energy Companies Europe – In this list Cross-currents: Big oil and energy transition European utility puts more emphasis on energy sector and state-owned companies S&P Global Daily Update: September 27, 2022 S&P Global Daily Update September 26, 2022 Case Study Group Big companies that produce carbon demand carbon. Deductions to achieve zero goal
Long before the drop in oil prices caused by the coronavirus pandemic, commentators and shareholders have been calling for incremental changes to Big Oil.
Renewable Energy Companies Europe
Now, with the economy at a standstill and companies struggling to survive, the oil sector’s gradual transition to renewable energy seems prudent.
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As their oil prices fall, the coronavirus exposes their companies’ exposure to a world with limited oil and gas supplies, hinting at the coming electric vehicle revolution.
Environmental groups are pressuring oil companies in times of crisis, even as they cut spending, arguing that when the economy recovers, the new money will be invested in sustainable renewable energy projects.
In the past three years, the global oil and gas industry has entered a new sector, increasing investment in the energy sector, low-carbon technologies and transport, responding to the growing climate media, which has also led to those investing in their culture.
The newly unveiled plan raises questions about how far and how fast the fossil fuel giants are willing to go to reduce carbon emissions.
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In early 2020, France’s Total broke the energy transition barrier, won Europe’s largest electric vehicle contract in the Netherlands, joined Groupe PSA in the electric vehicle battery industry, and secured a 2GW Spanish solar position.
Others contribute to increased profitability and renewal. Lightsource BP, 43% owned by BP, has just completed financing for a 250MW Spanish solar portfolio, while late last year Shell bought offshore wind pioneer EOLFI.
Now BP’s ambition, though limited in detail, has raised its expectations, and new chief executive Bernard Looney in February set the company to decarbonise by 2050, marking a major shift towards renewable energy and carbon reduction in the coming decades. Shell followed in April. announcing a goal to achieve zero emissions by 2050 and reduce the carbon footprint of its products compared to previously announced goals.
While the coronavirus pandemic poses a major threat to power shortages, power prices and the timely delivery of projects, the key drivers of renewable energy are still in place to keep energy capital costs under control as the crisis passes.
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Speaking to investors on March 19, Enel CEO Francesco Starace said Europe’s new green deal was a “good tool” for the virus-hit energy economy. At the same time, the company saw a delay of only 40-45 days in the delivery of Chinese equipment, which encouraged the installation of 200 MW from December 2020 to January 2021. At the same time, Total made good news in one week and almost in the middle of March. Two refreshing songs play on the beach and float in the air.
While attitudes among oil industry leaders are certainly changing, the investment remains relatively poor in terms of return. The International Energy Agency says that oil and gas companies’ investments outside their business areas are less than 1% of their total costs. “More significant changes in capital allocation are needed to accelerate the energy transition,” he said in January.
In the same month, Shell CEO Ben van Beurden said he regretted not buying Eneco, a Dutch sustainable energy company owned by the Mitsubishi group, last year. Japan Corp and Chubu Electric Power Co agreed for 4.1 billion euros ($4.5 billion). billion) contracts.
Van Beurden said the oil industry needs to “break” its “new energy” budget to succeed in the competition, showing how the market is competing for a game changer – and how big oil is, beware of being given a small one. a chance to get out. .
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The S&P Global Platts Power Plays database, which examines the energy transition paths of eight international oil and gas companies, identifies several different strategies (see infographic). Overall, the six European companies surveyed showed more enthusiasm for renewable energy than the two US companies.
Total and BP are the clear leaders in terms of generation capacity, with 3 GW and 2 GW respectively. Repsol, with around 700MW currently installed, already has over 1GW under development for wind and solar, with a target of 7.5GW of low-carbon generation capacity by 2025 – this includes existing CCGT and generation capacity, but addition one repeats , said Repsol.
Norway’s state-owned Equinor wants to install 12-16 GW of renewable energy by 2035 and can claim to be a leader in floating wind and carbon capture and storage technologies.
US leaders ExxonMobil and Chevron have recently adapted their traditional business models, focusing on better efficiency, increasing biofuels and CCUS (carbon capture, use and storage). Capital planning and research and development investments are also big topics.
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Chevron has a small renewable energy portfolio of about 65 MW. It’s more of an oil and gas core operation than a separate business, CEO Mike Wirth said at Chevron’s Research Day in early March.
Chevron has invested $1 billion in CCS projects in Australia and Canada and launched a $100 million Future Energy Fund in 2018 to invest in “advanced technologies.” Venture capital is focused on electric vehicle charging, battery technology and capturing CO2 directly from the atmosphere.
ExxonMobil has spent more than $1 billion a year on research and development and has several contracts with universities, including in Singapore, the US and India, to research biofuels and low-tech, among other areas.
ExxonMobil’s goal is to produce 10,000 l/d of biofuels by 2025 (US biofuel production in 2019 was 1.09 million b/d, according to the US Energy Information Administration). The company is also heavily invested in CCUS and says it has an interest in about a fifth of the carbon capture capacity.
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At an investor day in early March, ExxonMobil emphasized that its approach to energy transformation will build on its existing hydrocarbon and oil businesses, rather than divest from them entirely. CCUS, algal biofuels – which are produced on less land than traditional biofuel crops – and new hydrocarbon-based structures to reduce emissions in homes and businesses are important tools to achieve this.
“Instead of replacing the world’s existing electricity generation system, we are working with others and exploring more efficient technology to capture these carbon emissions,” said CEO Darren Woods. “Using existing resources reduces conversion costs and can accelerate decarbonisation in the power generation sector, especially when combined with gas.”
By changing and expanding their business models, multinational oil companies may be taking two paths to the energy transition that are not compatible, said Bassam Fattouh, director of the Oxford Institute for Energy Research.
“On the one hand, the ROK will continue to focus on traditional events, increase the efficiency of its operations and decarbonize these operations in order to extend the life of its operations and respond to government pressure, public relations and money. On the other hand, new business models must be developed and the risk that low-carbon technologies go beyond their traditional programs,” Fattouh said in an interview with S&P Global Platts.
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“We are likely to see different changes between companies in how they approach the speed of change, with some continuing to focus on their core businesses in traditional energy and oil and gas, while others are accelerating their transition to low-carbon technologies.”
Besides the big ones, many smaller oil and gas companies have undergone more dramatic changes. Denmark’s Orsted – formerly DONG – transformed itself from an oil business into a renewable energy company in 10 years, cutting carbon emissions by 86%, while Britain’s Centrica is exiting oil production and Gas is backing a strategy that focuses on retail customers. with easy money.
Meanwhile, utilities are considering renewable energy as their core business and turning profitable after years of destroying profits in their traditional assets. Last year, the shares of 10 utility companies increased in value by an average of 49%, which had a significant impact on renewal. These are the main goals of big oil.
While the coronavirus selloff wiped out gains in utility stocks, the rapid rally in many stocks at the end of March means that over a year ahead, these stocks are still highly positioned, and this trade organizes and acts as a safe haven. to investors. .
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The basic fact remains that as the share of green electricity and final energy grows, so does the need for oil companies to limit their exposure to E&P, said Lueder Schumacher, utilities analyst at Societe Generale. “If you want to protect yourself on the water, follow these disruptive and renewable technologies and the resources that come with them,” Schumacher said.
Financial markets are increasingly seeking exposure to renewable energy as the challenges of the energy transition mount, so why shouldn’t the oil industry? Annie,
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