3 European Oil Cos Invest in Carbon Capture Project

1) Equinor, Shell, and Total, working on $700 million carbon capture project off Norway to store 5 mn tons of CO2 in a reservoir 1.7 miles below North Sea. Either CO2 comes out up front, w/renewables, green hydrogen, or on the back.

2) HECO to buy 460 MW of solar power & 3 GWh storage, w/16 projects starting in 2022. HECO's total solar goes to over 50% w/utility 40% carbon free by 2030.

3) Maine's DEP OKs $950 million 145-mile New England Clean Energy Connect transmission project, for 1,200 MW and 9.55 TWh of hydropower from HQ to MA, possibly by the end 2021. Some enviro groups claim it fights climate change, but the crux is: either it creates additionality, that is, new hydro projects, or it doesn't. Based on my analysis for client, I stand firmly in the latter camp: NECEC does nothing to create additionality, simply moving non-firm exports into firm exports for the next couple of decades, while potentially forcing out new local projects.

4) We may see 3 Gigawatt-hour flow battery factory in Saudi Arabia. Site's already been identified, w/construction this year. The issue, is can they get to scale, drive the cost down, and can they compete in mkt dominated by lithium-ion to date.