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RIYADH: The energy sector is being swamped with shortages as a lack of certain key materials and supplies have led to warnings of power cuts and an increase in prices.
Looking at the bigger picture:
- A deficiency in lithium carbonate and lithium hydroxide — used for manufacturing batteries for mobiles and electric cars — has accounted for a sharp rise in prices, the Financial Times reported. The jump in costs is projected to hinder the energy transition process.
- The French government is allowing electricity producers to burn more coal through February to secure enough electricity supply, Bloomberg reported. This comes after the nation’s grid operator warned there could be power shortages.
- The US Postal Service says it has capacity to order more than the 5,000 electric vehicles it has already purchased if extra funds from the Congress are made available, Bloomberg reported. With no such funding at hand, the agency is forced to “make fiscally responsible decisions,” which will include purchasing gasoline powered vehicles, Bloomberg reported, citing Postmaster General Louis DeJoy.
- Egypt's Environment Ministry is working with the Egyptian stock exchange on a proposal to set up a platform that would allow companies to buy and sell carbon credits, local newspaper Al Mal reported.
Through a micro lens:
- American multinational automobile manufacturer Ford will cut vehicle production of multiple vital cars in the upcoming week amid global semiconductor chips shortage, CNBC reported. The vehicles affected include the Mustang Mach-E electric crossover and Bronco SUV, among others.