Energy industry

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The energy industry is the totality of all of the industries involved in the production and sale of energy, including fuel extraction, manufacturing, refining and distribution. Modern society consumes large amounts of fuel, and the energy industry is a crucial part of the infrastructure and maintenance of society in almost all countries.

Contents

In particular, the energy industry comprises:

The increased dependence during the 20th century on carbon-emitting energy sources, such as fossil fuels, and carbon-emitting renewables, such as biomass, means that the energy industry has frequently contributed to pollution and environmental impacts on the economy. Until recently, fossil fuels were the primary source of energy generation in most parts of the world and are a significant contributor to global warming and pollution. Many economies are investing in renewable and sustainable energy as part of human adaptation to global warming.

Energy consumption in kilograms of oil equivalent (kgoe) per person per year per country (2001 data). Darker tones indicate larger consumption, while dark grey areas are missing from the dataset. Red hue indicates increasing consumption, green hue indicates decreasing consumption, in the time between 1990 and 2001. Energy per capita.png
Energy consumption in kilograms of oil equivalent (kgoe) per person per year per country (2001 data). Darker tones indicate larger consumption, while dark grey areas are missing from the dataset. Red hue indicates increasing consumption, green hue indicates decreasing consumption, in the time between 1990 and 2001.

History

The use of energy has been a key in the development of the human society by helping it to control and adapt to the environment. Managing the use of energy is inevitable in any functional society. In the industrialized world the development of energy resources has become essential for agriculture, transportation, waste collection, information technology, communications that have become prerequisites of a developed society. The increasing use of energy since the Industrial Revolution has also brought with it a number of serious problems, some of which, such as global warming, present potentially grave risks to the world. [1]

In some industries, the word energy is used as a synonym for energy resources, which refer to substances like fuels, petroleum products, and electricity in general. This is because a significant portion of the energy contained in these resources can easily be extracted to serve a useful purpose. After a useful process has taken place, the total energy is conserved. Still, the resource itself is not conserved since a process usually transforms the energy into unusable forms (such as unnecessary or excess heat).

Ever since humanity discovered various energy resources available in nature, it has been inventing devices, known as machines, that make life more comfortable by using energy resources. Thus, although primitive man knew the utility of fire to cook food, the invention of devices like gas burners and microwave ovens has increased energy usage for this purpose alone. The trend is the same in any other field of social activity, be it the construction of social infrastructure, manufacturing of fabrics for covering, porting, printing, decorating, for example, textiles, air conditioning, communication of information, or for moving people and goods (automobiles).

Energy industry

Economics

Production and consumption of energy resources is very important to the global economy. All economic activity requires energy resources, whether to manufacture goods, provide transportation, run computers and other machines.

Widespread demand for energy may encourage competing energy utilities and the formation of retail energy markets. Note the presence of the "Energy Marketing and Customer Service" (EMACS) sub-sector. [2]

The energy sector accounts for 4.6% of outstanding leveraged loans, compared with 3.1% a decade ago, while energy bonds make up 15.7% of the $1.3  trillion junk bond market, up from 4.3% over the same period. [3]

Management

Since the cost of energy has become a significant factor in the performance of societies' economies, the management of energy resources has become crucial. Energy management involves utilizing the available energy resources more effectively, that is, with minimum incremental costs. Simple management techniques can often save energy expenditures without incorporating fresh technology. [4] Energy management is most often the practice of using energy more efficiently by eliminating energy wastage or balancing justifiable energy demand with appropriate energy supply. The process couples energy awareness with energy conservation.

Classifications

Government

The United Nations developed the International Standard Industrial Classification, which is a list of economic and social classifications. [5] There is no distinct classification for an energy industry, because the classification system is based on activities, products, and expenditures according to purpose. [6]

Countries in North America use the North American Industry Classification System (NAICS). The NAICS sectors #21 and #22 (mining and utilities) might roughly define the energy industry in North America. This classification is used by the U.S. Securities and Exchange Commission.

Financial market

The Global Industry Classification Standard used by Morgan Stanley define the energy industry as comprising companies primarily working with oil, gas, coal and consumable fuels, excluding companies working with certain industrial gases. [7] Add also to expand this section: Dow Jones Industrial Average [8]

Environmental impact

Government encouragement in the form of subsidies and tax incentives for energy-conservation efforts has increasingly fostered the view of conservation as a major function of the energy industry: saving an amount of energy provides economic benefits almost identical to generating that same amount of energy. This is compounded by the fact that the economics of delivering energy tend to be priced for capacity as opposed to average usage. One of the purposes of a smart grid infrastructure is to smooth out demand so that capacity and demand curves align more closely. Some parts of the energy industry generate considerable pollution, including toxic and greenhouse gases from fuel combustion, nuclear waste from the generation of nuclear power, and oil spillages as a result of petroleum extraction. Government regulations to internalize these externalities form an increasing part of doing business, and the trading of carbon credits and pollution credits on the free market may also result in energy-saving and pollution-control measures becoming even more important to energy providers.

