Dutch Plan to Build Giant Offshore Solar Power Farm
An offshore seaweed farm in the North Sea will be turned into a large solar power farm that aims to pipe energy to the Dutch mainland in roughly three years. The project comes at a critical time for the Netherlands, which is struggling to curb fossil fuel use and meet greenhouse gas emission targets after years of underinvestment in renewable energy sources. After an initial pilot next year, a consortium comprising energy producers, scientists and researchers plans to ultimately operate 2…
Jack-up Vessel Seafox 5 Departs DVR
The 151-meter, self-propelled, DP2 jack-up rig Seafox 5 has left the Damen Verolme Rotterdam (DVR) shipyard following a four-month refit in which the boom of its main crane was lengthened to prepare it for a new contract, along with a range of maintenance and other upgrade works. Seafox 5 is now equipped to undertake offshore wind projects involving the next generation of larger wind turbines in water depths of up to 65 meters. Delivered in 2012, Seafox 5 is owned and operated by jack-up specialist Seafox BV; the world´s largest offshore jack-up ASV / offshore support company.
Vestas Bets on Geared Turbines in Tough Wind Markets
Geared turbines said to be cheaper than direct drive rivals and the wind power industry is facing severe cost pressures. Vestas is betting on geared wind turbine technology to meet the ambitious profit-margin target it promised when it reported quarterly results on Wednesday. The world's biggest turbine maker said it targeted a operating profit margin of 9-11 percent in 2018. While this represented a modest decline it was far higher than expected by analysts who forecast about…
Turbine Maker Vestas Eases Investor Worries
Shares rise as much as 7 pct; analysts had feared worse. Vestas forecast a modest decline in profit margins and steady sales on Wednesday, easing investor worries about the impact of growing competition and falling government subsidies on the world's biggest wind turbine maker. Shares in the Danish company, which had dropped around 20 percent over the past year, rose 7 percent in early trading. "It is a sigh of relief," said Sydbank analyst Jacob Pedersen, echoing other analysts who pointed to better-than feared guidance for both 2018 and the longer term.
Sweden to Invest $18 million in Northvolt Battery Plant
Sweden will invest 146 million crowns ($18 million) in a multibillion-euro project to build Europe's biggest battery cell plant in the north of the country, its Energy Agency said on Monday. Swedish company Northvolt, whose CEO Peter Carlsson used to work for Tesla, is racing against rivals such as South Korea's LG Chem to set up large-scale battery cell plants across Europe, where automakers and industrial firms have so far been largely reliant on Asian imports. The money will be used to finance a pilot facility in Vasteras…
US Could Unwind Wind, Solar Restrictions on Federal Lands
The administration of U.S. President Donald Trump is considering changes to a plan that set aside areas for renewable energy development in the California desert, a move it says would promote more wind and solar projects on federal lands. The U.S. Bureau of Land Management, in a statement on Thursday, said it would consider amending the Desert Renewable Energy Conservation Plan as part of a broader federal effort to unwind regulations that impede energy development. The process is also aimed at making more land available for wireless broadband infrastructure…
MagnaDense Aggregate Keeps Hywind Wind Turbines Floating Upright
LKAB Minerals supplied high density MagnaDense for Hywind Scotland, the first commercial floating wind park. The design concept is based on a floating spar-type platform which is anchored to the seabed. The floating spar’s turbine is much taller than the hull and has a moving rotor that harnesses the strong offshore winds in the North Sea. The waves, currents and winds are strong external forces and keeping the very heavy and tall floating wind turbines upright in open sea is a big challenge. A lot of weight is needed to achieve a low center of gravity in the structure.
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, one forecast showed.
Shell in Buying Spree for Clean Energy
Shell spends $400 mln in recent weeks on renewables, power. Royal Dutch Shell has spent over $400 million on a range of acquisitions in recent weeks, from solar power to electric car charging points, cranking up its drive to expand beyond its oil and gas business and reduce its carbon footprint. The scale of the buying spree pales in comparison to the Anglo-Dutch company's $25 billion annual spending budget. But its first forays into the solar and retail power sectors for many years shows a growing urgency to develop cleaner energy businesses.
