Aluminum manufacturers are among the most energy-intensive industries in the world. In 2010, the process used by smelters to refine primary aluminum from bauxite ore consumed approximately 3% of the entire world’s electricity supply. The vast amounts of energy used in this process have driven many aluminum manufacturers to locate their plants in parts of the world where bauxite is plentiful and electricity is relatively inexpensive. Today, there is a new energy-intensive industry that is driving demand for more electricity supplies: cryptocurrencies. According to the Cambridge Center for Alternative Finance, Bitcoin alone, one of the most well-known cryptocurrencies, uses 110 Terawatt-hours of electricity annually, or 0.55% of global electricity supplies. The fact that cryptocurrencies can use more electricity than some small nations has motivated companies that mine Bitcoin to find host locations where electricity is reliable, plentiful, and inexpensive. Bitcoin, Ethereum, Dogecoin, and others have used record amounts of electricity this year, raising concerns around the amount of energy these monetary systems use and the amount of carbon used to supply their facilities.
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Topics: Markets Demand Response Education Resiliency
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The Celestial Beerworks taproom and brewery provides an otherworldly experience for visitors in more ways than one. Since its opening in 2018, the Celestial team has skillfully combined their favorite things: art, science, and delicious, fresh beer…and space. Their inspiration is manifested throughout each aspect of the company, from their wide variety of beers and meticulous obsession with hops to their masterpiece can-art and onsite décor. Bartenders are replaced by Startenders and flights of beers are ordered by their more Celestial name, Missions. Co-owners Molly and Matt Reynolds bring a wealth of knowledge and experience, including Matt’s history as a brewmaster for Malai Kitchen and his time making homebrews for his friends and family.
Topics: Clients Procurement Demand Response Resiliency
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The Washington Tennis and Education Foundation’s (WTEF) mission is to build life champions, giving children and youth a safe environment where they can excel. WTEF empowers them to achieve their highest potential by developing meaningful values and critical skills that lead them to life-long success through a pathway of continual academic, life skills, and tennis instruction during after-school and summer camp hours.
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On behalf of the team at 5, I am pleased to forward our market letter for the second quarter of 2021. The unusual weather that caused historic outages and extreme electricity and natural gas prices in Texas in Q1 surfaced in other markets in Q2. Both the Pacific Northwest and the Western US faced extreme weather conditions, namely, heat. In Death Valley, temperatures hit 130 degrees on July 9, a world record for the hottest reliably measured temperature in recorded history.
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The State of New York may be a microcosm of our nation’s energy past and future. New York has been trying to balance nuclear power plant retirements with new gas-fired generation while also encouraging the development of renewable power assets. On Friday morning, April 30, the last functioning nuclear reactor at Indian Point was shut down. For the past 60 years, electricity from this nuclear power plant provided New York with 565 Terawatt-hours of electricity. Before the second reactor was shut down last year, Entergy, the operator of Indian Point, estimated that the output of the two reactors supplied the Lower Hudson Valley and New York City with approximately 25% of its electricity. Environmentalists and politicians alike have described Indian Point as a threat to the safety of the millions of people who live near the plant, located 35 miles north of New York City, and many cheered its removal from service.
Topics: Markets NYISO Sustainability Renewables Resiliency
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Redeemer Health has a 95-year history of providing compassionate care and healing to the communities it serves in Pennsylvania and New Jersey through the vision of the Sisters of the Redeemer. From its modest beginnings, the Sisters' mission to care, comfort, and heal continues to grow through the many programs, services, and facilities that comprise Redeemer Health. With a long-held commitment to older adults, the Sisters built St. Joseph Manor, a home for older adults, in 1934 on a 45-acre farm in Meadowbrook, PA. In later years, the Sisters established Holy Redeemer Hospital and several retirement and independent living communities. Today, Redeemer Health is a comprehensive health care system comprised of over 40 facilities across the Greater Philadelphia area and Southern New Jersey.
Topics: Clients Procurement Resiliency
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There are several interesting developments in Washington D.C. that could impact the nation’s energy markets. With the death of Alcee Hastings (D-FL) last month, the Democratic majority in the House shrank to a mere six votes and the Senate remains split at 50/50. The razor-thin Democratic majority means it is unlikely that Congress will use the traditional legislative process to pass new energy-related legislation. Instead, as was the case with the stimulus bill, the Biden Administration is expected to use the budget reconciliation process to pass an energy bill at some point this calendar year.
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Kenwood Golf and Country Club has been in continuous existence since 1928. The clubhouse, golf course and its facilities cover over 100 acres of rolling countryside, located in Bethesda, Maryland. The Club is situated inside the Capital Beltway, only minutes from the Nation’s Capital, approximately seven miles from the White House and many other cultural and national attractions.
Topics: Clients Sustainability Renewables Resiliency
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The Hebrew Home at Riverdale by RiverSpring Living, located in New York City, serves older adults of all faiths through compassionate care and active community engagement. Guided by Jewish values for over 100 years, Hebrew Home is committed to healthy aging and the highest quality of life through innovative programs and services designed to meet the evolving needs of their residents. Hebrew Home is a nationally recognized long-term care facility that also provides specialized services, including elder abuse prevention and memory care to over 18,000 patients and residents.