Consumption of energy resources, (e.g. turning on a light) requires resources and has an effect on the environment. Many electric power plants burn coal, oil or natural gas in order to generate electricity for energy needs. While burning these fossil fuels produces a readily available and instantaneous supply of electricity, it also generates air pollutants including carbon dioxide (CO2), sulfur dioxide and trioxide (SOx) and nitrogen oxides (NOx). Carbon dioxide is an important greenhouse gas, known to be responsible, along with methane, nitrous oxide, and fluorinated gases, for the rapid increase in global warming since the Industrial Revolution. In the 20th century, global temperature records are significantly higher than temperature records from thousands of years ago, taken from ice cores in Arctic regions. Burning fossil fuels for electricity generation also releases trace metals such as beryllium, cadmium, chromium, copper, manganese, mercury, nickel, and silver into the environment, which also act as pollutants.

The large-scale use of renewable energy technologies would "greatly mitigate or eliminate a wide range of environmental and human health impacts of energy use". [9] [10] Renewable energy technologies include biofuels, solar heating and cooling, hydroelectric power, solar power, and wind power. Energy conservation and the efficient use of energy would also help.

In addition, it is argued that there is also the potential to develop a more efficient energy sector. This can be done by: [11]

Best available technology (BAT) offers supply-side efficiency levels far higher than global averages. The relative benefits of gas compared to coal are influenced by the development of increasingly efficient energy production methods. According to an impact assessment carried out for the European Commission, the levels of energy efficiency of coal-fired plants built have now increased to 46-49% efficiency rates, as compared to coals plants built before the 1990s (32-40%). [12] However, at the same time gas can reach 58-59% efficiency levels with the best available technology. [12] Meanwhile, combined heat and power can offer efficiency rates of 80-90%. [12]

Politics

Since now energy plays an essential role in industrial societies, the ownership and control of energy resources plays an increasing role in politics. At the national level, governments seek to influence the sharing (distribution) of energy resources among various sections of the society through pricing mechanisms; or even who owns resources within their borders. They may also seek to influence the use of energy by individuals and business in an attempt to tackle environmental issues.

The most recent international political controversy regarding energy resources is in the context of the Iraq Wars. Some political analysts maintain that the hidden reason for both 1991 and 2003 wars can be traced to strategic control of international energy resources. [13] Others counter this analysis with the numbers related to its economics. According to the latter group of analysts, U.S. has spent about $336 billion in Iraq [14] as compared with a background current value of $25 billion per year budget for the entire U.S. oil import dependence [15]

Policy

Energy policy is the manner in which a given entity (often governmental) has decided to address issues of energy development including energy production, distribution and consumption. The attributes of energy policy may include legislation, international treaties, incentives to investment, guidelines for energy conservation, taxation and other public policy techniques.

Security

Energy security is the intersection of national security and the availability of natural resources for energy consumption. Access to cheap energy has become essential to the functioning of modern economies. However, the uneven distribution of energy supplies among countries has led to significant vulnerabilities. Threats to energy security include the political instability of several energy producing countries, the manipulation of energy supplies, the competition over energy sources, attacks on supply infrastructure, as well as accidents, natural disasters, the funding to foreign dictators, rising terrorism, and dominant countries reliance to the foreign oil supply. [16] The limited supplies, uneven distribution, and rising costs of fossil fuels, such as oil and gas, create a need to change to more sustainable energy sources in the foreseeable future. With as much dependence that the U.S. currently has for oil and with the peaking limits of oil production; economies and societies will begin to feel the decline in the resource that we have become dependent upon. Energy security has become one of the leading issues in the world today as oil and other resources have become as vital to the world's people. However, with oil production rates decreasing and oil production peak nearing, the world has come to protect what resources we have left. With new advancements in renewable resources, less pressure has been put on companies that produce the world's oil; these resources are geothermal, solar power, wind power, and hydroelectric. Although these are not all the current and possible options for the world to turn to as the oil depletes, the most critical issue is protecting these vital resources from future threats. These new resources will become more valuable as the price of exporting and importing oil will increase due to increased demand.

