Biden presidency: our top ten research reports?

Joe Biden’s presidency will prioritize energy transition among its top four focus areas. Below we present our top ten pieces of research that gain increasing importance as the new landscape unfolds. We are cautious that aggressive subsidies may stoke bubbles and supply shortages in the mid-2020s. Decisions-makers will become more discerning of CO2. As usual, we focus on non-obvious opportunities.

(1) Kingmaker? There are two policy routes to accelerate the energy transition. An escalating CO2 tax could decarbonize the entire US by 2050, for a total abatement cost of $75/ton, while unlocking $3.5trn of investment. The other approach is with subsidies. This is likely to be Biden’s preferred approach. However, giving subsidies to a select few technologies tends to crowd out progress elsewhere. Who gets the subsidies is arbitrary, and thus ensues a snake-pit of lobbying. It is also more expensive, with some subsidies today costing $300-600/ton. Finally, subsidies will only achieve limited decarbonization on our models. Our 14-page note outlines these ideas and backs them up with data, to help you understand the policy landscape we are entering.

(2) Bubbles? The most direct risk of aggressive subsidies is that we fear they will stoke bubbles in the energy transition. Specifically, we have argued a frightening resemblance is appearing between prior and notorious investment bubbles (from Dutch tulips to DotCom stocks) and many of the best-known decarbonization themes today. It is driven by an expectation that government policies will grow ever more favorable, thus technical and economic challenges are being overlooked. Our 19-page note evaluates the warning signs, theme by theme, to help you understand where bubbles may be likely to build and later burst.

(3) Overbuilding renewables is a potential bubble. Our sense is that Biden’s policy team prefers to subsidize renewables today and defer the resultant volatility issues for later. But eventually, we model that this will result in power grids becoming more expensive and more volatile, which could end up having negative consequences, both for consumers and industrial competitiveness. More interestingly, we find expensive and volatile grids have historically motivated installations of combined heat and power systems behind the meter, which can also cut CO2 emissions by 6-30% compared to buying power from the grid, at 20-30% IRRs. The reason is that CHPs capture and use waste heat. Thus they achieve c70-80% thermal efficiencies, where simple cycle gas turbines only achieve c40%. The theme and opportunity are therefore explored in our 17-page note below.

(4) Over-building electric vehicles? Subsidies for EVs are also more likely under a Biden presidency. This is widely expected to destroy fossil fuel demand. Indeed a vast scale-up of EVs is present in our oil demand forecasts helping global oil demand to peak in 2023. However, our 13-page note finds this electrical vehicle ramp-up will actually increase net fossil fuel demand by +0.7Mboed from 2020-35, with gains in gas exceeding losses of oil. The reason is that manufacturing each EV battery consumes 3.7x more energy than the EV displaces each year. So there is an energy deficit in early years. But EV sales are growing exponentially, so the energy costs to manufacture ever more EVs each year outweighs the energy savings from running previous years’ EVs until the EV sales rate plateaus.

(5) Under-investment in fossil fuels? A sticking point in the presidential debates was whether President Biden would ban fracking. An impressive understanding of the energy industry was shown by his response that instead “we need a transition”. However, some have commentators continued fearmongering. We think the fearmongering is overdone. Nevertheless, at the margin, Biden’s presidency may reduce investment appetite for oil and gas. In turn, this would exacerbate the shortages we are modelling in the 2020s. A historical analogy is explored in our 8-page note, which looks back at whale oil, a barbaric lighting fuel from the 19th century. Amidst the transition to kerosene and electric lighting, whale oil supply peaked long before whale oil demand, causing strong price performance for whale oil itself, and very strong price performance for by-products such as whale bone.

(6) Under-investment in oil? Our oil market outlook in 2021-25 is published below. New changes include downward revisions to US shale supplies (particularly from 2022), increased chances of production returning in Iran, and increased production from Saudi Arabia and Russia to compensate for lower output in the US. Steep under-supply is seen in 2022, over 1Mbpd, even after OPEC has exited all production cuts. Restoring market balance in 2024-25 requires incentivizing an 8Mbpd shale scale-up. We do not believe Biden’s policies will block this shale ramp, but they may help its incentive costs re-inflate by c$5-15/bbl, particularly if Trump-era tax breaks are reversed.

