Researchers Identify More Potential Hydro Energy Storage Sites

SYDNEY —

Australian researchers have identified 1,500 additional locations across the country that could be used as pumped storage hydropower facilities. They have said it should reduce Australia’s reliance on fossil fuels.

Academics at the Australian National University have said pumped storage hydropower is a “low-cost, mass storage option” that could help Australia reach its emissions reduction targets.

Emeritus Professor Andrew Blakers at the university’s College of Engineering, Computing and Cybernetics told VOA the process involves transferring water between two reservoirs or lakes at different elevations.

He said water is pumped to the higher reservoir when there are plentiful supplies of wind and solar energy. The water is then released at night, or at other times when it is not windy or sunny, maximizing the use of the stored energy in the reservoirs.

“We have two reservoirs; one at the top of a hill and the other down in a valley connected with a pipe or tunnel,” he said. “On sunny and windy days, the pump turbine pumps water uphill to the upper reservoir and then in the middle of the night the water is allowed to come back down through the turbine to recover the energy that was stored. So, the same water goes up and down between the two reservoirs for 100 years. So, if you want large-scale storage, you go to pumped hydro.”

Researchers studied the area near every reservoir in Australia looking for a potential site for another reservoir that could be used as pumped storage hydropower.

They identified 1,500 locations that could help Australia store the energy it generates from wind and solar projects.

Blakers says Australia is becoming a world leader in the field.

“All Australian governments and companies are focused on very rapid construction of solar and wind, and equally rapid construction of new transmission to bring the new power to the cities, and pumped hydro and battery storage to balance the variable solar and wind. Australia is the global pathfinder. We are leading in every department,” he said.

Australia has a target of producing 82% of its electricity from renewable sources by 2030.

Because of the country’s heavy reliance on coal and natural gas, it has been one of the world’s worst emitters of greenhouse gases, per capita.

Those fossil fuels continue to generate much of Australia’s electricity, but researchers believe that the country’s path toward a cleaner energy future is well underway.

The Australian National University study released Friday follows the team’s identification of 530,000 potential pumped-storage hydro sites across the world.

 

 

Source: Voice of America

EXPLAINER: What’s Happening at Bankrupt Crypto Exchange FTX?

The imploding cryptocurrency trading firm FTX is now short billions of dollars after experiencing the crypto equivalent of a bank run.

The exchange, formerly one of the world’s largest, sought bankruptcy protection last week, and its CEO and founder resigned. Hours later, the trading firm said there had been “unauthorized access” and that funds had disappeared. Analysts say hundreds of millions of dollars may have vanished.

The unraveling of the once-giant exchange is sending shockwaves through the industry. Here’s a look at the company’s collapse so far:

Why did FTX go bankrupt?

Customers fled the exchange over fears about whether FTX had sufficient capital, and it agreed to sell itself to rival crypto exchange Binance. But the deal fell through pending Binance’s due diligence on FTX’s balance sheet.

FTX had valued its assets between $10 billion to $50 billion and listed more than 130 affiliated companies around the world, according to its bankruptcy filing.

FTX and dozens of affiliated companies — including CEO Sam Bankman-Fried’s hedge fund, Alameda Research — filed the bankruptcy petition in Delaware on Friday.

This week’s developments marked a shocking turn of events for Bankman-Fried, who was hailed as somewhat of a savior earlier this year when he helped shore up a number of cryptocurrency companies that ran into financial trouble. He was recently estimated to be worth $23 billion and has been a prominent political donor to Democrats.

Was it hacked, too?

FTX confirmed Saturday there had been unauthorized access to its accounts, hours after the company filed for Chapter 11 bankruptcy protection.

A debate formed on social media about whether the exchange was hacked or a company insider had stolen funds — a possibility that cryptocurrency analysts couldn’t rule out.

Exactly how much money is involved is unclear, but analytics firm Elliptic estimated Saturday that $477 million was missing from the exchange. FTX’s new CEO John Ray III said it was switching off the ability to trade or withdraw funds and taking steps to secure customers’ assets.

Is FTX under investigation?

The Royal Bahamas Police Force said Sunday it is investigating FTX, adding to the company’s woes. The police force said in a statement Sunday it was working with Bahamas securities regulators to “investigate if any criminal misconduct occurred” involving the exchange, which had moved its headquarters to the Caribbean country last year.

Is anyone else investigating?

Even before the bankruptcy filing and missing funds, the U.S. Department of Justice and the Securities and Exchange Commission began examining FTX to determine whether any criminal activity or securities offenses were committed, according to a person familiar with matter who spoke to The Associated Press last week on condition of anonymity because they could not discuss details of the investigations publicly.

What are the repercussions?

Companies that backed FTX are writing down investments, and the prices of bitcoin and other digital currencies have been falling. Politicians and regulators are calling for stricter oversight of the unwieldy industry. FTX said Saturday that it was moving as many digital assets as can be identified to a new “cold wallet custodian,” which is essentially a way of storing assets offline without allowing remote control.

FTX had also entered into a number of sports-related deals, some of which are crumbling. The NBA’s Miami Heat and Miami-Dade County decided Friday to terminate their relationship with FTX and will rename the team’s arena. Earlier Friday, Mercedes said it would immediately remove FTX logos from its Formula One cars.

 

 

 

Source: Voice of America