Energy briefs

** The U.S. automotive industry saw a record number of electric vehicles sold in 2024, with 1,301,411 units breaking last year’s record with a 7.3% year-over-year increase. A record fourth quarter saw 365,824 units sold in the U.S., despite some weakness from sector leader Tesla Inc (NASDAQ:TSLA). Fourth-quarter EV sales were up 15.2% year-over-year in the U.S., as reported by Cox Automotive’s Kelley Blue Book.

** Solar customers and installers are rushing to complete projects before President-elect Trump’s inauguration, citing uncertainty about tariffs and federal incentives.

** A Swedish company withdraws from a federally backed project to build a hydrogen-fueled “green” steel-making facility in Mississippi.

** A government forecast predicts downward oil price pressures over much of the next two years, as global oil production will grow more than global oil demand. The EIA forecast that the Brent crude oil price will average $74 per barrel (b) in 2025, 8% less than in 2024, and then continue fall another 11% to $66/b in 2026.

** Texas’ oil and gas industry shatters its record for state and local tax and state royalty payments, which are contributing to a $20 billion state budget surplus.

** President Biden issues an executive order allowing data centers to lease public land, on the condition their facilities are powered with new clean energy resources.

World

** A Dutch government-backed report warns that growing reliance on Chinese offshore wind turbine components could expose Europe to significant cybersecurity risks and geopolitical leverage by Beijing.

** The safety risks posed by unregulated oil tankers are rising, and the so-called shadow fleet is a threat to both the maritime environment and seafarers, the head of the United Nations’ shipping agency said on Tuesday.

** The sabotage of Baltic Sea cables may be linked to the planned synchronization of the Baltic states’ electricity grid with Western Europe, according to the Lithuanian government. Energy Minister Tsygimantas Vaiciunas suggested on Lithuanian radio on Tuesday that one aim of those repeatedly damaging power lines over recent months could be to jeopardize the disconnection from the Russian power grid planned for February.

** Global coal consumption reached an all-time high in 2024, climbing to 8.77 billion metric tons as global electricity demand outpaced the expansion of renewable energy.