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DAILY ENERGY NEWS | 05/29/2025
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** So long Solyndra syndrome.
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Reuters ([link removed]) (5/28/25) reports: "President Donald Trump's administration has canceled a partial loan guarantee of $2.92 billion that had been awarded to residential solar panel installer Sunnova Energy the company said on Wednesday. A source familiar with the matter said the Department of Energy had 'de-obligated' the loan guarantee, meaning the federal government is not responsible for the financing. Bloomberg News first reported the move. Sunnova, which is restructuring its debt and has warned that it may not be able to continue as a going concern, said in a regulatory filing in March that it did not intend to use the DOE facility, known as Project Hestia, for the foreseeable future. In April 2023, former President Joe Biden's administration announced the partial loan guarantee of up to $3 billion to back financing for about 100,000 rooftop solar installations,
primarily for lower-income homeowners. At the time, the Energy Department billed the facility as the largest ever U.S. government commitment to solar power...The loans office since 2009 has issued more than $35 billion in loans and loan guarantees and been paid back by companies, including Musk's Tesla. But it has also been a target for Republicans since 2011 over a $535 million loan to Solyndra, a failed solar company."
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** "Variable generation, like wind and solar, has not yet been definitively tagged as the source of the [Iberian] blackout. However, an honest look at the situation demonstrates that Spain and Portugal’s heavy reliance on variable wind and solar played the key role in last week’s blackout."
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– Jason Hayes & Joshua Antonini, Mackinac Center ([link removed])
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Just 94%?
** Mining.com ([link removed])
(5/27/25) reports: "EV battery manufacturers based in China, South Korea and Japan have almost complete control of the global market and it’s not changing any time soon. During the first quarter of 2025 a combined $3.01 billion worth of battery metals were contained in the packs of newly sold EVs worldwide, up a modest 1.3% year over year...The accompanying graph shows the spending of the more than 60 global cell suppliers and battery manufacturers by country of ownership. It’s virtually an all-Asia affair with Chinese, South Korean and Japanese battery makers representing 94% of raw material spending. EV batteries are a particularly top heavy industry with the big 4 – CATL, LGES, BYD and Panasonic – accounting for two out of every three dollars spent."
It's time to get the government out of the energy business all together.
** ([link removed])
If you want climate action, you should get people who aren’t so crazy to lead COPS.
** The Guardian ([link removed])
(5/26/25) reports: "The world is facing a new form of climate denial – not the dismissal of climate science, but a concerted attack on the idea that the economy can be reorganised to fight the crisis, the president of global climate talks has warned. André Corrêa do Lago, the veteran Brazilian diplomat who will direct this year’s UN summit, Cop30, believes his biggest job will be to counter the attempt from some vested interests to prevent climate policies aimed at shifting the global economy to a low-carbon footing.'There is a new kind of opposition to climate action. We are facing a discredit of climate policies. I don’t think we are facing climate denial,” he said, referring to the increasingly desperate attempts to pretend there is no consensus on climate science that have plagued climate action for the past 30 years. “It’s not a scientific denial, it’s an economic denial.'"
Energy Markets
WTI Crude Oil: ↓ $61.57
Natural Gas: ↓ $3.54
Gasoline: ↑ $3.16
Diesel: ↑ $3.53
Heating Oil: ↓ $207.69
Brent Crude Oil: ↓ $64.69
** US Rig Count ([link removed])
: ↑ 582
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