British energy giant BP’s earnings have tripled in the second quarter as the company profited from oil and natural gas prices that soared after Russia invaded Ukraine.
London-based BP said on Tuesday that underlying replacement cost profit, which excludes one-time items and fluctuations in the value of inventories, jumped to $US8.45 billion ($A12.21 billion) from $US2.8 billion ($A4 billion) in the same period a year earlier.
The soaring earnings allowed BP to return billions of dollars to shareholders, with the company boosting its dividend by 10 per cent and announcing it would buy back $US3.5 billion ($A5.1 billion) in shares.BP earnings triple on rising energy prices – Michael West
Victoria has powered its electricity grid with 50 per cent renewable energy for the first time, well ahead of state government projections for the transition to clean energy.Victoria’s grid runs on 50 per cent renewable energy for first time
Less than two decades ago, South Australia generated all its electricity from fossil fuels. Last year, renewables provided a whopping 60% of the state’s electricity supply. The remarkable progress came as national climate policy was gripped by paralysis – so how did it happen?Against the odds, South Australia is a renewable energy powerhouse; and they’re showing the world how to do it
Our energy transition is in disarray. It will only get worse without a price on carbon and an end to subsidies for all forms of energy. Failure to do so will merely sow the seeds for more transition problems in the years to come.Vital Signs: timing of Yallourn’s closure shows it’s high time for a carbon price
A new report from Ember and Agora Energiewende finds that in 2020, the 27 countries of the European Union generated more electricity with renewables (wind, solar, hydro) than with fossil fuels (coal and natural gas). The growth in renewables has all come from wind and solar. These two increased by 51 terawatt-hours in 2020, substantially higher than the yearly average growth during the past decade.President Biden, We can do this too: Europe generates more electricity with Renewables than Fossil Fuels for First Time
India is not forging ahead on the solar front as fast as China. But in 2017 for the first time more solar capacity was installed than new coal. India intends to have 275 gigawatts of renewable capacity by 2027 and is counting on solar to provide two-thirds of it. This configuration differs from Germany and the US, where wind far outstrips solar progress so far.
But India is innovating by auctioning 2.5 gigawatts of wind-solar hybrid power, combining the two. The advantages of wind-solar are that the installation cost is 15% less than pure solar or pure wind, and they are significantly more efficient together (wind often picks up at night or in cloudier seasons, replacing lost pv generation).
Coal and gas for electricity generation now make up two-thirds of India’s capacity, but in ten years it will fall to only 43%, according to Mercom and the study.
This proposal “helps push forward a conversation within and between the scientific, policy, and business communities about how to envision and plan for a decarbonized economy.”
“We are witnessing a transformation of global power.”
Spain is generating enough wind energy to power more than 29 million homes every day, according to one of the country’s biggest renewable energy companies.