PJM says 46 GW of generators failed to respond ¹
U.S. says price cap is cutting Russia’s oil earnings
Global LNG import volumes hit record high
Freeport LNG outage extended to February
French aluminium smelter begins restart
South Africa hit by worst ever power cuts
Freight forwarder cuts employment ($WSJ)
Australia/China coal trade restarts ($WSJ)
Saudi Arabia plans full nuclear fuel cycle
LME’s nickel-market breakdown inquiry
¹ PJM’s post-event study for winter storm Elliot on December 24 is worth reading in full and confirms the major problem was the failure of many generators to respond to instructions from the grid because of a failure to start up or secure enough fuel (principally gas). Generators were unavailable even though they had been given repeated warnings of an extreme weather event for several days beforehand and told to prepare for a plunge in temperatures. In many cases, generators provided less than 1 hour of notice they would not be available. If generators cannot be depended upon to respond to instructions they cannot be considered firm dispatchable power for reliability purposes.
In response, PJM was forced to initiate a series of relatively extreme emergency measures to protect the transmission system, including voltage reductions and an order for flat-out maximum generation from units that were available.
U.S. PETROLEUM INVENTORIES including the strategic reserve totalled 1,599 million barrels on January 6, the lowest seasonal level since 2004. Stocks have fallen by -185 million barrels over the last 12 months and are down by -518 million barrels from their peak in mid-2020 as production has persistently fallen below consumption: