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Tag: United States

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News Oil

Oil Falls Slightly After Report Shows Supplies Up

October 18, 2012

Oil gave up early gains and hovered around $92 per barrel on Wednesday after the government reported a bigger-than-expected increase in United States crude supplies.

Supplies rose by 2.9 million barrels last week. That was almost double what analysts had forecast, according to Platts, the energy information arm of McGraw-Hill Cos.

Gasoline supplies also rose. Analysts had predicted a decline.

The extra gasoline and oil in storage tends to push prices down, because it suggests that there’s enough to go around, or that demand is low.

In afternoon trading on Wednesday, oil was down 7 cents to $92.02 per barrel on the New York Mercantile Exchange.

Oil had been trading above $92 per barrel earlier in morning, as European stocks had a positive day, and hopes grew that Spain might be on the verge of requesting a bailout.

The waffling oil prices matched stock indexes that are also mixed in midday trading. Technology giants IBM and Intel both said customers are holding back. Economic weakness generally means less demand for oil, pushing prices down.

Brent crude, which is used to price international varieties of oil, fell 80 cents to $113.20 a barrel on the ICE Futures exchange in London.

In other energy futures trading on the Nymex, heating oil fell 2 cents to $3.17 per gallon, natural gas gained 5 cents to $3.48 per 1,000 cubic feet and wholesale gasoline fell 6 cents to $2.79 per gallon.

– AP

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Alternative Energy Government News

Private Sector Must Drive Investment in Energy Sector – Paulwell

October 11, 2012

Minister of Science, Technology, Energy and Mining, Hon. Phillip Paulwell, says the Government firmly believes that it is the private sector that should drive investment in energy projects.

He said the duty of the state is to create the enabling environment for investment and then for regulating that environment to ensure that the rules are fair and that everyone observes them.

“We have taken the important step in creating the legislative environment. We now need to improve on the bureaucracy of our regulatory environment because we need those investments to bring in jobs and we need to reduce our crippling oil bill,” he stated.

The Minister was speaking at a stakeholder workshop yesterday (Oct. 9) at the PCJ Auditorium in New Kingston, for the design of a streamlined process for private sector investment in renewable energy projects, particularly hydropower projects.

Jamaica‘s renewable energy market is fully liberalised and open to competition, following the Senate voting unanimously on Friday (Oct. 5), to approve the Extension of Functions Amendment Order, removing the Petroleum Corporation of Jamaica‘s (PCJ) exclusive right to exploit and develop renewable resources to Jamaica. The move followed similar action by the House of Representatives the previous week.

The Minister said the move “is in keeping with the goals of our national energy policy, which calls for a modern, efficient, diversified and environmentally sustainable energy sector providing affordable and accessible energy supplies.”

More than 14 government ministries and agencies with responsibility for regulating and legislating various components of the hydropower developmental process, are participating in the training workshop, which is being held over two days.

Noting the importance of the training, Minister Paulwell said the process for approvals, permitting and licensing for small hydro development is “extremely time consuming” as various agencies need to be consulted.

“Right now, Jamaica needs a local approvals process which is time sensitive with clear indications as to how long the entire process will take cognisant, of course, of fitting into the overall time frame of the complete business process. We need a local approval process, which is interactive… transparent so that investors know how many steps are included and which ones to take,” he said.

The training is being delivered by experts from the United States Federal Energy Regulatory Commission (US FERC), and will address issues including, energy infrastructure siting, laws and regulations, licensing processes and interagency interactions. FERC will provide advice based on their experience regulating the hydropower sector in the USA.

The Government has received financing from the International Bank for Reconstruction and Development towards the cost of the Energy Security and Efficiency Enhancement Project.

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Alternative Energy Government News

Private Sector Must Drive Investment in Energy Sector – Paulwell

October 11, 2012

Minister of Science, Technology, Energy and Mining, Hon. Phillip Paulwell, says the Government firmly believes that it is the private sector that should drive investment in energy projects.

He said the duty of the state is to create the enabling environment for investment and then for regulating that environment to ensure that the rules are fair and that everyone observes them.

“We have taken the important step in creating the legislative environment. We now need to improve on the bureaucracy of our regulatory environment because we need those investments to bring in jobs and we need to reduce our crippling oil bill,” he stated.

The Minister was speaking at a stakeholder workshop yesterday (Oct. 9) at the PCJ Auditorium in New Kingston, for the design of a streamlined process for private sector investment in renewable energy projects, particularly hydropower projects.

