Renewable Power Capacity to Rise 50% in Five Years
Global renewable energy capacity is set to rise by 50% in five years' time, driven by solar photovoltaic (PV) installations on homes, buildings and industry, according to the International Energy Agency (IEA).Total renewable-based power capacity will rise by 1.2 terawatts (TW) by 2024 from 2.5 TW last year, equivalent to the total installed current power capacity of the United States.Solar PV will account for nearly 60% of this growth and onshore wind 25%, the IEA's annual report on global renewables showed.The share of renewables in power generation is
Aus Upstream Capex Touches at US$10bln pa
The Australian renewable energy pipeline is surging above 100GW of solar, wind and utility storage projects. Investment is currently matching upstream capex, at US$10 bn per annum.Only 1GW is currently owned by Upstream companies – the majors, said Rystad Energy, the energy research and business intelligence company.By the end of the decade, upstream companies will be the dominant renewable developers in country and regionally. The driver will be…
Shell Bids to Build Dutch Offshore Wind Farms
Royal Dutch Shell has teamed up with energy company Eneco and builder Van Oord in a bid to build two wind farms in the Dutch part of the North Sea, the companies said on Wednesday.The tender for the wind farms, with total capacity of 750 megawatts (MW), is open until March 14 for bids that require no subsidies on electricity prices.The Dutch were among the first to offer a 'zero subsidy' tender for wind power in 2017, with Sweden's Vattenfall winning the right to build a 700 MW wind farm without price support.Vattenfall has said it would also bid in the
Argentina's Energy Chief Quits
Argentina's energy secretary resigned on Friday, the government said in a statement, less than 24 hours after news leaked that the administration of President Mauricio Macri plans to increase electricity prices by an average 35 percent next year.Higher power bills are sure to be unpopular as they would hit families already struggling with 47 percent inflation and a shrinking economy that has caused job losses and an increase in poverty.The statement announcing Energy Secretary Javier Iguacel was stepping down gave no reason for his resignation.
RWE Freezes Plans for Tilbury Gas Plant in Britain
German utility RWE has frozen development of its Tilbury Energy Centre in Britain, which included plans for a 2.5 gigawatt (GW) gas plant, it said on Monday.Britain needs to invest in new capacity to replace ageing coal and nuclear plants that are due to close in the 2020s, but new large facilities have struggled to get off the ground because of high costs and weak electricity prices."This decision was based on current market conditions and project costs…
Australian States Delay Approving New Energy Policy
Australia's states on Friday held off approving a plan to end more than a decade of climate and energy wars and spur investment in new power supply, disappointing industry seeking certainty on energy policy.Prime Minister Malcolm Turnbull is pushing a National Energy Guarantee (NEG) in a bid to bring down electricity prices, which have more than doubled over the past decade, and ensure supplies following a string of blackouts in 2016 and 2017.Energy Minister Josh Frydenberg said after a meeting with state governments that it had been "an important step f
France's EDF Buys Scottish Offshore Wind Project
France's EDF has bought a 450 megawatt (MW) wind farm project off the coast of Scotland from Mainstream Renewable Power, the companies said on Thursday.The Neart na Gaoithe project, expected to start generating power in 2023, is estimated to cost about 1.8 billion pounds ($2.4 billion) to build, and will be capable of providing enough electricity to power around 375,000 homes a year."This is evidence of our continuing investment and growth in Scotland, where we are the largest generator of low carbon energy," said Simone Rossi, CEO of EDF's British arm E
Algeria Seeks to Cut Energy Consumption After Oil Earnings Fall
Algeria is offering motorists incentives to more than double the number of cars running on natural gas by 2021 in an effort to reduce consumption of costly imported fuel amid strained public finances, officials said. The North African country has been struggling with a halving since 2014 of vital oil and gas revenues, which make up 60 percent of the budget and 95 percent of exports. It has banned imports of 900 items, frozen public hiring and development projects…
European Spot Power Prices Rally on Lower Wind Generation
European spot electricity prices for day-ahead delivery rose in wholesale trade early on Monday, buoyed by a forecast for a sharp fall in wind electricity generation. The German spot power price for Tuesday delivery gained over 9 euros to 34 euros ($42.14) a megawatt-hour (MWh) compared with the price paid on Friday for Monday delivery. The French contract added over 6 euros to 39.10 euros/MWh. Electricity production from German wind turbines will tumble to 16.7 gigawatts (GW) day-on-day on Tuesday compared with over 30 GW the previous day…
Dutch Float Subsidy-Free Offshore Wind Tender
The Netherlands launched an attempt to fund an offshore wind farm without subsidies on Friday, hoping to capitalize on a boom in renewable energy. In the world's first ever so-called 'zero subsidy' tender for wind power, only companies that require no support at all can participate. The Dutch tender follows strong demand at wind farm auctions in Germany earlier this year - where some slots were granted without subsidies - although a Dutch official acknowledged that the Netherlands' move was testing new ground and it might not receive any bids at all.
