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14 Aug 2024 | 12:12 UTC — Insight Blog
Featuring Staff and Eric Yep
Energy transition highlights: Our editors and analysts bring together the biggest stories from the industry this week, from renewables to storage to carbon prices.
US domestic uranium production in the first quarter of 2024 surpassed all domestic production from 2023 as the US bounced back from steep production declines in recent years, the US Energy Information Administration reported Aug. 8.
Domestic uranium concentrate, or U3O8, mining produced over 82,000 lb in the 2024 first quarter, about 64% higher than the 50,000 lb mined in all of 2023.
The 2023 production decline was caused by the country’s sole uranium mill in Utah not producing, the EIA said.
The EIA identified several other factors indicating higher uranium production, including increased exploration and development holes dug in 2023, which nearly doubled year on year. Also, over 1 million feet were drilled in 2023, nearly 10 times more than in 2021, and the full-time uranium exploration employee count over doubled in 2023 compared with 2021.
Platts, part of S&P Global Commodity Insights, assessed the U3O8 current month spot price to Canada at $81.75/lb at 1 pm Aug. 8. This latest assessment is the lowest of 2024 so far, the data shows.
Blog: Five trends in India's energy transition in 2024
India is likely to see one of the biggest transformations in the world when it comes to energy transition. There is little debate in the third-largest emitter of greenhouse gases about choosing between fossil fuels and renewables. Rather, India plans to accelerate growth of all fuel types to cater to the rising energy demand. In doing so, its main aim will be to keep balancing energy security, affordability and sustainability.
BP enters final negotiations on planned blue hydrogen plant with UK government
BP has entered the final stage of funding negotiations with the UK government on its planned 1.2-GW H2Teesside low-carbon hydrogen production plant in Teesside, one of the two blue hydrogen plants selected under the government’s Track 1 CCUS Cluster program. The company has agreed a statement of principles with the Department for Energy Security and Net Zero, and awarded front-end engineering design contracts with Costain and Technip Energies. "These agreements mark further critical milestones for H2Teesside as the project continues to move towards EPC contracts and then construction," BP UK VP for hydrogen and CCUS Andy Lane said.
Renewable energy projects 'fail to meet high-integrity label': ICVCM
Carbon credits from renewable energy projects have failed to receive a high-integrity Core Carbon Principles label due to additionality concerns, the Integrity Council for the Voluntary Carbon Market said. The ICVCM said methodologies for renewable energy projects were insufficiently robust and urged carbon crediting programs to update their approach. The decision impacts 236 million unretired credits, and could put further pressure on a market still reeling from intense scrutiny.
Malaysia may kick off a carbon tax regime in 2025: official
Malaysia is likely to announce a carbon tax in emission-intensive sectors in 2025 to push domestic decarbonization and address trade policies like the EU’s Carbon Border Adjustment Mechanism, Ching Thoo A/L Kim, secretary general of the Ministry of Natural Resources and Environmental Sustainability said Aug. 8 during the Malaysia Carbon Market Forum in Kuala Lumpur.
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