Georgia Nuclear Boosts Energy

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Georgia’s Clean Energy Outpaces Fossil Fuels with New Nuclear Boost

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Michael Tanner: [00:00:10] What’s going on, everybody? Welcome into the Monday, September 23rd, 2024, edition of the Daily Energy News. Beat Stand Up. Here are today’s top headlines. First up, Georgia’s clean energy outpaces fossil fuels with new nuclear boost. I’m glad we put that new nuclear boost in there. I was going to say, if we got wind farm coming, it’s going to be interesting. Next up, will head a broad stock drop. Germany EV sales tanked 70% as EU’s green dream falters. Next up, staying on that EV threat. Heavy hitters ev smashes through guardrails, raising new safety concerns. That’s a literal headline, right? It is. Next up, staying international in Greece. Cyprus signs agreement with Greece on world’s longest subsea high voltage cable. Super interesting and will again stay abroad. Indian state oil refiner seeking long term deals with Russia. That is according to specific media sources. Stu, then tossed it over to me. I will quickly cover what’s going on in the oil and gas markets and then quickly touch upon rig counts. What we did see a little bit of a drop. We will then cover all that and a bag of chips. Guys, as always, I am Michael Tanner, joined by Stuart Turley. Where do you want to begin? [00:01:26][76.2]

Stuart Turley: [00:01:27] Hey, Michael, let’s start with our buddies over there at Georgia. Georgia’s clean energy outpaces fossil fuels with new nuclear boost. I am so happy that the nuclear community is getting this boost. For the first time ever, the US state of Georgia has more clean power than hydrocarbon fueled power in its grid. Would you have ever thought you’d hear that kind of a title without Nuclear in it? [00:01:52][25.3]

Michael Tanner: [00:01:52] I would. Well, no, I did not think that. [00:01:54][1.8]

Stuart Turley: [00:01:54] We we it is that we are not going to get to any kind of net zero without nuclear a unit three and unit four at Plant Vogel near Waynesboro, Georgia, and started commercial operations in the past year, making Ro-Ro the biggest nuclear power plant with nearly five gigawatts of total generating capacity, surpassing the 4200 new max M.W. Palo Verde plant in Arizona. I’ve been to that plant in Arizona has been a plant. [00:02:25][30.5]

Michael Tanner: [00:02:26] That’s a lot of megawatts. Holy smokes, it is. [00:02:28][2.3]

Stuart Turley: [00:02:28] It took 15 years and a cost of 36.8 billion, more than twice the projected timelines. Michael. We can’t make that energy transition if we don’t behave. We’ve got to follow in the footsteps of the UAE. UAE did for years under budget and on time, you know, in order to do a nuclear reactor, four years under budget and on time is a formula that we had to figure out. [00:02:58][29.7]

Michael Tanner: [00:02:58] Yeah, I know. It’s definitely something that we need to figure out. And yeah, it’s I mean, that’s a pretty big that’s a lot of money. But hey, it goes to show that if you can actually get one of these done, you can. There’s a lot of energy and there’s a lot of clean energy economy involved with nucular. But we have to figure out on the regulation side how to do it for cheaper. [00:03:17][18.6]

Stuart Turley: [00:03:18] Yes. And the other big story this weekend, Michael, was the fact that Amazon is signing up for Amazon. One of the big tech companies is signing up with Three Mile Island for a 20 year extension to Three Mile Island for the ones that did not burn down, burn or meltdown. And excited about. [00:03:36][18.3]

Michael Tanner: [00:03:36] That. No, I’m very excited. Now under that that $36.8 billion, if you break that down on a on a per kilowatt per hour basis, it’s actually some of the most expensive energy relative to where, you know, other forms of energy like natural gas, fossil fuels, all this other stuff. So, yes, it’s clean. Yes, we love nuclear. But at that price point, it really doesn’t make any sense. And this is maybe the first time I’ll agree with the environmentalists. You know, the quote here from from Britton McCorkle, executive director of the Georgia Conservation Voters, coauthor of the report, Photo is a cautionary tale for the rest of the country. Here in Georgia, we’re stuck with the most expensive our ever produced. Nothing to take pride in. So it’s a double edged sword. But some of this new good stuff we’ve got to bring. Yes, we love nuclear, but we got to bring that cost down or else what are we actually doing? Well, when you put that into a we could have had five Keystone pipelines. [00:04:34][57.4]