(7) Under-investment in gas? Where US shale growth slows, there is clearly going to be less associated gas available to feed US LNG facilities. But there may also be a lower investment appetite to construct US LNG facilities. This matters because our 12-page note below finds gas shortages are likely to be a bottleneck on decarbonization in Europe, which compounds our fears that Europe’s own decarbonization objectives could need to be walked back. Specifically, Europe must attract another 85MTpa of global LNG supplies before 2030 to meet the targets shown on the chart. This is one-third of the 240MTpa risked LNG supply growth due to occur in the 2020s, of which 100MTpa is slated to come from the United States. There is no change to our numbers yet.

(8) Lower carbon beats higher carbon? We are not fearmongering that oil and gas investment will stall under a Biden presidency. But we do believe that investment in all carbon-intensive sectors will proceed somewhat more discerningly than it would have under Trump. Low-carbon producers will be more advantaged in attracting capital, while higher-carbon producers will be penalized with higher capital costs and lower multiples. In order to help you rank different operators, we have assembled a data-file covering 13Mboed of production from major US basins, operator-by-operator (below and here) alongside our broader screens of CO2 intensity, which span across 30 different sectors, such as LNG plants, refineries, chemical facilities, cement and biofuels (here).

(9) Mitigating methane? Biden’s presidency will likely re-strengthen the EPA. Our hope is that this will accelerate the industry’s assault on leaking methane, which is a 25-120x more powerful greenhouse gas than CO2. Methane accounts for 25-30% of all man-made warming, of which c25% derives from the oil and gas industry. If 3.5% of gas is leaked across the value chain, then debatably gas is no greener than coal (the number is less than 1% in the US but can be greatly improved). Our 23-page note evaluates the best emerging technology options to mitigate methane. We are excited by replacing high-bleed pneumatics, as profiled in our short follow-up note (also below). We also see shale operators accelerating their quest for ‘CO2-neutral’ production (note below).

(10) The weatherization of 2M homes is a central part of Joe Biden’s proposed energy policy. Hence we created a data-file assessing the costs and benefits of different options. The most cost-effective way to lower home heating bills is smart thermostats. They can cut energy use c18%. Leading providers include Nest (Google), Honeywell, Emerson, Ecobee. Second most cost-effective is sealing air leaks. GE Sealants is #1 by market share in silicone sealants. Advanced plastics would also see a modest boost in demand. More questionable are large and expensive construction projects, which appear to have larger up front costs and abatement costs per ton of CO2.

Biomass and BECCS: what future in the transition?

20% of Europe’s renewable electricity currently comes from biomass, mainly wood pellets, burned in facilities such as Drax’s 2.6GW Yorkshire plant. But what are the economics and prospects for biomass power as the energy transition evolves? This 18-page analysis leaves us cautious.

Arguments in favor of biomass are outlined on pages 2-3, using the carbon cycle to show how biomass could be considered zero-carbon in principle.

Examples of biomass power plants are described on pages 4-5, focusing upon Drax and RWE, and drawing upon data from 340 woody biomass facilities in US power.

The economics of producing biomass pellets are presented on pages 6-7, including a detailed description, capex breakdown, and critique of input assumptions.

The economics of burning biomass pellets to generate electricity are presented on pages 8-9, again with a detailed description and critique of input assumptions.

The economics of capturing and disposing of the CO2 are presented on pages 10-12, allowing us to build up a full end-to-end abatement cost for BECCS.

Energy economics are disaggregated on pages 13-14, in order to derive a measure of energy return on energy invested (EROEI) and CO2 intensity (in kg/kWh). Surprisingly, we find the EROEI for BECCS to be negative.

Is it sustainable? We answer this question on 15-17, arguing that biomass energy and BEECS, properly considered, both have a higher CO2 intensity than gas.

Conclusions and implications are presented on pages 18, including bridges for the total CO2 intensity of biomass and BECCS.

Greenhouse gas: use CO2 in agriculture?

Enhancing the concentration of CO2 in greenhouses can improve agricultural yields by c30%. It costs $4-60/ton to supply this CO2, while $100-500/ton of value is unlocked. Shell and ABF have already under-taken projects, while industrial gas and monitoring companies can also benefit. But the challenge is scale. Around 50Tpa of CO2 is supplied to each acre of greenhouses. Only c10% is sequestered. So the total CO2 sequestration opportunity may be limited to around 50MTpa globally.