Siemens Gamesa Gets DNV GL Type Certificate for Wind Turbine
DNV GL has awarded Siemens Gamesa Renewable Energy with the Type Certificate for its eight megawatt (8 MW) offshore wind turbine SWT-8.0-154. Fully compliant to the international wind turbine standard IEC-61400-22, the turbine is now ready for immediate market implementation. New technologies like large offshore wind turbines with an output rate of 8 MW are vital to support the growing wind energy industry in reducing the levelised cost of energy. Siemens Gamesa’s optimised turbine has a rated power increase of 14% compared to the previously certified turbine variant.
DNV GL Alliance for Offshore Wind Energy Development in Vietnam
Singapore-based Enterprize Energy and partner Renewable Energy Global Solutions (REGS), together with PetroVietnam consortium comprising Petroleum Equipment Assembly & Metal Structure (PVC-MS) and VietSovPetro (VSP), MHI-Vestas Offshore Wind (MVOW), and DNV GL signed a series of exclusive Agreements forming an alliance for multi-phased, utility-scale wind developments, offshore Southern Vietnam, including feasibility, environmental, development, financing planning through implementation.
Coal Delays Seasonal Price Decline
It's getting to the time of year when a seasonal decline in thermal coal prices in Asia is to be expected as winter's demand peak passes - but so far the power station fuel is defying gravity. The price of spot cargoes of thermal coal from Australia's Newcastle port, a regional benchmark, ended at $108.75 a tonne on Jan. 19, within touching distance of the $109.50 reached on Jan. 17, which was the highest in a year. The price has rallied 5.8 percent since the end of last year and by 18 percent since the most recent trough of $92.20 a tonne on Nov. 23.
iSURVEY Announces New Contract Awards
iSURVEY, a provider of survey and positioning services to the global oil and gas, offshore renewables and telecommunications markets, said it ended 2017 with contract awards totalling more than £250,000 ($345,000). This work, which was awarded in the last two months of 2017, included two subsea cable excavation projects and a UXO inspection scope. Each of the projects involved offshore wind-related scopes in either U.K. or Northwest Europe, which have contributed to iSURVEY’s sustained growth in the offshore renewables marke, the company said.
VOS Stone Equipped with Ampelmann W2W Gangway
Vroon Offshore Services and Ampelmann have joined forces to deploy a Walk to Work (W2W) solution for the Arkona offshore wind farm, located in the German Baltic Sea. Vroon’s VOS Stone vessel, the newest addition to its offshore-support fleet, will be mobilized with an Ampelmann A400 gangway system. The gangway, launched in 2017, will be utilized for the first time for W2W operations during array cabling work and commissioning of the Arkona offshore wind farm. The A400 gangway system…
Noble's Proceeds from Unit Sale to Vitol Disappoint
Struggling commodities trader Noble Group has completed the sale of its U.S.-focused oil business to the world's largest oil trader Vitol, but net proceeds from the deal are lower than a previously announced estimate, the company said on Monday. In a statement, Noble Group said net proceeds from the sale of Noble Americas Corp (NAC) to Vitol were expected to be about $400 million. In October, Hong-Kong based Noble said gross proceeds from the deal would be about $1.42 billion and it expected to make about $580 million after repaying loans.
Statkraft in Talks with Firms to Set up Data Centers in Norway
Norwegian power firm Statkraft is negotiating with U.S. and other companies to build large data centers in its home country, favored by a recent change in Norway's tax system, the state-owned utility told Reuters on Thursday. Unlike its Nordic neighbours, which have attracted large data center investments from big-data firms such as Apple , Alphabet, Facebook and Hive Blockchain, Norway has not yet cashed in on the trend. Known for its cheap, plentiful supply of hydroelectric power…
Denmark Sets Record with 43 pct of 2017 Power From Wind
Denmark generated close to half of its electricity consumption from wind energy in 2017, setting a new world record as it aims to entirely phase out fossil fuels in its power sector, the country's energy and climate minister said on Thursday. "This will not be the last record we set," Lars Chr. Lilleholt told Reuters. He added that the goal is to cover the windy country's entire electricity consumption with renewable energy, although the timing depends on technological advances.
Noble Group to Exit Oil Trading: Sources
Trader exodus in London, Singapore; Vitol bought core of oil business based in Americas in Oct. Noble Group is closing down its London oil desk and winding down its Asia oil operations, sources familiar with the matter said, as heavy losses and high debt force what was once Asia's biggest commodities trader to restructure. The closures follow the sale of its larger U.S. oil trading business to Vitol, announced in October, and a nine-month loss of some $3 billion reported in November.