Stuart Turley: [00:04:35] Exactly. And you know why it got that high? [00:04:38][3.2]

Michael Tanner: [00:04:38] Well, to the relations. I’m with you. [00:04:40][1.5]

Stuart Turley: [00:04:40] Yeah. Trillions of dollars that the Biden-Harris administration has cost in regulatory actions. We did that story a month or so ago. So it’s going to be. [00:04:50][10.3]

Michael Tanner: [00:04:51] What’s next. [00:04:51][0.2]

Stuart Turley: [00:04:51] Before we both get airsick, let’s go to the next one. Shock dropped. Germany’s EV sales tanked 70% as EU green dream falters. Holy smokes, bad man. Germany’s EV faces 70% sales drop. People can afford it. When you have green energy policies. Equals deindustrialization equals inflation. And add that on to people losing their jobs. In France, the EU’s second largest market for battery electric vehicles, deliveries fell by 33%. Unbelievable. The collapse in EV sales comes amid the concerns about their range, high prices and the lack of charging infrastructure across the EU. And I tell you what, at least the EU has done better than the Biden administration. They did was a $4.7 billion and put in seven chargers. [00:05:50][58.3]

Michael Tanner: [00:05:50] That’s unbelievable. It’s almost as good as our network infrastructure, Internet stuff that’s been going on. That’s an unbelievable. That was yeah, these are I think, you know, people are coming around on the EV standpoint that, you know, when you talk about all the critical minerals that go into it, you you know, it comes again range high prices, all the lack of charging infrastructure. I mean, it’s no way it’s it’s no wonder that this is it’s no wonder this this isn’t working. [00:06:18][27.3]

Stuart Turley: [00:06:18] No. And in fact, the you take a look at the EU does push back Italy’s pushing back Norway they’re even they’re all pushing back right now and saying, hey, we’re not going to do it anyway. Let’s let’s go on here the next month. Yeah every this through and get every heavy hitter smash through the guardrails raising new safety concerns the way makes a difference. You know you got Tyrus who is a huge man as a wrestler I would not want to wrestle that man. Weight matters when you’re driving in inertia and when you’re fighting somebody this but you the test used is 7,140 pound to 20 2022 rivian R1T truck when a barrier at 60mph footage on this article showing the heavy e v completely blasting through the guardrail and launching over a concrete wall while sending trucks flying. You know what? If you’re a bad guy and you’re a terrorist and you want to invoke damage, get an Eevee. [00:07:28][69.4]

Michael Tanner: [00:07:28] No, I mean, it’s it’s frightening. It’s really it’s really incredible. And you’d think because a lot of the infrastructure, a lot of like the actual quote unquote engine of an E these actually in the back and a lot of in its empty up front which also which is also scary to think about that the heaviest parts aren’t even in the front and they’re still slamming through guardrails. It shows you how much new stuff is in this. Now. You know, they’ll over time they may or may not figure this out, but it’s a super, super scary thing. And I encourage everybody, if you go click the link in the article below, you’ll have a link directly to this video. [00:08:01][33.1]

Stuart Turley: [00:08:02] Yeah, it’s frightening. I’ll tell you, I do want a cybertruck. I’m just going to let you know right now. I saw the Cybertruck camper and I’m me. I’m like, Man, that’s cool. I’m all in. I want a cybertruck. But as a third car, I don’t want it as a primary vehicle. I think cybertruck’s because they’re bulletproof or where we need to go. Let’s go to Cyprus. Michael Let’s go run over Cyprus Signs Agreement with Greece world’s largest subsea high voltage cable. What a waste of money. Greece and Cyprus have signed memoranda of understanding and an MOU to press ahead with subsea electric cable linking continental Europe to the East Mediterranean. The two countries said The Great Sea Interconnector, the GSI Cable will link transmission network of Europe to Cyprus €1.9 billion later to stretch to Israel. I don’t get it. 1240 miles. Well, I mean thousand meters deep. [00:09:06][64.1]