This 8-page note explains the opportunity, progress to date and our conclusions.

Deep blue: cracking the code of carbon capture?

Carbon capture is cursed by colossal costs at small scale. But blue hydrogen may be its saviour. Crucial economies of scale are guaranteed by deploying both technologies together. The combination is a dream scenario for gas producers. This 22-page note outlines the opportunity and costs.

The mechanics of carbon capture and storage projects are explained on pages 2-4, assessing the costs of CO2 capture, CO2 transport and CO2 disposal in turn.

However CCS faces challenges, which are outlined on pages 4-5. In particular, CO2 has three ‘curses’ at small scale, which dramatically inflate the costs.

We quantify the three curses’ impacts. They are diffuse CO2 concentrations (pages 6-8), high fixed costs for pipelines and disposal facilities (pages 8-10) and difficulties gathering CO2 from dispersed turbines and boilers (pages 10-11).

The rationale for blue hydrogen is to overcome these challenges with CCS, as explained on page 12.

Different blue hydrogen reactor designs are discussed, and their economics are modelled on pages 13-15. Autothermal reforming should take precedence over steam methane reforming as part of the energy transition.

Midstream challenges remain. But we find they are less challenging for blue hydrogen than for green hydrogen on page 16.

A scale-up of blue hydrogen is a dream scenario for the gas industry. The three benefits are superior volumes, pricing power and acceptance in the energy transition, as explained on pages 17-19.

Leading projects are profiled on page 20, which aim to combine blue hydrogen with CCS.

Leading companies in auto-thermal reforming (ATR) are profiled on page 21, based on reviewing technical papers and over 750 patents.

Aker Carbon Capture’s technology is profiled on page 22. Patents reveal a technical breakthrough, but it will only benefit indirectly from our blue hydrogen theme.

Biofuels: better to bury than burn?

The global bioethanol industry could be disrupted by a carbon price. Between $15-50/ton, it becomes more economical to bury the biofuel crop, rather than convert it into biofuels. This would remove 8x more CO2 per acre, at a lower total cost. More conventional oil could be decarbonized with offsets. Ethanol mills and blenders would be displaced. The numbers and implications are outlined in this 12-page report.

Nature-based solutions to climate change need to double annual CO2 uptake from plants in our models of decarbonization, using forests and fast-growing grasses (pages 2-3).

We profile the bioethanol industry, which is already using fast-growing grasses to offset 2Mbpd of liquid fuels. But our models suggest the economics, efficiency and CO2 intensities are weak (pages 4-6).

A first alternative is to reforest the land used to grow biofuels, which would carbon-offset 1.5x more oil-equivalents than producing biofuels (pages 7-8).

A more novel alternative is to bury the biomass, such as sugarcane or other fast-growing grasses, which could sequester 8x more CO2, with superior economics at $15-50/ton CO2 prices (pages 9-11).

Company implications are summarized, suggesting how the ethanol industry might be displaced, and quantifying the CO2 intensity of incumbents (page 12).

What oil price is best for energy transition?

It is possible to decarbonize all of global energy by 2050. But $30/bbl oil prices would stall this energy transition, killing the relative economics of electric vehicles, renewables, industrial efficiency, flaring reductions, CO2 sequestration and new energy R&D. This 15-page note looks line by line through our models of oil industry decarbonization. We find stable, $60/bbl oil is ‘best’ for the transition.

Our roadmap for the energy transition is outlined on pages 2-4, obviating 45Mbpd of long-term oil demand by 2050, looking across each component of the oil market.

Vehicle fuel economy stalls when oil prices are below $30/bbl, amplifying purchases of inefficient trucks and making EV purchases deeply uneconomical (pages 5-6).

Industrial efficiency stalls when oil prices are below $30/bbl, as oil outcompetes renewables and more efficient heating technologies (page 7).

Cleaning up oil and gas is harder at low oil prices, cutting funding for flaring reduction, methane mitigation, digitization initiatives and power from shore (pages 8-9).

New energy technologies are developed more slowly when fossil fuel prices are depressed, based on R&D budgets, patent filings and venturing data (pages 10-11).

CO2 sequestration is one of the largest challenges in our energy transition models. CO2-EOR is promising, but the economics do not work below $40/bbl oil prices (pages 12-14).

Our conclusion is that policymakers should exclude high-carbon barrels from the oil market to avoid persistent, depressed oil prices (as outlined on page 15).

