[Top News] from [REUTERS]
[Green Business]
Christoph Steitz
FRANKFURT
Thu Jan 28, 2010 11:14am EST
Green investors should go geothermal, says VCH
FRANKFURT (Reuters) - Investors looking for fresh opportunities in the volatile renewable energy sector should look at stocks in the geothermal industry, a VCH Investment Group fund manager told Reuters on Thursday.
"Geothermal energy, albeit still a tiny market itself, is a young growth area but a strong one. You can see that already happening in the United States, where there is large geothermal activity," Olaf Koester said in an interview.
Geothermal power -- which, along with solar thermal power, is part of the second generation of renewable energy sources -- uses the earth's inner heat and turns it into electricity by using specially designed power plants.
Koester's fund -- which quadrupled its volume in 2009 and stands at 10 million euros ($14.04 million) -- solely invests in global renewable energy stocks, including more traditional fields such as photovoltaic, wind and water.
But Koester expects the geothermal market will grow to above 20 gigawatts (GW) by 2020, from about 10 GW in 2008, compared with expectations of more than 150 GW for solar and more than 1,000 GW for wind power.
Koester said that the U.S. will be one of the growth drivers in geothermal power and referred to large geological activity in Hawaii and the San Andreas fault.
"This is why the first question I asked Ormat was whether they could build earthquake-proof geothermal plants," he said, noting that Ormat does build such plants.
Ormat Technologies is one of the market leaders in the geothermal sector and, along with Germany's Daldrup and Waterfurnace Renewable Energy, held in Koester's fund, which gained about 12 percent in 2009 versus a 3 percent gain in the S&P Global Clean Energy Index.
"One reason why I like the sector is its stability. Unlike wind and solar power -- where you need the wind to blow and the sun to shine -- geothermal power is stable and sustainable. You can have energy creation 24/7 without any fluctuation."
(Editing by Sharon Lindores)
($1=.7122 Euro)
[Green Business]
DAVOS
Thu Jan 28, 2010 11:30am EST
Saudis say don't worry about peak oil
DAVOS (Reuters) - There is still plenty of oil in the ground and the world should put aside fears about "peak oil," the head of the Saudi state oil firm Saudi Aramco said on Thursday.
"The concern about peak oil is behind us," chief executive Khalid al-Falih told a session on energy supplies at the World Economic Forum in Davos.
The peak oil theory that oil supply is at or near its peak gained currency when prices zoomed to a record of nearly $150 a barrel in 2008. The issue remains a concern for many in the industry.
Total's chief executive Thierry Desmarest said the world would struggle to surpass 95 million barrels per day (BPD) in the future -- 10 percent above present levels. "The problem of peak oil remains," he told the same panel.
His contention was swatted aside by Falih.
"Of the 4 trillion (barrels) of oil the planet is endowed with, only 1 has been produced," Falih said.
"Granted most of what remains is more difficult and complex (to exploit) ... there's no doubt we can do a lot more than the 95, 100 (million barrels) that are projected in the next few decades."
Saudi Arabia has a long list of projects in its portfolio that would more than offset declines, he said.
(Reporting by Gerard Wynn and Ben Hirschler; Editing by Jon Boyle)
[Green Business]
Gerard Wynn and Ben Hirschler
DAVOS, Switzerland
Thu Jan 28, 2010 11:32am EST
Shale gas is U.S. energy "game changer" says BP CEO
DAVOS, Switzerland (Reuters) - New technologies to extract gas from shale rock have altered the U.S. energy outlook for the next 100 years, Tony Hayward, chief executive of BP, said on Thursday.
Energy chiefs speaking at the World Economic Forum differed about the prospects for future oil supplies -- with Iraq placed to account for up to 10 percent of that -- but agreed new "unconventional gas" would be a huge fillip.
Unconventional gas includes natural gas extracted from shale and methane reserves in coal mines, which together are set to play a huge role in satisfying rising global energy demand.
"(It's) a complete game-changer in the U.S. It probably transforms the U.S. energy outlook for the next 100 years," said Hayward.
