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Billionaire Gautam Adani's group is building the world's largest <keyword id="864915" type="General" weightage="20" keywordseo="renewable-energy-park" source="Orion">renewable energy park</keyword> in Gujarat, as it eyes a massive 45 GW capacity to generate electricity largely from <keyword id="6357019" type="General" weightage="20" keywordseo="solar-energy" source="Orion">solar energy</keyword>. Speaking at the opening of '<keyword id="694229" type="General" weightage="20" keywordseo="energy-revolution" source="Orion">Energy Revolution</keyword>: The <keyword id="3179546" type="General" weightage="20" keywordseo="adani-green-energy" source="Orion">Adani Green Energy</keyword> Gallery' at the Science Museum in London, Gautam Adani said his group's renewable energy arm, Adani Green Energy, is leading an energy transition that honours the commitment of taking care of the planet not just for this generation and the next but also for generations to come. "As the world's leading solar power developer and India's largest renewable energy company, we are taking very big steps," he said. "In Khavda, which is in the state of Gujarat, we are building the world's largest renewable energy park. It will have a generation capacity of 30 GW of energy - and it is incredibly big. Its area of 538 square kilometers is more than five times bigger than Paris." This is part of the aim to reach 45 GW of renewable energy by 2030, said Adani, the chairman of the apples-to-airport conglomerate. "This will be like providing clean energy to almost every house in England," he said. It currently has an operating renewable portfolio of over 9.5 GW and locked-in projects of up to 21.8 Gigawatt (GW). The Gallery explores how the world can generate and use energy more sustainably to urgently decarbonise and to limit dangerous climate change. "Through striking displays of contemporary and historic objects from the UK and abroad, interactive digital exhibits, and specially commissioned models, the gallery shows how the past, present and future are shaped by human imagination and innovation and explores how we all have a role to play in deciding our energy future," a company statement said. The Gallery, which is open to the public for free, examines this century's defining challenge through the lens of imagination across three sections. In Future Planet, visitors can explore how scientists use complex computer-based models to understand our planet, and what these tell us about the range of climate futures that might lie ahead. In Future Energy, technologies and the people behind them that are reimagining how energy is supplied and used are highlighted alongside historic artefacts which provide a longer view of the transition away from fossil fuels. Adani said museums are very important because they teach and inspire. "This new gallery is about more than just clean air - or about moving away from oil and gas. It is about the energy transition we need - this world needs - and it is about the revolution that is taking place in the world of energy." The gallery, he said, was special because it makes us think, dream and wish for change. At the centre of the gallery is Only Breath, a moving sculpture that signifies the power of nature to inspire technological change. Radiating outward from the centre are plinths which display vital low-carbon renewable energy technologies for the transition, from nuclear, hydrogen and solar to wind and tidal power, alongside remarkable historic innovations that remind us how major change is possible and that many of the technologies needed to make the low-carbon energy transition already exist. Objects in this section include a 7m long tidal turbine blade made by Scottish renewable energy company Orbital Marine Power and the first electric taxi, the Bersey cab, hailed by Londoners in 1897. The challenges of electrification, energy storage, and supply and demand are also explored, with visitors invited to play interactive games and use models that show how energy can be generated and distributed. Possible routes to low-carbon transport are featured, as well the decarbonisation of our buildings and construction industries, and visitors can learn about climate modelling and see instruments used to measure climate. Energy Revolution was designed by award-winning architects, Unknown Works. A key element of sustainable design was the reuse of redundant shelves from the Science Museum's former object store. The gallery's carbon footprint has been monitored, and recyclable aluminium was used where possible. The gallery's Title Funder is Adani Green Energy. Sagar Adani, Executive Director, AGEL, said, "The Science Museum has put together the world's best curated gallery on energy transition. As one of the world's largest renewable energy companies, we are committed to making progress towards net zero - and there is no greater resource in the fight against climate change than education. "Through the sponsorship of the gallery, we aim to inspire young minds, scientists and innovators to imagine a future powered by clean energy and build a carbon-free world. It is an initiative to stimulate their interest, curiosity and awareness, and encourage their active participation in creating clean technologies. The gallery brings together the global community to enable the shift towards energy efficiency, clean energy adoption and carbon emissions reduction." Sir Ian Blatchford, Director and Chief Executive of the Science Museum Group, said, "In a week when we're celebrating a record 2.25 million visits by UK residents to the museum, including a million children, this stunning gallery offers even more to ignite curiosity among those who will visit in the year ahead - provoking important conversations about the urgent need for the world to generate and use energy more sustainably."

