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$1000 Electric Bills??
what the energy crisis means for everyday Americans
Happy Friday. Here's what we're looking at today: EU aims to end dependence on Russia by 2027, European industry switches off, WaPo and NPR ignore renewable resistance, South Korea's new president to scrap nuclear phaseout, Hudson area sees eye-watering electric bills.
Headlines
Surging US inflation raises stakes as war pushes up prices. (NYT)
EU eyes ending reliance on Russian energy by 2027. (BBG)
US says North Korea tested ICBM technology in latest launches. (BBG)
China stocks suffer worst selloff since October 2008. (BBG)
ECB scales back stimulus plan as Ukraine war drives up inflation expectations. (FT)
Fossil
European industry starts shutting down as energy prices soar. (BBG)
Frackers say bottlenecks impede output boost as oil prices soar. (WSJ)
Australia's record-high thermal coal prices here to stay amid sweeping European demand. (SPG)
US natural gas storage fields post another above-average draw as season nears end. (SPG)
Ukraine crisis could send coal prices to $500. (OP)
Renewables
Why aren't investors interested in geothermal energy? (OP)
Washington Post and NPR ignore the rural backlash against renewables. (Quillette)
Turbine installing ship is Dominion's big bet on US offshore wind. (ENN)
Supply chain availability a bigger snag than cost for renewable growth. (SPG)
Senec remotely switches off its residential batteries after explosion in Germany. (PVM)
Nuclear
Grid
Central Hudson electricity bills about to go up again. (DF)
UK may boost aid to households facing a surge in energy costs. (BBG)
US power grid needs modernization to achieve decarbonization. (SPG)
Long-term changes to Texas power grid still up for debate, PUC official says. (HC)
The race to rescue Ukraine's power grid from Russia. (Wired)
$1000 Electric Bills??
Let's say you live in the Hudson area of New York. You open the mail and this is what you find:
Just got a $1000 electric bill
— Fox from Space Commune (@FoxGGreen)
5:09 PM • Mar 10, 2022
Let's say you can't figure out how you 5x'd your electricity consumption, but based on last month's market price, you should have paid about $300 this month regardless.
How did this happen?
If you live in the Hudson area like Fox here, this has been building a head of steam for a while. As far back as August, some Hudson customers were seeing their bills leap in price after their communities were auto-enrolled in a pricey renewables electricity program.
But things didn't kick off until winter came knocking. Last month, Central Hudson, the gas and electric supplier in the region, notified customers that their electricity bills would rise by 46%, their gas bills by 19%.
The utility offered this explanation: it's been cold winter in the area and "[i]ncreased demand for electricity and natural gas during the pandemic recovery, increased demand for natural gas in Europe and a greater reliance on natural gas following the closure of the Indian Point nuclear power plant also caused the rise."
And that was before Russia invaded Ukraine, which has caused a freakout in the energy markets. Since then, European factories have begun to switch off due to soaring energy prices, the price at the pump has shot up nationwide, and even the price of coal's hit a twelve-year high.
Fox's bill is a preview of what's to come for working Americans all over the country.
Maybe it wasn't a good idea for New York to take the advice of Russia-funded green groups like the NRDC and the Sierra Club and prematurely shut down a profitable nuclear plant. Or constrict our domestic natural gas industry.
We should be more careful who we trust on energy polo--getting it wrong hurts us all.
Nuclear Barbarians: Fossil to Fission ft. Madi Hilly
Madi Hilly joins me to talk about Campaign for a Green Nuclear Deal's new report on repowering coal with nuclear.
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Canadian arm wrestlers Devon Laratt and Matt Mask practicing in an Alberta oil field.
