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The Future of Transportation Drew Kodjak CONGRESSIONAL PROGRAM Energy for America: Opportunities, Challenges and Solutions August 9 – 15, 2017 Oslo, Norway Copyright @ 2017 by The Aspen Institute The Aspen Institute One Dupont Circle, NW Washington, DC 20036-1133 Published in the United States of America in 2017 by The Aspen Institute All rights reserved Printed in the United States of America Pub #17/016 ISBN: 0-89843-669-9 Energy for America: Opportunities, Challenges and Solutions August 9 – 15, 2017 The Aspen Institute Congressional Program Table of Contents Rapporteur’s Summary Marika Nell ................................................................................................................................................. 3 How a Major Oil Company Positions Itself in a World of Low Oil Prices, Changing Technology, and Public Policy Demands Lars Christian Bacher ............................................................................................................................... 11 The Tipping Point: How America Can Lead the Transition to a Prosperous Clean Energy Economy Eric D. Beinhocker .................................................................................................................................... 17 Navigating the Turbulence of the Global Energy System Arun Majumdar ......................................................................................................................................... 25 Lessons Learned from the EU and the German Energiewende Camilla Bausch and Katharina Umpfenbach ........................................................................................... 31 The International Framework for Energy Policy: The Geopolitics of Energy, The Changing Role of OPEC, and Energy Directions in Europe Amy Myers Jaffe ........................................................................................................................................ 39 Policies That Work: A Guide to Effective Federal Energy Strategy Hal Harvey and Jeffrey Rissman .............................................................................................................. 45 The Future Grid and How to Make It More Reliable, Cleaner and Affordable: Lessons from California Steve Berberich ......................................................................................................................................... 55 Transforming Vehicles and Energy Needs of Transportation: How Will the Electric Vehicle Revolution Proceed? Ulrich Eichhorn ........................................................................................................................................ 61 The Future of Transportation Drew Kodjak ............................................................................................................................................. 65 Conference Agenda ................................................................................................................................... 77 Conference Participants ............................................................................................................................ 85 2 Energy for America: Opportunities, Challenges and Solutions Rapporteur’s Summary Marika Nell, PhD Student in Environmental Engineering Cornell University Graduate School The views expressed here are not the author’s, rather shares are owned by the State of Norway, over the rapporteur’s effort to reflect the discussion. half of the company’s production comes from *** sources outside of Norway. As a company, Statoil has a vested interest in U.S. policy, with The Aspen Institute’s Congressional 270,000 barrels of oil equivalent produced in the Program convened a conference in Oslo, U.S. from the Eagleford, Bakken, and Marcellus Norway from August 9-15, 2017, to consider the shales and offshore production in the Gulf of topic of Energy for America: Opportunities, Mexico. Challenges and Solutions. Twenty-one members of Congress engaged with a dozen Statoil currently operates under the American and European scholars on a number of assumption that peak global demand for oil will policy issues pertinent to U.S. energy needs. occur in the 2030s. With this in mind, it Both the Norwegian Minister of the positions its business to include a “cost- Environment and Foreign Minister addressed the competitive renewable business and carbon- conference, as well as two high-level officers of competitive non-renewable business.” Currently major international oil companies. 64% of oil is consumed by the transportation sector. While this will likely change with the The conference began with discussions on adoption of electric vehicle technology, heavy Norway’s unique energy situation. While more duty vehicles and heating will still require oil than 95% of the country’s energy supply is met and even maintaining current levels of using clean energy technology primarily from production is an enormous challenge. Statoil hydropower, a majority state-owned oil examines projects with a time horizon of 30-50 company has the largest sovereign wealth fund years and assigns a price of $50 per ton of in the world, funded by revenues from offshore carbon dioxide in its economic modelling to energy production. As the week progressed, encourage implementation of projects with members were able to discuss a broad variety of lower emissions. Statoil’s rate of generation of topics including the trends in energy and emissions is at 10 kilograms (kg) of carbon technology, the role of research and dioxide (CO2) per barrel, much less than the development, and the international framework industry average of 17 kg of CO2 per barrel. for energy policy. Despite its footing in the oil and gas How a Major Oil Company industry, Statoil is committed to expanding into Positions Itself in a World of the renewable energy sector. In some respects, Uncertainty development of renewable energy sources is a key tool in overcoming the greatest threat to its Statoil is an international player in the oil business model: the volatility of oil prices. and gas industry, producing 2 million barrels of Company policy requires that 25% of Statoil's oil equivalent per day. Although 67% of Statoil 3 research and development (R&D) will be spent exist in Europe. Both physical and cyber on new energy solutions by 2025 and it is security of company assets takes on increasing leveraging knowledge of offshore technology to importance. implement offshore wind power. It currently operates a carbon capture facility in Norway and Trends in Energy and Technology recognizes the potential for energy storage such In this session, conferees discussed the as batteries to play an increasing role in the broader trends pertaining to energy and future of the grid. Statoil will have 80% of its technology including the status and prospects for capital invested in fossil fuels in 2030, but this oil, natural gas, coal, nuclear, energy efficiency will still be in accordance with the international and renewable energy technologies. One scholar Paris climate agreement, and it intends to be contended that, when it comes to energy among the lowest in emissions. Norway runs on technology, the world is entering a strategic 98-100% green energy, so the biggest reduction inflection point due to 3 “Ds”: diversification, in greenhouse gas emissions comes from digitization, and decarbonization. switching to electric vehicles, which is incentivized through tax abatement by the With respect to diversification, there are Norwegian government. many energy options available to consumers in modern times. In recent years, the century long Regarding energy policy, one industry run of traditional thermal power plants as a representative noted that it is easier for dominant source of energy has been disrupted by companies to operate with one federal regulation the unconventional shale gas revolution. This instead of a patchwork of state regulations. revolution allows the U.S. to keep and foster a Although some regulations passed by the regional approach to energy, which is Norwegian government were met with advantageous when compared to the rest of the resistance, these regulations have ultimately world. The application of hydraulic fracturing in inspired innovation to reduce carbon emissions. this context is relatively new and, while it is For example, when Statoil was required to already an example of government-funded reduce flaring on offshore rigs for the sake of research resulting in a revolutionary and methane emissions reduction, this spurred disruptive technology, more R&D is required to technology development and improved further reduce costs. If implemented in a manner operations. Due to expanding pipeline networks that was careful to limit fugitive methane for export and the implementation of reinjection emissions, the use of natural gas could reduce to improve production, this encouraged the greenhouse gas emissions when compared to company to extract more oil and reduce other fossil fuels. Meanwhile, renewable energy downtime on those rigs. sources such as solar and wind and energy Infrastructure development is necessary for efficient technology such as LED light bulbs both natural gas production and renewable have also become more cost effective. However, development. With natural gas, this may take the these improvements have come after decades of form of pipelines and for renewables, this may R&D, highlighting the need for similar funding be transmission lines. From a security for technologies that are in earlier stages of perspective, one
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