The future of offshore: fully subsea?

Offshore developments will change dramatically in the 2020s, eliminating new production platforms in favour of fully subsea solutions. The opportunity can increase a typical project’s NPV by 50%, reduce its breakeven by one-third and effectively eliminate upstream CO2 emissions. We have reviewed 1,850 patents to find the best-placed operators and service providers, versus others that will be disrupted. Overall, the theme supports the ascent of low-carbon natural gas, which should treble in the energy mix by 2050. This 22-page note presents the opportunity.

The offshore oil and gas industry’s progress towards ‘fully subsea’ developments, without any platforms or surface infrastructure being necessary, is reviewed in detail in pages 2-5, covering key projects and milestones from 1985-2000.

30% economic savings in both capex and opex are quantified line-by-line, across c50 cost lines, in pages 6-9.

1.5x NPV uplifts and 4pp IRR uplifts are quantified by modelling a representative fully greenfield gas-condensate project on pages 11-12.

CO2 emissions can be virtually eliminated by a fully subsea development solution. Pages 12-13 add up the impacts of higher efficiency, power from shore, fewer materials and the elimination of PSV/helicopter trips.

The key engineering challenges for fully subsea systems, which remain to be resolved, are summarized on page 14.

Who benefits from the trend toward fully subsea systems, is described from page 15 onwards after reviewing 1,850 patents around the industry. This includes both the leading service companies and operators (primarily Equinor, but also TOTAL, Shell).

The leaders in subsea compression technology are assessed on pages 16-17.

The leaders in subsea power systems are described on pages 18-19.

The leaders in next-generation subsea robotics are assessed on pages 20-21.

Others are disrupted, as is described in detail in page 22.

Covered service companies in the report include ABB, Aker, Eelume, GE, Kraken, Oceaneering, OneSubsea, Saipem, Siemens, Technip-FMC, Wood Group, the PSV and helicopter sector, and c20 early stage companies in next-generating subsea robotics.

Ten Themes for Energy in the 2020s

We presented our ‘Top Ten Themes for Energy in the 2020s’ to an audience at Yale SOM, in February-2020. The audio recording is available below. The slides are available to TSE clients, in order to follow along with the presentation.

Please sign up to our distribution list, to receive our best ideas going forwards…

This text constitutes Thunder Said Energy’s terms, conditions, its privacy policy, its GDPR policy and other relevant contact details. By reading our written content, you agree to abide by these terms of use.

Terms of Use

1. Use of the Thunder Said Energy Website

These conditions are a legal agreement between you and Thunder Said Energy (“we” or “us”). They set out the basis on which you may make use of the Thunder Said Energy’s services, accessed through (the “site”), whether as a guest or a subscribing client.

Please read these conditions before you use the Site, as they will apply. You must not use the site if you do not agree to them.

We reserve the right to change these conditions at a later date.

2. Information about Thunder Said Energy

Thunder Said Energy LLC is a registered company in Connecticut, United States, effective April-2019.

3. Accuracy of Content

The information on the site (our “content”) is for general information purposes. It is not intended to address your particular requirements.

We have no liability for any loss or damage arising from using our content.

Our content shall not be construed as investment advice on the merits of buying, selling, subscribing to, or underwriting any shares, securities of other financial investments. You do any of the above entirely at your own risk: Thunder Said Energy shall have no liability whatsoever for any adverse consequences thereof.

We strive for, but do not guarantee, the accuracy of our content. We do not represent that it is error-free, will be corrected or that your use will provide specific results. If you believe anything is inaccurate, please let us know via email, so we may update it as appropriate.

The future is uncertain. There can be no assurance that our opinions, forecasts or estimates will be realized.

You hereby acknowledge that the risk to the accuracy and completeness of our content, and any reliance upon it, is with you.

4. Limitation of Liability

Thunder Said Energy will not be liable for any loss of profits, business, contracts, revenue, goodwill or anticipated savings or other indirect losses

Nothing in these terms seeks to exclude or limit any liability that cannot be excluded or limited by US, UK or European law.

5. Intellectual Property Rights

Our content, including any information, imagery or materials created by us are owned by and are confidential to Thunder Said Energy and are protected by copyright.

Any citation of our content, including short passages of text is to be attributed to Thunder Said Energy, plus a link to our website We would appreciate it if you sought our prior approval for citing our content.