If Subsidized, Statoil Will Eye Norway's Offshore Wind
Norway's Statoil may take part in the country's first tender to build floating offshore wind turbines, as long as there are sufficient long-term subsidies, Chief Executive Eldar Saetre told Reuters on Tuesday. "If there are (offshore wind) opportunities in Norway being opened with a relevant incentive structure that makes it profitable, that's obviously something that we will assess," Saetre said on the sidelines of a conference. "It would have to be subsidised, definitely, for a long time," he added.
Wind Turbine Maker Nordex Wins U.S. Orders
Germany's Nordex, the world's sixth-largest wind turbine maker, said on Tuesday it had secured three contracts in the United States worth a combined about 820 megawatts (MW) in power capacity. The orders were placed by two international utilities in December, Nordex said, declining to disclose their names. One order is for 67 turbines for a project in Texas, where it previously supplied turbines to Germany's E.ON. Shares in Nordex jumped 5.5 percent, hitting their highest level in three months.
Orsetd, Formerly Dong Energy, Sued over Name Change
The descendants of Danish scientist Hans Christian Orsted will take legal action on Friday against one of Denmark's biggest companies over its decision to change its name to Orsted, their lawyer said. DONG Energy, the world's largest developer of offshore wind farms, in October renamed itself Orsted as part of its shift to renewable energy from oil and gas. DONG was short for Danish Oil and Natural Gas. It said the new name, chosen from more than 3,000 alternatives, was inspired by 19th century Danish physicist Hans Christian Orsted, who discovered electromagnetism.
Winter Storm Threatens U.S. East Coast Energy Industry
The U.S. energy industry braced for a major test to refineries and power plants as an intense winter storm roared up the Atlantic Coast, bringing heavy snowfall and high winds to a region already beset with several days of extreme cold. The storm is the product of a rapid and rare sharp drop in barometric pressure known as bombogenesis, or bomb cyclone. Heavy snow pounded the East Coast along a front stretching from Maine as far south as North Carolina early on Thursday, knocking out power, icing over roadways and closing hundreds of schools.
Innogy Buys U.S. Onshore Wind Projects
German energy group Innogy on Friday said it had signed an agreement to buy onshore wind power projects worth more than 2 gigawatts in the United States, in what marks the firm's first acquisition in the world's second-largest wind market. Innogy, majority-owned by utility RWE, said it reached a deal to acquire the U.S. onshore wind development business of project group EverPower Wind Holdings from British private equity investor Terra Firma Capital Partners. No purchase price was disclosed. Reporting by Christoph Steitz
Orsted Eyes Massachusetts Offshore Wind
New U.S. tax bill will have some impact on wind investment. Orsted, the world's largest developer of offshore wind, did not bid in the Netherlands' zero-subsidy tender this week, its chief strategy officer told Reuters on Friday. Results of the world's first ever "zero subsidy" wind power on Thursday showed several companies had tendered bids, the Dutch Ministry of Economic Affairs said. Sweden's Vattenfall and Norway's Statoil said they had taken part in the tender, where only bids that require no state support were accepted.
Vestas 'Pleased' US Tax Bill Retains PTC Phase-out
Vestas, the world's top wind turbine manufacturer, said Thursday it was "pleased" the final U.S. tax bill retains a phase-out of production tax credits, after concerns over the bill had shaved almost a quarter of its share price. The final U.S. tax bill retains the production and investment tax credits for wind and solar energy that have spurred investment in these industries. It also eliminates the alternative minimum tax, which would have reduced the value of those credits.
OPEC Mulls Oil Cut Exit Strategy
OPEC has started working on plans for an exit strategy from its deal to cut supplies with non-member producers, two OPEC sources said, a sign that an eventual winding down of the deal is coming onto producers' radar, at least in theory. The Organization of the Petroleum Exporting Countries, Russia and other non-OPEC producers on Nov. 30 extended an oil output-cutting deal until the end of 2018 to finish clearing a glut. But the market is increasingly interested in how producers will exit the deal once the excess is cleared.
