China's Industry Ministry is set to take on the price war in the solar sector
In an effort to support the sector, China's Industry Ministry pledged to stop the disorderly low-priced competition in the photovoltaic market. Overcapacity, coupled with a price war that has lasted for a long time, have caused many of China's top solar manufacturers to suffer losses. Li Lecheng (China's Industry Ministry) said that in a meeting with representatives of solar companies and associations, the authorities should encourage companies to improve their quality and "promote an orderly withdrawal of outdated production capacities…
Zelestra, a Spanish renewable energy company, has received an additional $280 million for financing.
Leo Moreno, chief executive of Spain's Zelestra, said that the company has received a loan increase in the amount of 235 million euros ($277 millions) to help develop renewable energy projects across Europe, America and other countries. Zelestra, owned by the Swedish investment firm EQT (formerly known as Solarpack), has expanded beyond solar energy to include wind power and storage assets. The sustainability-linked financing, provided by a pool of 11 banks, dates back to 2023. The loan value has increased by 770 millions euros.
RPT-Pakistan is looking to sell surplus LNG in the face of a glut in supply that has slowed down local gas production - Document
According to a presentation by a government official who is familiar with the issue, Pakistan is looking for ways to sell surplus liquefied gas (LNG). This could result in losses of $378 million per year to domestic producers. A second official confirmed that the country imports LNG from Qatar, but has a surplus of at least three cargoes. It has no immediate need for these LNG, so it is selling them at steep discounts. Data from the energy think tank Ember revealed that the use of solar power…
Document: Pakistan wants to sell its excess LNG due to a glut of supply that is reducing local gas production.
According to a government official and a presentation, Pakistan is looking for ways to sell surplus liquefied gas (LNG). This could result in losses of $378 million per year to domestic producers. A second official confirmed that the country imports LNG from Qatar, but has three cargoes left over. It has no immediate need for them, so it is selling them at steep discounts. Data from the energy think tank Ember revealed that the use of solar power, which is cheaper, has been gaining ground at the expense gas-fired generators.
The U.S. Senate has preserved some tax credits for renewable energy in the Trump bill
The shares of U.S. renewable-energy firms showed mixed results in the early trading on Monday after the U.S. Senate passed President Donald Trump's tax and spending bill. The final version of the bill preserved tax credits for solar leases -- an arrangement in which a third party owns and installs solar panels on the property of a customer for a fee for the use of the system and electricity it produces. After weeks of uncertainty, the provision has lifted several solar names.
Britain Rejects Moroccan Subsea Power Project In Favor of Domestic Solutions
Britain has rejected a 25 billion pound ($34.39 billion) Moroccan renewable energy project that would have used solar and wind power from the Sahara to supply up to seven million UK homes.The British government, which is aiming to largely decarbonise its electricity sector by 2030, said on Thursday it believed domestic projects could offer better economic benefits."The government has concluded that it is not in the UK national interest at this time to continue further consideration of support for the Morocco-UK Power Project," energy department
EU relaxes rules on state aid to promote green projects and reduce carbon footprint
The European Commission announced Wednesday that it would make it easier for businesses to receive state aids to support projects to reduce carbon emissions or to switch to "green" projects. Heavy industries will also benefit from temporary price reductions in electricity under the new rules. The Commission announced Wednesday that the new rules for state aid, which are valid until December 2020, will help revitalise Europe’s industries through its Clean Industrial Deal.
EU relaxes rules on state aid to promote green projects and reduce carbon footprint
The European Commission announced Wednesday that it would make it easier for businesses to receive state aids to support projects to reduce carbon emissions or to switch to "green" projects. Heavy industries will also benefit from a temporary reduction in power prices under the new rules. The Commission announced Wednesday that the new rules for state aid, which are valid until December 2020, will help revitalise Europe’s industries through its Clean Industrial Deal.
Senators say that the US Senate is adjusting the language regarding rooftop solar in its budget bill.
