The Oil Major Headline (Miss). So many of you emailed me about the headlines on commentary coming from oil majors amidst record earnings. Here’s my answer and it may come across as short, but the headlines are missing the point. Oil majors are used to having a monopoly based on the land rights they have because their profits are coming from below the ground, furthering access opportunity because it takes billions in cash to get started. Whereas solar energy is equal from one piece of land to the next. (even balloons run on solar energy these days) Oil majors also know that the energy transition isn’t about fossil to renewable energy generation, it’s about the shift from molecules to electrons in consumption of energy. They will invest tens of billions in the delivery, transportation, trading and servicing of the electrification sector while there are ten dollars available for every dollar needed to build a solar and wind project.
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- Axios: Big oil stirs up a battle over leading the clean tech arms race
- Bloomberg: Solar Panels Are the Midwest’s New Cash Crop as Green Energy Booms
- Energy Storage News: Manchin urges investment in non-lithium energy storage, Jigar Shah predicts 1GWh orders in 2023
- Reuters: Bigger utilities to benefit most from Biden’s clean-energy funds
- Utility Dive: FirstEnergy’s $3.5B deal with Brookfield highlights value of FERC-regulated transmission – analysts
- PV-Tech: Cell manufacturer Aiko Solar plans Swiss listing
- PV-Magazine: Enel adds 2 GW of North America renewable capacity in 2022
Opinion
Best, Yann