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China: No More Wind Or Solar If It Can’t Beat Coal On Price

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solar farm desertChina has said it will not approve wind and solar power projects unless they can compete with coal power prices. Beijing pulled the plug on support for large solar projects, which had been receiving a per kWh payment, in late May. That news came immediately after the country’s largest solar industry event and caught everyone by surprise. –John Parnell, Forbes, 10 January 2018

Shares in China’s new energy vehicle (NEV) makers and other firms in the industry chain are pummelled, after media reports that Beijing this year could continue to cut subsidies for NEVs. —The Economic Times, 9 January 2019

Saudi Arabia is nearing a deal to invest in U.S. liquefied natural gas, a landmark decision for the kingdom, which in the past had been a huge supplier of energy to America. America’s shale revolution has broken years of dependence on Middle Eastern oil, to the extent that the International Energy Agency expects the U.S. to become a net energy exporter by 2023. —The Wall Street Journal, 9 January 2019

China National Petroleum Company (CNPC) reported that shale gas production from its Sichuan Basin project increased by 40% between 2017 and 2018. Total gas output was pegged at 4.27 billion cubic meters (bcm), with a daily output amounting to 20 million cubic meters (mcm). The figures are record highs, the company said. —JPT Digital, 10 January 2019

Support in German Chancellor Angela Merkel’s coalition for a major new Russian gas pipeline is slipping as frustration with the Kremlin’s brinkmanship grows and pressure from U.S. President Donald Trump starts to bite. —Bloomberg, 7 January 2019

BP discovers 1 billion barrels of oil at its Thunder Horse field in the Gulf of Mexico. The oil giant also says it will spend $1.3 billion to develop the third phase of its Atlantis offshore field south of New Orleans. BP credits its investment in advanced seismic technology for speeding up its ability to confirm the discoveries. —CNBC, 8 January 2019

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