Renewables Monthly Metals Index (MMI) Renewables and GOES Prices Rise

The Renewables Monthly Metals Index (MMI) rose by 2.27%. After trending downward since March, renewable resources finally saw a price boost.

Renewable Resources Partnership: Hydro Power and Air Battery Systems

According to an article from Renewable Energy World, Augwind, a company specializing in renewable resources and energy, has launched a collaboration with Voith Hydro. The two companies plan to install water pumps and other power systems into Augwind’s airbattery storage system. Augwind’s goal is to optimize performance levels for its energy network. With Voith Hydro’s help, the two companies could reach this solution together.
Augwind and Voith Hydro have numerous specialties. This includes, but is not limited to, hydro-energy, compressed-air batteries, and generators. With this many resources, the likelihood of the project panning out in due time remains high. However, achieving project goals could become much more difficult if renewable costs start to trend upward.
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Renewable Resources: Offshore Wind Power Makes Headway in New York

In New York, offshore wind power is getting a boost from start-ups that bring new and innovative technology resources to the table. The project aims to create a central offshore hub to add to the industry’s innovation network system. According to Equinor Wind’s President, Siri Espedal Kindem, “we are accelerating the development of the offshore wind industry in New York and beyond.”
The project launch is well-timed. Though renewable prices went up last month, MetalMiner also reported that steel prices dropped. The predominant material in most US windmill systems is, of course, steel. A drop in steel pricing could signal it’s the right time to initiate construction on the new offshore facility.
Despite this bit of kismet, offshore wind turbines still face a number of roadblocks. The first is that the industry in general faces a lack of funding. Another difficulty involves getting clearance to conduct offshore construction. However, with BP providing a staggering $250 million, the project for these renewable resources are well covered.

Grain-Oriented Electrical Steel Prices Rise by 3.53%.

In the Grain Oriented Electrical Steel/GEOS MMI index, prices continued their upward trend, rising by about 3.53%.

Electrical Steel Market in Europe Surpassing the US’ Electrical Steel Market

Newswire recently reported that the European electrical steel market will hit an estimated value of $16.9 billion by 2032. The article indicated that, with electrical resistivity on the rise, new research methods in electrical steel are being utilized. This trend should continue to push the use of materials like electrical steel sheets. According to Factmr, Europe’s current electrical steel market sits at an estimated $6.3 billion.
One reason for Europe’s aggressive use of electrical steel lies in electrical steel’s unique features. With magnetic properties that exceed other steel grades and forms, electrical steel boasts incredibly high permeability. Compared to other alternatives, it’s possible to get a lot more from the finished product.
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Electrical Power Amendment to the Defense Protection Act

On June 6th, the White House published an amendment to section 303 of the Defense Protection Act of 1950 to further clean energy initiatives. The amendment states that transformers and electrical power grids are critical for domestic defense and a more sustainable future. Therefore, the expansion of power grids and transformers is necessary. President Biden also noted that the country could not meet its required national defense needs without the amendment in place.
The amendment could indicate an oncoming demand for more GOES in the US. However, current US inflation rates may prevent such an outcome from coming to fruition. Rising costs will likely impact how fast the US can complete the power-grid and transformer projects.
So, while the need for transformers and GEOS certainly exists, the required funding may not.
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