PEi Connect provides a brief look at what got our attention during the week (7 – 14 May), and first up we focus on the cyberattack on Colonial Pipeline. Ransomware is becoming a popular moneymaking scheme for hackers and if we aren’t careful, we’ll find ourselves on the ‘dark side’ as national grid infrastructure becomes an increasingly attractive target.
Oil & gas pipeline cyber-attack
According to the World Economic Forum, the recent cyber-attack on the US major oil and gas pipeline by hacker group DarkSide could become one of the most expensive attacks on an economy. The pipeline carries 2.5 million barrels a day and following the incident, US fuel prices at the pump rose six cents per gallon on the week to $2.967 per gallon for regular unleaded gasoline, the American Automobile Association (AAA) said. This has highlighted the fact that attacks on critical infrastructure are on the rise and utilities will need to take a firm look at how they build cybersecurity into grid development plans. Read more about how the energy sector can limit its risk.
World’s largest fusion conference begins
The 28th International Fusion Energy Conference (FEC 2020), taking place virtually from 10-15 May, will gather almost 4,000 participants from around the world to explore key physics and technology issues, as well as innovative concepts of direct relevance to the use of nuclear fusion as a future source of energy. To learn more about taming the plasma, you can still register to attend the event.
HSBC’s asset management arm still behind coal
HSBC’s asset management arm, which is not included in the bank’s coal phase-out pledge, holds ownership stakes in companies that plan to build 73 coal power plants across 11 countries in Africa and Asia. This recently announced loophole contravenes their plans to reduce emissions to net zero by 2030. Read more…
Sir David Attenborough officially joins COP26 family
Wave goodbye to emissions
Marine energy has been in the news a lot lately, announcing innovations that will contribute to our energy transition to cleaner energy. To understand more about how wave energy works, take a look at CorPower’s WaveBoost project, designed to improve the performance of wave energy technology.
Connect with us next week Friday for another selection of interesting sector news. Until then, take care, stay safe and power on.
The PEi Ed team 🙂