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EIA: Renewables’ Share of U.S. Electricity Generation to Double by 2050

In its Annual Energy Outlook 2021, the U.S. Energy Information Administration (EIA) projects that the share of renewables in the U.S. electricity generation mix will increase from 21% in 2020 to 42% in 2050. Wind and solar generation are responsible for most of that growth. The renewable share is projected to increase as nuclear and coal-fired generation decrease and the natural gas-fired generation share remains relatively constant. By 2030, renewables will collectively surpass natural gas to be the predominant source of generation in the United States. Solar electric generation (which includes photovoltaic and thermal technologies and both small-scale and utility-scale installations) will surpass wind energy by 2040 as the largest source of renewable generation in the United States.   


Texas Oil & Gas Industry Looks to Rebound from Brutal 2020

The Texas upstream oil and gas economy endured a 30% contraction in 2020, according to the Texas Alliance of Energy Producers’ Texas Petro Index (TPI). This decline was largely due to COVID-19 and the resulting catastrophic contraction in global energy demand. The TPI posted its 22nd straight month of decline in December, falling to 134.3 for the month down from 137.0 in November, and down 30.5% from the December 2019 index of 193.2.

A statewide oil and gas activity index based at 100.0 in January 1995, the Texas Petro Index achieved its most recent cyclical peak of 213.8 in February 2019 and has lost over 37% of its value since then.

Chemical Activity Barometer Rises in January

The Chemical Activity Barometer (CAB), from the American Chemistry Council, rose 1.5% in January on a three-month moving average basis following a 1.3% increase in December. On a year-over-year basis, the barometer rose 1.3% in January.

The unadjusted data show a 1.2% gain in January, accelerating from a 0.4% increase in December. The diffusion index climbed to 79% in January from 71% in December. The diffusion index marks the number of positive contributors relative to the total number of indicators monitored. The CAB reading for December was revised upward by 1.02 points and that for November was revised upward by 0.94 points. As always, the January data are provisional and subject to revision.

Permian Basin Deals Fuel Energy M&A in Late 2020

According to Jon Dormer, managing partner at Anderson King Energy Consultants, “29 deals worth a bit less than $50 billion combined were announced in 2020, the majority of which were stock-for-stock transactions.”

Randy King, also a managing partner with Anderson King, told the Midland Reporter-Telegram that “new tools for projecting the oil shales are desperately needed, along with the opportunity to stabilize future declines through pumping efficiencies, lateral cleanouts and other flow enhancements that can be a game changer in extending the economic value to what is a large and growing domestic universe of horizontal producing wells.”

Executive Order on Climate Change Will Aid Water Systems

As part of his commitment to tackle the climate crisis, President Joe Biden signed an executive order January 27 that prioritizes modernization and building up of the nation’s infrastructure, including the aging water system. The executive order, which is part of his economic recovery plan, seeks to create millions of jobs in manufacturing, construction and clean energy .

The order establishes a National Climate Task Force and creates an office within the White House that seeks to coordinate a climate agenda with creating economic opportunities, consistent with the President’s Build Back Better jobs program. It also establishes a Civilian Climate Corps Initiative to put Americans to work on conserving and restoring public lands and water, increasing reforestation and other steps for addressing the changing climate.

The president’s order  was praised by lawmakers including the chairs of the House Committee on Transportation and Infrastructure and the Subcommittee on Water Resources and Environment, who said a key means for accomplishing his goals will be the Water Resources Development Act of 2020, which outlines steps that will be taken to treat and protect the nation’s waterways.

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