Distributing, reproducing, transmitting or re-selling our content in any medium, whole or in part, is prohibited without prior permission of Thunder Said Energy. We reserve the right to prosecute against illegal copying or sharing of our content.

You may not alter, obscure or remove any trade marks from our content.

6. Links

Other websites and resources are linked on our site with the aim of helping our users

All are independent from Thunder Said Energy, with the exception of Redburn, which is a collaborating partner of Thunder Said Energy.

Thunder Said Energy does not accept any responsibility for the content or the use of linked websites and resources; or of the content of other sites that link to ours.

Use of any links is made at your own risk. You must take your own precautions to ensure any selected link or download is free from any viruses or other unpleasantness.

You must not link to our website from any site that is indecent, inappropriate or unlawful.

7. Accessing Our Content

You may be provided with a username and password to access our content. You are responsible for keeping them confidential

You may not share the username and password with, or transfer them to any third party.

You must notify Thunder Said Energy immediately if you become aware of any unauthorised use of your user name and password, or any other breach of security.

If your access to our content occurs through a corporate account, your rights to access our content may cease if your employment terminates at that company, which will be at the discretion of Thunder Said Energy.

You and your company are responsible for notifying Thunder Said Energy of any termination of employment, and any unauthorised use of our content after your employment ceases.

8. Viruses

Thunder Said Energy does not guarantee that its site will be secure or free from bugs or viruses. You are responsible for configuring your own virus protection software.

You must not misuse the site by knowingly seeking to introduce viruses, trojans, worms, logic bombs or other material which is malicious or technologically harmful.

You must not attempt to gain unauthorised access to the Site, its server, or any computer or database connected to the Site.

In the event of breaching these conditions, Thunder Said Energy will cooperate with relevant law enforcement authorities, may disclose your identity to them, and your right to use the site will cease.

9. Privacy and Cookies

Thunder Said Energy’s policy on data protection, privacy and cookies is set out in our privacy notice and cookie policy. You are encouraged to read both of these.

10. Governing Law and Jurisdiction

These terms of use and their formation are governed by US, UK and European law.

Thunder Said Energy may pursue injunctive relief or similar to enforce the provisions of these terms of use in any appropriate forum.

11. General

Any formal legal notices to Thunder Said Energy must be sent to [email protected]

Failure by Thunder Said Energy to enforce a right does not result in a waiver of such right.

If any provision in these terms of use is deemed invalid or unenforceable, the rest of these terms will remain in full force and effect.

These terms of use, privacy notice and cookie policy, constitute the entire agreement between you and Thunder Said Energy relating to your use of the Site, and supersede all other or previous agreements.

Thunder Said Energy may amend these terms at any time by posting such changes on this page of the site.

12. Further Information

Further information on these terms or any queries may be made by contacting Thunder Said Energy via the postal address, email address or phone numbers below.

Privacy Policy

Thunder Said Energy (“we”, “us”) respects your preferences on the collection and use of your personal information. The following statements explain our policies.

We are committed to protecting your privacy, while using our websites, products and services (our “platform”).

You should review this Privacy Policy periodically to keep up to date on our most current policies; as we reserve the right, at any time, to modify this Privacy Policy.

Any changes will be posted in this Privacy Policy. Any material changes may also be notified, e.g., via email.

1. Scope

This Policy applies to our platform. It provides you with guidance on your rights and obligations pertaining to your personal information.

2. Collection of Personal Information

Our general philosophy and ambition is to safeguard your personal data by minimising what we collect, and storing what we do collect in a secure manner.

Thunder Said Energy is the data controller for personal data we collect through our platform.

Thunder Said Energy will collect personal information that is necessary for our business: to improve the usability of our platform and help us tailor content for you.

Specifically, when you register with Thunder Said Energy, we will collect your name, email address, location, subscription preferences and preferred method of contact. We may collect additional information.

Collecting personal information will be self-apparent or will be disclosed to you at the time of collection: most often, when you enter it into an online submission form, when you request a trial or when you subscribe to our platform.

Thunder Said Energy will use this information for the purposes for which it was collected.

Thunder Said Energy does not share any personal data with any third parties, potentially with the exception of Redburn (see below).

