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Annual Energy Paper | Michael Cembalest

Energy Archive

On this page, you can find links to our last three energy papers (2020-2022), and to three topic sections of interest: hydrogen, heat pumps and industrial electrification.

Whydrogen? That’s a good question.

Hydrogen may one day be used in natural gas pipeline blends, shipping/trucking, commercial back-up power and non-electrified rail. But we are skeptical; future hydrogen demand may bear little resemblance to hockey-stick forecasts common in renewable energy forecasts. We conduct a deep dive on alleged use cases for hydrogen, and the physical, chemical and infrastructure realities that get in the way.

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Why is it hard to electrify industrial energy use?

Plastics, cement, steel, ammonia and other industrial materials form the building blocks of the modern world. Electricity is a small share of the energy used to create them; in the US, the electrification share has been unchanged for decades, a testament to the difficulty in increasing it. We explore the critical role of waste heat in combined heat-and-power systems, the high price of electricity per unit of energy compared to natural gas, the challenges of electrifying primary steel production and the role of raw materials as industrial feedstocks.

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Electric heat pumps and the question of grid adequacy.

Heat pumps are capable of delivering heat much more efficiently than baseboard heating, and have the potential to substantially decarbonize winter heating in homes and buildings. There are two issues to consider: (a) are transmission grids able to handle the spike in demand in communities with electrified heat on very cold days, particularly if backup thermal power systems are no longer available; and (b) what kind of subsidies will be needed when the all-in cost of heat pumps is still higher than natural gas heating alternatives.

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2022
The Elephants in the Room

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2021
Future Shock

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2020
Stargazing

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To learn more about J.P. Morgan’s investment business, including our accounts, products and services, as well as our relationship with you, please review our J.P. Morgan Securities LLC Form CRS and Guide to Investment Services and Brokerage Products. 

 

JPMorgan Chase Bank, N.A. and its affiliates (collectively "JPMCB") offer investment products, which may include bank-managed accounts and custody, as part of its trust and fiduciary services. Other investment products and services, such as brokerage and advisory accounts, are offered through J.P. Morgan Securities LLC ("JPMS"), a member of FINRA and SIPC. Insurance products are made available through Chase Insurance Agency, Inc. (CIA), a licensed insurance agency, doing business as Chase Insurance Agency Services, Inc. in Florida. JPMCB, JPMS and CIA are affiliated companies under the common control of JPMorgan Chase & Co. Products not available in all states. Please read the Legal Disclaimer in conjunction with these pages.

 

INVESTMENT AND INSURANCE PRODUCTS ARE: • NOT FDIC INSURED • NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY • NOT A DEPOSIT OR OTHER OBLIGATION OF, OR GUARANTEED BY, JPMORGAN CHASE BANK, N.A. OR ANY OF ITS AFFILIATES • SUBJECT TO INVESTMENT RISKS, INCLUDING POSSIBLE LOSS OF THE PRINCIPAL AMOUNT INVESTED

Bank deposit products, such as checking, savings and bank lending and related services are offered by JPMorgan Chase Bank, N.A. Member FDIC. Not a commitment to lend. All extensions of credit are subject to credit approval.

LEARN MORE About Our Firm and Investment Professionals Through FINRA Brokercheck

 

To learn more about J.P. Morgan’s investment business, including our accounts, products and services, as well as our relationship with you, please review our J.P. Morgan Securities LLC Form CRS and Guide to Investment Services and Brokerage Products. 

 

 

 

JPMorgan Chase Bank, N.A. and its affiliates (collectively "JPMCB") offer investment products, which may include bank-managed accounts and custody, as part of its trust and fiduciary services. Other investment products and services, such as brokerage and advisory accounts, are offered through J.P. Morgan Securities LLC ("JPMS"), a member of FINRA and SIPC. Insurance products are made available through Chase Insurance Agency, Inc. (CIA), a licensed insurance agency, doing business as Chase Insurance Agency Services, Inc. in Florida. JPMCB, JPMS and CIA are affiliated companies under the common control of JPMorgan Chase & Co. Products not available in all states. Please read the Legal Disclaimer in conjunction with these pages.

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INVESTMENT AND INSURANCE PRODUCTS ARE: • NOT FDIC INSURED • NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY • NOT A DEPOSIT OR OTHER OBLIGATION OF, OR GUARANTEED BY, JPMORGAN CHASE BANK, N.A. OR ANY OF ITS AFFILIATES • SUBJECT TO INVESTMENT RISKS, INCLUDING POSSIBLE LOSS OF THE PRINCIPAL AMOUNT INVESTED

Bank deposit products, such as checking, savings and bank lending and related services are offered by JPMorgan Chase Bank, N.A. Member FDIC.

Not a commitment to lend. All extensions of credit are subject to credit approval.

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