Michael Tanner: [00:09:07] Yeah. I mean, hopefully we, you know, don’t tell the Ukrainian seals that because they’re going to be on this one. [00:09:11][4.6]

Stuart Turley: [00:09:11] Yeah. Or Biden Biden environmental say it ain’t going to happen. No this is. [00:09:16][4.5]

Michael Tanner: [00:09:16] Terrible. Yeah no I’m I’m I’m completely we. [00:09:19][2.6]

Stuart Turley: [00:09:19] Countries need to have energy security plan for things that they can control. If you try to tie your energy to other countries, you will be held hostage or disappointed. [00:09:34][15.1]

Michael Tanner: [00:09:35] No, absolutely. [00:09:35][0.3]

Stuart Turley: [00:09:35] I’m completely. [00:09:36][0.2]

Michael Tanner: [00:09:36] Completely, completely with you. So now. Well, we’re all about network transmission. I’m all about connecting parts of the country. I’m not against this, per se. We need I think an electric cable is probably, you know, why not build a pipeline, you know, might be more cost effective, might be able to transmit more power per unit. But, you know, I’ll leave that up to the energy ministries of Greece and Cyprus to decide. But hey, for only €1.9 billion, that’s I mean, it’s better than the nuclear plant that they just put in Georgia. [00:10:07][31.0]

Stuart Turley: [00:10:08] Well, yeah. We’re comparing regulatory issues versus stupidity, so I’m not sure which one is worse. [00:10:14][6.0]

Michael Tanner: [00:10:15] Hey, no kidding. All right. Let’s go to India. [00:10:16][1.5]

Stuart Turley: [00:10:17] India, India’s state oil refiner is seeking long term deals with Russia. This one is pretty interesting. Is it? India is the third largest consumer of crude oil. Depends on imports of 85% of its needs. You know, they don’t do a lot of drilling over there. Russia’s is India’s top oil supplier. And New Delhi has noted that Moscow has been instrumental in ensuring the nation’s energy security. This is only going to get more important because of more pipelines that are coming in, and this is very much important. Last month, India overtook China as the last largest buyer of Russian crude. That is a lot of crude. [00:11:00][43.4]

Michael Tanner: [00:11:01] Now, it is it it’s even it’s a lot of crude. Obviously, India, as you mentioned, still does not do a lot of its own homegrown drilling. They import majority of the fossil fuels that they get. Now, what they really want to do is they want these long term contracts so they’re not necessarily relegated to spot prices. We know India’s become a huge buyer of Russian crude ever since the sanctions because they’re able to get it for a little bit of cheaper cost. Right. So, again, you know, Western countries, as this article points out, have been pressuring India to stop buying Russian oil. But the government over there, Modi, they they’ve stayed strong. And again, what’s good, they turn around and say, well, it’s good for the Indian people to have low cost energy. [00:11:39][38.4]

Stuart Turley: [00:11:40] And and they bring up a great point. The last line in here, Hardeep Singh Puri from India, stated that without Russian oil on the market, global prices would hit 250 to $300 a barrel. Don’t know that to be true, but I’ll tell you what. Without Russian oil flooding the market, it would be natural gas. Also, the natural gas is huge around the world for Russian natural gas. [00:12:03][23.5]

