BoE governor warns of stranded assets, Shell quits Arctic exploration, US shale oil drillers battle insolvency, UK renewables face "anarchy", Glencore share price collapses: Week 39, 2015

“A story of hope: the Guardian launches phase II of its climate change campaign.” The focus will be on the power to change and the solar revolution.
“Mark Carney under attack from investors”. But the FT article features only two anonymous sources and a few named executives with very weak statements.
2.10.15.
SolarCity will soon start using its own production modules on roofs. The company says these are the most efficient available, at 22.4% certified but the same price as others.
Swansea tidal lagoon project faces one-year delay to 2021. UK government delays deciding size of subsidy.
Oil drillers bet choking wells early in production will keep shale from going bust. The tactic increases production later, but loses a key advantage: an early flood of revenue.
1.10.15.
“Glencore’s Wild Ride Has Investors Asking: Can It Happen Again?” Investors begin to fear another Lehman moment.
Fossil-fuel voices criticise Mark Carney for his stranded-asset comments. But no quotes from big energy, or the Treasury.
“Who put Mark Carney in charge of climate policy?” Telegraph: “the whole of modernity is based on hydro-carbons. We’ll never convince anyone to leave fossil fuels in the ground.”
“Renewables face anarchy in the UK”: Recharge. Tens of thousands of wind and solar jobs at risk, investor confidence shot in the “vacuum” created.
UK FiT cuts amount to 98% reduction in support budget, STA analysis reveals. Limits to installation = to c. £2 m per year, a fall of around 98% on current expenditure of £70 million.
Balcombe, home of UK fracking protest, wins planning permission for solar farm. Now it must race to build before subsidies are removed. Nearly all the viilage’s electricity to be produced.
30.9.15.
NextEra to invest $100 million in energy storage technology in next year. The world’s biggest producer of solar and wind targets battery back up.
Price of U.S. solar energy has fallen to 5¢/kWh on average. Solar energy pricing is at an all-time low, according to a new report released by Lawrence Berkeley National Laboratory.
“First Utility launches in Germany – branded as Shell.” Joint venture will sell gas and electricity to German consumers using global oil giant’s brand.
Wyoming judge deals blow to Obama attempts to regulate fracking. He decides to block implementation of new safeguards for drilling on public land.
“Emissions scandal: how the drive for diesel ran out of gas.” “Few people believe VW are the only company doing so, legally or otherwise,” Damian Carrington reports.
29.9.15.
BoE Governor tells BBC climate change is the biggest issue for the future. And on stranded assets, Mark Carney says, investors must be given the data to “invest accordingly”.
Carney: proposals will probably be put to the G20 meeting in Turkey in November. They will urge tougher corporate disclosure standards on climate change risks.
Carney is “echoing warnings from Carbon Tracker”: FT. The “think-tank in London that pioneered the stranded carbon assets idea several years ago.”
“Can Oil Companies Really Be Part Of The Transition To A Low-Carbon Future?” So asks Mike Scott in Forbes. “Many in the environmental community are suspicious….”
IMF warns of new financial crisis if interest rates rise. Governments in emerging-markets should prepare for a new credit crunch due to 10-year corporate borrowing binge.
28.9.15.
Shell abandons Arctic drilling after disappointing results. “Shell continues to see important exploration potential in the basin”, says director responsible.
“Shell’s Arctic pullout fuels ‘stranded assets’ debate”: FT. “…why did it take $7bn of shareholders’ money to come to this view?” asks Anthony Hobley, Carbon Tracker CEO.
“Shell sets up Energy Transitions Commission”. 16 members 9 not on oil payroll. Shell Chairman: “[It] is going to come up with an answer. Even if the CEO doesn’t like the answer.”
Glencore lose a third of its value in a few hours. Yet “there’d been no news of consequence over the weekend.”
Brazil sets target for non-hydro renewables of at least 23% of total power supply by 2030. Part of INDC goal to reduce GHG emissions by 43% from 2005 levels by 2030.