An old saying goes, “The more things change, the more things stay the same.”
When the invention of the steam engine by James Watt in the late 17th century helped to unleash forces that reshaped many aspects of life, first in Britain, then the West and then the world, competition — whether it be political, economic or technological — only intensified. Now, as we enter the Fourth Industrial Revolution, and the global energy system has started to come under strain, geopolitical competition has intensified again, encompassing competition over resources and manufacturing supply chains, strategic political and economic relationships, technology and innovation, and energy costs and security.
Watt’s Happening aims to provide breaking news, sharp analysis, and thoughtful commentary from the cutting edge of the energy sector as this dynamic area of the world continues to expand and grow before our eyes.
Weekly Highlights:
The Leader of the Oil Cartel Stops its Cartel-Like Behavior
Saudi officials are no longer interested in propping up the price of oil by cutting production. Instead, the Oil Kingdom is focused on expanding production, allowing prices to fall and gaining additional market shares through having low production costs. To read the latest TNI analysis, go here.
Minerals for Weapons? The United States and Ukraine Reach a Mineral Deal
The United States and Ukraine just signed an agreement in which Ukraine will provide Washington with access to its minerals in exchange for the establishment of an American investment fund in Ukraine. Supporters have described this as the first step towards a negotiated settlement in the country and a demonstration of a long-term U.S. commitment, while critics have condemned it as failing to address Ukraine’s current needs. To read the latest TNI analysis, go here.
The “Lamps are Going Out All Over” the Iberian Peninsula
A massive power failure across Spain and Portugal paralyzed their societies and stranded 80,000 travelers. As authorities began their hunt for the cause of the failure, officials ruled out a cyberattack. The head of Spain’s power grid, Red Electrica, has also denied responsibility for the event and refused to resign.. To read the latest TNI analysis, go here.
Bywaj!: U.S. Nuclear Technology Finds a Home in Poland
U.S. firms Westinghouse and Bechtel signed an agreement with Poland’s state-owned nuclear energy company to design and build the country’s first nuclear power plant, with construction beginning next year. The plan includes up to six Westinghouse AP1000 reactors for the Lubiatowo-Kopalino site near Gdansk, on Poland’s Baltic Coast. The deal, backed by the Department of Energy, and which slated to cost over $50 billion, is a key element of the broader U.S. effort to export nuclear reactors and to compete against Russia’s and China’s state-backed nuclear projects. Secretary of Energy Chris Wright oversaw the signing and called nuclear energy and natural gas the two biggest climate solutions for the future. To read the latest TNI analysis, go here.
Carney’s Climate Course for Canada
Canada’s new prime minister, Mark Carney, a former central banker and an ex-UN Special Envoy for Climate Action and Finance, is re-envisioning Canada’s climate policies. First on the agenda is scrapping the consumer carbon tax, an unpopular policy that raised household expenses. Carney proposes to replace it with a strategy that encourages greener consumer choices and improves carbon pricing for industry, retains output-based pricing for the country’s largest emitters, and offers subsidies for electric vehicles and home retrofits that target energy efficiency. His broader plan includes a carbon border adjustment mechanism and a national energy corridor which will fast-track the necessary permitting for new transportation and energy infrastructure projects, including pipelines. As this year’s G7 chair, Carney will push for cooperation on carbon pricing, sustainable finance, and climate adaptation to position Canada as a pragmatic leader in climate policy. To read the latest TNI analysis, go here.
About the Author: Toni Mikec
Toni Mikec is the Managing Editor for Energy World, a publication of the Center for the National Interest. Before that, he worked as a political consultant for Your Voter Guide in Sacramento and as a Senior Editor at Eagle Financial Publications in Washington DC. He holds a B.A. in International Relations (summa cum laude) from the University of California, Davis and a M.A. in International Relations and International Economics from the Johns Hopkins School of Advanced International Studies.
Image: Shutterstock/Chonlatee42
