OPEC+ RECONSIDERS PLAN TO HIKE OUTPUT IN OCTOBER: OPEC+ is weighing a delay in a planned hike in production output as oil prices enter a declining period, sources told Reuters.
The oil-producing bloc had planned to increase output to 180,000 barrels per day in October, but sources told the publication that supply interruptions from facility shutdowns in Libya and weak demand have caused the group to consider backtracking from their plans. One source told the outlet a delay was looking highly possible.
The possible delay comes as prices dropped to their lowest since last year amid a weak economy and dimmed demand from China. The group had initially planned to roll back layers of output cuts of 2.2 million barrels per day while keeping other cuts in place until the beginning of 2025.
Libya’s eastern government had shut down large parts of the country’s oil production and export operations in response to an attempted ouster of Sadiq Al-Kabir, the head of the country’s central bank. Just yesterday, Al-Kabir said there were “strong” indications that the differing factions are nearing an agreement to resolve the dispute, Bloomberg reported.
Weak demand from China, which has been transitioning its focus toward renewables, could also cause refiners to produce less oil. Read more here.
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COAL ENDS ITS REIGN IN THE UK: The United Kingdom’s last coal-fired power plant is set to close at the end of the month, ending the nation’s use of the fossil fuel after 140 years, the Financial Times reports.
Some history: The first coal-fired power plant in the world opened in London in 1882, and the last plant – dubbed the Ratcliffe-on-Soar power station – received its last shipment of fuel in July.
Why this matters: The UK will be the first G7 country to stop using coal to power the grid – a year earlier than the deadline set by the previous Conservative government in 2015. The move is a notable step in decarbonizing the country’s grid by 2030, and decarbonizing its economy broadly to net zero by 2050.
Prime Minister Boris Johnson had proposed to end reliance on coal a year earlier, as he looked to show leadership on climate issues ahead of COP26 in 2021. However, a number of plants that were set to retire in 2022 were asked by the government to continue operating following Russia’s invasion of Ukraine, which raised concerns of an energy crisis.
Their transition has been relatively quick: Coal supplied 80% of the country’s electricity in 1990, but just 1% last year. Nearly 35% came from gas, 33% from wind and solar, 12% from bioenergy, and 14% from nuclear.
Other divestment deadlines: Germany plans to stop its use of coal by 2038, Canada by 2030, and Italy by the end of 2025, excluding the island of Sardinia. Read more on that here.
HARRIS CAMPAIGN WON’T CLARIFY STANCE ON EV MANDATE: Vice President Kamala Harris’s campaign is declining to say whether or not she supports an electric vehicle mandate, as she did during her 2020 presidential run.
Axios reports that Harris’s campaign has sent contradictory signals about her views on an EV mandate, an issue that’s important for purple manufacturing states such as Pennsylvania, Michigan, and Wisconsin. In an email covering several issues, a campaign spokesperson stated that Harris “does not support an electric vehicle mandate.”
But in a follow-up email asking the campaign to clarify, and inquiring whether she would sign a bill she previously cosponsored that would include such a mandate, the campaign declined to comment.
Why it matters: Since announcing a bid for the White House, the campaign has been light on policy specifics. Harris’s campaign has leaned away from her more progressive stances and embraced more moderate positions on issues such as fracking. But even then, Trump’s campaign has sought to paint Harris as “dangerously liberal” through footage focused on her 2020 presidential campaign. Read more on that here.
VOLVO WALKS BACK EV TARGET: Volvo Car AB is walking back its target to sell only EVs by 2030 – the latest automaker to abandon or delay electrification targets as it meets softer-than-expected demand.
The Chinese-owned automaker will now have a target of having plug-in hybrid and battery-only models making up 90% of total sales in 2030. The rest will be hybrids that rely mostly on combustion engines.
Why that’s important: A number of car manufacturers have been walking back their EV goals just in the past couple of weeks. General Motors delayed the launch of its planned battery plant by a year, and Ford scrapped plans for an all-electric three-row SUV. Earlier this year, Mercedes-Benz pared back its forecast for EV sales.
Furthermore, Geely – the largest shareholder of Volvo – is currently standing in the middle of a fight with China over EV subsidies. The company makes EVs in China that are set to be hit by tariffs imposed by the U.S. and the European Union. Read more about that here.
TRANSITIONS
The Bipartisan Policy Center announced today Sasha Mackler – the executive director of the think tank’s Energy Program – will take on a new role at ExxonMobil’s Low Carbon Solutions division as its senior vice president and global head of strategic policy.
RUNDOWN
Canary Media Berkeley’s gas ban was blocked in court. Now a new plan has emerged.
E&E News What’s next for EPA’s Michael Regan?
Bloomberg Netflix Wants to Shrink Your Favorite TV Show’s Carbon Footprint