Episode 173 - Cali to close nuclear plant | U.K. Power Grid Fossil Fuel-Free by 2035 | Mark Rossano


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Energy Week


Why California is shutting down its last nuclear planthttps://www.cnbc.com/2021/10/02/why-is-california-closing-diablo-canyon-nuclear-plant.html- why, if California is trying to increase clean energy while in a power crunch?- safety concerns, but the nuclear chief says that there are no safety concerns and Diablo Canyon could safely operate for 40 years?- consumers won't buy the nuclear powerChina’s Government Secures Fuel Supplies for Winter as the Country Battles a Power Crisis Threathttps://www.natureworldnews.com/articles/47690/20211003/china-fuel-supplies-power-crisis-threat.htmChina Relaxes Coal Mine Safety Efforts on Electricity Crisishttps://finance.yahoo.com/news/china-relaxes-coal-mine-safety-004516612.htmlBoris Johnson Plans Fossil Fuel-Free U.K. Power Grid by 2035https://www.bloomberg.com/news/articles/2021-10-04/u-k-s-johnson-plans-fossil-fuel-free-power-grid-by-2035- will Britain's power grid even have power unless a lot of nuclear power plants in the next years- The U.K. will reserve a key role for nuclear power in the nation’s electricity system as a backup for renewables in a plan to phase out natural gas by 2035.- Fossil fuels will no longer be used to generate power by the middle of the next decade as the U.K. tackles the double threat of climate change and an energy supply crunch that has sent prices spiraling to record highs. The government says the plan is “a landmark move to end Britain’s dependency on volatile fossil fuels.”- But renewables are also quite volatileClimate change could cost the U.S. up to 10.5 percent of its GDP by 2100, study findshttps://www.washingtonpost.com/weather/2019/08/19/climate-change-could-cost-us-up-percent-its-gdp-by-study-finds/- weather disasters may be more intense, but over time more wealth is accumulated so obviously the cost of the damage will be more. Especially, wealth is concentrated in areas more prone to weather damage, like on the beach, near fault lines, areas where wildfires happen & the beach in Florida.Interview with Mark Rossano on China:- check out Mark's YouTube channel (PrimaryVisionNetwork), FracSpreadCount and Private Equity Fund- Is China really going to secure energy at all costs? Who/when said this? Said in front of shuttered coal mine (because it was unsafe). Unsafe mines were cleaned up at the beginning of the year.- Costs? political, human, price? weighted towards political and human. Need to expedite bringing mines back. Also, context of fight with Australia - if China goes out to Australia they can resolve issue and bring in their coal. - Will China choose power to residential areas or maintain factory output? China is actually allowing price fluctuation. But have also vowed that there won't be cuts to residential power. - Slashed steel production, which really cuts down on power usage.- Timing also an issue. In September China tries to run ahead of "Golden Week" - getting products ready and shipped by holiday season. But now they are on the other side of that. Typically in Oct/Nov drop in industrial throughput.- could see more "Malaysian crude" coming into China (Actually Iranian crude)- big buildup of crude sitting offshore in China, meanwhile teapots are cutting runs. 68% utilization rate (2018 levels now).- State refiners have cut runs 7%. Fuel oil is at a 6 year high and only time have had more fuel oil in storage was in 2014. Trying to preserve incase need to burn fuel oil in power plants.- China's perspective on OPEC meeting - more concerned about price than volume. Volume is there, the type of crude that Asia wants to buy has plenty. What are they waiting for? Pulling more from Iraq.- Does China need to see a $1 cut in OSPs to really make a difference and would this seem like a slap in the face to the White House if Aramco raises OSPs to the US?