Australia pledges $735 million for biofuel development
The Australian government announced on Wednesday that it would invest A$1.1billion ($735m) in developing a low-carbon energy industry. This move was welcomed by agricultural groups who hope this will increase demand for biofuels feedstocks such as canola or sugarcane. In a press release, the government stated that this money will be released over ten years to encourage private investment in sustainable aviation fuel and biodiesel. Australia is one of the world's leading producers of fuel-producing crops, such as sugarcane, canola and sorghum. It imports most gasoline and exports a large portion of these crops.
India's Vedanta will keep coal as its base energy source despite clean energy push
Vedanta, an Indian mining and metals company, will continue to use coal as the primary source of energy for its mining operations. However, it aims to increase its share of renewable energy sources in its energy blend, according to a senior executive on Tuesday. Deshnee Niaidoo said that coal accounts for almost 70% of Vedanta’s energy mix in an interview at the FT Live Energy Transition Summit India. Naidoo stated that coal will be the main contributor to Vedanta's baseload. Naidoo stated that the company plans to increase the share of renewables in its operations…
Vedanta's top executive: coal will remain the base energy source for India's Vedanta
Vedanta, an Indian mining and metals company, will continue to use coal as the primary source of energy for its mining operations. However, it aims to increase its share of renewable energy sources in its energy blend. Deshnee Niaidoo said that coal accounts for almost 70% of Vedanta’s energy mix in an interview at the FT Live Energy Transition Summit India. Naidoo stated that coal will be the main contributor to Vedanta's baseload. Naidoo stated that the company plans to increase the share of renewables in its operations, by reducing the dependence on coal power to 50-60% within the next three or four years.
Prices rise sharply due to less wind and nuclear supply
The wholesale European power prices surged Tuesday, as French nuclear power generation dropped and wind power production in the region is expected to be lower on the day ahead. A market that is under-supplied can be identified by the weaker scenario of electricity supply and the higher demand projections. By 815 GMT on Wednesday, the price of French baseload electricity for delivery was 59 euros ($69.57 per megawatt-hour (MWh), up 165.2% over the previous close. The German baseload day-ahead bid was 72.2 euros/MWh after closing at 17.5 euro/MWh. The French nuclear capacity dropped six percentage points, to 73% total capacity.
Australia delays its first offshore wind auction due to global investment retreat
Victoria, Australia, has delayed its first auction of offshore wind farm financing, citing global investments hurdles. This is a blow to an industry that's deemed crucial to Australia's transition away from coal-fired energy to renewables. The state government announced on Tuesday it will delay the auction, originally scheduled for this month. A revised schedule is expected to be released by year's end. Lily D'Ambrosio, Minister of Energy and Resources, said that global investment headwinds made it unlikely an auction would attract enough participants.
Canada and BC approve Ksi Lisims Liquefied natural gas project on Pacific Coast
The federal government of Canada and the province British Columbia have approved Ksi LNG, a project to build a liquefied gas export terminal on Canada's northwest Pacific Coast. The Canadian government, under the leadership of Prime Minister Mark Carney, aims to speed up the construction and completion of natural resources projects in order to increase the economy's potential impact from U.S. Tariffs. The approval granted on Monday officially authorizes Ksi Lisims in accordance with the Impact Assessment Act. This is the comprehensive regulatory framework that governs all major infrastructure projects across Canada.
China renewable auction signals challenges for solar developers
Analysts said that the solar power prices at China's first province-level auction under its new renewable price mechanism are so low, they may discourage investors from launching new projects. The auction held in Shandong last week, which is seen as an indicator for future auctions nationwide, indicates that prices will be lower in the future than they were under the old system, although perhaps not as low as those in Shandong where solar investment drove prices down. The auction was part a reform announced by the government in February to introduce market-based pricing for renewable energy in the dominant producer in the world.
India launches its first national policy on geothermal power
India launched Monday its first national policy for geothermal power, joining the growing list of countries that are relying on underground heat to drive their clean energy transitions. The Ministry of New and Renewable Energy in India said that the policy is designed to unlock India's geothermal potential, which has been untapped. This will be done through incentives and regulations. The use of ground-source heat pumps to provide heating and cooling and to repurpose abandoned oil and natural gas wells is also encouraged. Germany has accelerated its geothermal expansion, and Big Tech firms in the U.S.
Alaskans fear higher energy prices as Trump drills
Alaskans spend nearly two times as much on electricity as the national average. Matt Goodnow, financial counselor at a hospital located in Homer, Alaska, a fishing village on the Kenai Peninsula, said that higher energy costs would be detrimental to the community. The Trump administration is not only planning to eliminate federal funding for renewable energy projects and to remove tax breaks, it also proposes to lift the limits set by former president Joe Biden regarding oil and gas drilling in Alaska. Renewable energy projects in Alaska have been halted or cancelled by leading companies.
