Renewables and GOES MMI increase despite steel price decline

The Renewables Monthly Metals Index (MMI) rose by 4.6% month over month.

California to add more renewables, batteries

The California Public Utilities Commission (PUC) approved plans in early February to expand renewables and batteries as part of California’s power resources.
The decision supports California’s larger ambitions to procure all of its electricity from clean sources by 2045. As part of the plan, the target for 2032 electric sector greenhouse gas planning shrunk from 46 million metric tons (MMT) to 35 MMT. By 2032, the PUC stated the latest target will reflect a 73% Renewables Portfolio Standard (RPS) resources and 86% greenhouse gas-free resources. 
Expanded solar, as well as offshore and out-of-state wind resources, will total roughly 25,500 megawatts by 2032. Additional battery storage will reach about 15,000 MW. Once complete, the additions can provide clean energy to around 11.5 million homes.
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U.S. to hold largest-ever offshore wind auction 

Announced mid-January, the U.S. will sell 6 commercial leases in waters located between New Jersey and Long Island, New York on Feb. 23. The leases, once developed, could produce as much as 7 gigawatts of wind-generated electricity. Up to 25 companies meet eligibility requirements to bid on the leases and no bidder may win more than 1 lease. Also required, developers must “make every reasonable effort” to use union labor for construction. In addition, they must have stated plans to aid in the creation of a domestically sourced supply chain. Lower lease operating fees will become available to developers that source major components in the U.S.
The offshore wind auction serves as the first under the Biden administration (the last occurred in 2018) with the larger aim of generating an additional 30 gigawatts of offshore wind energy by 2030. The administration already approved the first two commercial-scale projects for the U.S last year. These include the 800 megawatt (MW) Vineyard Wind 1 project off the Massachusetts coast and the 130 MW South Fork Wind project located between Block Island and Montauk Point, New York. In total, the U.S. has in development more than 45 offshore wind projects.

BP accelerates operational emissions targets

In spite of booming profits from surging petrol and gas prices, energy giant BP continues towards a greener future. Announced in early February, BP will accelerate its efforts to reach zero emissions by 2050. BP now intends to curtail emissions by 50% by 2030 from previous aims of 30-35%. Additionally, the company plans to advance previous goals of a 50% reduction in energy product emissions to reach net-zero by 2050.
To reach these goals, BP will increase spending in sectors including electric vehicle charging, renewables and hydrogen. By 2025, that spending will likely surpass 40% and, by 2030, spending will increase to around 50%.

GOES MMI

The GOES MMI, the index for grain-oriented electrical steel, jumped by 12.9% for this month’s reading.
          

EU extends anti-dumping duties on GOES imports

Announced mid-January, the EU extended anti-dumping duties on GOES imports, including from the U.S. The duties will remain in place for an additional 5 years. They will also apply to imports from China, Japan, South Korea and Russia. Of the 20 worldwide mills that manufacture GOES, 4 mills operate in the EU.
MetalMiner Insights publishes the actual grain oriented electrical steel price. 
Furthermore, according to a statement from Axel Eggert, Director General of the European Steel Association (EUROFER), “The EU energy security and climate objectives can only be met by maintaining a viable European GOES industry. GOES is a strategic, high-end product, and the European Union cannot be dependent for its supply on foreign mills located in Asia, Russia or the United States.”

Actual metals prices and trends

The Chinese steel plate price rose by 3.46% month over month to $857 per metric ton.
Meanwhile, U.S. steel plate fell 0.65% to $1,847 per short ton.