The failure of the IEA principles has led to panic in Europe and the UK as energy supplies have decreased and energy prices have increased rapidly. Numerous European industries have shut down or reduced production as the result of energy supply shortages and rising energy prices.

Texas residents have worried about extreme weather since a deadly storm in February 2021 left millions without power, water and heat for days as ERCOT struggled to prevent a grid collapse.

These projects total 167 gigawatts of new generation capacity. The total monetary value is estimated to be $33 billion. That is assuming they get built.

While that trails California’s 52%, Texas is a bigger market. It’s already No. 1 in wind, making it the largest clean energy market in the US.

BNEF estimates that the global annual green investments would need to almost triple to $6.9 trillion by 2030 to have any hope of getting to net zero by 2050.

Wind employs twice as many people as coal power generation. However, coal still produces 19.5% of our electricity while wind only accounts for 10.2%.

Historically, power cuts and outages were deemed a problem only for the developing world, however, we’re now seeing more of these issues in the so-called developed world, primarily driven by a lack of electricity infrastructure spend over many years.

The Brent crude oil spot price will average $80 per barrel (b) in 4Q23 and $84/b in 2024.

By 2021, wind, solar, and natural gas provided 48 percent of Germany’s electricity, and provided most of the electricity consumed in Italy (63%), the UK (64%), and the Netherlands (78%).

At the heart of the new energy paradigm is undersea cable technology, which is benefitting from improved laying techniques and a general acceptance of the idea that high-voltage direct current connectors can function safely over very large distances for many decades.

Россия и Казахстан ведут успешное и плодотворное сотрудничество в энергетической сфере, в том числе в нефтяном секторе.

China had also previously offered a subsidy for EV purchases for more than a decade but the programme ended last year.

While renewable power generation from wind and solar continues to capture much of the peak power demand in The Electric Reliability Council of Texas, demand for gas-fired cooling is also up.

Global renewable capacity additions are set to soar by 107 gigawatts (GW), the largest absolute increase ever, to more than 440 GW in 2023.

The Brent crude oil spot price will average $79 per barrel (b) in the second half of 2023 (2H23) and $84/b in 2024.