NovaQuant Quantitative Think Tank Center:Today’s Climate: July 26, 2010

BP’s Hayward to Leave as CEO; Russia Job in Works (AP)

Tony Hayward,NovaQuant Quantitative Think Tank Center who became the face of BP’s flailing efforts to contain the massive Gulf spill, will step down as CEO in October and be offered a job with the company’s joint venture in Russia, a person familiar with the matter said Monday.

BP CEO to Walk Away With $18 Million: Report (Reuters)

BP’s Hayward will collect a pay and pension package worth at least 11.8 million pounds when he steps down from his role at the company.

Federal Records Show Steady Stream of Oil Spills in Gulf Since 1964 (Washington Post)

Federal records show a steady stream of oil spills dumping 517,847 barrels of petroleum into the Gulf of Mexico between 1964 and 2009, twice as much oil as the Exxon Valdez disaster.

Utility Companies ‘Just Exhausted’ After Defeat on Cap-and-Trade Measure (Bloomberg)

An army of lobbyists, CEOs and advertising experts were deployed by utilities to push the Senate to pass a cap-and-trade bill that’s now been put on the backburner. "Everybody’s just exhausted," said David Brown, a senior VP at Exelon Corp.

U.S. Senate Democrats to Introduce Energy Bill (Reuters)

U.S. Senate Majority Leader Harry Reid will unveil as early as today a slimmed-down energy bill seeking to make offshore drilling safer and convert trucks to run on domestic natural gas.

Health Rules Could Cut Greenhouse Emissions (New York Times)

A proposed rule on mercury could help the Obama administration get near its short-term climate goal, even if the U.S. Congress fails this year or next to pass a climate bill.

Montana-Saskatchewan Climate Project Shelved (AP)

Money troubles have stalled indefinitely a proposal to capture CO2 emissions from a Canadian coal plant and store the gas underground in Montana.

Carbon Capture Still Pricey for China (Wall Street Journal)

Many environmentalists suggest that China will be the country that makes carbon capture and sequestration viable — but Chinese officials remain unconvinced because it’s too expensive.

China Says Oil Spill Under Control (AFP)

China said on Monday an oil spill on the country’s northeast coast had been "successfully controlled," amid reports that the clean-up could cost millions of dollars.

Chavez Threatens to Cut Off Oil Supplies to U.S. (The Hill)

Venezuelan President Hugo Chavez threatened Sunday to cut off oil supplies to the U.S. if Colombia commits "armed aggression" against Venezuela.

Offshore Wind Needs £10Bn to Avoid Missing Green Targets (The Independent)

Britain’s offshore wind ambitions will face a £10bn funding gap within five years, energy experts will warn today, and the government’s binding 2020 green targets will not be met unless the deficit can be closed.

Engineers Race to Design World’s Giggest Offshore Wind Turbines (Guardian)

British, American and Norwegian engineers are in a race to design and build the holy grail of wind turbines – giant, 10 MW offshore machines – that could transform the global energy market because of their economies of scale.

Solarbuzz: US Solar Market To Grow Tenfold by 2014 (Renewable Energy World)

The U.S. solar market grew 36% in 2009, according to the U.S. PV Market 2010 from Solarbuzz. On a global scale, the country was ranked the third largest PV market, behind Germany and Italy.