But there may be at least as much to learn from failure as from success 💡
These are Jeju’s two biggest sources of rising CO2 emissions:
1) Gasoline-powered vehicles, which accounted for nearly 37% in 2019
2) Fossil fuel-based power generation, which contributed 26%
To tackle gasoline vehicles, Jeju island encouraged EV adoption and more sources of renewable power. The government provided subsidies and tax breaks
It assumed that an increase in both would crowd out traditional cars and fuel. It hasn’t, and gas-powered cars has increased 🚗
Then there’s the problem of batteries 🔋
Jeju government agreed to own the batteries (most expensive part of an EV) to help reduce costs
But now the batteries have run their course. There’s no local way to dispose/recycle of spent batteries, and shipping to mainland is costly
Geographically, Jeju is the best place in Korea to harvest wind power 🌬
But residents pay Korea’s highest energy costs, because they rely on shipped diesel or natural gas
Jeju has renewable capacity of 828MW, just 22% of what it says it will need by the end of the decade
Worse yet, Jeju couldn’t even use all the renewable energy it did produce ⚡️
Funneling it into the existing grid could have overloaded the infrastructure, so the island was forced to curtail the excess
More than 19 GWh of electricity was lost from curtailments in 2020
The island can’t simply switch off thermal and gas-based generators to accommodate renewable energy because it can make the whole grid unstable
Without an adequate utility-scale battery storage facility on the island, there’s little the government can do
The fact that Jeju is facing stark challenges even absent heavy industry should be a warning for Korea, said Lee Yong Jae, a professor emeritus at Chung-Ang University who has studied the island’s energy transition plan
His full quote here 👇
Islands like Naoshima and Jeju are appealing laboratories for experiments like this
If these projects can be successful, the thinking goes, the efforts can be scaled up and replicated on the mainland 👀
• • •
Missing some Tweet in this thread? You can try to
force a refresh
Uranium prices surged the highest since the 2011 Fukushima disaster on Russia supply concerns
📈☢️
Prices rose to $59.75/lbs, highest since March 2011, when meltdowns at Fukushima sent shockwaves through the nuclear industry and dashed uranium demand
The White House is considering sanctions on Russia’s state-owned atomic energy company, Rosatom, intensifying concerns over disruptions to uranium exports from Russia
Rosatom and its subsidiaries account for more than 35% of global uranium enrichment
So what does this mean? Higher spot prices for longer
“Europe will need to bid these cargoes away from Asia,” said Nikos Tsafos of CSIS. “But what does a bidding war look like when spot prices are already above $50? I have no idea.”
To be sure, Europe's plan to quit Russian natural gas is full of obstacles
Its import terminals are working near max-capacity, and it will require additional FSRUs to take a large jump in deliveries
China is considering to buy stakes in Russian energy companies and assets 🇨🇳💰🇷🇺
👋 The move comes as Big Oil exits Russian oil & gas projects due to Ukraine war
🛢️ Any Chinese investment is to boost energy imports, and not a show of support for the war