Adani eyes 45 GW renewable energy capacity by 2030

<ul class="summary-list"><li><keyword id="12258194" type="UNKNOWN" weightage="60" keywordseo="saudi-aramco" source="Orion">Saudi Aramco</keyword> CEO Amin Nasser said the <keyword id="11917806" type="UNKNOWN" weightage="100" keywordseo="energy" source="Orion">energy</keyword> system can't be transformed overnight.</li></ul><ul class="summary-list"><li>Nasser told <a href="https://www.cnbc.com/2021/12/06/saudi-aramco-ceo-warns-of-unrest-if-fossil-fuel-investment-cut-too-fast.html">CNBC</a> that the industry needs an "orderly transition."</li></ul>The world's largest <keyword id="11896879" type="UNKNOWN" weightage="60" keywordseo="oil" source="Orion">oil</keyword> producer has warned of runaway inflation and social unrest should investment in fossil fuels taper off too quickly in the world's transition to green energy. Saudi Aramco CEO Amin Nasser made the remarks during a speech at the World Petroleum Council Congress in Houston, Texas, on Monday. "It's increasingly assumed the entire world can run on alternatives, and the vast global energy system can be totally transformed, virtually overnight" said Nassir, according to a <a href="https://www.aramco.com/en/news-media/speeches/2021/ceo-remarks-at-wpc-houston-2021">copy of the speech</a> posted to Saudi Aramco's website. "Or that investments requiring roughly $115 trillion will be made in 30 years," Nasser continued, referring to the <a href="https://www.un.org/en/climatechange/net-zero-coalition">pledge</a> made by many energy companies and nations to reach net-zero emissions by 2050. "Most worrying of all is the assumption that the right transition strategy is in place. It is not. It's deeply flawed." His comments are the latest in a debate between policymakers moving toward sustainable energy and fossil fuel executives as the world navigates a massive <keyword id="12687809" type="UNKNOWN" weightage="60" keywordseo="energy-transition" source="Orion">energy transition</keyword>."Some people are trying to portray the current high energy prices as the first crisis of the <keyword id="11963839" type="UNKNOWN" weightage="60" keywordseo="clean-energy" source="Orion">clean energy</keyword> transition. This is completely wrong," said Fatih Birol, director of the International Energy Agency, at a conference in Copenhagen in October, per <a href="https://www.reuters.com/business/energy/spike-energy-prices-not-result-green-transition-problems-ieas-birol-2021-10-28/">Reuters.</a> "The current situation on the energy market has nothing to do with the clean energy transition. If there is one link, it is not because there is too much clean energy, but there is too little."In May of this year, the <a href="https://www.iea.org/news/pathway-to-critical-and-formidable-goal-of-net-zero-emissions-by-2050-is-narrow-but-brings-huge-benefits">IEA</a> advised that energy groups must stop all new oil, gas, and coal projects in order to achieve net-zero emissions by 2050.Energy prices have risen rapidly this year on the back of the global economic recovery and as supply struggles to catch up with demand. This is in part due to slow investment, energy industry executives say. Many oil exploration and production projects were delayed or canceled after the <a href="https://blogs.worldbank.org/developmenttalk/what-triggered-oil-price-plunge-2014-2016-and-why-it-failed-deliver-economic-impetus-eight-charts">oil price crash</a> of 2014, according to commodities consultancy <a href="https://www.woodmac.com/news/editorial/global-capex-spend-slashed/">Wood Mackenzie.</a>In September, the European Union's top climate change official, Frans Timmermans, said that record-high power prices in the trade bloc underscore the need to make a faster transition, <a href="https://www.reuters.com/business/sustainable-business/record-high-power-prices-make-case-faster-green-transition-eu-says-2021-09-14/">Reuters</a> reported."Had we had the <a href="https://ec.europa.eu/info/strategy/priorities-2019-2024/european-green-deal/delivering-european-green-deal_en">Green Deal</a> five years earlier, we would not be in this position because then we would have less dependence on fossil fuels and on natural gas," Timmermans said, noting that prices for renewable energy had remained stable even amid the fossil fuel price spike. On Monday, Nasser told <a href="https://www.cnbc.com/2021/12/06/saudi-aramco-ceo-warns-of-unrest-if-fossil-fuel-investment-cut-too-fast.html">CNBC</a> that the industry needs an "orderly transition."Nasser said during his WPCC speech that admitting the role of oil and gas in reaching net-zero "will be hard for some." But, he added, "admitting this reality will be far easier than dealing with energy insecurity, rampant inflation, and social unrest if prices become intolerably high. And net-zero commitments by countries may start to unravel."Until this year, the oil market has been relatively sluggish for years — with prices of <a href="https://www.businessinsider.com/power-line-why-oil-prices-went-negative-levels-of-detail-2020-4">US futures</a> even falling into the negative zone last year. US crude oil futures are up over 40% year-to-date.

The CEO of the world's largest oil producer said the oil industry must play a role in energy transition to avoid 'energy insecurity, rampant inflation, and social unrest'

<ul class="summary-list"><li>Access to heated swimming pools in the <keyword id="11897975" type="UNKNOWN" weightage="60" keywordseo="uk" source="Orion">UK</keyword> is under threat due to rising <keyword id="11917806" type="UNKNOWN" weightage="100" keywordseo="energy" source="Orion">energy</keyword> costs, according to a survey of pool operators.</li><li>This comes amid a broader cost-of-living crisis in the UK.</li></ul>Hundreds of public heated swimming pools in the UK may have to restrict their services or even close their doors to the public this summer due to the rising cost of heating the water, according to <a href="https://www.ukactive.com/news/energy-price-rises-pose-clear-and-present-threat-to-swimming-pools-mps-warned/">figures from ukactive,</a> a not-for-profit industry association of gyms and leisure centers.The UK is currently battling a <a href="https://markets.businessinsider.com/news/currencies/uk-inflation-energy-april-cost-of-living-bank-of-england-2022-5">cost of living crisis</a> amid soaring energy prices. The latter has increased the cost of heating Britain's swimming pools from $632 million (£500 million) in 2019 to $1.58 billion (£1.25 billion) in 2022. ukactive first raised concerns with the government over the rise in costs <a href="https://www.ukactive.com/news/ukactive-raises-concerns-with-government-as-energy-costs-double-for-gyms-pools-and-leisure-centres-threatening-services-and-levelling-up-ambitions/">in March</a>. Heated public swimming pools are widely used in the UK and typically run by leisure facilities. The leisure sector plays an important role in public health nationwide with the industry estimated to save the National Health Service around half a billion pounds a year, <a href="https://www.telegraph.co.uk/news/2022/05/29/hundreds-swimming-pools-could-close-cant-afford-energy-bills/">according to The Telegraph</a>. More than three-quarters of public leisure facilities said they may have to close due to this financial strain over the next six months, according to results shared with media outlets from ukactive's nationwide survey of nearly a third of the UK's public pool operators.Leisure facilities are looking to cut operating costs through measures such as colder water, reduced opening hours, and limited showers.Eight in ten leisure facilities also said they would have to increase their prices to cope with the new costs. Just under two-thirds said they will likely be forced to let go of staff, according to ukactive's survey.Ben Beevers, group development director of Everyone Active, a UK chain of leisure facilities, <a href="https://www.telegraph.co.uk/news/2022/05/29/hundreds-swimming-pools-could-close-cant-afford-energy-bills/">told The Telegraph</a>: "We are facing a significant increase in energy costs, an issue impacting the whole country, with energy costs currently two to three times higher than the levels we were paying in 2019/20."This is particularly significant for our industry due to the energy usage, particularly in swimming pools, and the volume of people that use our facilities to maintain their physical and mental wellbeing."He said the chain had already introduced energy-saving measures such as LED lighting, variable speed drives, and swimming pool covers, targeting a 10 percent reduction in energy use between April 2022 and April 2023.This comes amid broader challenges for the UK economy, with <a href="https://markets.businessinsider.com/news/currencies/uk-inflation-energy-april-cost-of-living-bank-of-england-2022-5">inflation climbing to a 40-year high</a>. The government last week announced that households would receive a discount on energy prices from October, as part of a <a href="https://www.gov.uk/government/news/millions-of-most-vulnerable-households-will-receive-1200-of-help-with-cost-of-living">£15 billion package</a> to help with cost of living increases.