Statoil Bids for Dutch Offshore Wind Tender
Norway's Statoil has submitted a bid in a Dutch offshore wind tender for up to 760 megawatt (MW), the firm said on Thursday. The project, which will be the world's first subsidy-free wind park, is called Hollandse Kust Zuid and will consist of two offshore areas in the Dutch North Sea, it added. Reporting by Lefteris Karagiannopoulos
Statkraft Targets Onshore Wind, Hydropower After Offshore Wind Exit
Norwegian utility Statkraft will use some of the proceeds from its divestment of offshore wind parks to invest in onshore wind farms and hydropower plants, it said on Wednesday. On Tuesday the state-owned firm sold to a Chinese-led consortium its last stake in an offshore wind park, Britain's Dudgeon, bringing its total 2017 cash divestment proceeds to 1.2-1.5 billion pounds. "We have a plan to invest in maintaining our hydropower dams and build more renewables, such as solar and onshore wind.
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.
U.S. Tax Bill to Preserve Renewable Energy Credits
The final version of comprehensive tax legislation being negotiated by House and Senate lawmakers will preserve key renewable energy tax credits that were once at risk of being removed, congressional and business sources said on Thursday. Congressional Republicans reached a deal on tax legislation on Wednesday, clearing the way for final votes next week on a package that would slash the U.S. corporate tax rate to 21 percent and cut taxes for wealthy Americans. Congressional…
US Invests $18.5 Mln in Offshore Wind Research
U.S. Secretary of Energy Rick Perry announced $18.5 million in new Department of Energy (DOE) funding for a consortium that will conduct research aimed at reducing the cost of offshore wind in the U.S. As it seeks to capitalize on momentum in the offshore wind market, the U.S. still faces several challenges, such as deep water requiring floating foundations, the need for models predicting how Atlantic hurricanes will impact offshore turbines, and supply chain and operations and maintenance solutions to address the challenges of building and maintaining turbines at sea.
Norway Open to Offshore Floating Wind Power
Norway plans to open one or two offshore regions for construction of floating wind turbines, the Ministry of Petroleum and Energy said in a statement on Wednesday. "The government wishes to accommodate offshore wind power, in particular with demonstrations of floating wind turbines in mind," it said, adding that this should happen "as soon as possible." Norway is western Europe's top producer of oil and natural gas, and has so far lagged Nordic neighbours Denmark and Sweden in wind power developments. Reporting by Terje Solsvik
EDF Wants to Take Part in Saudi Nuclear Plans - CEO
French state-controlled utility EDF wants to take part in Saudi Arabia's plans to build nuclear power reactors, its chief executive told Reuters on Monday. Saudi Arabia, which wants to reduce oil consumption at home, is considering building 17.6 gigawatts of nuclear-powered electricity generating capacity by 2032 and has sent a request for information to international suppliers to build two reactors. Sources familiar with the situation said last month EDF has already held…
Sparrows Group Acquires Alpha Offshore Service
Sparrows Group has cemented its position in the renewables sector with the acquisition of Danish wind energy specialist Alpha Offshore Service A/S. Already a supplier of capital equipment to the wind energy industry, the deal significantly strengthens the group’s operations and maintenance capabilities in the sector. Alpha Offshore provides engineering personnel and inspection services to the energy industry, specialising in the delivery of operations and maintenance, and supervisory and commissioning services to onshore and offshore wind developments.
FERC Seeks Delay of Coal, Nuclear Rule
The new chairman of the Federal Energy Regulatory Commission late on Thursday requested a 30-day delay on a decision on a plan promoted by Energy Secretary Rick Perry to subsidize aging nuclear and coal-fired power plants. Kevin McIntyre, a Republican, wrote a letter to Perry proposing to extend the deadline for a decision on the so-called Grid Resiliency Pricing Rule. Perry in September had issued FERC a directive to consider the rule and decide on it by Dec. 11. The plan…
Gangway Innovation Allows Safer Transfer at Offshore Wind Farms
Ampelmann has created, in cooperation with Seaway Heavy Lifting, an industry first innovation allowing workers safe and efficient access to install the jackets for 84 wind turbines on the Beatrice Offshore Windfarm Limited project in the Outer Moray Firth. Global offshore contractor Seaway Heavy Lifting awarded the EPCI contract to Ampelmann to design and create an Angular Boom Tip. This will allow secure connection at difficult angles for safe gangway transfer between the 5…
German Onshore Wind Subsidies Cut by 2.4%
Feed-in tariffs for onshore wind parks in Germany that were not awarded in auctions will decline by 2.4 percent from April 1, 2018, as capacity expansion was ahead of the government's target rate, Germany's energy regulator said on Friday. * Germany is shifting from a subsidy-based system to one of auctions, but very small facilities or those approved by end-2016 and starting operations by end-2018 are still eligible. * Wind energy accounts for over half of Germany's renewable…
Fugro Wins Work at US Offshore Wind Sites
Fugro said it has been awarded contracts by Ørsted to undertake geotechnical investigations at two large-scale offshore wind development sites in the U.S. Ørsted is pursuing the development of the two new projects: Bay State Wind, located 15 miles off the coast of Martha’s Vineyard, Mass. and Ocean Wind, 10 miles off the New Jersey coast – to bring wind energy to American consumers and businesses. The marine site characterization at both sites involves specialized sampling and in situ testing which Fugro will perform from its DP2 geotechnical drillship, Fugro Explorer.
