Gazprom tops S&P Global Platts Top 250 Global Energy Company Rankings
Russia’s Gazprom has toppled US’ Exxon-Mobil in the 16th S&P Global Platts Top 250 Global Energy Company Rankings, taking top spot in the 2017 edition.
The rankings are done based on financial performance using four key criteria: asset worth, revenue, profit and return on invested capital, with all companies featuring on the list being valued, including assets, above $5.5bn.
Exxon-Mobil had held a 12-year reign at the top of the rankings from 2004 through 2016, however, has seen a significant slip this year placing in just 9th.
The Exxon’s slip has resulted in no US energy company placing in the top five, with Valero Energy Corp. being the highest placing North American company in eighth, whilst both Asia-Pacfic and Europe, Middle East and Africa (EMEA) had four representations each in the top 10.
Additionally, the oil and gas industry has not been the best performer, despite still making a strong showing. This year’s biggest gainers came from the utilities and pipeline firms, including E.ON climbing to 2nd from 114th and Centrica rising to 15th from 156th.
"European utilities and North American pipeline operators got a boost from sticking to what they know best and shying away from more risky enterprises and territories," said Harry Weber, Senior Natural Gas Writer of S&P Global Platts.
"Regulated utilities, in particular, have an advantage because their revenues are largely defined and consistent, and are not as susceptible to swings in oil and gas prices."
In total, largely thanks to the utilities and pipeline sectors, revenues of the top 10 global energy companies surged as much as 30% to $1.1tn, up from $830.2bn last year.
Hydrostor receives $4m funding for A-CAES facility in Canada
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.
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.