May 17, 2020

Crude oil prices rise after major spill in Texas

Admin
1 min
Crude oil prices increase
[email protected] The March issue of Energy Digital magazine is live Prices for crude oil increase slightly, which is probably due to continued tens...

The March issue of Energy Digital magazine is live

Prices for crude oil increase slightly, which is probably due to continued tensions in the Ukraine, weak economic news out of China, and an oil spill Saturday in the Houston Ship Channel in Texas.  

A collision between two ships in the Houston Ship Channel caused an oil spill and closed the waterway to traffic as a cleanup has ensued. According to the Associated Press, about 170,000 gallons of tar-like oil spilled into the Texas shipping channel and there is no timetable for reopening the waterway.

The call for sanctions against Russia due to its aggressive action toward Ukraine, could impact its oil exports. In addition, Chinese economic data was not as strong as expected. Both of these situations added to the reasons for the bump up in crude oil prices.

According to the New York Mercantile Exchange, crude for May delivery is up 31 cents to $99.77 a barrel. Brent crude also rose 31 cents to $107.23 a barrel. 

Read more about the oil and gas industry:

ExxonMobil to publish report on risks of climate change

Top 5 oil producing states in the U.S.

Risk management in oil and gas

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Apr 16, 2021

Hydrostor receives $4m funding for A-CAES facility in Canada

energystorage
Canada
Netzero
Dominic Ellis
2 min
The funding will be used to complete essential engineering and planning, and enable Hydrostor to take critical steps toward construction
The funding will be used to complete essential engineering and planning, and enable Hydrostor to take critical steps toward construction...

Hydrostor has received $4m funding to develop a 300-500MW Advanced Compressed Air Energy Storage (A-CAES) facility in Canada.

The funding will be used to complete essential engineering and planning, and enable Hydrostor to plan construction. 

The project will be modeled on Hydrostor’s commercially operating Goderich storage facility, providing up to 12 hours of energy storage.

The project has support from Natural Resources Canada’s Energy Innovation Program and Sustainable Development Technology Canada.

Hydrostor’s A-CAES system supports Canada’s green economic transition by designing, building, and operating emissions-free energy storage facilities, and employing people, suppliers, and technologies from the oil and gas sector.

The Honorable Seamus O’Regan, Jr. Minister of Natural Resources, said: “Investing in clean technology will lower emissions and increase our competitiveness. This is how we get to net zero by 2050.”

A-CAES has the potential to lower greenhouse gas emissions by enabling the transition to a cleaner and more flexible electricity grid. Specifically, the low-impact and cost-effective technology will reduce the use of fossil fuels and will provide reliable and bankable energy storage solutions for utilities and regulators, while integrating renewable energy for sustainable growth. 

Curtis VanWalleghem, Hydrostor’s Chief Executive Officer, said: “We are grateful for the federal government’s support of our long duration energy storage solution that is critical to enabling the clean energy transition. This made-in-Canada solution, with the support of NRCan and Sustainable Development Technology Canada, is ready to be widely deployed within Canada and globally to lower electricity rates and decarbonize the electricity sector."

The Rosamond A-CAES 500MW Project is under advanced development and targeting a 2024 launch. It is designed to turn California’s growing solar and wind resources into on-demand peak capacity while allowing for closure of fossil fuel generating stations.

Hydrostor closed US$37 million (C$49 million) in growth financing in September 2019. 

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