Kevin Cramer, a senator from the United States Senate, said that they are working to adjust a tax credit for residential rooftop solar energy which had been removed in both versions of the House of Representatives' and Senate Finance Committee's versions. Cramer is a Republican and he serves on the Senate Energy Committee. He told reporters "there are discussions" about rooftop solar in the context of the discussion on how to fix the language regarding the future Inflation Reduction Act Tax Credits for Clean Energy Projects.
Draft document shows that heavy industries will get a price reduction on electricity under the new EU regulations
A draft of the new EU rules on state aid, which are due to be published by the European Commission on Wednesday, revealed that heavy industries would receive a temporary reduction in electricity prices. This is despite criticisms from companies about high energy costs and restrictive green regulations. Eurometaux, a group of metals industry professionals, sent a warning to Ursula von der Leyen at the beginning of this month. The letter warned that the sector was losing its competitiveness in comparison with U.S.
Octopus Energy and DTEK raise $115 Million for Ukraine solar projects
The companies announced on Monday that they are seeking to raise up to 100 solar- and battery-related projects in Ukraine by raising 100 million Euros ($115 million) within the next three year. DTEK CEO Maxim Timchenko stated that since Russia's invasion of 2022, around 70% Ukraine's thermal power generation capacity has been destroyed. This creates the need for additional power sources. He said at the Octopus Tech Summit in London, launching the Resilient Independent Solar Energy initiative (RISE).
INSIGHT-Oklahoma! How America hopes it can compete with China on critical minerals
A two-story warehouse nestled under Oklahoma's Wichita Mountains contains the only machine capable of refining Nickel, an important energy transition metal that is now dominated by China. The facility, which is owned by Westwin Elements a startup, hopes to make Oklahoma the epicenter of critical minerals processing in the United States, a field that was largely abandoned a few decades ago. To get there, the state must overcome many obstacles…
Statkraft, Norway to reduce costs by $292 million and may layoffs
Statkraft, the Norwegian state-owned utility, announced on Wednesday that it will reduce its annual costs of around 15%, or 2.9 billion crowns (US$292 million), by 2027. Statkraft cited increased global uncertainty as well as higher expenses and lower electricity prices. After reducing its hydrogen ambitions last year, the company announced in May it would no longer be developing any new green hydrogen projects because of higher costs and an uncertain demand.
Rural Oklahoma aims to become a hub of critical minerals processing in the United States
A two-story warehouse nestled under Oklahoma's Wichita Mountains contains the only machine capable of refining Nickel, an important energy transition metal that is now dominated by China. The facility, which is owned by Westwin Elements, hopes to make Oklahoma the epicenter of critical minerals processing in the United States, a field that was largely abandoned by the country decades ago. To get there, the state must overcome several obstacles…
US Senate proposes to phase out solar and wind energy tax credits completely by 2028
According to a draft bill circulated Monday, the U.S. Senate Tax Committee proposed a complete phase-out of tax credits for solar and wind power by 2028. However, it extended incentives to 2036 in favor of hydropower, geothermal and nuclear energy. These are all preferred by President Donald Trump. The draft, released by Republican Senator Mike Crapo as the chair of the committee, would phase out the tax credits for solar and wind power enshrined in the Biden-era 2022 Inflation Reduction Act by 2026, reducing it to 60% and ending it by 2028.
China's fossil fuel power generation increases in May
Official data released on Monday showed that thermal power generation, fueled primarily by coal, increased 1.2% in May compared to the same month last year. Hydropower production was also affected by a drought in some parts of China. Data suggest that China will continue to reduce its fossil-fuel consumption this year. However, fluctuations in the generation of non-fossil energy create uncertainty. According to the National Bureau of Statistics…
Amazon will invest $13 billion over 5 years in Australia's Data Center Infrastructure
Amazon announced in a Saturday blog post that it will invest A$20 Billion ($12.97 Billion) between 2025 and 2029 in Australia to expand, maintain, and operate its data center infrastructure. This investment is expected to boost the country's artificial-intelligence capabilities. Amazon has made its largest technology investment in Australia. The funding will be used to support new server capacity, as well as generative AI workloads. It added that the company will also invest in three new solar farm in Victoria and Queensland.