Hundreds of public swimming pools in the UK could close due to rising energy costs

Indias largest <keyword id="34553" type="General" weightage="20" keywordseo="renewable-energy" source="Orion">renewable energy</keyword> company, has priced its maiden ListCo senior issuance of USD 750m through a 3 year issuance under the 144A/Reg S format, at a fixed coupon of 4.375%. The issuance was oversubscribed by 4.7x. This issuance establishes <keyword id="4621631" type="General" weightage="20" keywordseo="AGEL" source="Orion">AGEL</keyword> as India's leading credit in the renewable sector with a robust and well defined capital management plan. The funds will be utilised towards equity funding of the capex for underlying renewable projects under construction by AGEL. Under the structure, AGEL can draw upto USD 1,700m (including the present issuance) over the course of time subject to the covenants of the structure. The notes were rated Ba3 (Stable) by Moody's. Earlier in the year, AGEL had completed the tie-up of a USD 1.35 bn revolving construction framework arrangement for senior debt funding of construction stage projects. With this USD 750 mn ListCo issuance, AGEL has completed the final phase of its capital management plan, and now has a fully funded program for both debt and equity for its stated target of 25 GW by 2025. "The 4.7X oversubscription of this issuance is testimony of the confidence of global investors in the world's fastest growing renewable energy platform and Adani's capability to set up a world class clean energy business" said Vneet S Jaain, MD and CEO, AGEL. "This ListCo Senior Green Bond issuance is yet another landmark transaction for AGEL and fully funds our pipeline of projects and reinforces our commitment towards being a sustainability focused global infrastructure platform. We expect to further accelerate our footprint and are firmly on track to become the world's largest renewable energy company by 2030." In line with the Adani Group's energy mix transition, AGEL has grown rapidly and has consistently demonstrated the strength of the company's clean energy business model and its commitment to global benchmarks of ESG. It follows the guiding principles of the <keyword id="6355833" type="General" weightage="20" keywordseo="United-Nations" source="Orion">United Nations</keyword> Sustainable Development Goals, United Nations Global Compact and the Science Based Targets Initiative. AGEL will also ensure adherence to global best practices of disclosure aligned with TCFD recommendations, GRI standards and CDP disclosures. Top external agencies have provided assurance on AGEL's green framework. Vigeo Eiris, a subsidiary of Moody's Investor Service, has provided a second party opinion endorsing AGEL's green framework and KPMG has provided independent assurance on the same. The joint lead managers (JLMs) to the Issuance were Axis Bank, Barclays, BNP Paribas, DBS Bank Ltd., Emirates NBD Capital, IMI-Intesa Sanpaolo, MUFG, Mizuho Securities, SMBC Nikko and Standard Chartered Bank. The JLMs were represented by Linklaters and Talwar Thakore &amp; Associates. The Issuer was represented by Latham &amp; Watkins and Cyril Amarchand Mangaldas. MUFG Bank acted as lead green structuring advisor and Standard Chartered Bank acted as co-green structuring advisor. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/six-month-old-investment-advisory-startup-dezerv-raises-7-million/articleshow/85865111.cms">Six-month-old investment advisory startup Dezerv raises $7 million</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/phonepe-is-citing-data-to-argue-that-merchants-should-pay-for-upi-transactions/articleshow/85863071.cms">PhonePe is citing data to argue that merchants should pay for UPI transactions</a>

Adani Green Energy raises $750 million, aims to become world's largest renewable energy company by 2030

