ET Weekly
Energy Terminal Weekly Newsletter
October 24th 2023 | Issue #70 | Subscribe here
Happy Tuesday!
Welcome back to ET weekly, Energy Terminal's weekly newsletter where we cover trends, opportunities, events and updates across the energy industry.
📝 This Week in Energy 🔁
1) 🛢️Supermajors Double Down:
On the heels of ExxonMobil's $60 billion merger with Pioneer Natural Resources, an oil and gas company with a large footprint in the US' Permian Basin, Chevron announced its own intent to acquire Hess Corporation for $53 billion. This deal similarly increases Chevron's oil exploration and production footprint in the US, and demonstrates the oil industry's continued interest in fossil fuels. Chevron and ExxonMobil are the world's 4th and 7th largest oil and gas companies, respectively, and are both targeting net zero Scope 1 and 2 emissions by 2050. Learn more here
2)🔌Record-Setting Grid Investments:
Last Wednesday, the US Department of Energy announced a record-setting amount of funding for its Grid Resilience and Innovation Partnerships (GRIP) program, awarding almost $3.5 billion in awards for replacement of aging equipment, new technology deployment, and various other grid upgrades. According to US Secretary of Energy Jennifer Granholm, this represents the "largest ever investment in America's grid," and follows another historic funding round for the Regional Clean Hydrogen Hubs program ($7 billion) earlier this month. Learn more here
3) 💲Tax Transfers Take Off:
Under the 2022 Inflation Reduction Act (IRA), existing Investment and Production Tax Credits were extended for new clean energy technologies, along with new provisions such as transferability and direct pay. Transferability now allows for external investors to gain the tax benefits of supporting renewable projects without the liability of direct investment, which should allow for greater and more diverse investment in renewable development. Learn more here
🤩 Episode 38 Now Live
🚨 Top 3 Energy Opportunities 🚨
1) Summer 2024 Internships, Rocky Mountain Institute
Rocky Mountain Institute (RMI) is a leading clean energy think-tank dedicated to "transforming the global energy system to secure a clean, prosperous, zero-carbon future for all."
2) Technology-to-Market Summer Scholars, ARPA-E
The US Department of Energy's Advanced Research Projects Agency-Energy (ARPA-E) funds and supports innovative energy technologies that are too early-stage for the private sector.
3) Summer 2024 Internships, Bloom Energy
Bloom Energy develops and deploys distributed power generation and storage systems, based on their proprietary solid oxide fuel technology.
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