Chevron to Study Mexican Oil Block
U.S. oil major Chevron Corp will focus on studying the geology of its block in Mexico's deepwater Gulf during the first four-year phase of its contract, rather than drilling new wells, a senior executive said on Thursday. The company, which leads a consortium that includes Mexican state oil firm Pemex and Japan's Inpex, won the rights to deepwater Block 3 at auction late last year. The auction was part of a sweeping 2013-14 energy reform that ended Pemex's decades-long monopoly…
Vistra to Buy Dynegy in $1.7bln Deal
Vistra Energy Corp said on Monday it would buy Dynegy Inc in an all-stock deal worth $1.74 billion, combining two Texas-based power producers in the latest merger in an industry dealing with shrinking profit margins. Debt-laden power producers such as Dynegy have seen their margins fall, as cheap natural gas from shale fields drives electricity prices lower, leading a handful of power companies to merge to cut costs and streamline operations. Earlier this year…
Buffett Bets Big on Energy with $9 Bln Oncor Buy
Warren Buffett's move to spend $9 billion on his largest energy sector acquisition reflects his long-standing drive to diversify his Berkshire Hathaway Inc and deepens his commitment to electricity as a means to boost profit. Berkshire said on Friday that its Berkshire Hathaway Energy unit will buy a reorganized Energy Future Holdings Corp to get access to Oncor Electric Delivery Co, Texas' largest electricity transmission company. The all-cash…
Berkshire Hathaway Nears Deal to Buy Oncor
Berkshire Hathaway Inc's energy unit is nearing a deal to buy utility company Oncor, the Wall Street Journal reported on Thursday, citing people familiar with the matter. Terms of the deal weren't disclosed, but could be announced as soon as Thursday, according to the WSJ report. Berkshire Hathaway was among the leading bidders for Energy Future Holding Corp's Oncor Electric Delivery, Bloomberg had reported in July last year. Power producer NextEra Energy Inc had also bid for Energy Future Holdings' 80 percent stake in Oncor for $18.4 billion.
Wind Power's Big Bet: Colossal Turbines
Wind farm operators are betting on a new generation of colossal turbines, which will dwarf many skyscrapers, as they seek to remain profitable after European countries phase out subsidies that have defined the green industry since the 1990s. The world's three leading offshore wind operators - DONG Energy, EnBW and Vattenfall - all told Reuters they were looking to these megaturbines to help adapt to the upcoming reality with dwindling government handouts.
EUROPE POWER: Spot slides on increased wind
European spot electricity prices for day-ahead delivery fell on Monday, pressured by increased wind power supply, while the June and July contracts gained on a warm and dry weather forecast. * The German baseload spot power price for Tuesday delivery stood at 33.70 euros ($37.85) per megawatt-hour (MWh), down 1.80 euros from the price paid on Friday for Monday delivery. * The French contract for Tuesday delivery clawed back earlier losses and was down 1.75 euros at 34.25 euros/MWh.
New Limits on Pollutants from EU Power Plants
Power plants in the European Union will have to cut the amount of toxic pollutants they emit such as nitrogen oxides under new rules approved by EU member states on Friday and widely applauded by environmental groups. The decision imposes stricter limits on emissions of pollutants like nitrogen oxide, sulphur dioxide, mercury and particulate matter from large combustion plants in Europe. "Air pollution is the prime environmental cause of premature death in the European Union," said Enrico Brivio, a spokesman for the European Commission.
IEA welcomes Italy's Plan to Revisit Energy Strategy
In its latest country review of energy policies, the International Energy Agency praised Italy's comprehensive long-term energy strategy and the acceleration of its efforts to comply with 2020 goals on renewable energy, climate change and energy efficiency. The IEA's new report, Energy Policies of IEA Countries: Italy 2016 Review, said that the country's 2013 National Energy Strategy (NES) sent a strong signal about the government's medium- and long-term objectives for the energy sector.
Czech Energy Group EPH Profit Drops Despite Higher Sales
Acquisitive Czech power group EPH, one of central Europe's biggest energy firms, saw its profit slip in the first half of the year despite increasing sales. EPH has been snapping up coal, gas and nuclear power assets in recent years, betting they will remain strong energy sources and pay off once electricity prices rise from lows. It bought Vattenfall's lignite plants in Germany this year and sold a 30 percent stake in its EP Infrastructure unit to a group of investors led by Macquarie Infrastructure and Real Assets.
Egyptian Oil Company Takes $200 Mln Loan for Electricity Generation
Egypt's state oil company signed a $200 million loan agreement on Tuesday with the African Export-Import Bank to help expand electricity generation and distribution, an Afreximbank statement said. The government announced in August that it was raising household electricity prices by 40 percent as part of plans to eliminate power subsidies in the next few years. Consumption of cheaper electricity has exacerbated energy shortages and power cuts in summer months.