World's biggest coal port divests, oil industry woes leave Wall Street adrift, tanking China trigger global share rout, UK government intends to cut solar feed-in tariff 87% in January: Week 34, 2015

Eni discovers ‘supergiant’ gasfield off Egypt. The Zour field holds a possible 30tn cubic feet of gas, or 5.5bn barrels of oil equivalent (boe), in 1,450 metres of water.
“For OPEC, This Year’s Painful Oil Slump Will Bring Gains in 2016”: Bloomberg. IEA says production will contract outside OPEC, and emand rise 1.4 mbd.
World’s biggest coal port joins divestment movement. Newcastle, NSW, becomes 7th council in Australia to shun fossil fuels, voting to exit 4 big banks if they continue to bankroll fossil fuels.
Tesla breaks consumer reports record. The all-wheel-drive version of the Model S, the P85D, earns a 103 out of a possible 100 (sic) in an evaluation by Consumer Reports magazine.
UK government proposes to cut solar feed in tariff rates by 87%. Industry describes the cuts, from January 2016, as “alarming”, “damaging” and “absurd”.
DECC’s impact assessment reveals UK cuts would wipe out 6 GW of solar by 2020. And only save around 1% on average household energy bills by 2020.
Solarcentury CEO Frans van den Heuvel: “Today’s proposed solar FIT cuts add to the calculated turmoil that the new Government has unleashed on the solar market since the election.
ex Shell man now advises on energy transition. Adriaan Kamp: “Managing a wind farm or solar project is nothing a good oil and gas man who has built or organised facilities cannot manage.”
“Sun-Drenched Miners Look to the Skies to Cut Fuel Costs in Half.” Solar-power market for mining forecast to reach $2 Billion by 2022, Navigant Consulting reports.
SunPort, makers of a plug for building solar demand, receive massive support on Kickstart. They buy S-RECs to sell credits that plug owners can use to access solar electricity anywhere.
Three international superstars join forces for SolarAid video. Canadian pop star Raghav, American rapper Nelly, & Bollywood’s Abhishek Bachchan perform “Until The Sun Comes Up”.
“Oil Industry Crash Leaves Wall Street Playing Catchup”: Bloomberg. Bad news is pouring down on the U.S. oil industry so quickly that analysts can’t keep up.
Saudi Arabia Is seeking advice on cutting billions from Its budget. It looks as though they intend to stay the course.
Obama pushes home power. At the Clean Energy Summit in Las Vegas, he singles out the Kochs as “standing in the way”. BBC radio news runs his upbeat solar loan plans.
2°C not ‘safe’: world must ‘completely decarbonise’ in 30-35 years. So concludes the latest report of the Australian Climate Council.
China stocks plunge 8.5%, triggering global rout. “Black Monday”, Beijing’s official mouthpiece calls it. “Spooked investors sold off virtually every asset class in virtually every market”.
Global stock markets have lost more than $5tn since the People’s Bank of China devalued the renminbi on August 11. China “now stands to export its own economic weakness.”
100-organisation coalition writes to UK PM urging protection for small-scale renewables. Among them IKEA and Solarcentury.
Moscow subs Rosneft funding plans. The Kremlin rejects four out of five projects for which the oil giant sought capital from the $75bn sovereign wealth fund.
Siemens and Alstom hit by advance of renewables. The big European industrial groups are suffering as the energy transition drives falling demand for gas turbines.
“Can Christiana Figueres persaude humanity to save itself.” ““I’m very comfortable with the word ‘revolution,’ ” Figueres told me. “In my experience, revolutions have been very positive.”