2024-02-29 23:19

WASHINGTON, Feb 29 (Reuters) - The U.S. Environmental Protection Agency on Thursday said it will exclude existing natural gas power plants from its proposed carbon regulations that it plans to finalize in April, narrowing the scope of the initial proposal that would have required stringent controls on those facilities. The electric sector had questioned whether the EPA had authority to force use of technologies that the sector said are not economically or technically feasible for widespread use. Some environmental groups expressed disappointment, citing the need to cut greenhouse gas emissions. The EPA said it still plans to finalize standards this spring to cut carbon dioxide emissions from existing coal and new gas-fired power plants, but will re-propose wider-scale regulations targeting the entire fleet of gas plants at a later date. "The agency is taking a new, comprehensive approach to cover the entire fleet of natural gas-fired turbines, as well as cover more pollutants including climate, toxic and criteria air pollution,” said EPA Administrator Michael Regan. Last May, the EPA proposed a set of standards that would push power companies to install carbon capture equipment (CCS) that can siphon the CO2 from a plant’s smokestack before it reaches the atmosphere, or use super-low-emissions hydrogen as a fuel. The standards covered both existing and new gas-fired power plants. The agency had projected the standards would cut carbon emissions from coal plants and new gas plants by 617 million tonnes between 2028 and 2042, the equivalent of reducing the annual emissions of 137 million passenger vehicles. Comments received by the agency questioned whether the EPA had the legal basis to require installation of technologies like carbon capture and sequestration and hydrogen cofiring since these technologies are not widely used. The Edison Electric Institute, a trade group of investor-owned utilities, said on Thursday that it had "identified signifcant challenges for existing natural gas generation in EPA’s proposed rule from last May. "We appreciate that EPA has acknowledged our concerns with the proposed regulations for existing natural gas. We know that the agency likely will repropose regulations for these units once this rule is finalized," said Emily Sanford Fisher, General Counsel of EEI, in a statement. Some environmental groups said they were disappointed that EPA delayed regulating existing gas plants. “Greenhouse gas emissions from power plants have gone uncontrolled for far too long, and we have no more time to waste,” said Frank Sturges, an attorney at the Clean Air Task Force. Regan said EPA plans to hear from stakeholders in another comment period but said the new proposal will take a "stronger, more durable approach" and address a range of criteria pollutants and air toxics, in addition to carbon dioxide. https://www.reuters.com/business/energy/us-epa-removes-existing-gas-plants-proposed-carbon-rule-2024-02-29/

2024-02-29 23:05

WASHINGTON, Feb 29 (Reuters) - President Joe Biden on Thursday nominated two Democrats and one Republican to the Federal Energy Regulatory Commission (FERC), an independent panel that rules on energy transmission and liquefied natural gas projects. The two Democrats nominated were David Rosner, a FERC energy industry analyst currently on detail with the U.S. Senate energy committee, and Judy Chang, an energy economics and policy expert and former undersecretary of energy and climate solutions for Massachusetts. The Republican, Lindsay See, recommended by Senate Minority Leader Mitch McConnell, is the solicitor general of West Virginia. The nominees must be confirmed by the Senate. FERC has been mainly known recently for approving natural gas pipelines and LNG export terminals. It is expected to issue rules this year that could expand or upgrade electricity transmission, getting power from wind and solar projects to cities, which would help implement measures in Biden's climate legislation, the Inflation Reduction Act. The panel, which has a maximum of five members, currently has two Democrats and one Republican. This month Biden promoted Willie Phillips to head FERC. Shortly afterwards, Allison Clements, the other Democrat, said she would not seek a second term after her current one expires June 30. Clements could choose to stay until year's end. If the nominees are confirmed, they could play a role in approving LNG projects after the lifting of Biden's pause on new applications for exports of the fuel to big markets in Asia and Europe. The pause could last until after the Nov. 5 elections. A backer of natural gas praised Biden for starting the process on filling FERC seats. "Vacancies at FERC potentially risk the development of the energy infrastructure needed to deliver natural gas to American homes and businesses and to our allies abroad," said Amy Andryszak, head of the Interstate Natural Gas Association of America. An environmentalist said the nominees have big roles to play in the switch to low-carbon energy. "It would be a shame if these presidential appointees squandered the limited time left to transition off fossil fuels and ensure renewable energy is built responsibly," said Gaby Sarri-Tobar, energy justice campaigner at the Center for Biological Diversity. https://www.reuters.com/world/us/biden-nominates-two-democrats-one-republican-federal-energy-regulator-2024-02-29/