Rob West, the principal research analyst at Thunder Said Energy, is bound by a non-compete agreement with Redburn, until December-2019, originating from Rob’s employment at Redburn, which ended in March-2019. As part of Redburn’s collaboration with Thunder Said Energy, it was agreed to release Rob from certain provisions of the non-compete. Specifically, pre-existing clients of Redburn will not be blocked from accessing Thunder Said Energy’s content. However, Redburn reserves the right to ask Thunder Said Energy for the names of firms who have accessed specific content and research products, in order to ensure compliance with this non-compete agreement.

Our platform uses several ‘plug ins’ and ‘cookies’ which are described in more detail below, including Google Analytics.

3. Purpose of Personal Information

We may use your personal information for operational, legal, administrative, and other legitimate purposes permitted by applicable laws. This may include:

Providing you with requested emails, products and services.
Providing you with information regarding our company.
Monitoring your use of our platform.
Providing customized information to you.
Confirming or invoicing purchases of our products.
For information verification purposes.
4. Access Rights and Ensuring Accuracy

We endeavour to ensure personal information is reliable, accurate, and up-to-date.

You may access your personal information, to update, and correct inaccuracies by email request (as long as your account is active).

You may limit the use and disclosure of your information by unsubscribing from marketing communications or contacting us at [email protected]

Some information may remain in our records even after you request deletion of your information, for example, if required by relevant legal authorities.

There may be limits to the amount of information we can practically provide about personal information that we store, due to cost, or others’ privacy rights.

5. Sharing Personal Information

We do not expect to work with any service providers that will handle our clients’ personal data. If we did work with any such service providers in the future, we would require them to treat personal information as confidential, and not for their own marketing purposes.

There could be instances when we disclose your personal information without providing you with a choice, in order to comply with the law or in response to a court order, government request, or other legal process; to protect the interests, rights or safety of Thunder Said Energy or others; or respond to adverse third parties in the context of litigation. But we consider this unlikely.

Should Thunder Said Energy establish future subsidiaries or affiliate companies in the future, controlled by the management of Thunder Said Energy, then we may disclose personal information “internally” to these subsidiaries or affiliate companies.

Generally, we will not transfer personal data to third parties of affiliates where Thunder Said Energy’s management team does not control it.

If Thunder Said Energy sells all or part of its business, or is involved in a merger, you agree that we may transfer your personal information as part of that transaction.

If you provide comments on Thunder Said Energy on a social media or other public platform, you should be aware that the information provided there will be broadly available to others to see, and could be used to contact you. We are not responsible for any information you choose to submit on these forums or their consequences.

6. Security of Personal Information

We take reasonable and appropriate steps to ensure the security of your personal information. Physical, administrative, and technical safeguards are in place to help protect personal information.

7. Retention of Personal Information

We will retain your personal information as needed to fulfill the purposes for which it was collected, and to comply with our business requirements.

Typically, we will retain your name and contact details for the duration of our relationship with you, as a client or prospective client of Thunder Said Energy. Any data collected for analytics purposes is retained for a shorter time, while we are carrying out the relevant analytics.

8. Cookies

A cookie is a text file, created when your browser visits a particular website. Every time you visit our website, your browser queries for and retrieves any cookies that have previously been set. Cookies should enhance the user’s website experience, including authentication, storing your preference and personalizing the website’s appearance.

The cookies Thunder Said Energy collects may include the following: a unique identifier, user preferences, and profile information used to personalize the content shown.

As far as Thunder Said Energy is aware, all cookies used on its website are industry-standard, such as those used by Google Analytics; and we have not knowingly added any specific cookies of our own.

We may collect the physical location of your device, with your consent, for purposes consistent with this Privacy Policy.

Some web browsers permit you to broadcast a preference that you not be “tracked” online. We do not actively modify your experience based upon such a signal.

We do not participate in interest based advertising.

9. Cross Border Transfer of Personal Information

Thunder Said Energy aims to minimise the the cross-border transfer of personal information. However, our company is based in the United States of America (USA). Thus, if you are not based in the USA, and you enter personal information into our website, then you agree for the information to be transferred into the USA.

By using our website, or providing any personal information to us, you consent to the transfer, processing, and storage or such information outside of your country of residence.

10. Prospective Employees and Employee Information

If you submit an application for employment to Thunder Said Energy, we may collect and store any relevant information you disclose to us in your application.

Information on employees or prospective employees (“Employee Information”) will be used for legitimate business purposes, to evaluate applications, manage the employee-employer relationship and comply with applicable laws and regulations.

