The world's largest investor in #RenewableEnergy, @NextEraEnergy, sees US wind costs declining by 10% annually for the next four years, so even as subsidies cease, #wind will be the low cost source of new supply. #coal can't compete. 🇺🇸✅
investor.nexteraenergy.com/~/media/Files/…
And @NextEraEnergy expects ~10% annual solar deflation to continue as well, remaining the second lowest source of new electricity in the US.
And batteries are seeing deflation of ~16% pa, meaning 4 hour storage will cost ~US$4-9/MWh by 2022, challenging peaking applications for fossil gas (solar already destroys that antiquated idea of gas base-load).
Other than @ScottMorrisonMP, who thinks a gaslit recovery works?!
And @nexteraenergy is building 2.2GW of batteries as we speak, the world's largest investor in RE is now the world's largest investor in batteries. And one of the new investors in green hydrogen, set to be the next big electricity / manufacturing sector disruptor by 2030.
Forget the political spin, what are US investors betting on? Not nuclear, not coal, less gas and a lot more batteries and RE! 🇺🇸✅
And @nexteraenergy sees #GreenHydrogen as a game changer, driving a twentyfold increase in US VRE deployments by 2050 vs 2019 levels.
NREL expects 500GW of new VRE to be installed this decade in the US, reaching ~40% share of generation (way deeper than the @IEABirol's SDS 32%).
And because it is a defining moment in US energy market transition, I'll re-tweet that @nexteraenergy overtook the climate science denying @Exxonmobil in terms of market capitalisation last week, highlighting fossil fuels are proving a total wealth hazard, right @blackrock!
And Norway's US$1 trillion Sovereign Wealth Fund CEO Nicolai Tangen agrees - a strong ESG focus means a better long term risk-return profile for investors: “It’s been very profitable, very good for the fund in reducing risk.”
ft.com/content/39e5f8… by @rmilneNordic

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More from @TimBuckleyIEEFA

24 Aug
Today @IEEFA_AsiaPac Yong-Liang Por's new report on the global surge in investment interest in pilot green hydrogen projects. Like battery storage, this is a game changer for low cost #RenewableEnergy. Europe, Australia, Korea, Japan & the US are leading.
ieefa.org/wp-content/upl…
The US is lead by @nexteraenergy with a US$65m, 20MW electrolyser in Florida, operational by 2022/23 for blending with an existing fossil gas peaker. 🇺🇸 ✅
greentechmedia.com/articles/read/… by @KEStromsta
And @CWP_Renewables' Asia Renewable Energy Hub aims to build 15GW of wind & solar capacity in the Pilbara to power green hydrogen at world scale. 🇦🇺✅
reneweconomy.com.au/pilbara-green-… by @GilesParkinson
Read 18 tweets
2 May
The carnage of the Oil & Gas Majors.
Negative oil prices. LNG <US$2/mmBtu.
Pivot or Die.
The boards have doubled down on expensive M&A when prices were double today, &/or catching the falling knife buying back their stock at double current prices. Caught asleep at the wheel.
The humbling of @ExxonMobil.
In a decade & the S&P500 rose 200% Exxon returned -10.8% to investors. The market evaluation of former CEO Rex Tillerson is clear, he failed. 2020 saw Exxon destroy 38% of shareholder wealth, Darren Woods is doing no better.
bloomberg.com/features/2020-…
The price of oil has collapsed well below the breakeven price of oil, as defined by the oil majors as oil price needed to cover capital spending and dividends.
Read 11 tweets
27 Apr
Anyone else noticing despite the pandemic, global financial institutions seem to be accelerating their exit from fossil fuels, starting with formal coal exit polices that are tightening at an accelerating pace! Or maybe these two issues are connected i.e. accepting the science?!
Here is one of the latest ones, @HSBC removed its three country exemptions (Bangladesh, Indonesia and Vietnam) for coal power, and expanded their project finance exemption for new tar sands and arctic drilling. 🇬🇧✅
hsbc.com/-/files/hsbc/i…
It took a while, but now @Citi has strengthened their previously very weak #coal policy. Now it is not too bad + Citi has committed to tightening transparently every year till they reach zero coal finance by 2030.🇺🇸✅
citigroup.com/citi/sustainab…
Read 16 tweets
13 Apr
Indian electricity demand has dropped 21% in absolute terms since the start of March 2020. As the high marginal cost source of power, coal-fired power generation is down 28%. @RajKSinghIndia, a key lesson for us is that #coal has worn 99% of curtailment in 🇮🇳.
And India ended FY2020 with record high coal stockpiles.
Analysis by @CWorringham. With domestic coal production increasing, and coal generation declining, the inevitable is lower imports of thermal coal over 2020.
Coal imports down 27% year-on-year in March 2020 to 15.7Mt, a reflection of things to come over 2020 after three years of coal import growth. An interesting dilemma for @Gautam_Adani's #Adani Carmichael HALE #coal proposal.
energy.economictimes.indiatimes.com/news/coal/coro…
Read 6 tweets
26 Jan
India’s electricity sector transition continues to progress. #RenewableEnergy has been the least cost source of new generation capacity since 2017 at <Rs3/kWh, 20% below existing domestic coal power at Rs3.60. RE is over two-thirds of all new installs in 2019/20.
Indian electricity demand grew just 0.7% year-on-year in CY2019, a dramatic slowdown on the >6% CAGR this decade.
In the ten months to Jan’2020, India’s #coal fired power generation is down 26TWh. Not the peak, but definitely a clear sign of the technology transition underway.
And key players driving this technology driven transition like @AzurePowerSolar continue to power ahead!
energy.economictimes.indiatimes.com/news/renewable…
Read 12 tweets
14 Jan
The Dec 2019 monthly installation figures are out: 1.5GW of new #RenewableEnergy added (a 2019 monthly record) vs 1.3GW of new thermal power plants (TPP) for 🇮🇳: 65% of all new capacity is zero emissions, low cost VRE.✅
And TPP hit a decade low 53% utilisation rate in 4QCY2019!
And while NTPC & TANGEDCO are now completing TPP announced a decade ago, reports are coming in thick & fast of >60% TPP asset write-downs by Indian banks; investors need to be wary of commissioning even more stranded thermal power assets.
energy.economictimes.indiatimes.com/energy-speak/d… @Vibhuti_D_Garg
@Vibhuti_D_Garg And India's Minister for coal and mines @JoshiPralhad is reminding us of plans for India to reduce its dependence in thermal #coal imports, saying of the 235Mtpa of coal imports, only 100Mt was "non-substitutable."
An interesting take @mattjcan?
spglobal.com/platts/en/mark…
Read 4 tweets

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