Peter Voser, chief executive of Royal Dutch Shell, said such new reserves were "global and necessary."
IRAQ OIL
BP's Hayward also expected Iraq to play a major role in filling energy demand.
"We are cautiously optimistic about the potential that Iraq can play in providing a new source of supply to global oil markets," he said.
"The reality is, absent any unforeseen political events ... the resources there are relatively easy to bring on-stream and there is no reason to believe that Iraq can't be producing 10 million barrels per day by 2020 or so."
That would require massive investment, however, Voser cautioned.
"According to official estimates, we will need $27 trillion to get to the point Tony described," he said. "This money needs to be earned ... Iraq can bring some stability (to markets) but it needs to be developed and the money needs to be earned, so we can actually finance these $27 trillion over the next 20 years."
Thierry Desmarest, chief executive of French group Total, agreed Iraq would play a key role but he too said investments in the country needed to deliver an adequate return.
"We have seen a lot of excitement in the industry on these projects. We are a bit less enthusiastic -- our priority is to bring returns to shareholders in line with their expectations," Desmarest said.
Hayward told Reuters he expected oil to trade within a range of $60 to $80 per barrel through the remainder of 2010.
"I think that OPEC have done a very good job in balancing the market -- demand for oil has fallen 2 million barrels per day since 2007, they've taken around 3 million bpd off the market, they've brought supply and demand back into balance," he said.
Hayward felt that long-term declining oil product demand in developed countries would be offset by emerging economies.
"None of us will sell more gasoline than we sold in 2007 (to developed markets). That's, however, being offset by very strong ... markets of the East and particularly China (where) last year 13 million cars were sold."
(Writing by Gerard Wynn, Editing by Mike Peacock)
[Green Business]
Laura Isensee
LOS ANGELES
Thu Jan 28, 2010 2:48pm EST
Solar startup teams up with battery maker
LOS ANGELES (Reuters) - U.S. solar startup Suniva Inc said on Thursday it would partner with the U.S. unit of Japanese battery company GS Yuasa Corp to develop solar-powered energy storage systems.
Financial details of the agreement were not disclosed.
Under the deal, Suniva and GS Battery Inc would build renewable energy systems integrating solar power panels and battery storage at various sites in the United States.
The move seeks to solve a challenge faced by the emerging renewable energy sector: how to store electricity generated by wind and solar so that the clean power is available and reliable when the wind is not blowing or sun is not shining.
"One thing that will make solar for many applications much more reliable and available is having that storage capacity," said Suniva's Chief Marketing Officer Bryan Ashley.
Ashley added that the solar panels could prove to charge batteries faster and better than the electrical grid. Instead of the alternating current from the grid, solar panels provide a direct electrical current straight to a battery, so that there is no loss of power in the change of currents, he said.
CAPACITY EXPANSION
Norcross, Georgia-based Suniva makes high-efficiency solar cells and modules, competing with modules made by U.S.-based SunPower Corp and Japan's Sanyo Electric Co Ltd, or Suntech Power Holdings Co Ltd's high-efficiency Pluto panels. Its customers include Germany's Solon SE and India's Titan Energy Systems Ltd.
Last year, the company raised $75 million in a financing round led by private equity firm Warburg Pincus LLC to expand its manufacturing capacity to 100 megawatts.
In the spring, the company will increase that capacity to 175 MW and it plans to open a second plant in 2011 with an annual capacity of 400 MW to 500 MW, Ashley said.
For that second plant, the company expects to hire about 20 people, adding to its workforce of over 150 people; it is waiting for a loan guarantee from the U.S. Department of Energy to help fund the expected $250 million investment.
For the first project with GS Battery, Suniva would build a 30 kilowatt solar array at the battery company's headquarters in Roswell, Georgia. The system would have 3,000 amp hours of storage and use nano-carbon, lead-acid batteries.
The company said the projects would focus on commercial and industrial markets and potentially the residential market. The size of the projects would range from as large as 30 kilowatts to as small as 3 kilowatts.