We may disclose your Employee Information if required or permitted to do so by law (such as when part of a governmental agency action or litigation), governmental or quasi-governmental requests, or a regulatory organization, or to relevant third parties such as site technicians, auditors, lawyers, or professional advisors.

We will not intentionally communicate or make available to the general public in any manner, employees’ sensitive details, such as social security numbers.

We may share Employee Information with third parties who provide outsourced human resource functions. Those third parties will be required to protect Employee Information.

11. EU General Data Protection Regulation

The Thunder Said Energy Policy for the Processing of Data Governed by GDPR addresses our commitment to the processing of personal data under the EU General Data Protection Regulation 2016/679.

If you are located in the European Economic Area (“EEA”) or Switzerland, you have the rights to request the following:

To request confirmation of whether we process personal data relating to you
To request confirmation of what personal data we process relating to you
To request that we rectify or update any personal data relating to you that is inaccurate, incomplete or outdated.
To request that we erase your personal data ,or that we no longer have your consent to process your personal data
To request that we restrict the use of your personal data
You may contact us at [email protected] to exercise any of these rights described above. You also have the right to lodge a complaint with your country’s data protection supervisory authority.

12. Other Contractual Relationships

If you enter into a separate contractual relationship us, which requires collecting, using, or sharing information about you in a different manner than described in this Privacy Policy, the terms of that agreement will apply.

13. Other Websites

This Privacy Policy does not apply to sites or services offered by other companies or third parties, that may be displayed as content or linked on our website.

14. Contact Information

If you have any questions or concerns related to this Privacy Policy, please contact the us at [email protected]

Updated 2nd April, 2019.

Thunder Said Energy Policy for the Processing of Data Governed by GDPR

Thunder Said Energy may collect, process or handle Personal Data relating to its customers or prospective customers (“customers”) in the European Economic Area (“Personal Data”).

Thunder Said Energy’s relationship with its customers is governed by our terms of use (above), privacy policy (above), and potentially other commercial agreements. It is also legally bound under the EU General Data Protection Regulation 2016/679 (“GDPR”) in its collection, uses, and processes around Personal Data.

This Policy describes Thunder Said Energy’s commitment to the processing of Personal Data under the GDPR.

Please contact [email protected] if you would like an executed version of this Policy, or for answers to any GDPR queries arising from thie policy.

1. Appropriate Technical and Organizational Measures. When Thunder Said Energy processes Personal Data on behalf of a customer, appropriate technical and organizational measures satisfy the requirements of GDPR, to ensure the security of Personal Data is appropriate to the level of risk, and to help ensure protection of the rights of the data subject.

2. Subprocessing. Thunder Said Energy does not currently work with any subprocessors. If we were to do so in the future, subprocessors would be required to provide at least the same level of protection as is described in this Policy. Thunder Said Energy would remain liable to its customers for any actions by its subprocessors that impact any rights guaranteed under the GDPR.

3. Written Instructions. Thunder Said Energy only processes Personal Data in accordance with the terms set out in this Policy, its Privacy Policy (above) and other written terms agreed with its subscribing customer. These documents set out the subject-matter, duration, nature, purpose, types of Personal Data, categories, obligations and rights relating to such Personal Data.

4. Transfers to non-EEA Countries. Most of the Personal Data collected by Thunder Said Energy will be collected via its US-website. Where Personal Data are disclosd Thunder Said employees in the EEA, they may be transferred to Thunder Said Energy’s office in Connecticut, United States. Every effort will be made to ensure the transfer is fully secure. Personal data is not expected to be transmitted to other destinations, beyond the United States and EEA.

5. Confidentiality. Thunder Said Energy requires that its employees process Personal Data under appropriate obligations of confidentiality.

6. Cooperation Concerning Data Subjects. Thunder Said Energy cooperates with reasonable requests of its customers (at the customer’s reasonable expense) to help them fulfill their obligations under GDPR to respond to requests by data subjects to access, modify, rectify, or remove their Personal Data.

