Russia Invited Into International Energy Agency
The International Energy Agency (IEA) serves as a worldwide organization ensuring oil and energy security to its member nations. The IEA was developed in response to the OPEC oil crisis in the 1970s, to help member nations coordinate energy supply in case such a major market fluctuation ever occurs again. The organization is now looking to initiate Russia into its energy regime, setting aside the dissolved Cold War era issues that barred the nation from entering in the 1970s. Other nations are also being considered for new membership.
In a statement made in the Observer Weekly, IEA Executive Director Nobuo Tanaka said, "We all really have a common interest. You cannot take oil in isolation from gas security, energy efficiency and electricity from renewables. The issues of energy security and climate change need to be tackled collectively and we think Russia and other key producers can learn a lot from (the IEA's) experience."
Russia has been viewed by the IEA as a “key non-member” for years along with India and China. However, Tanaka claims that Russia’s admittance to the IEA as a full-member would be a positive addition.
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Russian Deputy Prime Minister Igor Sechin has indicated that he may attend the next ministerial meeting of the IEA in October.
Tanaka added, "I don't know when (it) will happen. It can't be done in a day, and may take years, but Russia can benefit from our knowledge."
Tanaka has also been in talks with Saudi Arabia and other Middle Eastern oil producing nations. The IEA expressed its disappointment in the indecision by OPEC to raise supply levels in recent weeks amidst the global crude price shock. Perhaps the invitation into the global organization is the IEA’s move to transfer power from the OPEC oil cartel. Saudi Arabia was among the nations who raised crude supply despite OPEC’s inaction, and the IEA may be recruiting internationally aligned OPEC members for its own energy conglomerate.
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.