Shell Leaving the Arctic?
Associated Press: Shell to Cease Alaska Offshore Arctic Drilling
Royal Dutch Shell will stop drilling for oil and gas in Arctic waters off Alaska’s coast following disappointing results from an exploratory well backed by billions in investment and years of work.
The announcement represents a big change of heart from Shell, which was counting on offshore drilling in Alaska to help it drive revenue. Environmentalists, however, had tried repeatedly to block the project and cheered the news.
Shell has spent upward of $7 billion on Arctic offshore exploration, including $2.1 billion in 2008 for leases in the Chukchi Sea off Alaska’s northwest coast, where an exploratory well about 80 miles off shore drilled to 6,800 feet but yielded disappointing results. Backed by a 28-vessel flotilla, drillers found indications of oil and gas but not in sufficient quantities to warrant more exploration at the site.
Forbes: Imergy Lands China Deal to Cut Cellular’s Diesel Woes
Volkswagen isn’t the only one having a problem with diesel.
Imergy Power Systems this week signed a deal with Juno Capital Group to bring Imergy’s vanadium flow batteries to telecom companies in China. Under the deal, Imergy will sell flow batteries to Juno and Juno will then develop ways — leasing, storage as a service, outright capital equipment sales — to get them into the hands of companies building cellular networks in western China.
There are approximately 10,000 to 20,000 sites where Imergy’s batteries could be deployed, said Imergy CEO Bill Watkins.
Huffington Post: Big Banks Call for ‘Strong’ Climate Deal
Six big U.S. banks called for a “strong global climate agreement” in a statement Monday, with Bank of America, Citi, JPMorgan Chase, Goldman Sachs, Morgan Stanley and Wells Fargo arguing in a joint release that government action, in addition to private business investment, is needed to address climate change.
The banks said that putting a price on carbon emissions is crucial to increasing investments in clean energy. The right policy frameworks, they wrote, “can help unlock the incremental public and private capital needed to ensure” that the estimated $90 trillion in new infrastructure investments projected over the next 15 years will help reduce, not increase, carbon emissions.
Gizmag: 110-Year-Old Electric Car Sells for $95,000
A real automotive rarity went under the hammer at Bonhams over the weekend with the only known 1905 Woods Queen Victoria Brougham selling for DKK632,500 (US$94,548). Part of the Frederiksen auction at Ebeltoft, Denmark on September 26, the electric vehicle acts as a window into the early days of motor cars when new technologies fought for supremacy on the roads and in the showrooms.
Saturday’s sale is a reminder that in the automotive world, gasoline was not always king, and that even before the advent of today’s lithium-ion-powered supercars, electric vehicles weren’t always the exclusive province of milkmen and nervous little old ladies.
U.S. News and World Report: Former Gov. Whitman on Nuclear’s Promise — and Its Limits
Christine Todd Whitman could be called a realist. A former Republican governor of New Jersey and member of the George W. Bush administration, she joined three other former GOP-appointed Environmental Protection Agency administrators on Capitol Hill last June to urge Senate lawmakers to acknowledge the existence of climate change.
Now, as co-chair of the nuclear advocacy group CASEnergy, she not only calls on utilities to invest in atomic energy, she also recognizes the sector’s limits: Nuclear energy, she says, will likely never produce more than one-fifth of the nation’s electricity — and what’s more, it might one day be overtaken by zero-emissions renewables like wind and solar. And, she adds, that’s not a bad thing — but for the next few decades, she adds, we’ll still need to rely on nuclear.