Jamaica‘s renewable energy market is fully liberalised and open to competition, following the Senate voting unanimously on Friday (Oct. 5), to approve the Extension of Functions Amendment Order, removing the Petroleum Corporation of Jamaica‘s (PCJ) exclusive right to exploit and develop renewable resources to Jamaica. The move followed similar action by the House of Representatives the previous week.

The Minister said the move “is in keeping with the goals of our national energy policy, which calls for a modern, efficient, diversified and environmentally sustainable energy sector providing affordable and accessible energy supplies.”

More than 14 government ministries and agencies with responsibility for regulating and legislating various components of the hydropower developmental process, are participating in the training workshop, which is being held over two days.

Noting the importance of the training, Minister Paulwell said the process for approvals, permitting and licensing for small hydro development is “extremely time consuming” as various agencies need to be consulted.

“Right now, Jamaica needs a local approvals process which is time sensitive with clear indications as to how long the entire process will take cognisant, of course, of fitting into the overall time frame of the complete business process. We need a local approval process, which is interactive… transparent so that investors know how many steps are included and which ones to take,” he said.

The training is being delivered by experts from the United States Federal Energy Regulatory Commission (US FERC), and will address issues including, energy infrastructure siting, laws and regulations, licensing processes and interagency interactions. FERC will provide advice based on their experience regulating the hydropower sector in the USA.

The Government has received financing from the International Bank for Reconstruction and Development towards the cost of the Energy Security and Efficiency Enhancement Project.

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News Oil

Oil Prices Fall After Warning From World Bank

October 9, 2012

Oil rig in the Gulf of Mexico. - File
Oil rig in the Gulf of Mexico.

A strong warning from the World Bank that growth in Asia may slow further dragged the price of oil Monday to its lowest close in two months.

The World Bank signalled the possibility of a “more pronounced slowdown” in China, the world’s second-largest economy after the United States. It also cut its growth forecast for Asia. Red-hot growth in emerging markets like China and India helped boost oil consumption coming out of the global recession.

Benchmark crude fell 55 cents to close at US$89.33 in New York. The contract has not closed lower since August 2.

At the pump, gas prices remain stubbornly high. The national average for gasolene rose 3 cents on the weekend to US$3.818 a gallon. But Californians are now paying an average of US$4.668 a gallon, the highest price in the United States, after a jump of 50 cents in the past week. Some motorists there are paying more than US$5.

In response, Governor Jerry Brown has ordered state smog regulators to allow cheaper winter-blend gas to be sold three weeks early. And Senator Dianne Feinstein has called for a federal investigation because she doesn’t think the higher prices are related to supply and demand.

Experts are predicting prices in California could climb to an average of US$4.85 before coming down.

In London, Brent crude, which is used to price international varieties of oil, fell 20 cents to US$111.82.

In other futures in morning trading, natural gas gained less than a penny to reach US$3.40 per 1,000 cubic feet. Heating oil lost a penny to close at US$3.14 per gallon, and wholesale gasolene fell 6 cents to finish at US$2.89 per gallon.

– AP

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Alternative Energy Government LNG News

Increase use of alternative energy sources

October 4, 2012

MONTEGO BAY, St James – TOURISM and Entertainment Minister Wykeham McNeill has challenged stakeholders in the sector to augment alternative energy supply sources and expand the use of supporting energy in a collaborative effort to keep the industry buoyant.

“As a sector, I am encouraging all our tourism partners to do what you can incrementally and over time to expand your energy options and increase your use of sustainable energy,” McNeill charged.

Sandals Resorts International (SRI) Director of Administrator and Business Processes, Wayne Cummings (left) and Tourism Minister Wykeham McNeill are locked in discussion following World Tourism Day Luncheon held at Sandals Montego Hotel, last week. (Photo: Kenroy Pringle)

“I want to encourage our tourism sector partners to seriously explore the use of alternative and sustainable energy sources, in our collective efforts towards the future sustainability of the tourism industry“.

Meanwhile, former President of the Jamaica Hotel and Tourist Association (JHTA) Wayne Cummings noted that for a downward trend in energy costs to be realised, an energy policy would have to be written, “agreed to, and we all stick to it”.

“So we need to figure it out and make it known to everybody,” Cummings argued.

Cummings, who is also the Sandals Resorts International (SRI) director of administrator and business processes, was speaking during a World Tourism Day Luncheon held at the Sandals Montego Hotel, where McNeill, Junior Minister in the Ministry of Tourism and Entertainment Damion Crawford and other tourism officials, were in attendance.

Prior to the luncheon, the party toured a villa at the resort in which suites are fully powered by solar technology, allowing for the harnessing and storing of energy to power sections of the resort’s operation, through a pilot project undertaken jointly with Panasonic.