<ul class="summary-list"><li>Bank of America said clients loaded up on <keyword id="12547210" type="UNKNOWN" weightage="60" keywordseo="energy-stocks" source="Orion">energy stocks</keyword> last week, buying the most since 2008. </li><li>The S&amp;P 500 Energy sector has climbed 53% this year and BofA sees more upside ahead. </li></ul>Energy is the best performing sector on the <a href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest">S&amp;P 500</a> this year as US oil prices have soared by roughly 70%, and the group still holds the potential for further upside, according to Bank of America. BofA clients last week broke a six-week selling streak, purchasing $1.2 billion of US equities, with the period marking the largest inflow into energy stocks since the investment bank started keeping such records in 2008. Last week's buying spree in shares of oil and gas companies was broad-based, with institutional and retail clients, hedge funds, and corporates taking part, the investment bank said in a note published Tuesday. The analysts said that investors have been consistently buying energy stocks since July. The bank didn't specify individual stock names. "We see more room to run and note Energy fits several key themes (inflation-protected yield, ESG improver)," said Jill Carey Hall, head of US small- and mid-cap strategy at BofA, in the research note.ESG refers to <a href="https://www.businessinsider.com/esg-terminology-and-disclosure-can-be-confusing-for-investors-2021-5">Environmental, Social, and Governance,</a> with investors increasingly seeing sustainability goals and efforts as material to how a company performs. In a <a href="https://www.businessinsider.com/stocks-to-buy-energy-strong-high-esg-surging-oil-bofa-2021-10">separate BofA note in October</a>, the investment bank discussed 15 energy stocks it said had strong green credentials as oil prices soared. Meanwhile, many investors have been seeking ways to shield their portfolios with prices for goods and services running at multi-year highs. Consumer price inflation <a href="https://www.businessinsider.com/inflation-cpi-october-price-growth-index-supply-chain-crisis-recovery-2021-11?utm_source=markets&amp;utm_medium=ingest">charged up to 6.2% in October</a>, the fastest growth rate since 1990. The S&amp;P 500 energy sector has climbed by roughly 53% during 2021, the best performance over 10 other groups tracked on the index. The sector sprang into recovery mode after plunging in 2020 as oil prices collapsed in the face of weak demand stemming from the COVID-19 pandemic. The energy sector can serve as a place to seek refuge in a rising inflation environment as equities, in general, tend to perform poorly in such conditions, according to asset management company <a href="https://www.schroders.com/en/insights/economics/which-equity-sectors-can-combat-higher-inflation/">Schroders in a March 2021 report</a> about US asset prices. "Such firms beat inflation 71% of the time and delivered an annual real return of 9.0% per year on average," said Schroders strategist Sean Markowicz in the report. "This is a fairly intuitive result. The revenues of energy stocks are naturally tied to energy prices, a key component of inflation indices. So by definition they will perform well when inflation rises." BofA in Tuesday's note said its clients are picking energy stocks over investing passively in the sector, and that energy ETFs have seen outflows for five of the last six weeks.Among the biggest energy exchange-traded funds, the <a href="https://markets.businessinsider.com/etfs/energy-select-sector-spdr-fund-us81369y5069">Energy Select Sector SPDR Fund</a>, with $27 billion in total assets <a href="https://etfdb.com/etf/XLE/#etf-ticker-profile">according to ETF Database</a>, has risen 53% this year, and the $6 billion <a href="https://markets.businessinsider.com/etfs/vanguard-energy-index-fund-etf-shares-us92204a3068">Vanguard Energy ETF</a> has gained 59%.

Energy sector stocks have soared 53% this year and have room to run as investors seek out ESG asset and inflation protection, says Bank of America

<ul><li>US <keyword id="188620" type="COMPANY" weightage="60" keywordseo="Shale">shale</keyword> <keyword id="6359072" type="UNKNOWN" weightage="60" keywordseo="oil">oil</keyword> pioneer <keyword id="146751" type="COMPANY" weightage="60" keywordseo="Chesapeake-Energy">Chesapeake Energy</keyword> filed for bankruptcy protection on Sunday, bowing to pressure from heavy debt and rock-bottom <keyword id="6357014" type="ORGANIZATION" weightage="60" keywordseo="energy">energy</keyword> demand levels during COVID-19.</li><li><keyword id="180518" type="CITY" weightage="60" keywordseo="Chesapeake">Chesapeake</keyword> filed for Chapter 11 protection in a Texas bankruptcy court to facilitate a "comprehensive balance sheet restructuring," according to its filing.</li><li>Founded in 1989 in energy-state Oklahoma, the company has long battled high levels of debt, but came under particular pressure during the pandemic.</li><li>Chesapeake was slammed with a "strong sell" rating and a $0 price target when global energy prices collapsed and oil prices briefly turned negative earlier this year.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories</a>.</li></ul><a href="https://markets.businessinsider.com/stocks/chesapeake_energy_13-stock">Chesapeake Energy</a> filed for bankruptcy on Sunday, making it the biggest casualty among <keyword id="605857" type="ORGANIZATION" weightage="60" keywordseo="US-Energy">US energy</keyword> giants as the coronavirus pandemic upends the oil industry.Chesapeake has been loaded with debt for a long time but even more so since the start of the pandemic, which has weighed heavily on demand for energy <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword>.When oil prices briefly turned negative in April after a collapse in energy prices, the company was <a href="https://markets.businessinsider.com/news/stocks/chesapeake-energy-slapped-with-zero-price-target-strong-sell-rating-2020-5-1029193964">issued a rare "strong sell"</a> rating and slapped with a $0 price target by CFRA Research. The oil-and-gas group, which was once worth $35 billion by market capitalization, pioneered the entry into shale production a decade ago, setting the scene for the US to become one of the leaders in the controversial field.Doug Lawler, CEO since 2013, was made to lead the company at a time when it was already overburdened with about $13 billion debt.Read More: <a href="https://www.businessinsider.com/stock-picks-to-buy-financially-sound-companies-with-strong-returns-2020-6">Jefferies says buy these 14 cheap stocks that are financially strong and positioned for market-beating returns</a>"Despite having removed over $20 billion of leverage and financial commitments, we believe this restructuring is necessary for the long-term success and value creation of the business," Lawler said in the filing. Chesapeake plans to do away with $7 billion of its debt, according to the filing, and will operate ordinarily during the Chapter 11 process.It said it entered into a restructuring agreement with lenders backing its main revolving credit facility, with some providing $925 million under debtor-in-possession financing. That will help fund its operations during the bankruptcy process.Chesapeake's shares were down 7% in pre-market trading.Analysts say over 200 energy companies face possible bankruptcy in the next two years in case oil prices remain around current levels, according to the <a href="https://www.wsj.com/articles/fracking-trailblazer-chesapeake-energy-files-for-bankruptcy-11593374287">Wall Street Journal</a>. Read More: <a href="https://www.businessinsider.com/stock-market-crash-fear-gauge-vix-future-meltdown-historic-losses-2020-6">The stock market's fear gauge is sending a persistent warning that has a 30-year track record of signaling meltdowns ahead</a>