2024-02-29 23:02

Existing sites to be assessed different from new ones - minister SMR's may not require repeated assessments - minister IAA tweaks to be limited to court concerns - minister OTTAWA, Feb 29 (Reuters) - Canada will expedite the approval process for new nuclear projects, but will not exclude them from the federal environmental review as requested by the province of Ontario, Energy and Natural Resources Minister Jonathan Wilkinson said. All new major projects in Canada, including nuclear reactors, have to be reviewed under the Impact Assessment Act (IAA), which the government has promised to revise this spring after the Supreme Court last year ruled it overstepped into provincial jurisdiction. Wilkinson said the legislative revisions to the IAA will be limited to addressing the concerns of the court because if the government does more than that, it would "have to open up large scale consultations that will take significant time." "That being said, we do have some ideas that as to how we can make the process more efficient and respond to the thoughts and aspirations of the provinces," Wilkinson told Reuters in an interview on Wednesday, adding that accelerating the process will not come at the cost of addressing environmental concerns. Canada is the world's second-largest uranium producer, but the long regulatory process has resulted in miners like NexGen Energy (NXE.TO) , opens new tab having to wait seven years and counting to build the world's largest uranium mine in Saskatchewan. "It's a very long process," said NexGen CEO Leigh Curyer. "Government and industry working together to bring these projects online more expeditiously, that is absolutely key." Even so, NexGen said the rigor of Canada's regulatory system is an advantage, since it fosters deep analysis of the project, Curyer said. Nuclear energy enjoys broad public support, employing more than 70,000 people, yet Canada's newest reactor came on line more than two decades ago and no nuclear project has been approved since the IAA was introduced in 2019. If the approval timeline is cut, it could help Liberal Prime Minister Justin Trudeau's government meet its goals of reducing the country's electricity grid to net-zero carbon emissions by 2035, part of an overall goal to net-zero by 2050. Climate groups and researchers have warned Canada risks missing its climate targets. Nuclear expansion faces opposition, however, over charges it already doesn't adequately review risks. The Sierra Club environmental group opposes development of nuclear fuels because of dangerous waste, high cost and links to weapons, said Sierra's Canada programs director Gretchen Fitzgerald. "Canada again and again has failed to create valid environmental assessment processes and arms-length regulation of the nuclear power industry - leaving communities at risk," Fitzgerald said. OLD SITES VS NEW ONES Last month, Ontario said would start work to refurbish aging nuclear reactors at Pickering, located about 45 km (28 miles) east of Toronto, to extend production by 30 years. Canada's 19 nuclear reactors produce 14% of the country's electricity, and it has also exported technology for more than 30 Canada Deuterium Uranium (CANDU) reactors worldwide. Now Ontario, which derives 50% of its power needs from nuclear, wants to roll out more reactors in Canada's most populous province. "We've been asking for nuclear to be exempted" from the IAA, Ontario Energy Minister Todd Smith told Reuters in an interview this month. "If it's going to take another seven to 10 years to build" a new nuclear station in Ontario, "then there's absolutely no way" the federal government will hit its climate targets, Smith said. Wilkinson said he held a meeting late last year with provincial energy ministers from Ontario, Saskatchewan, Alberta and New Brunswick in part to discuss how to accelerate assessments for new nuclear projects. Earlier on Thursday, Smith joined Wilkinson when he announced the federal government would contribute up to C$50 million ($36.8 million) to Bruce Power to conduct consultations and studies to add new nuclear reactors in Tiverton, Ontario. Bruce Power's plant is already the second-biggest in the world. One of the ways to expedite the process is to treat expansions of existing nuclear sites - brownfields - differently from new facilities - greenfields - Wilkinson said. Only Ontario and New Brunswick have existing reactors, so provinces that have none would "probably require a bit more of an assessment", he said. Ontario is developing what could be the first operating small modular reactor (SMR) in the Western world by the end of the decade, a technology that many countries are looking at as a way of replacing coal-fired plants, Wilkinson said. Wilkinson said SMRs are "sort of carbon copies of each other" and so should not require repetitive engineering assessments. The government is also reviewing its entire regulatory process to approve large industrial projects including nuclear by eliminating overlaps between the provincial and federal assessments, he said. The details of that review, which will have a particular impact on mining, will be released in the next few months, Wilkinson said. Canada's deep experience with nuclear means it can "leverage its experience and its technology to create jobs and economic opportunity," Wilkinson added. ($1 = 1.3573 Canadian dollars) https://www.reuters.com/business/energy/canada-expedite-approval-new-nuclear-projects-energy-minister-says-2024-02-29/