(Reporting by Laura Isensee, editing by Leslie Gevirtz and Gerald E. McCormick)
[Green Business]
Christoph Steitz
FRANKFURT
Thu Jan 28, 2010 11:14am EST
Green investors should go geothermal, says VCH
FRANKFURT (Reuters) - Investors looking for fresh opportunities in the volatile renewable energy sector should look at stocks in the geothermal industry, a VCH Investment Group fund manager told Reuters on Thursday.
"Geothermal energy, albeit still a tiny market itself, is a young growth area but a strong one. You can see that already happening in the United States, where there is large geothermal activity," Olaf Koester said in an interview.
Geothermal power -- which, along with solar thermal power, is part of the second generation of renewable energy sources -- uses the earth's inner heat and turns it into electricity by using specially designed power plants.
Koester's fund -- which quadrupled its volume in 2009 and stands at 10 million euros ($14.04 million) -- solely invests in global renewable energy stocks, including more traditional fields such as photovoltaic, wind and water.
But Koester expects the geothermal market will grow to above 20 gigawatts (GW) by 2020, from about 10 GW in 2008, compared with expectations of more than 150 GW for solar and more than 1,000 GW for wind power.
Koester said that the U.S. will be one of the growth drivers in geothermal power and referred to large geological activity in Hawaii and the San Andreas fault.
"This is why the first question I asked Ormat was whether they could build earthquake-proof geothermal plants," he said, noting that Ormat does build such plants.
Ormat Technologies is one of the market leaders in the geothermal sector and, along with Germany's Daldrup and Waterfurnace Renewable Energy, held in Koester's fund, which gained about 12 percent in 2009 versus a 3 percent gain in the S&P Global Clean Energy Index.
"One reason why I like the sector is its stability. Unlike wind and solar power -- where you need the wind to blow and the sun to shine -- geothermal power is stable and sustainable. You can have energy creation 24/7 without any fluctuation."
(Editing by Sharon Lindores)
($1=.7122 Euro)
[Green Business]
DAVOS
Thu Jan 28, 2010 11:30am EST
Saudis say don't worry about peak oil
DAVOS (Reuters) - There is still plenty of oil in the ground and the world should put aside fears about "peak oil," the head of the Saudi state oil firm Saudi Aramco said on Thursday.
"The concern about peak oil is behind us," chief executive Khalid al-Falih told a session on energy supplies at the World Economic Forum in Davos.
The peak oil theory that oil supply is at or near its peak gained currency when prices zoomed to a record of nearly $150 a barrel in 2008. The issue remains a concern for many in the industry.
Total's chief executive Thierry Desmarest said the world would struggle to surpass 95 million barrels per day (BPD) in the future -- 10 percent above present levels. "The problem of peak oil remains," he told the same panel.
His contention was swatted aside by Falih.
"Of the 4 trillion (barrels) of oil the planet is endowed with, only 1 has been produced," Falih said.
"Granted most of what remains is more difficult and complex (to exploit) ... there's no doubt we can do a lot more than the 95, 100 (million barrels) that are projected in the next few decades."
Saudi Arabia has a long list of projects in its portfolio that would more than offset declines, he said.
(Reporting by Gerard Wynn and Ben Hirschler; Editing by Jon Boyle)
[Green Business]
Gerard Wynn and Ben Hirschler
DAVOS, Switzerland
Thu Jan 28, 2010 11:32am EST
Shale gas is U.S. energy "game changer" says BP CEO
DAVOS, Switzerland (Reuters) - New technologies to extract gas from shale rock have altered the U.S. energy outlook for the next 100 years, Tony Hayward, chief executive of BP, said on Thursday.
Energy chiefs speaking at the World Economic Forum differed about the prospects for future oil supplies -- with Iraq placed to account for up to 10 percent of that -- but agreed new "unconventional gas" would be a huge fillip.
Unconventional gas includes natural gas extracted from shale and methane reserves in coal mines, which together are set to play a huge role in satisfying rising global energy demand.
"(It's) a complete game-changer in the U.S. It probably transforms the U.S. energy outlook for the next 100 years," said Hayward.