US shale oil giant Chesapeake Energy files for bankruptcy as the coronavirus crisis claims another energy victim

<ul class="summary-list"><li style="text-align: left;">An enormous <a href="https://www.businessinsider.com/meet-the-rising-stars-leaders-of-clean-energy-2020-6">transition</a> is underway across the electric grid.</li><li style="text-align: left;">Power plants that run on fossil fuels are being replaced by <keyword id="45681" type="TECHNOLOGY" weightage="60" keywordseo="Solar">solar</keyword> panels and wind farms and more batteries and electric vehicles are plugging in every day. </li><li style="text-align: left;">Once niche, the <keyword id="154273" type="ORGANIZATION" weightage="60" keywordseo="clean-energy">clean energy</keyword> industry is going mainstream. Goldman Sachs says it's an investment opportunity worth as much as <a href="https://markets.businessinsider.com/news/stocks/renewable-energy-trillion-investment-opportunity-surpass-oil-first-time-goldman-2020-6-1029318482">$16 trillion through 2030</a>. </li><li style="text-align: left;">Within the industry, researchers, entrepreneurs, and workers are bringing a wide range of solutions to bear, from batteries that store <keyword id="6357014" type="ORGANIZATION" weightage="60" keywordseo="energy">energy</keyword> in molten salt to water turbines that are fish-friendly. </li><li style="text-align: left;">Business Insider has identified <a href="https://www.businessinsider.com/meet-the-rising-stars-leaders-of-clean-energy-2020-6">the 21 emerging leaders in clean energy</a> that we think everyone should know.</li></ul>The global energy industry is in the middle of an epic transition, away from fossil fuels and towards clean sources of energy. This year, for example, the US is set to generate more electricity from renewable sources than from coal <a href="https://www.nytimes.com/2020/05/13/climate/coronavirus-coal-electricity-renewables.html">for the first time in history</a>. Meanwhile, 2020 is also expected to be a <a href="https://www.greentechmedia.com/articles/read/coronavirus-solar-growth-in-2020-but-with-significant-cuts-to-distributed-solar">record year for solar power</a>, and energy storage installations including batteries <a href="https://www.greentechmedia.com/articles/read/us-residential-storage-shines-in-first-quarter-nabs-fourth-consecutive-record">are set to double</a>. This transition, though ultimately motivated by the threat of climate change, has created an enormous economic opportunity.Clean energy was the target of more than $600 billion of investment last year, relative to investment in the broader energy industry of about $1.9 trillion, according to the <a href="https://www.iea.org/reports/world-energy-investment-2020/key-findings?utm_content=buffer78a8b&amp;utm_medium=social&amp;utm_source=twitter.com&amp;utm_campaign=bufferpaign=buffer">International Energy Agency</a>. And looking forward, Goldman Sachs says <keyword id="34553" type="ORGANIZATION" weightage="60" keywordseo="renewable-energy">renewable energy</keyword> is an investment opportunity worth as much as <a href="https://markets.businessinsider.com/news/stocks/renewable-energy-trillion-investment-opportunity-surpass-oil-first-time-goldman-2020-6-1029318482">$16 trillion, through 2030</a>. <a href="http://newsletter.businessinsider.com/join/4np/power-line">Click here to subscribe to Power Line</a>, Business Insider's weekly energy newsletter.It's now undeniable that the industry is going mainstream. In the US alone, it's home to more than <a href="https://www.cnbc.com/2016/03/30/clean-energy-employs-25-million-in-us-report.html">2.5 million</a> workers employed within an expansive corporate landscape that has startups that store energy in molten salt on one end and solar giants like Sunrun deploying droves of rooftop panels on the other.That's why we embarked on this project, a showcase of the <a href="https://www.businessinsider.com/meet-the-rising-stars-leaders-of-clean-energy-2020-6">rising stars of clean energy</a> — 21 people quickly making a name for themselves within the industry, who we think everyone should know.These <a href="https://www.businessinsider.com/meet-the-rising-stars-leaders-of-clean-energy-2020-6">rising stars</a>, identified by experts as emerging leaders within the industry, are taking a bite of this $600 billion market while promising massive gains for the environment.Dandelion Energy's Kathy Hannun, for example, has found carbon savings in holes dug under homes in the Northeast. Swift Solar's Joel Jean, on the other hand, is designing a new generation of hyper-efficient solar panels. <h2 style="text-align: left;"><a href="https://www.businessinsider.com/meet-the-rising-stars-leaders-of-clean-energy-2020-6">Click here to meet the rising stars of clean energy</a></h2>

Meet the rising stars who are taking on the $1.9 trillion energy industry and cleaning up the electrical grid

