Secretary of State pick may renew US-Russia energy relations
Russia’s former energy minister, Igor Yusufov, has stated that President-elect Donald Trump’s Secretary of State nominee – Rex Tillerson – could open up new avenues for investment between Russia and the US in oil and gas.
According to The Guardian, Tillerson, previously CEO of ExxonMobil, was described by Yusufov as having a “business-like manner” which would bode well for renewing the energy summits that ceased more than a decade years ago. ExxonMobil would benefit hugely from any improvement in relations.
The unverified dossier published by BuzzFeed earlier this week touches on the possibility of future partnerships between Russia and the US, including with regard to a “future bilateral energy cooperation”.
Yusufov told The Guardian: “Russia possesses both political and economical will to resuscitate this important international interaction format, possibly convoking the third energy summit with participation of leading ministries and private companies. [It would bring] stability to the global oil market, which means a just price for crude oil. In their turn, these relations of global partnership can lead to a reasonable exchange of both investments and technologies.”
Read the January 2017 issue of Energy Digital magazine.
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.