Financial Times: Oil Groups Have Shelved $200B in New Projects as Low Prices Bite
The world’s big energy groups have shelved $200B of spending on new projects in an urgent round of cost-cutting aimed at protecting investors’ dividends as the oil price slumps for a second time this year.
The sell-off in oil has been matched by a broader slump in copper, gold and other raw materials, pushing the Bloomberg commodities index to a six-year low over concerns of weaker Chinese growth and rising supplies across the board.
Business Insider: A $600 Million Coal Mine Just Sold for Less Than $1
There's more bad news for the coal industry. On Thursday, Bloomberg reported that the biggest American producer of coking coal, Alpha Natural Resources, could file for bankruptcy as soon as Monday.
Now, two companies are so pressed by 10-year-low coal prices, that they’ve agreed to sell their jointly owned Australian coking mine for A$1 ($0.73).
Guardian: Fuel-Cell Industry Charges Forward Thanks to Big Corporate Customers
Unlike solar panels or wind turbines, fuel cells are usually hidden from sight. But a growing number of big companies are relying on these mini power plants for a steady supply of electricity with a lower carbon footprint.
Fuel cells, which date back to the 1800s, generate electricity by putting natural gas through a chemical reaction. They release about half the emissions of a conventional power plant, according to the U.S. Environmental Protection Agency.
Lately, fuel cells have emerged as a feasible alternative to solar-, wind- or grid-powered electricity because of lower-cost financing, generous federal and state subsidies, and the desire by companies to reduce their carbon footprint and, in some cases, their energy costs.
Forbes: EPA's Clean Power Plan Will Arrive Monday, Followed by Lawsuits
The Obama administration is expected to unveil its sweeping plan to restructure the electricity industry on Monday, including state-by-state, mandatory reductions in CO2 that can only be accomplished by shutting down more than a quarter of the nation’s coal-fired power plants. One thing it is sure to generate: lots of fees for lawyers and lobbyists.
The Environmental Protection Agency’s Clean Power Plan is a dramatic expansion of the government’s powers under the Clean Air Act. It will almost certainly be challenged in court after it is published in the Federal Register in a few weeks, as well as generating furious activity by lobbyists trying to use the regulations to steer the electricity market toward their clients and away from competitors.
The Nation Editorial: Why the Presidential Candidates Should Reject Donations From Fossil-Fuel Companies
“Follow the money” is a basic rule of American politics. Find out who funds a given candidate’s campaign -- and, equally as important, who isn’t funding it -- and you can make a pretty good guess as to which interests and policies the candidate will support or oppose once in office.
As the 2016 presidential campaign heats up, voters deserve to know where candidates stand on the challenge of our time: confronting the growing danger of climate change.