South Korea's electricity demand is set to rise on the back of AI boom, as nation considers expanding nuclear energy
According to the energy minister, South Korea's demand for 'power' in the future will surge due to plans by Samsung Electronics and SK Hynix of expanding production 'and building new AI data centers'. Kim Sung Whan, Minister of Climate, Energy and Environment, said that the AI-driven power requirements?alone? will increase South Korea's power demand by 25-30 gigawatts. He added that the country would also have to deal with an increase in power demand…
Baker Hughes, a provider of oilfield services, beats Q2 earnings estimates
Baker Hughes reported a stronger-than-expected second quarter as the oilfield ?services and energy technology company benefitted from brisk demand ?for LNG equipment, gas infrastructure and power generation projects tied to ?growing electricity needs. Earnings per'share' were 64 cents. This was higher than the 50 cents expected by analysts compiled by LSEG. The adjusted earnings before taxes, depreciation, and amortization (a measure of operating profit) rose by 2%, to $1.23billion, exceeding the upper end of the company's guidance.
China restricts solar manufacturing equipment exports to the US
Five people familiar with the discussions said that Chinese officials had held preliminary talks with suppliers of equipment used to manufacture solar panels in order to 'limit exports of advanced technology to the United States. A clampdown of this kind would put at risk the investments of U.S. firms and slow down the race to space-based computing. China, which is estimated to produce more than 80% the solar panel components in the world, also has the top 10 suppliers for equipment used to manufacture solar cells.
China restricts solar manufacturing equipment exports to the US
Five people familiar with the consultations said that Chinese officials had held preliminary?talks? with suppliers of equipment for making solar panels, as they considered limiting the exports of most advanced technology to the United States. A clampdown of this kind would put at risk the investments made by U.S. companies and slow down the race to space-based computing, since China is home to 10 of the top ten'suppliers' for equipment used to manufacture solar cells.
Microsoft will continue to buy enough renewable energy for all its needs
Microsoft has pledged to "keep buying enough renewable energy to meet all of its electricity needs" after meeting this goal for the first year. Tech giants are ramping up capital expenditures on an AI driven expansion of power hungry data centres. Microsoft announced on Wednesday that they had met their 2025 goal of procuring 40 gigawatts through power purchase agreements, which are long-term contracts designed to help utilities bring forward new projects. Microsoft announced that 19 gigawatts of renewable energy have already been delivered to the grid.
Chinese solar stocks jump on news of Musk's visit, but some firms deny cooperating
Chinese solar shares rose on Wednesday, after local media reported Elon 'Musk sent delegations to visit various companies. This was days after Elon announced plans to build a large-scale?cell capacity for the U.S. The CSI All Share Solar Power Equipment Sub-Industry Index grew 3.61%, while the CSI SH-HK-SZ Solar Power 50 Index grew 3.22%. According to a report published by Sina Finance on Tuesday, citing sources from the Chinese solar industry, a team sent by Musk visited several photovoltaic companies in China.
Electricity Needs for AI, Data Centers May Turn LNG Glut into Gap by 2030
Growing electricity demand from AI and data centres, together with rising fuel use in Asia and European gas needs could turn an expected global liquefied natural gas supply glut into a shortage by 2030, Qatar Energy CEO Saad al-Kaabi said on Monday.LNG coming online between 2026 and 2029 has raised concerns of a supply glut that could depress prices, with projects like Golden Pass LNG on the U.S. Gulf Coast and Qatar's North Field Expansion expected…
Zelenskiy, the Ukrainian Zelenskiy, orders faster imports for electricity and power equipment
Volodymyr Zelenskiy, the president of Ukraine, said that he has ordered imports to be as fast as possible. This is because Ukraine is facing its worst energy crisis since World War II. The government declared an emergency because the damaged system is only meeting 60% of its electricity needs. Extremely cold temperatures have exacerbated the situation. Zelenskiy, after a meeting of top military and government officials on X, said that "all decisions are already in place" for the importation increase.
Wind power surge cuts spot prices but frost-related demands lend support
The European prompt power price fell on Tuesday, ahead of a near-tripling of German wind power expected on Wednesday and a more-than-doubling of French wind energy volumes. However, the prices remained relatively high as icy weather?supported?demand. The LSEG analyst Naser Hazemi wrote that "higher wind energy generation leads to a lower residual load on several markets, including Germany." He was referring to fewer thermal plant requirements. He added that "demand is expected in many countries to increase".
