CERAWeek by S&P Global, chaired by Daniel Yergin, is widely recognized as one of the premier annual gatherings in the global energy sector. This prestigious event is known for bringing together industry leaders, policymakers, and innovators from around the world. Considered one of the top five “corporate leader conferences” globally, CERAWeek kicked off today in Houston with over 10,000 participants from more than 80 countries, making it an essential platform for dialogue on the future of energy.
Following the opening remarks by President & CEO of S&P Global, Martin Heung, the Secretary of Energy, Chris Wright presented the keynote addressing energy in and for the US as well as global implications to consider.
Secretary Wright opened with his belief that “Energy is the enabler of everything we do. Everything. Energy is not A sector of the economy, it is the sector that enables every other sector. Energy is life.”
The secretary emphasized the focus on boosting energy production and creating more opportunities for people. “Today, I’ll sign our fourth approval for LNG exports. This approval is for the Delfin offshore LNG export project in the Gulf Coast, with a capacity of 1.8 DCF per day of natural gas. This project represents a significant amount of American energy and economic activity that will benefit both our country and our allies.”
In relation to the market’s response and the need for infrastructure development, the secretary continued in a press briefing, “We’ve seen a surge in US natural gas production with less and less drilling rig activity to grow that production so US LNG exports are going to grow rapidly and demand for natural gas for electricity price is going to grow rapidly. I think the supply response and production of natural gas will be taken care of by the marketplace. We’ll get 100 rigs running today, if that went up to 120 rigs, you could service surging exports and rising demand from AI. We certainly don’t want to grow our export business and penalize American citizens; that is an unacceptable outcome. I think our biggest problem is enabling the building of more infrastructure… If you live in Connecticut or Massachusetts or Vermont, you pay very expensive natural gas prices very expensive electricity prices, but you’re right near Pennsylvania, the treasure trove of shale gas [but] infrastructure is standing in the way of driving prices up.”
Energy is the enabler of everything that we do. Everything. Energy is not A sector of the economy, it is the sector that enables every other sector. Energy is life.
Secretary Wright
In his closing statement for his keynote address AI was highlighted as a key driver as Secretary Wright concluded: “AI is going to be truly transformative, many of the ways in which we can’t even foresee today. We are already experiencing the impact, the benefits in consumer services and education and also in business efficiencies.”
Day 1 continued with key insights from various distinguished speakers including President & CIO of Alphabet & Google, Ruth Porat; CEO of United Airlines, Scott Kirby, Chairman & CEO of BlackRock, Larry Fink, President & CEO of Chienere Energy, Jack Fuscon, CEO of Shell, Wael Sawan and others.
Topics range from the impact of AI on the Energy sector, Sustainability, Innovation, Investment Opportunities, Renewables, Climate and Managing the Complex Landscape to list a few.
MBR will continue to cover CERAWeek and the developing insights from energy leaders from across the world.