Development

Producing energy to sustain human needs is an essential social activity, and a great deal of effort goes into the activity. While most of such effort is limited towards increasing the production of electricity and oil, newer ways of producing usable energy resources from the available energy resources are being explored. One such effort is to explore means of producing hydrogen fuel from water. Though hydrogen use is environmentally friendly, its production requires energy and existing technologies to make it, are not very efficient. Research is underway to explore enzymatic decomposition of biomass. [17]

Other forms of conventional energy resources are also being used in new ways. Coal gasification and liquefaction are recent technologies that are becoming attractive after the realization that oil reserves, at present consumption rates, may be rather short lived. See alternative fuels.

Energy is the subject of significant research activities globally. For example, the UK Energy Research Centre is the focal point for UK energy research while the European Union has many technology programmes as well as a platform for engaging social science and humanities within energy research. [18]

Transportation

All societies require materials and food to be transported over distances, generally against some force of friction. Since application of force over distance requires the presence of a source of usable energy, such sources are of great worth in society.

While energy resources are an essential ingredient for all modes of transportation in society, the transportation of energy resources is becoming equally important. Energy resources are frequently located far from the place where they are consumed. Therefore, their transportation is always in question. Some energy resources like liquid or gaseous fuels are transported using tankers or pipelines, while electricity transportation invariably requires a network of grid cables. The transportation of energy, whether by tanker, pipeline, or transmission line, poses challenges for scientists and engineers, policy makers, and economists to make it more risk-free and efficient.

Crisis

Oil prices from 1861 to 2007 Oil Prices Since 1861.svg
Oil prices from 1861 to 2007

Economic and political instability can lead to an energy crisis. Notable oil crises are the 1973 oil crisis and the 1979 oil crisis. The advent of peak oil, the point in time when the maximum rate of global petroleum extraction is reached, will likely precipitate another energy crisis.

Mergers and acquisitions

Between 1985 and 2018, there have been around 69,932 deals in the energy sector. This cumulates to an overall value of 9,578 bil USD. The most active year was 2010 with about 3.761 deals. In terms of value 2007 was the strongest year (684 bil. USD), which was followed by a steep decline until 2009 (-55,8%). [19]

Here is a list of the top 10 deals in history in the energy sector:

Date AnnouncedAcquiror NameAcquiror Mid IndustryAcquiror NationTarget NameTarget Mid IndustryTarget NationValue of Transaction ($mil)
12/01/1998Exxon CorpOil & GasUnited StatesMobil CorpOil & GasUnited States78,945.79
10/28/2004Royal Dutch Petroleum CoOil & GasNetherlandsShell Transport & Trading CoOil & GasUnited Kingdom74,558.58
04/08/2015Royal Dutch Shell PLCPetrochemicalsNetherlandsBG Group PLCOil & GasUnited Kingdom69,445.02
02/25/2006Gaz de France SAOil & GasFranceSuez SAPowerFrance60,856.45
07/05/1999Total Fina SAOil & GasFranceElf AquitaineOil & GasFrance50,070.05
08/11/1998British Petroleum Co PLCOil & GasUnited KingdomAmoco CorpOil & GasUnited States48,174.09
09/01/2010PetrobrasOil & GasBrazilBrazil-Oil & Gas BlocksOil & GasBrazil42,877.03
10/16/2000Chevron CorpPetrochemicalsUnited StatesTexaco IncPetrochemicalsUnited States42,872.30
06/20/2000Vivendi SAWater and Waste ManagementFranceSeagram Co LtdMotion Pictures / Audio VisualCanada40,428.19
12/14/2009Exxon Mobil CorpPetrochemicalsUnited StatesXTO Energy IncOil & GasUnited States40,298.14

See also

Related Research Articles

<span class="mw-page-title-main">Energy development</span> Methods bringing energy into production

Energy development is the field of activities focused on obtaining sources of energy from natural resources. These activities include the production of renewable, nuclear, and fossil fuel derived sources of energy, and for the recovery and reuse of energy that would otherwise be wasted. Energy conservation and efficiency measures reduce the demand for energy development, and can have benefits to society with improvements to environmental issues.

<span class="mw-page-title-main">Energy policy</span> How a government or business deals with energy

Energy policies are the government's strategies and decisions regarding the production, distribution, and consumption of energy within a specific jurisdiction. Energy is essential for the functioning of modern economies because they require energy for many sectors, such as industry, transport, agriculture, housing. The main components of energy policy include legislation, international treaties, energy subsidies and other public policy techniques.

<span class="mw-page-title-main">Energy policy of the United States</span>

The energy policy of the United States is determined by federal, state, and local entities. It addresses issues of energy production, distribution, consumption, and modes of use, such as building codes, mileage standards, and commuting policies. Energy policy may be addressed via legislation, regulation, court decisions, public participation, and other techniques.