Germany is planning to stop using fixed-term contracts for renewable energy installations
According to the Economy Ministry, Germany will no longer use long-term fixed-price contracts for buying power from new renewable energies installations. However, it will continue to support this sector. The critics of fixed feed-in rates say that they are too expensive for the government and energy consumers, and that renewable industries have been established enough to be subjected to market forces. The economy ministry announced that alternative financing models will be examined. The economy ministry said that alternative financing models would be considered after presenting the results of an energy transition monitoring study.
China renewable auction signals challenges for solar developers
Analysts said that the solar power prices at China's first province-level auction under its new renewable price mechanism are so low, they may discourage investors from launching new projects. The auction held in Shandong last week, which is seen as an indicator for future auctions nationwide, indicates that prices will be lower in the future than they were under the old system, although perhaps not as low as those in Shandong where solar investment drove prices down. The auction was part a reform announced by the government in February to introduce market-based pricing for renewable energy in the dominant producer in the world.
Tuesday will continue to see high wind energy supply
The European spot baseload electricity prices continued to be low on Monday due to the high wind energy supply in the region. This is a continuation of the growth that has been occurring since last Thursday. As of 816 GMT on Tuesday, German baseload electricity was not traded at a price of 22 euros per megawatt-hour, down from the Friday closing price of 21 euro. LSEG data revealed that the equivalent French contract was 20 euros/MWh. The Monday contract was not traded on Friday. According to LSEG analyst Naser Hahemi, the residual load for Monday in Germany was below zero because of a strong renewable energy supply.
Andy Home, recycling pioneer, races to close rare earths scrap gaps
This question is more urgent now than ever after China restricted its exports in the first half of this year. The move sent shockwaves throughout Western manufacturing chains. The race to create domestic mine-to magnet supply chains is accelerating, especially in the United States. Here, the Department of Defense has taken a direct stake, MP Materials, the operator of the only rare earths mining facility in the country, and guaranteed a minimum price for the products. Old laptops, powertools and smartphones are all part of the solution.
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 government on Friday also mentioned the possibility of a second LNG terminal in the north-w
Andy Home, recycling pioneers racing to close rare earths scrap gaps
This question is more urgent now than ever after China restricted its exports in the first half of this year. The move sent shockwaves throughout Western manufacturing chains. The race to create domestic mine-to magnet supply chains is accelerating, especially in the United States. Here, the Department of Defense has taken a direct stake, MP Materials, the operator of the only rare earths mining facility in the country, and guaranteed a minimum price for the products. Old laptops, powertools and smartphones are all part of the solution.
Spain increases the cap on grid investments through 2030
Sara Aagesen, Energy Minister of Spain, said that the Spanish government intends to raise a limit on how much investment companies can make in electricity grids until 2030. She expects trunk network investments to be worth 15,94 billion euros (13.59 billion euro). The massive blackout in Spain and Portugal that occurred on April 28, has reignited the debate over investment requirements for power networks. According to Spanish law, energy companies are only allowed to invest a limited amount in networks each year, as the costs will ultimately be borne by the consumers.
Octopus Energy, a British company, partners with a Chinese wind turbine manufacturer
Octopus Energy, Britain's biggest electricity supplier, has signed a contract with Chinese wind turbine maker Ming Yang Smart Energy. This could lead to the installation of the first Chinese-made turbines in Britain. The UK is trying to increase its renewable energy to meet climate targets, but it is also struggling with rising project costs as well as high electricity prices. The companies will explore the use of Ming Yang Smart Energy technology in Octopus Energy’s plans to develop 6 gigawatts through its Winder initiative. This initiative matches project developers with communities who would like to build wind farms.
GASTECH-Japan’s Inpex considers UAE production increase, Norway expansion
Inpex, Japan's largest oil and gas exploration company, is looking at increasing production in its concessions onshore and off-shore in the United Arab Emirates as well as expanding their activities in Norway. This was announced by its chief executive and president on Tuesday. Takayuki ueda, speaking on the sidelines at the Gastech conference held in Milan, stated that this is in line the UAE's plan to increase production from 4 to 5 million barrels a day. We have assets in Norway and just recently acquired assets in the Northern Sea. We also have land to expand our operations in Norway.
Singapore Central Bank secures $510 Million to support green infrastructure in Asia
Singapore's central banks announced on Monday that it had secured $510m in committed capital to be used for a fund which would support green infrastructure in Southeast Asia and South Asia. The Monetary Authority of Singapore announced that it had secured funding from a variety of regional players including Asia-focused lender HSBC, the Australian Government and Singapore's State-owned Investor Temasek. Green Investments Partnership is a fund that will support sustainable transportation, renewable energy, and storage. It's part of the Financing Asia Transition Partnership initiative, launched by Singapore's central bank in 2023.
EIA: US power consumption will reach new highs by 2025 and 26.
The Energy Information Administration (EIA) said Tuesday that the U.S. will reach record-high power consumption in 2025 and in 2026. The EIA projects that power demand will increase to 4,187 billion Kilowatt-hours in 2025, and 4,305 in 2026. This is up from the record 4,097 in 2024. These increases are due to the data centers that focus on artificial intelligence, cryptocurrency and homes and businesses using more electricity for heating and transportation and less fossil fuel. EIA predicts that power sales for residential customers will reach 1…