1. Saudi Arabia Energy Minister once again confirms expectations to continue supply cuts.
Oil prices are up after last week’s fall with recent comments from Saudi Arabia's energy minister that production cuts planned through June would likely be extended throughout the rest of 2017. OPEC has been working to increase prices in oil with their cuts to supply, but have faced an uphill battle with the persistent increase in U.S. drilling.
Khalid Al-Falih said on Monday, “Based on consultations that I've had with participating members, I am confident the agreement will be extended into the second half of the year,"
Saudi led OPEC will meet later this month to make any decisions regarding the future of supply cuts.
2. Nebraska becomes state number 18 to pass the gigawatt club.
Recently, Nebraska added a 400-megawatt wind farm, and with this addition now in service is officially part of the 1,000 megawatts (One gigawatt) wind-generated capacity club. Nebraska's wind turbines produce over 1,300 megawatts of capacity currently, and the with the state’s significant wind potential, they have no plans to stop increasing the capacity. Initial reports state that wind power is accounting for over 10% of the state’s electricity generation; up from just 3% only five years ago. Additionally, Nebraska is enjoying a high crank rate. At 45% running time, they have the highest rate in the nation, according to the American Wind Energy Association.
3. Warren Buffet is ready to invest in solar and wind.
At the annual Berkshire Hathaway shareholders meeting on Saturday, Warren Buffet gave us all an glimpse into his future investment intentions. At the meeting he said, “We have got a big appetite for wind or solar… If someone walks in with a solar project tomorrow and it takes a billion dollars or three billion dollars, we're ready to do it… The more there is the better."
Mr. Buffet and his company Berkshire Hathaway Energy already sell wind-generated electricity in Iowa, and look go build on this. With his new focus on solar and wind, he’s also exiting from coal. He stated, "If you're tied to coal, then you've got problems,"