2024-02-29 23:01

March 1 (Reuters) - Australia's Syrah Resources (SYR.AX) , opens new tab said on Friday it will supply natural graphite product from its Balama graphite operations in Mozambique to South Korean chemical and battery material maker Posco Future M (003670.KS) , opens new tab. Under the six-year deal, Syrah will supply up to 2 kilotonnes (kt) of natural graphite per month in the year following commissioning. This can be increased to 5kt per month, with at least six months' notice, from the second year of the deal to the end of term. The price for the natural graphite supply will be mutually negotiated on a quarterly basis over the term of the agreement, Syrah said. The deal is part of the graphite producer's strategy to transition Balama natural graphite sales to a more "geographically diversified and commercially aligned customer base", it said. https://www.reuters.com/markets/commodities/australias-syrah-resources-inks-offtake-deal-with-s-koreas-posco-future-m-2024-02-29/

2024-02-29 22:57

Feb 29 (Reuters) - U.S. asset management giant Vanguard Group said on Thursday Tim Buckley would retire as CEO and chairman by the end of the year after more than three decades at the company, including over six years as CEO. The firm has initiated a process to select a new CEO from internal and external candidates, it said. Chief Investment Officer Greg Davis has been appointed to the additional role of president, effective immediately. Buckley had joined Vanguard in 1991 and was appointed CEO in 2018 after covering several roles, including chief investment officer before being named CEO. Under his tenure Vanguard has expanded its assets under management by 80% to $9 trillion. "It has been an absolute privilege to lead Vanguard and help advance the company’s mission of giving clients the best chance for investment success," he was quoted as saying in a statement. "Today, Vanguard is poised to seize the opportunities of the future while continuing to deliver for our investor-owners,” he said. Pennsylvania-headquartered Vanguard is the world's second largest asset manager by assets after BlackRock. In his expanded role, current CIO Greg Davis will oversee all aspects of the firm's investment management, retirement business and services for Vanguard's financial advisory clients. Davis was appointed CIO and global head of Vanguard Investment Management Group in 2017. He currently oversees $8 trillion worth of fixed income and equity assets. He is a member of the Treasury Borrowing Advisory Committee of the U.S. Department of the Treasury and the Federal Reserve Bank of New York Investor Advisory Committee on Financial Markets. https://www.reuters.com/markets/us/vanguard-ceo-buckley-retire-by-year-end-2024-02-29/

2024-02-29 22:52

BOGOTA, Feb 29 (Reuters) - Colombia's majority state-owned oil company Ecopetrol (ECO.CN) , opens new tab on Thursday reported a fourth-quarter net profit that fell 38%from a year earlier, to just over $1.07 billion, with executives citing lower oil prices for the dip. Net profit slid to 4.23 trillion pesos, from 6.85 trillion in the final quarter of 2022. "The fact that we had a reduction in market price of $17 per barrel impacted net profit," said CEO Ricardo Roa at a press conference after the release of results. Roa said the company would hold to its previously announced plan to invest between 23 trillion and 27 trillion pesos, up to $6.8 billion, this year. "The investment plan for 2024 plans to maintain the historic levels of execution that we reached in 2023, with an emphasis in the energy transition," Roa said. The company said it invested 27.2 trillion pesos last year, 97% of its goal and the highest in eight years. The oil company's revenues also slid 12% to 34.79 trillion pesos, some $8.8 billion, it said in a filing. The company said it had its highest output in eight years in 2023, reaching an average of 737,000 barrels of oil equivalent per day, 3.8% more than the year before, noting a strong contribution from its stake in the United States' Permian Basin. Its refineries also reached their highest-ever level, processing some 420,000 barrels per day, the statement said. In a separate statement, Ecopetrol said its proven reserves were at 1.88 billion barrels of oil equivalent in 2023, down from 2.07 billion at the close of 2022, and equivalent to about 7.6 years. Of its reserves, 89% are in Colombia and 11% are in the United States, the company said. Quarterly core earnings, as defined by earnings before interest, taxes, depreciation, and amortization (EBITDA) slid 23% to 12.25 trillion pesos. Annual net profit also fell, contracting by 42.9% last year to 19 trillion pesos, about $4.84 billion. Revenues for 2023 were up 10.3% to 143 trillion pesos, $36.4 billion, while EBITDA was down 19.3% to 60.7 trillion pesos. Ecopetrol said in a third statement it would distribute an extraordinary dividend of 278 pesos per share, equivalent to a payout of 60% of its net profit. https://www.reuters.com/business/energy/colombias-ecopetrol-posts-q4-profit-down-38-2024-02-29/