<ul class="summary-list"><li>Europe's <keyword id="12194725" type="UNKNOWN" weightage="60" keywordseo="energy-crisis" source="Orion">energy crisis</keyword> holds a warning for the US, former Enron natural gas trader John Arnold said.</li><li>Moving away from oil and gas too quickly could cause energy price spikes, the Centaurus Capital founder argued.</li><li>The billionaire said it would risk a voter backlash to decarbonization, vital to tackling climate change.</li></ul>A billionaire former natural-gas trader said the US could soon be hit with big energy price spikes of the sort currently causing chaos in Europe, if the country tries to move away from fossil fuels too quickly.John Arnold, the billionaire founder of the energy-focused Centaurus Capital hedge fund, said at the weekend that "efforts by some to kill oil/gas industry will result in price spikes to levels that risk losing voter support for the energy transition.""The energy crisis in Europe is a wake-up call that [the] US must ensure a smooth transition to decarbonization," he <a href="https://twitter.com/JohnArnoldFndtn/status/1441462123054477314?s=20">tweeted</a>.Countries and corporations have made commitments to net-zero carbon emissions within decades to help combat climate change.<keyword id="12194726" type="UNKNOWN" weightage="60" keywordseo="natural-gas-prices" source="Orion">Natural gas prices</keyword> have <a href="https://markets.businessinsider.com/news/commodities/europe-gas-electricity-price-surge-commodities-markets-shortages-goldman-sachs-2021-9">soared in Europe</a> in recent months, as governments have loosened COVID-19 restrictions and demand for energy has bounced back. A long winter and strong demand from Asia has also depleted supplies.Yet another key factor pushing up energy prices has been a slowdown in production from renewable sources, with a lack of wind in the North Sea reducing wind-generated energy.Arnold, who was also a trader at Enron, said Europe's experience holds lessons for the US. He said a rapid shift away from oil and gas at a time when <keyword id="12195931" type="UNKNOWN" weightage="60" keywordseo="renewable-energy" source="Orion">renewable energy</keyword> infrastructure might not be able to make up the shortfall could be damaging.Read more: <a href="https://www.businessinsider.com/commodities-market-investing-strategy-industrial-metals-picks-bullish-outlook-corecommodity-2021-8?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">2 commodities experts told us this is one of the most exciting environments they've seen in 40 years of investing. Here's why they're upbeat, and what they're buying to profit from it.</a>"While some advocate trying to destroy the fossil fuel industry as quickly as possible, the reality is oil and gas consumption will be high this decade in any decarbonization scenario. Clean energy is growing quickly but off a very low base," Arnold said."Very high oil/gas prices risk a voter backlash against decarbonization policies, which are vital to a cleaner future."US natural gas prices have risen less sharply than those in Europe, where gas futures have risen more than 500% over the last year.But investors reckon the natural gas crunch will force users to turn to oil, helping the benchmark <a href="https://markets.businessinsider.com/commodities/oil-price">Brent crude</a> oil price <a href="https://markets.businessinsider.com/news/commodities/oil-prices-brent-wti-crude-natural-gas-shortage-energy-crunch-2021-9">surge above $80</a> for the first time in three years on Tuesday. <a href="https://markets.businessinsider.com/commodities/oil-price?type=wti">WTI crude</a>, the US benchmark price, rose more than 1% to $76.20 on Tuesday and has climbed 57% over the last year.Environmental campaigners have argued that Europe's energy crisis would be less severe if governments had invested more in <keyword id="12011391" type="UNKNOWN" weightage="60" keywordseo="green-energy" source="Orion">green energy</keyword>, particularly storage.

Legendary gas trader says Europe's energy crisis could spread to the US if it ditches fossil fuels too fast

<div class="image-container float_right"><div class="image"><a href="http://earthobservatory.nasa.gov/IOTD/view.php?id=79800">via NASA</a></div></div>
The push for <keyword id="60895" type="UNKNOWN" weightage="60" keywordseo="Green-energy">green energy</keyword> in the United States may be hindered by the limitations of our outdated power grids, which are unsuited for unpredictable <keyword id="6357014" type="ENTERTAINMENT" weightage="60" keywordseo="energy">energy</keyword> sources like sunlight and wind, according to <a href="http://www.latimes.com/nation/la-na-grid-renewables-20131203,0,6231790,full.story#axzz2mQhFfy6T" target="_blank">Los Angles Times' Evan Halper</a>.
<a href="http://www.latimes.com/nation/la-na-grid-renewables-20131203,0,6231790,full.story#axzz2mQhFfy6T" target="_blank"></a>The current grid system is designed to "keep the supply of power steady and predictable," Halper writes. But energy from renewable sources isn't steady and can't be controlled - a windy day could overload the system, while sudden cloud cover above a solar field would make it hard to keep the lights on.
<a href="http://www.latimes.com/nation/la-na-grid-renewables-20131203,0,6231790,full.story#axzz2mQhFfy6T" target="_blank">From the Los Angeles Times</a>:
"The grid was not built for renewables," said Trieu Mai, senior analyst at the National <keyword id="34553" type="ORGANIZATION" weightage="60" keywordseo="renewable-energy">Renewable Energy</keyword> Laboratory.
The frailty imperils lofty goals for greenhouse gas reductions. Concerned state and federal officials are spending billions of dollars in ratepayer and taxpayer money in an effort to hasten the technological breakthroughs needed for the grid to keep up with the demands of clean energy.
Unlike traditional sources of electricity, like oil or coal, green energy is praised because there's no fear of it running out, and it's carbon-neutral, so it doesn't contribute to climate change.
But without the <a href="http://www.businessinsider.com/renewable-energy-storage-problem-2013-11">ability to store energy</a> from wind turbines or solar fields - an extremely costly endeavor - renewable sources will continue to cause issues for the current system:
Already, power grid operators in some states have had to dump energy produced by wind turbines on blustery days because regional power systems had no room for it. Officials at the California Independent System Operator, which manages the grid in California, say renewable energy producers are making the juggling act increasingly complex.
"We are getting to the point where we will have to pay people not to produce power," said Long Beach Mayor Bob Foster, a system operator board member.
This isn't a reason not to invest in green energy, since our <a href="http://articles.washingtonpost.com/2012-08-01/local/35493997_1_power-grid-power-plants-new-nuclear-plants" target="_blank">aging and over-stretched power grid</a> is already in need of an expensive upgrade.
"Experts fear failures that caused blackouts in New York, Boston and San Diego may become more common as the voracious demand for power continues to grow," <a href="http://articles.washingtonpost.com/2012-08-01/local/35493997_1_power-grid-power-plants-new-nuclear-plants" target="_blank">The Washington Post wrote last August</a>. "They say it will take a multibillion-dollar investment to avoid them."
Some states, like California, have plans to redesign large networks of electrical lines so they are more compatible with solar- and wind-powered plants, according to the Times, but this won't happen overnight.
In the meantime, renewable energy has become backburner initiative for suppliers that are simply focused on preventing a grid collapse.