Paul Grey, head of ATL Energy and Engineering, said with the US$100,000 investment, savings of up to US$120,000 could be realised within a decade.

In the meantime, conceding that the cost of establishing alternative energy sources will be costly at the beginning, the tourism and entertainment minister also underscored the need to retrofit, among other solutions.

“We have entities of varying sizes and I realise the initial costs involved may seem daunting, but it may be that you need to retrofit your bulbs, install solar panels, implement waste water management systems plus a myriad of other solutions,” McNeill noted.

He further noted that energy strategies should form a major plank of each entity’s Environmental Management Policy.

“So today (Thursday) is a good time to once again seriously consider plans to implement energy solutions in a manageable form that will allow you to monitor the performance and provide real readings on the effect on your bottom line,” McNeill remarked.

“Let each and every one of us play our part in ‘Powering Sustainable Development‘ to the benefit of our sector, our society and nation at large”.

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News

DBJ pushes conservation with GreenBiz energy project

October 2, 2012

JAMAICANS are being encouraged to pay keen attention to energy efficiency when purchasing home appliances and other devices that utilise electricity.

The appeal was made yesterday by officials of the Development Bank of Jamaica (DBJ), which is spearheading a national project that seeks to promote the benefits of energy efficiency and conservation. The project also seeks to encourage Jamaicans to make greater use of renewable energy such as solar, particularly in small and medium enterprises.

In addition to funding from the DBJ, the US$807-million DBJ GreenBiz Energy Efficiency Project receives assistance from the Inter-American Development Bank.

According to DBJ officials, who were guests at the Jamaica Observer weekly Monday Exchange, a number of Jamaican consumers can be described as being penny wise and pound foolish when purchasing appliances such as television sets, air-conditioning units, light bulbs, and refrigerators.

Christopher Brown, energy project co-ordinator at the DBJ, cautioned Jamaicans to pay attention to what he cited as the life cycle cost of a product versus the up-front cost. “Although you spend X amount for a TV now, the cost of electricity for the TV should also be factored in. I know that in Jamaica we are driven by purchasing power, and so one TV might cost one and a half times another, and because of that high capital cost people don’t invest in it. However, at the end of the day, the person who bought the cheaper TV would have paid a lot more, over time,” Brown explained.

His point was endorsed by president of the Jamaica Society of Energy Engineers, Owen Gunning, who pointed to a major difference between the amount of energy consumed by an old refrigerator, as opposed to a newer one. “An old fridge for example would give you about 600 watts, a newer fridge would probably take you down to 250 watts,” said Gunning as he encouraged consumers to look for the energy star on appliances.

He added that the same principle applies to air-conditioning units, some of which continue to be dumped on Jamaica, despite their high levels of inefficiency. “You have what is referred to as an Energy Efficiency Rating and you have people dumping on us AC units that have energy efficiency ratio of 7.5, but you can get energy efficiency ratio of up to 18,” said Gunning, a University of Technology lecturer who explained that the higher the ratio, the less it will cost to operate the unit.

He also chided persons who continue to use electric water heaters and argued that they would save significantly on their electricity bills if they were to invest in solar water heaters.

Gunning also pointed to significant differences in the amount of energy consumed by older type television sets as opposed to LCD and LED televisions.

Meanwhile, the DBJ energy project coordinator explained that a marketing campaign has been launched to support the project. The campaign will appeal to all Jamaicans, but will target operators of small and medium enterprises and will also target school administrators, many of whom have been grappling with massive electricity bills.

Brown indicated that as part of efforts to promote the energy efficiency project a fair will be held on October 12 at Emancipation Park in St Andrew.

Read more:

News

DBJ pushes conservation with GreenBiz energy project

October 2, 2012

JAMAICANS are being encouraged to pay keen attention to energy efficiency when purchasing home appliances and other devices that utilise electricity.

The appeal was made yesterday by officials of the Development Bank of Jamaica (DBJ), which is spearheading a national project that seeks to promote the benefits of energy efficiency and conservation. The project also seeks to encourage Jamaicans to make greater use of renewable energy such as solar, particularly in small and medium enterprises.

In addition to funding from the DBJ, the US$807-million DBJ GreenBiz Energy Efficiency Project receives assistance from the Inter-American Development Bank.

According to DBJ officials, who were guests at the Jamaica Observer weekly Monday Exchange, a number of Jamaican consumers can be described as being penny wise and pound foolish when purchasing appliances such as television sets, air-conditioning units, light bulbs, and refrigerators.