Michael Tanner: [00:12:04] Yeah, absolutely. So. All right. Well, let’s go ahead and jump in to oil and gas finance over you before we do that, guys. We’ve got to pay the bills, as always. Thank you for checking us out on the world’s greatest website. www.energy newsbeat.com doing the team do a tremendous job making sure that website stays up to speed. Everything you need to know to be the tip of the spear when it comes to the energy and the oil and gas business. Go ahead and hit that description or the link in the description below For all the links to the timestamps links to the articles, you can check us out on substack at the energy news beat at that a substack.com. And you can also hit the link in the description below to check out our direct working interest offering that we are partnering up with the team over at Pecos operate. You can hit us up and you can message me Stu or hit investinOil.EnergyNewsBeat.com if you want to check out more. And oil at the end of the week demand higher. [00:13:00][55.9]

Michael Tanner: [00:13:00] But but let’s go ahead and just look at overall markets. On Friday we we saw about I of a percentage point drop in the S&P 500, about 2/10 of a percentage point on the Nasdaq. Two and ten year yields were actually up only 3.7 percentage points respectively. Dollar index basically flat. We’ve seen Bitcoin up after the Fed lowered rates but still down. We over this weekend here down about one percentage points, but still above 60,000 at 62,649. Crude oil actually floundered a little bit on Friday relative to where we expected it to be. It’s currently sitting at $71 even. That’s where markets closed. That does look like here as markets will open soon, that there will be around that 71 to 25 mark. So we’ll see as we roll over. And you guys listen to this here on the 23rd where things are at Brant, oil was actually up about 3/10 of a percentage point, 7490. Natural gas up another three percentage points, $2.41, mainly off the back of what’s expected to be a really hot fall. And the fallout from the hurricane that just went through the Gulf of Mexico. I think the other thing we saw is, you know, crude oil inventories we did see have a pretty wide drop last week. They’re at the lowest levels. They were on a week basis last week on a week over week basis from basically over a year. You know, the Fed obviously cutting 50 basis points is going to affect prices to the upside. I think that’s what a lot of what you’re seeing here, lower rates is going to hopefully increase and stimulate, continue to stimulate whatever’s left of the economy. And then that’s going to continue to hopefully support prices above that 70 mark. We’re up about four percentage points on oil benchmarks week over week. Obviously, the you know, if you if you read our friends over at Routers, they’re still talking about weakening Chinese demand. Again, some of that stuff may be overblown, but but also China being one of the biggest market. There is something to be said there. So I think people are are watching that. The only interesting thing I saw Stu on on Friday was rig count. We did drop by about two, according to our friends over at Baker Hughes, which is which is pretty crazy. You’re talking about 188 rigs as compared to 630. Year over year, we did see crude oil production fall to about 13 million barrels per day, which was down from their peak at 13.2 million barrels. So we were kind of seeing things run around. It’s going to be interesting to see as things have gotten a little bit frothy in the markets where rig counts go. Obviously, recounts are going to be a huge indicator of where production is going to go. So we’re continually down 150 rigs, eventually productions going to the latch. But to counter that argument I just put out there, you know, everybody is really moving from 2 to 3 mile lateral. So you’re actually getting more oil per well, meaning that the number of rigs isn’t necessarily correlated directly to how much oil is being produced. It’s more of a what is the oil productivity per foot and how many feet are we drilling on a week to week basis? So that’s, in my opinion, the number to look at, more so than we are looking directly at just the number of rigs and oil production is going to crash because clearly it’s not. There are things going on. Obviously, the stuff going on in Gulf of Mexico is continuing to rise. So lots of interesting stuff there. Go ahead. And all of that is available again at Energy NewsBeat.com. It’s really all I got to do. Nothing too crazy. What what do you got? What you we be worried about this week? [00:16:18][197.8]

Stuart Turley: [00:16:18] Well, just buckle up. Take care of your friends. Be prepared for any natural disaster, any hurricanes or any non natural disasters. It’s always just getting to be prepared. [00:16:28][10.0]

Michael Tanner: [00:16:29] It’s always good to be prepared. So, guys, with that, we’ll go ahead and let you get out of here, start your week and get back to work. We appreciate you guys checking us out here on the world’s greatest podcast, energy news beat.com For Stuart Turley and Michael Tanner. We’ll see you tomorrow. [00:16:29][0.0][962.5]

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