<span class="mw-page-title-main">Energy in Taiwan</span>

In 2022, 79.6% of Taiwan's electricity generation came from fossil fuels, 9.1% from nuclear, 8.6% from renewables, and 1.2% from hydro. Taiwan relies on imports for almost 98% of its energy, which leaves the island's energy supply vulnerable to external disruption. In order to reduce this dependence, the Ministry of Economic Affairs' Bureau of Energy has been actively promoting energy research at several universities since the 1990s.

The energy policy of India is to increase the locally produced energy in India and reduce energy poverty, with more focus on developing alternative sources of energy, particularly nuclear, solar and wind energy. Net energy import dependency was 40.9% in 2021-22. The primary energy consumption in India grew by 13.3% in FY2022-23 and is the third biggest with 6% global share after China and USA. The total primary energy consumption from coal, crude oil, natural gas, nuclear energy, hydroelectricity and renewable power is 809.2 Mtoe in the calendar year 2018. In 2018, India's net imports are nearly 205.3 million tons of crude oil and its products, 26.3 Mtoe of LNG and 141.7 Mtoe coal totaling to 373.3 Mtoe of primary energy which is equal to 46.13% of total primary energy consumption. India is largely dependent on fossil fuel imports to meet its energy demands – by 2030, India's dependence on energy imports is expected to exceed 53% of the country's total energy consumption.

<span class="mw-page-title-main">Low-carbon economy</span> Climate-friendly economy

A low-carbon economy (LCE) is an economy which absorbs as much greenhouse gas as it emits. Greenhouse gas (GHG) emissions due to human activity are the dominant cause of observed climate change since the mid-20th century. There are many proven approaches for moving to a low-carbon economy, such as encouraging renewable energy transition, energy conservation, electrification of transportation, and carbon capture and storage. An example are zero-carbon cities.

<span class="mw-page-title-main">Energy security</span> National security considerations of energy availability

Energy security is the association between national security and the availability of natural resources for energy consumption. Access to cheaper energy has become essential to the functioning of modern economies. However, the uneven distribution of energy supplies among countries has led to significant vulnerabilities. International energy relations have contributed to the globalization of the world leading to energy security and energy vulnerability at the same time.

<span class="mw-page-title-main">Energy in Iran</span>

Iran possesses significant energy reserves, holding the position of the world's third-largest in proved oil reserves and the second-largest in natural gas reserves as of 2021. At the conclusion of the same year, Iran's share comprised 24% of the oil reserves in the Middle East and 12% of the worldwide total.

<span class="mw-page-title-main">Fossil fuel phase-out</span> Gradual reduction of the use and production of fossil fuels

Fossil fuel phase-out is the gradual reduction of the use and production of fossil fuels to zero, to reduce deaths and illness from air pollution, limit climate change, and strengthen energy independence. It is part of the ongoing renewable energy transition, but is being hindered by fossil fuel subsidies.

<span class="mw-page-title-main">Renewable energy in Finland</span>

Renewable energy in Finland increased from 34% of the total final energy consumption (TFEC) in 2011 to 48% by the end of 2021, primarily driven by bioenergy (38%), hydroelectric power (6.1%), and wind energy (3.3%). In 2021, renewables covered 53% of heating and cooling, 39% of electricity generation, and 20% of the transport sector. By 2020, this growth positioned Finland as having the third highest share of renewables in TFEC among International Energy Agency (IEA) member countries.

<span class="mw-page-title-main">Renewable energy in China</span>

China is the world's leader in electricity production from renewable energy sources, with over triple the generation of the second-ranking country, the United States. China's renewable energy sector is growing faster than its fossil fuels and nuclear power capacity, and is expected to contribute 43% of global renewable capacity growth. China's total renewable energy capacity exceeded 1,000 GW in 2021, accounting for 43.5 per cent of the country's total power generation capacity, 10.2 percentage points higher than in 2015. The country aims to have 80 per cent of its total energy mix come from non-fossil fuel sources by 2060, and achieve a combined 1,200 GW of solar and wind capacity by 2030. In 2023, it was reported that China was on track to reach 1,371 gigawatts of wind and solar by 2025, five years ahead of target due to new renewables installations breaking records. In 2024, it was reported that China would reach its target by the end of July 2024, six years ahead of target.