Christopher Brown, energy project co-ordinator at the DBJ, cautioned Jamaicans to pay attention to what he cited as the life cycle cost of a product versus the up-front cost. “Although you spend X amount for a TV now, the cost of electricity for the TV should also be factored in. I know that in Jamaica we are driven by purchasing power, and so one TV might cost one and a half times another, and because of that high capital cost people don’t invest in it. However, at the end of the day, the person who bought the cheaper TV would have paid a lot more, over time,” Brown explained.

His point was endorsed by president of the Jamaica Society of Energy Engineers, Owen Gunning, who pointed to a major difference between the amount of energy consumed by an old refrigerator, as opposed to a newer one. “An old fridge for example would give you about 600 watts, a newer fridge would probably take you down to 250 watts,” said Gunning as he encouraged consumers to look for the energy star on appliances.

He added that the same principle applies to air-conditioning units, some of which continue to be dumped on Jamaica, despite their high levels of inefficiency. “You have what is referred to as an Energy Efficiency Rating and you have people dumping on us AC units that have energy efficiency ratio of 7.5, but you can get energy efficiency ratio of up to 18,” said Gunning, a University of Technology lecturer who explained that the higher the ratio, the less it will cost to operate the unit.

He also chided persons who continue to use electric water heaters and argued that they would save significantly on their electricity bills if they were to invest in solar water heaters.

Gunning also pointed to significant differences in the amount of energy consumed by older type television sets as opposed to LCD and LED televisions.

Meanwhile, the DBJ energy project coordinator explained that a marketing campaign has been launched to support the project. The campaign will appeal to all Jamaicans, but will target operators of small and medium enterprises and will also target school administrators, many of whom have been grappling with massive electricity bills.

Brown indicated that as part of efforts to promote the energy efficiency project a fair will be held on October 12 at Emancipation Park in St Andrew.

Read more:

Alternative Energy Energy Saving Government JPS LNG News Oil

VIDEO: ‘Let go off oil’

October 2, 2012

THE country cannot continue to depend on oil if the island intends to make meaningful progress with its economy, a leading energy engineer has said.

Certified energy manager and energy auditor, Owen Gunning, who is also president of the Jamaica Society of Energy Engineers, wants a full-scale effort to be made to reduce Jamaica‘s dependence on oil as its base fuel and insists that a ‘more action, less talk’ approach should be adopted.

Observer Monday Exchange guests (from left) Alando Terrelonge, partner at Bailey Terrelonge Allen; Edison Galbraith, general manager, loan origination, Development Bank of Jamaica (DBJ); Christopher Brown, energy project co-ordinator, DBJ; and Owen Gunning, certified energy manager, certified energy auditor and president of the Jamaica Society of Energy Engineers, continue the discussion on energy efficiency following the end of the Exchange yesterday at the newspaper

Government JPS LNG News Oil

The Economics Of LNG

October 1, 2012

Winston Hay, energy consultant and former director general of OUR. - Ian Allen/Photographer
Winston Hay, energy consultant and former director general of OUR. – Ian Allen/Photographer

Avia Collinder, Business Writer

Energy consultant Winston Hay says that while plans for use of LNG for power generation in Jamaica are in principle sound, the uncertainty around the cost of that fuel should not be ignored.

LNG is now selling at record prices in Asia where Japan as a top consumption market reportedly pays the highest price.

Hay, who was once the head of the Office of Utilities Regulation (OUR), said that application of relatively new technology – fracking – in the United States has led to greater extraction of “shale gas” at greater depths than had previously been exploited.

And it has dramatically decreased the price of natural gas in that country.

But the stability of those prices is uncertain and the Henry Hub price reports have already begun to show a significant upward trend, he said.

Production doesn’t affect price

Importantly, he adds, the price of LNG does not vary directly with natural gas production costs.

Flammable gasses trapped in the earth and consisting primarily of methane are found in many areas of the world – the Middle East, Russia, Nigeria, Australia, Nigeria and North America, for instance.

LNG has been used for decades as a source of heat for industrial processes, cooking, household heating, and other uses, but only in relatively small quantities for electricity generation until about the late 1960s, with development of the combined-cycle technology.

“The aggregate costs of delivering the gas to the liquefaction facility, the liquefaction process itself, transport by specially constructed vessels to the FSRU, operational costs of the FSRU and Jamaica Gas Trust, delivery by pipeline (yet to be constructed) to the end-users, etc, will all increase the price of gas from LNG significantly above that of the gas extracted from the earth,” Hay said.

Further, he notes, commodity prices are not necessarily determined by production costs.

“The demand-supply ratio is often more significant. The indications are that the demand for LNG internationally will steadily increase and therefore apply upward pressure on the prices of that commodity,” he said.

Several worldwide developments, he said, are likely to push LNG prices higher:

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