German utility RWE announces partnership with tech giant Amazon
The German utility RWE announced on Thursday a strategic framework deal with tech giant Amazon, in which the utility will deliver clean energy and receive cloud services in exchange. Cloud services include artificial intelligence and data analysis in exchange for electricity provided by RWE's solar and wind facilities. Some of these are already operational and others are in construction. RWE, a major utility company in Europe, has a portfolio…
World Bank will end nuclear energy ban, but still debate upstream gas
Ajay Banaga, president of the World Bank, said that its board had agreed to lift a ban on financing nuclear energy projects for developing countries. This is part of an effort to meet the growing demand for electricity. Banga sent an email outlining the bank's new energy strategy to its staff following what he described as a constructive meeting with the board. Banga said that the board had not reached a consensus on whether or not the bank should be involved in upstream natural-gas projects.
India extends waiver on transmission charges for energy storage projects to June 2028
The power ministry announced on Tuesday that India will waive all inter-state transmission fees for projects involving electricity storage until June 2028. This is in response to the country's ambitious goals of boosting energy storage and achieving its clean energy targets. Power producers are paid by purchasers, who are typically distribution companies. This payment includes transmission charges. The government has announced that it will…
Shanghai's solar conference focuses on losses and pricing reform
The mood will likely be subdued when the largest solar energy conference in the world kicks off on Tuesday in Shanghai, as Chinese solar panel manufacturers grapple with the oversupply of panels and price reforms. The majority of solar farms in the world are powered by modules and cells made in China. However, the top Chinese producers are suffering billions in losses due to the fierce competition that has driven prices well below their cost. In response, producers are reducing production.
Wall Street futures are subdued in advance of US-China Trade Talks
U.S. Stock Index Futures were Subdued On Monday As Investors Looked Ahead To Talks Between The United States And China Intended At Repairing A Trade Rift That Has Shackled Financial Markets For Much Of This Year. The top officials of both countries will be meeting in London in order to resolve disagreements over a preliminary accord reached last month in Geneva, which had temporarily cooled tensions. The meetings take place four days after U.S. president Donald Trump and Chinese President Xi Jinping had spoken by phone.
Sunnova Energy files for Chapter 11 bankruptcy protection
Sunnova Energy announced on Sunday that it filed for Chapter 11 bankruptcy in the United States. The residential solar panel installer is struggling with a huge debt pile and slow demand. Sunnova, a company that is restructuring its debts, warned in March it might not be able continue to operate as a business. According to a filing in court, the company's estimated assets and liabilities ranged from $10 billion to $50 million. Sunnova announced last week that it would cut about 55%, or 718, of its workforce in an effort to reduce spending.
The US solar energy market will slow down as Washington shifts its priorities
A report released on Monday by the top solar trade association predicts that the number of new solar energy installations in the United States will decline over the next five-year period as the industry struggles with a federal policy shift favoring fossil fuels and tariffs. According to the Solar Energy Industries Association's and Wood Mackenzie's forecast, new solar capacity in 2030 will be over 10% less than it was in 2025. This includes an assessment of the impact of federal tariffs that will be imposed on steel and aluminum…
Sunnova Energy will lay off 718 workers
Sunnova Energy announced on June 5, that it will lay off approximately 55% of its employees or 718 workers in an effort to reign in spending, as the residential solar panels installer struggles with a massive amount of debt and a sluggish market. In March, the company warned that it may not be able continue to operate as a going-concern. Sunnova has not provided details of the charges that it will incur as a result of the layoffs. Last month…
Spain pays first arbitral award in long-running dispute over renewable subsidies
A spokesperson for the Energy Ministry said that on Thursday, the Spanish government had agreed to pay 37 million dollars to an American fund in order to settle a dispute over renewable energy subsidies which were reduced more than a decade earlier. After the conservative government of Spain cut renewable subsidies in 2013, to reduce an artificially low power tariff deficit that had been built up over years, foreign investors, mainly investment funds, filed a lawsuit against Spain.
