“If [NGS] were to shut down tomorrow, we wouldn’t have any problem keeping our costs fairly low in this market.”
– Ron Lunt, director of operations for the Central Arizona Project, on how a surplus of natural gas generation and a deluge of California solar have thrown the Southwest’s power market into flux, including the announced closure of coal-fired Navajo Generating Station. CAP anticipates annual savings of $38.5 million by getting power from cheaper sources than NGS.
“In California, we’re blinding ourselves to the facts, We’re awash in power at a premium price. … The winners are the energy companies. The losers are businesses and families.”
– Loretta Lynch, former president of the California Public Utilities Commission, arguing that allowing utilities to dramatically overbuild natural gas power plant capacity has left consumers paying far more than the national average for electricity.
“Our customers mining for coal, oil and gas, as well as those in coal-fired electricity generation and related industries, are increasingly exposed and may experience transition risk as a result of decreasing demand for fossil fuels and increasing demand for clean energy.”
– Statement in the 2016 Corporate Sustainability Report for ANZ, one of Australia’s largest banks.
“Divestment is speeding up the clock on the final accounting that will show fossil fuels are out and clean energy is in.”
– Former Mobil Oil executive Lou Allstadt, quoted in The Guardian in reaction to a report by Arabella investment advisors showing that the value of investment funds worldwide that are committed to selling off coal, oil and natural gas assets has jumped to $5.2 trillion, doubling in just over a year.
“We have decided to initiate a process with the aim of ultimately exiting from our oil and gas business.”
– DONG Energy President and CEO Henrik Poulsen on the Denmark-based company’s decision to focus more exclusively on developing its renewable energy holdings. DONG has seven large offshore wind projects currently under construction globally.
“We are seeing a surge in wind and solar against no increase in demand for power. That puts the squeeze on both coal and gas.”
– Anthony Yuen, director and global energy strategist for Citi Research, speaking at a Columbia University symposium on climate change law and global energy policy