Green Energy Could Crash The U.S. Power Grid 

Welcome to Insider <keyword id="6357014" type="ORGANIZATION" weightage="100" keywordseo="energy">Energy</keyword>, a weekly energy newsletter brought to you by Business Insider. Here's what you need to know:<ul><li>Want to get Insider Energy in your inbox every Friday? <a href="http://newsletter.businessinsider.com/join/4np/power-line">Sign up here</a>. </li><li>Most of our content is available to BI subscribers. <a href="https://www.businessinsider.com/subscription/prime-discount?r=birefer-bjoneshttps://www.businessinsider.com/subscription/prime-discount?r=birefer-bjones">Click here for 20% off</a>. </li><li>Got feedback or tips? Email me <a href="mailto:bjones@businessinsider.com">here</a> or shoot me a text at 646-768-1657. </li></ul>This week was marked by a constellation of interconnected and familiar crises, from police brutality that spawned more violence to a hurricane, fueled by climate change, battering an epicenter of the oil industry. Thankfully, this not-so-great summer is nearing its end. Fall might force us inside, but at least we'll have an abundance of squash, orangish leaves, and Zoom Halloween parties. What joy.Let's get to it, lest I spiral. <div type="image" title="Exxon refinery" height="3648" width="5472" msid="77809175" hostid="261"></div><h2 style="text-align: left;"><a href="https://markets.businessinsider.com/news/stocks/dow-jones-industrial-average-shakeup-exxon-pfizer-raytheon-removed-2020-8-1029531716">Once the most valuable company in the world, Exxon gets ousted from a major stock index</a></h2>Like an exclusive clique, the Dow Jones Industrial Average is a group from which you definitely do not want to be booted. <ul><li>A widely watched index, the Dow is the <a href="https://www.investopedia.com/terms/d/djia.asp">second-oldest US index</a> and home to 30 publicly traded companies.</li></ul>The news: On Monday, the Dow said it would oust Exxon, once the world's largest company, <a href="https://markets.businessinsider.com/news/stocks/dow-jones-industrial-average-shakeup-exxon-pfizer-raytheon-removed-2020-8-1029531716">reports Markets Insider's Ben Winck</a>. <ul><li>The index's oldest member, Exxon had been on the Dow for almost a century.</li><li>The oil giant was one of three companies including Raytheon and Pfizer that got kicked off, as the index tilts further towards tech companies, Winck writes.</li><li>Chevron remains the sole oil company on the Dow. </li></ul>Why: The shakeup was prompted by Apple's <a href="https://markets.businessinsider.com/news/stocks/apple-aapl-tesla-tsla-stocks-price-33-percent-stock-splits-2020-8-1029535260">upcoming stock split</a>, which will shrink the tech company's price-per-share. <ul><li>"Since the Dow is price-weighted, the tech giant's split erases some of the index's tech leaning," Winck reports.</li></ul>That's not all: Exxon's departure is also about troubles in the oil industry. <ul><li>The dramatic collapse in oil demand, coupled with a growing focus among investors on sustainability, has created a complete "cocktail of disincentives to own energy" stocks, <a href="https://www.businessinsider.com/bank-of-america-oil-stock-picks-to-buy-energy-markets-2020-8">Bank of America analysts said</a>. </li><li>The energy sector comprised about 16% of the S&amp;P 500 in 2008, <a href="https://www.cnn.com/2020/08/25/investing/exxon-stock-dow-oil/index.html">CNN reports</a>. Today, the energy industry is the index's smallest sector, weighing about 2.3%. </li></ul>But wait, there's more: It's been a bad few years for Exxon, even compared to other energy companies. <ul><li><a href="https://www.cnn.com/2020/08/25/investing/exxon-stock-dow-oil/index.html">As CNN reports</a>, "a series of strategic decisions backfired badly, from betting on natural gas at the top of the market to being late to America's shale boom." </li><li>The company, based in Irving, Texas, was worth more than $440 billion in 2014. Today its market cap is about $168 billion. </li><li>As we reported, Exxon has deployed a number of cost-cutting measures, from <a href="https://www.businessinsider.com/exxon-managers-dub-some-employees-poor-performers-cut-staff-2020-7">cutting staff</a> to <a href="https://www.businessinsider.com/leaked-documents-exxon-axed-benefits-as-the-company-lost-millions-2020-8">paring back employee benefits</a>. </li><li>As Bloomberg <a href="https://www.bloomberg.com/news/articles/2020-08-24/a-91-billion-asset-manager-dumps-exxon-chevron-on-climate">reported earlier this week</a>, Exxon, along with Chevron, was also dropped by a $91 billion asset manager, as part of the Norwegian manager's efforts to strengthen its climate policy. </li></ul>Read more: <a href="https://www.businessinsider.com/exxon-managers-dub-some-employees-poor-performers-cut-staff-2020-7">Internal documents, leaked audio, and 20 insiders reveal Exxon made managers dub more employees poor performers as the oil giant sought to quietly cut staff</a><div type="image" title="A helicopter and crew releases water to extinguish a section of the LNU Lightning Complex Fire near Middletown, California, U.S. August 24, 2020." height="2453" width="3679" msid="77809181" hostid="261"></div><h2><a href="https://www.insider.com/tropical-storms-marco-laura-path-track-forecast-2020-8">Crisis after crisis: Extreme weather continues to rattle the energy industry </a></h2>Last week, I wrote about wildfires and Hurricane Isaias. And this week? Wildfires and Hurricane Laura. <ul><li>Scientists say there's a lot more déjà vu in store. That's because these weather events are tied, in part, to an enduring problem: climate change. </li></ul>Here's where things stand today. Hurricane Laura: <a href="https://www.insider.com/tropical-storms-marco-laura-path-track-forecast-2020-8">The storm rammed into Louisiana as a Category 4 hurricane Thursday</a>, killing at least six people and threatening an epicenter of oil refining. It has since dissipated into a tropical depression. <ul><li>About half of all US oil refining and natural gas processing capacity is along the Gulf coast, according to the <a href="https://www.eia.gov/special/gulf_of_mexico/#:~:text=Over%2045%25%20of%20total%20U.S.,natural%20gas%20processing%20plant%20capacity.">Energy Information Administration</a>. </li><li>In anticipation of the storm, oil producers evacuated more than 300 offshore facilities and shut more than 1.5 million barrels per day of crude output, <a href="https://www.reuters.com/article/us-storm-laura-energy/hurricane-laura-poses-biggest-storm-threat-to-us-oil-output-in-15-years-idUSKBN25L1VL">Reuters reported</a>. </li><li>Hurricanes do weird things to markets: The price of oil reached a <a href="https://www.cnbc.com/2020/08/25/oil-markets-coronavirus-pandemic-output-cuts-in-focus.html">five-month high</a> earlier this week in response to the shut-ins, only to fall again on Friday, once the damage to refineries proved limited.</li><li>Companies like Chevron that operate facilities in the region are starting to restore production, <a href="https://www.reuters.com/article/us-storm-laura-energy/as-laura-exits-u-s-energy-firms-tally-damage-plan-restarts-idUSKBN25N2CO">Reuters reported</a>. </li></ul>California blackouts, wildfires: Earlier this month, a heatwave overloaded California's electric grid, forcing the state operator to cut power to <a href="https://www.mercurynews.com/2020/08/22/hey-california-with-wildfires-blackouts-bloody-protests-pandemic-could-2020-get-any-worse/">tens of thousands</a> of state residents. At the same time, <a href="https://www.nytimes.com/2020/08/19/us/california-heatwave-blackouts-wildfires.html">hundreds</a> of wildfires were burning across the state. <ul><li>The rolling blackouts — the first to hit the state in almost two decades — are over for now. <a href="https://www.sfchronicle.com/business/article/What-caused-California-s-rolling-blackouts-15519942.php">Regulators are looking</a> into why the state failed to meet power demand. </li><li>Wildfires are still burning in California, though firefighters <a href="https://www.capradio.org/articles/2020/08/27/latest-updates-on-northern-california-wildfires/">gained some ground Wednesday</a>. </li><li>Wildfires and blackouts highlight the operating risk for electric utilities, <a href="https://www.fitchratings.com/research/us-public-finance/california-wildfires-blackouts-highlight-utility-operating-risk-27-08-2020">Fitch Ratings said Thursday</a>.</li><li>"A potential decline in ratepayers in those areas where residents and businesses choose not to rebuild, coupled with increased wildfire-related and green economy costs, could pressure utility cash flows in the longer term," the agency said.</li></ul><div type="image" title="exxon algae based biofuels 4x3" height="1801" width="2400" msid="77809185" hostid="261"></div><h2>Our best stories from the summer</h2>To mark the end of August, we wanted to share some of our favorite energy stories from the summer. <ul><li><a href="https://www.businessinsider.com/bp-exxon-shell-chevron-oil-company-salary-pay-workers-engineers-2020-8">Top oil salaries revealed: How much giants like BP, Exxon, Chevron and Shell pay employees, from business analysts to petroleum engineers</a></li><li><a href="https://www.businessinsider.com/meet-the-rising-stars-leaders-of-clean-energy-2020-6">Meet the 21 rising stars who are transforming the future of clean energy and taking on a $16 trillion opportunity</a></li><li><a href="https://www.businessinsider.com/6-key-slides-that-map-out-bps-new-strategy-2020-8">BP just shared a huge strategy update after posting a $17 billion loss. See the 6 key slides that map out the oil giant's future.</a></li><li><a href="https://www.businessinsider.com/inside-sunrun-and-vivint-solar-historic-deal-2020-8">The inside story of how a historic $3.2 billion deal between rival solar giants Sunrun and Vivint Solar came together — and why it could transform the future of power generation</a></li><li><a href="https://www.businessinsider.com/exxons-investment-in-algae-based-biofuels-with-synthetic-genomics-2020-6">A decade ago, Big Oil bet on algae as the fuel of the future. Now Exxon is the only major firm still backing the biofuel, which several top algae scientists say is destined to flop.</a></li></ul>Got a story idea or tip? Email me <a href="mailto:bjones@businessinsider.com">here</a> or shoot me a text at 646-768-1657. <h2>4 big stories we didn't cover this week</h2><ul><li>Raise: SparkMeter, a startup that provides various grid services in emerging markets, <a href="https://www.prnewswire.com/news-releases/sparkmeter-completes-12-million-series-a-financing-led-by-breakthrough-energy-ventures-clean-energy-ventures-and-goodwell-investments-301117480.html">raised $12 million</a> from investors including Bill Gates' Breakthrough Energy Ventures. </li><li>Layoffs: Parsley Energy and Pioneer Natural Resources are planning job cuts, <a href="https://www.reuters.com/article/us-usa-shale-jobcuts/us-shale-producers-pioneer-natural-parsley-prepare-job-cuts-idUSKBN25K2KD">Reuters reported</a>. </li><li>Study: Painting one blade on a wind turbine black can dramatically reduce bird fatalities, a <a href="https://onlinelibrary.wiley.com/doi/full/10.1002/ece3.6592">new study</a> shows. </li><li>Transaction: Solar giant SunPower finalized its split from PV panel manufacturer Maxeon Solar Technologies on Thursday, <a href="https://www.greentechmedia.com/articles/read/maxeon-completes-spinoff-from-sunpower">Greentech Media reports</a>. </li></ul>That's it! Have a great weekend. - Benji Ps. Here's me, just now, preparing to move to Brooklyn. Wish me luck!<div type="image" title="Benji Jones" height="846" width="1125" msid="77808147" hostid="261"></div>

You Searched For "energy" and got 10 results

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