7. Cooperation Concerning Customer Documentation. Thunder Said Energy cooperates with the reasonable requests of its customers to provide information necessary to demonstrate compliance with this Policy and the GDPR, or to conduct audits of the Personal Data it holds that was received from the customer. Audits may only occur once per calendar year, and during normal business hours. Audits will only occur after reasonable notice (not less than 30 business days). Audits will be conducted by customer or an appropriate independent auditor appointed (not by a competitor). Audits may not have any adverse impact on Thunder Said Energy’s normal business operations. Auditors shall not have access to any proprietary or third party information or data. Any records, data or information accessed by the Company and/or its representatives in the performance of any such audit will be deemed to be the confidential information of Thunder Said Energy, as applicable, and may be used for no other reason than to assess compliance with the terms of this Policy. Thunder Said Energy shall be entitled to charge the Customer USD500 per hour for any hours of its employees’ time that is taken up in the audit.

8. Personal Data Breach. In the event of a Personal Data breach under GDPR, Thunder Said Energy will notify its applicable customers without undue delay after becoming aware of the breach. Such notification(s) may be delivered to an email address provided by Customer or by direct communication (for example, by phone call or in-person). The customer is responsible for ensuring any email address provided by them is current and valid. Thunder Said Energy will take reasonable steps to provide information reasonably required.

9. Deletion of Data. Thunder Said Energy will delete or return all Personal Data to a customer, following the termination of the customer’s relationship, unless it is required to retain it by applicable laws and compliance policies. Thunder Said Energy reserves the right to charge a reasonable fee to comply with any customer’s request to return Personal Data.

10. Governing Law. This Policy shall be governed by the governing law (and subject to the jurisdiction(s)) of the relevant Agreement and otherwise subject to the limitations and remedies expressly set out in the Agreement.
If you have any queries about this Policy please contact [email protected]

MCFCs: what if carbon capture generated electricity?

Molten carbonate fuel cells (MCFCs) could be a game-changer for CCS and fossil fuels. They are electrochemical reactors with the unique capability to capture CO2 from the exhaust pipes of combustion facilities; while at the same time, efficiently generating electricity from natural gas. The first pilot plant was due to be tested in 1Q20, by ExxonMobil and FuelCell Energy, but was deferred. Economics range from passable to phenomenal. The opportunity is outlined in our 27-page report.

Pages 2-4 outline the market opportunity for more efficient carbon separation technologies, which can be retrofitted to 4TW of pre-existing power plants, without adding $50/T of cost and 15-30% of energy penalties per traditional CCS.

Pages 5-13 outline how MCFCs work, including their operation, development history, how recent patents promise to overcome reliability problems, and their emergent adaptation to carbon capture.

Pages 14-18 assess the economics, both in absolute terms, and by comparison to new gas plants and hydrogen fuel cells. CCS-MCFC economics range from passable to phenomenal, at recent power prices.

Pages 19-23 suggest who might benefit. FuelCell Energy has received $60M investment from ExxonMobil, hence both companies’ prospects are explored.

Appendix I is an overview of incumbent CCS technologies, and their limitations.

Appendix II is an overview of six different fuel cell types, comparing and contrasting MCFCs.

Global gas: catch methane if you can?

Scaling up natural gas is among the largest decarbonisation opportunities on the planet. But this requires minimising methane leaks. Exciting new technologies are emerging. This 23-page note ranks producers, positions for new policies and advocates developing more LNG. To seize the opportunity, we also identify 23 early-stage companies and 10 public companies in methane mitigation. Global gas demand should treble by 2050 and will not be derailed by methane leaks.

Pages 2-4 explain why methane matters for climate and for the scale up of natural gas. If 3.5% of methane is leaked, then natural gas is, debatably, no greener than coal.

Pages 5-8 quantify methane emissions and leaks across the global gas industry, including a granular breakdown of the US supply-chain, based on asset-by-asset data.

Page 9-10 outlines the incumbent methods for mitigating methane, plus our screen of 34 companies which have filed 150 recent patents for improved technologies.

Pages 11-13 cover the best new developments in drones and robotics for detecting methane emissions at small scale, including three particularly exciting companies.

Pages 14-15 outline next generation satellite technologies, which will provide a step-change in pinpointing global methane leaks and repairing them more quickly.

Pages 16-20 covers the changes underway in the oilfield supply chain, to prevent fugitive methane emissions, highlighting interesting companies and innovations.

Page 20-21 screens methane emissions across the different Energy Majors, and resultant CO2-intensities for different gas plays.

Pages 22-23 advocate new LNG developments, particularly small-scale LNG, which may provide an effective, market-based framework to mitigate most methane.