Gulf Oil Platforms and Refineries Recover from Isaac
In the aftermath of Hurricane Isaac, the Gulf Coast's oil and gas hub is slowly coming back to life as power is restored and floodwaters are cleared out at refineries.
Nearly 60 percent of production, or 800,000 barrels of oil per day, remains offline, according to the Bureau of Safety and Environmental Enforcement, but around 100,000 barrels per day of production was restored over the weekend. During the thick of the storm, 1.3 million barrels per day of oil was suspended out of the total 19 million barrels of petroleum the country consumes every day.
SEE OTHER TOP STORIES IN THE ENERGY DIGITAL CONTENT NETWORK
Due to threat Isaac posed to the Gulf, the national average price of oil rose 11 cents last week, leveling off to just under $3.83 per gallon Friday and declining another two cents Monday—the highest price for gasoline on Labor Day in history.
The good news is analysts say prices should go down in the upcoming weeks as refineries ramp back up and an ending summer season drives refineries to switch to cheaper winter blends of gasoline.
Onshore pipelines, ports and terminals have re-opened for the most part, while several natural gas pipelines remain shut. The Energy Department anticipates that most operators will be back to full operating capacity over the next few days.
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.