<span class="mw-page-title-main">Energy in New Zealand</span>

Despite abundant natural resources and a relatively small population, New Zealand is a net importer of energy, in the form of petroleum products. The ratio of non-renewable and renewable energy sources was fairly consistent from 1975 to 2008, with about 70 per cent of primary energy supply coming from hydrocarbon fuels. This ratio decreased to about 60 per cent in 2018. The proportion of non-renewable energy varies annually, depending on water flows into hydro-electricity lakes and demand for energy. In 2018, approximately 60% of primary energy was from non-renewable hydrocarbon fuels and 40% was from renewable sources. In 2007 energy consumption per capita was 120 gigajoules. Per capita energy consumption had increased 8 per cent since 1998. New Zealand uses more energy per capita than 17 of 30 OECD countries. New Zealand is one of 13 OECD countries that does not operate nuclear power stations.

<span class="mw-page-title-main">Energy in Finland</span>

Energy in Finland describes energy and electricity production, consumption and import in Finland. Energy policy of Finland describes the politics of Finland related to energy. Electricity sector in Finland is the main article regarding electricity in Finland.

<span class="mw-page-title-main">Energy policy of Malaysia</span>

The energy policy of Malaysia is determined by the Malaysian Government, which address issues of energy production, distribution, and consumption. The Department of Electricity and Gas Supply acts as the regulator while other players in the energy sector include energy supply and service companies, research and development institutions and consumers. Government-linked companies Petronas and Tenaga Nasional Berhad are major players in Malaysia's energy sector.

<span class="mw-page-title-main">Energy mix</span>

The energy mix is a group of different primary energy sources from which secondary energy for direct use - such as electricity - is produced. Energy mix refers to all direct uses of energy, such as transportation and housing, and should not be confused with power generation mix, which refers only to generation of electricity, as electricity only accounts for 20 % of the world's final energy consumption.

<span class="mw-page-title-main">Electricity sector in Bangladesh</span>

The utility electricity sector in Bangladesh has one national grid operated by Power Grid Company of Bangladesh with an installed capacity of 25,700 MW as of June 2022. Bangladesh's energy sector is not up to the mark. However, per capita energy consumption in Bangladesh is considered higher than the production. Electricity was introduced to the country on 7 December 1901.

Energy in Algeria encompasses the production, consumption, and import of energy. As of 2009, the primary energy use in Algeria was 462 TWh, with a per capita consumption of 13 TWh. Algeria is a significant producer and exporter of oil and gas and has been a member of the Organization of the Petroleum Exporting Countries (OPEC) since 1969. It also participates in the OPEC+ agreement, collaborating with non-OPEC oil-producing nations. Historically, the country has relied heavily on fossil fuels, which are heavily subsidized and constitute the majority of its energy consumption. In response to global energy trends, Algeria updated its Renewable Energy and Energy Efficiency Development Plan in 2015, aiming for significant advancements by 2030. This plan promotes the deployment of large-scale renewable technologies, such as solar photovoltaic systems and onshore wind installations, supported by various incentive measures.

<span class="mw-page-title-main">Energy transition</span> Significant structural change in an energy system

An energy transition is a major structural change to energy supply and consumption in an energy system. Currently, a transition to sustainable energy is underway to limit climate change. Most of the sustainable energy is renewable energy. Therefore, another term for energy transition is renewable energy transition. The current transition aims to reduce greenhouse gas emissions from energy quickly and sustainably, mostly by phasing-down fossil fuels and changing as many processes as possible to operate on low carbon electricity. A previous energy transition perhaps took place during the Industrial Revolution from 1760 onwards, from wood and other biomass to coal, followed by oil and later natural gas.

<span class="mw-page-title-main">Carbon bubble</span> Hypothesized economic bubble involving fossil-fuel energy producers

The carbon bubble is a hypothesized bubble in the valuation of companies dependent on fossil-fuel-based energy production, resulting from future decreases in value of fossil fuel reserves as they become unusable in order to meet carbon budgets and recognition of negative externalities of carbon fuels which are not yet taken into account in a company's stock market valuation.

<span class="mw-page-title-main">World energy supply and consumption</span> Global production and usage of energy

World energy supply and consumption refers to the global supply of energy resources and its consumption. The system of global energy supply consists of the energy development, refinement, and trade of energy. Energy supplies may exist in various forms such as raw resources or more processed and refined forms of energy. The raw energy resources include for example coal, unprocessed oil & gas, uranium. In comparison, the refined forms of energy include for example refined oil that becomes fuel and electricity. Energy resources may be used in various different ways, depending on the specific resource, and intended end use. Energy production and consumption play a significant role in the global economy. It is needed in industry and global transportation. The total energy supply chain, from production to final consumption, involves many activities that cause a loss of useful energy.

References

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Further reading