RIYADH: On a macro level, Germany’s energy usage fell during the first quarter when compared to a year ago. On a micro level, General Motor Co. plans to shift its Buick models to all-electric by 2030 as it revamps the brand in the US. Additionally, Shell Plc is proceeding with the development of a natural gas field in the UK’s North Sea after receiving consent from the country’s regulator.
Looking at the bigger picture:
· Germany’s energy usage during the first quarter slipped 1.9 percent when compared to the corresponding period a year earlier, Reuters reported, citing energy market research group AGEB. This comes as a result of mild weather and increased fuel prices respectively. In the period between January and March, the European country used 114.8 million tons of coal equivalent, down from 117 million tons in the same months in 2021.
· Germany’s usage of gas as a bridge energy toward renewable energy should be reached by 2030, Reuters reported, citing Economy Minister Robert Habeck. In addition to this, a new gas infrastructure — that is capable of being filled with green hydrogen after fossil gas phases out — must be planned in the near future.
Through a micro lens:
· American automotive manufacturer, General Motors Co. has announced that it will transform all its Buick — division of the automobile manufacturer — models to electric by 2030, as it revamps the brand in the US, Bloomberg reported. Even though Buick sells relatively more vehicles a year in China, — around 800,000 vehicles per year compared to 200,000 in the US — it does not plan to go all electric in the Asian country just yet.
· British publicly traded multinational oil and gas company Shell Plc is on track to develop a natural gas field in the UK’s North Sea, Bloomberg reported. Also referred to as the Jackdaw, the natural gas field received the green light eight months after being blocked by the country’s regulator due to emission-related concerns. The project will have potential capacity to produce 6.5 percent of the UK’s North Sea gas.