The energy crisis has caused a wave of rising prices in economies across the globe. EthosEnergy, helps companies and power plants reduce operating costs and, decrease harmful emissions to the environment to support companies in the energy transition, with the overarching goal of making energy available, reliable, and sustainable for all.
The surge of price increases around the world is partly a direct result of the global energy crisis. The electricity tariff will rise by 5.7% as a result of the global increase in coal prices by 100% in the last year, the price of fuel that rose to NIS 6.71 per liter of 95 octane gasoline, following the price of oil that climbed to about $ 90 per barrel, and the price of gas in Europe that jumped by 450% during 2021. While the prices of coal, fuels, natural gas and oil continue to rise, there is increased pressure on global stocks, production levels are finding it difficult to close the gaps, and the world is looking for effective solutions to curb price increases.
EthosEnergy is among a number of companies leading technological changes in the energy industry
Countries worldwide and leading organizations in the industry are not immune from the crisis, as the COVID-19 pandemic accelerated the awareness and willingness to deal with global environmental issues, there is almost no industrialized country that is not investing resources in developing alternative energy technologies. We’ve seen economies stop the use of coal, switching to gas, reducing carbon emissions, implementing electric transportation, wind energy, solar energy, hydroelectric energy, geothermal energy and other alternatives.
EthosEnergy has been operating for over 50 years in over 100 countries around the world, providing advanced services and customized solutions for power plants and energy producers, in the fields of electricity, gas, fuel, industry and aviation. EthosEnergy can find effective solutions to complex challenges for its customers, helping them align with the forefront of technological capabilities and advanced systems, reducing the total cost and benefiting from significant improvements in the life cycle of equipment.
According to Fabrizio Fabbri, Executive Vice President of East Hemisphere at EthosEnergy,
The cost saving potential of extending life on existing assets is huge
Within the energy industry, as the equipment approaches the end of its life cycle its efficiency decreases. The costs of operation and maintenance increase, and the carbon footprint grows.
EthosEnergy believes and proves that there is an economic and environmental benefit in upgrading and reusing equipment over simply disposing of it and buying a new. This is because the production of new equipment such as turbines, compressors, etc. usually takes a considerable amount of time and produces a larger carbon footprint in the manufacturing process versus upgrading the existing asset.
EthosEnergy uses advanced technology worldwide to extend the life of industrial equipment and systems, increasing energy efficiency and flattening the greenhouse gas emissions curve. Some customers can upgrade existing equipment and get similar or even better output at much lower costs, instead of replacing most or all the equipment. Even companies that still use linear models, like oil & gas and fuel companies, can begin incorporating technological changes into their systems gradually today.
For example, in a project with an US customer, steam turbine blades were upgraded by the exclusive EthosEnergy life extension technology. The plant saved 60% in outage costs (when compared to replacing the above with a new product). This work was completed within a month, while ordering and manufacturing new blades would have taken a year and a half.
In another project at a chemical refinery using gas turbines, the customer sought to maximize performance and efficiency, and after the project was completed by EthosEnergy, electricity generation was increased by 70,000 MW per year and CO2 emissions were reduced by 27 tons, with efficiency contributing to burning less fuel for turbine propulsion and saving 465,000 MMBtu.
"We have been able to bring a reduction in capital and operating expenditures among power plants and companies by improving and upgrading the performance capabilities of existing equipment and increasing equipment life cycle by over one hundred percent", says Fabbri.
Overcoming the energy crisis depends on collaboration between business, governmental and academic organizations
The energy industry understands that it has a responsibility to find ways to improve energy production processes and address the challenges of the future. The outdated and uneconomical linear model of production-consumption-disposal is slowly giving way to innovative circular models, which emphasize the maximization of equipment life cycle, reducing waste volume, reusing resources and by-products, prioritizing renewable inputs and more.
We are also witnessing a younger generation entering the business world and decision makers circles, that prefer responsible investments managed in accordance with ESG criteria. In addition, when investors examine organizations and companies according to their carbon footprint and environmental protection criteria, the labor market and core company and organization values change accordingly too.
At EthosEnergy, the ESG Program has also been aligned with the UN's Sustainable Development Goals Program - an action plan for all countries of the world to promote growth and prosperity while preserving the planet, adopted by all UN member states in 2015.
"We welcome the fact that environmental responsibility is growing and the demand for sustainable and green energy is rising in the business world and energy sector. In order to overcome the energy crisis, a correlation between business conduct, social impact and environmental responsibility is required", Fabbri adds, "We have set ourselves the goal of investing in the development and implementation of technological processes, innovative types of energy and ways to make it accessible to our customers, and we will continue to support and guide customers throughout the process, while keeping our commitment to becoming leaders in the field of sustainable energy".