J-Power to Shut Two Coal-Fired Power Plants
Japan's Electric Power Development (J-Power) said on Friday it will decommission two coal-fired power plants by March 2029 as part of efforts to meet its 2030 goal of cutting carbon dioxide emissions by 46% from 2013 levels.President Hitoshi Kanno also reaffirmed the company's commitment to completing the Oga-Katagami-Akita offshore wind project in northern Akita prefecture under Japan's second-round public auction framework.J-Power, a wholesale electricity supplier…
South Africa will lift the shale-gas moratorium in this month
The South African government will lift its long-standing ban on shale exploration once new regulations are published this month. In 2011, the regulator was prohibited from processing any new applications for exploration or production rights, as well as reconnaissance permits. This ban followed a public outcry by environmental activists concerned about the effects of hydraulic fracking on the Karoo region. In a statement released after the cabinet meeting on Thursday…
Italy to Help Sardinia Phase Out Coal with New LNG Plants
Italy plans to send two new units for the regasification of liquefied natural gas (LNG) to Sardinia to help the island phase out coal, a government decree seen by Reuters showed.Sardinia currently relies on two coal-fired power plants for its electricity needs and is slowly developing renewable energy capacity.The government has mandated Italy's gas grid operator Snam to set up a new floating storage and regasification unit (FSRU) in the port of Oristano, on the centre-west coast of Sardinia, the decree seen by Reuters said.The document approved by the govern
Exxon expects a surge in natural gas demand by 2050
Exxon Mobil's annual outlook said that global demand for natural gases will increase by more than 20 percent from its level last year in 2050, as the gas replaces coal in powering industries and meeting higher electricity needs in developing countries. These projections form the basis of the long-term investment and strategy for the largest U.S. oil company. Exxon's growth plans are ambitious compared to those of other oil companies around the world. The company aims to increase production by 18% in the next five year.
German solar industry warns of ending subsidies after Minister proposes reductions
The German solar industry warned against the proposed end of subsidies for rooftop photovoltaics systems. They argued that withdrawing support from small installations could jeopardize the country's climate targets. Feed-in subsidies have been in place for 25 years to help expand the solar energy sector. They guarantee a price for producers of renewable energy who sell their power on the grid. The German government has made progress in its goal to cover 80% of the country's electricity needs by renewable sources by 2030.
Germany: No Auction Bids Raises Alarm for Future Offshore Wind Tenders
Germany's Economy Minister Katharina Reiche warned on Wednesday that flawed site selection and shifting market dynamics were undermining offshore wind tenders, as the country's latest offshore auctions received no bids.Two August tenders for offshore wind energy plants, with volumes of 2,000 MW and 500 MW, and planned commissioning dates in 2031 and 2030, drew no bids for the first time ever on Wednesday, utility association BDEW said, citing the Federal…
Guatemala wants 700 Megawatts of gas to power its electricity in a tender
Guatemala has announced a tender for 1500 megawatts of new capacity in electricity generation to meet the growing demand. Around 700 MW will be awarded to LNG-based projects. "Guatemala anticipates contracting at least 700 MW firm power in one or more facilities, located on the coasts of either the Atlantic Ocean, or the Pacific Ocean, that will receive LNG vessels. The government of Guatemala, through its minister of energy and mining Victor Hugo Ventura said that this will meet the country's dynamic electricity needs.
Turkey will provide Syria with 2 billion cubic meters of gas per year
Alparslan Bayraktar, the Turkish Energy Minister, said that Turkey would provide 2 billion cubic meters of natural gas per year to Syria. Bayraktar, in a joint press conference with his Syrian counterpart at Damascus said that Turkey’s gas exports will contribute to 1,300 megawatts more of electricity production for the country. Ankara is positioning itself for a key role in Syria's rebuilding. It has supported the rebel forces in Syria during the 13-year civil conflict that ended with Bashar al Assad's ouster this month.
Indonesia's plans for renewable energy may endanger forests
Indonesia, which is heavily dependent on coal for electricity, needs to move away from fossil fuels. It aims to generate 75 gigawatts from renewable sources over the next fifteen years. This compares with the 13 gigawatts it produces today. This push will be based on the use of biofuels that burn cleaner, i.e. organic material converted into liquid fuel. The government claims that biofuels will reduce Indonesia's dependence on costly fuel imports and greenhouse gases, while increasing palm oil production. This will in turn spur economic growth.
US solar industry's strategy for Trump's era downplays climate
The U.S. Solar Industry unveiled their lobbying strategy on Thursday for the incoming Trump Administration. They promoted themselves as a domestic employment engine that could help meet soaring demand for power, without mentioning its role in fighting climate change. The new policy agenda is a dramatic shift for the solar industry, which has been a major beneficiary from the Inflation Reduction Act, a landmark climate change law passed by President Joe Biden in 2022. Donald Trump, the President-elect Donald Trump, has promised to repeal the law.
Blue Hydrogen: A Key Player in the Future of Energy Transition
The energy sector is undergoing a transformation, with a growing focus on cleaner energy sources and technologies that reduce greenhouse gas emissions and contribute to a more sustainable future. In this context, hydrogen is emerging as a key player in the energy transition, with a variety of clean production methods offering different advantages and competitiveness in the market.The recent results of the Accelerated Energy Decarbonization Scenario (AEDS)…