Peter Voser, chief executive of Royal Dutch Shell, said such new reserves were "global and necessary."
IRAQ OIL
BP's Hayward also expected Iraq to play a major role in filling energy demand.
"We are cautiously optimistic about the potential that Iraq can play in providing a new source of supply to global oil markets," he said.
"The reality is, absent any unforeseen political events ... the resources there are relatively easy to bring on-stream and there is no reason to believe that Iraq can't be producing 10 million barrels per day by 2020 or so."
That would require massive investment, however, Voser cautioned.
"According to official estimates, we will need $27 trillion to get to the point Tony described," he said. "This money needs to be earned ... Iraq can bring some stability (to markets) but it needs to be developed and the money needs to be earned, so we can actually finance these $27 trillion over the next 20 years."
Thierry Desmarest, chief executive of French group Total, agreed Iraq would play a key role but he too said investments in the country needed to deliver an adequate return.
"We have seen a lot of excitement in the industry on these projects. We are a bit less enthusiastic -- our priority is to bring returns to shareholders in line with their expectations," Desmarest said.
Hayward told Reuters he expected oil to trade within a range of $60 to $80 per barrel through the remainder of 2010.
"I think that OPEC have done a very good job in balancing the market -- demand for oil has fallen 2 million barrels per day since 2007, they've taken around 3 million bpd off the market, they've brought supply and demand back into balance," he said.
Hayward felt that long-term declining oil product demand in developed countries would be offset by emerging economies.
"None of us will sell more gasoline than we sold in 2007 (to developed markets). That's, however, being offset by very strong ... markets of the East and particularly China (where) last year 13 million cars were sold."
(Writing by Gerard Wynn, Editing by Mike Peacock)
[Green Business]
Laura Isensee
LOS ANGELES
Thu Jan 28, 2010 2:48pm EST
Solar startup teams up with battery maker
LOS ANGELES (Reuters) - U.S. solar startup Suniva Inc said on Thursday it would partner with the U.S. unit of Japanese battery company GS Yuasa Corp to develop solar-powered energy storage systems.
Financial details of the agreement were not disclosed.
Under the deal, Suniva and GS Battery Inc would build renewable energy systems integrating solar power panels and battery storage at various sites in the United States.
The move seeks to solve a challenge faced by the emerging renewable energy sector: how to store electricity generated by wind and solar so that the clean power is available and reliable when the wind is not blowing or sun is not shining.
"One thing that will make solar for many applications much more reliable and available is having that storage capacity," said Suniva's Chief Marketing Officer Bryan Ashley.
Ashley added that the solar panels could prove to charge batteries faster and better than the electrical grid. Instead of the alternating current from the grid, solar panels provide a direct electrical current straight to a battery, so that there is no loss of power in the change of currents, he said.
CAPACITY EXPANSION
Norcross, Georgia-based Suniva makes high-efficiency solar cells and modules, competing with modules made by U.S.-based SunPower Corp and Japan's Sanyo Electric Co Ltd, or Suntech Power Holdings Co Ltd's high-efficiency Pluto panels. Its customers include Germany's Solon SE and India's Titan Energy Systems Ltd.
Last year, the company raised $75 million in a financing round led by private equity firm Warburg Pincus LLC to expand its manufacturing capacity to 100 megawatts.
In the spring, the company will increase that capacity to 175 MW and it plans to open a second plant in 2011 with an annual capacity of 400 MW to 500 MW, Ashley said.
For that second plant, the company expects to hire about 20 people, adding to its workforce of over 150 people; it is waiting for a loan guarantee from the U.S. Department of Energy to help fund the expected $250 million investment.
For the first project with GS Battery, Suniva would build a 30 kilowatt solar array at the battery company's headquarters in Roswell, Georgia. The system would have 3,000 amp hours of storage and use nano-carbon, lead-acid batteries.
The company said the projects would focus on commercial and industrial markets and potentially the residential market. The size of the projects would range from as large as 30 kilowatts to as small as 3 kilowatts.
(Reporting by Laura Isensee, editing by Leslie Gevirtz and Gerald E. McCormick)
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