German Regulator Allows Higher Prices at 2018 Onshore Wind Auctions
Germany's energy regulator said on Wednesday it had set higher maximum prices for auctions next year to build 2,800 megawatts of onshore wind parks and avert the risk that low auction results could discourage sufficient building. The agency, the Bundesnetzagentur (BnetzA), has powers to fix flaws in changes enacted to the renewable feed-in law in 2017. These were aimed at cutting future income for new renewable power installations to relieve the burden on consumers, but it was recognised that tariffs may fall too sharply for the desired expansion of fossil-free energy to be viable.
Vattenfall Orders Offshore Wind Turbines from Siemens Gamesa
Sweden's state-owned Vattenfall has sealed an offshore wind turbine deal with Siemens Gamesa involving 113 turbines to be delivered for installation at three Danish projects with a total power capacity of 950 megawatt (MW), it said on Tuesday. The order had recently been agreed and marked one of the single largest investments in renewable energy made by Vattenfall, it said. Vattenfall said the overall investment into the three projects totalled 1.7 billion euros ($2.0 billion) but did not specify the cost of the Siemens Gamesa order alone.
First Turbine Turned On at E.ON's Rampion
The first turbine has come online at E.ON's Rampion wind farm off the coast of southeast England, the German utility said on Monday. The 400 megawatt project is being built off the Sussex coast by E.ON, UK Green Investment Rampion Ltd and Canadian energy infrastructure company Enbridge. "Over the coming weeks and months the turbines will one-by-one begin to be turned on and generate power as they are brought online. This process will take us into 2018 to complete," said Matthew Swanwick, Rampion's project director.
Wison Signs MOU for Medium Large Floating LNG Power Solution
Wison Offshore & Marine has signed a Memorandum of Understanding (“MOU”) on strategic cooperation with Shanghai Electric Power Generation Group. Two parties will join their efforts in medium to large-scale floating LNG power generation barge, with regards to its product development, global marketing and technical services. Such collaboration aims to promote the commercialization of this new electrification solution while opening up a series of further cooperation in power sector between Wison and Shanghai Electric.
Deal for Floating LNG Powerplant in China
As the proliferation of LNG use spreads rapidly in the maritime and energy sectors, word from China is that Wison Offshore & Marine has signed an MoU with Shanghai Electric Power Generation Group, on a joint effrot to develop medium to large-scale floating LNG power generation barges. Wison brings a wealth of experience and integration capability in floating LNG facilities, while Shanghai Electric is a leader in core gas power equipment and EPC services for international power projects.
Norway's Arctic Oil Plan Violates Constitution, Lawsuit Says
Norway's plan for Arctic oil exploration is unconstitutional because it violates the right to a healthy environment, a lawyer for Greenpeace and the Nature and Youth environmental group told an Oslo court on Tuesday. The case is the first of its kind in Norway and says a 2015 oil licensing round in the Arctic that gave awards to Statoil , Chevron and others violates the constitution. Norway signed the 2016 Paris accord, which aims to end the fossil fuel era this century. The country is Western Europe's largest oil producer and oil and gas are its most important exports.
Coal's Future Remains Uncertain
A year after Donald Trump was elected president on a promise to revive the ailing U.S. coal industry, the sector’s long-term prospects for growth and hiring remain as bleak as ever. A Reuters review of mining data shows an industry that has seen only modest gains in jobs and production this year - much of it from a temporary uptick in foreign demand for U.S. coal rather than presidential policy changes. U.S. utilities are shutting coal-fired power plants at a rapid pace and shifting to cheap natural gas, along with wind and solar power.
U.S. Wind Firms Cheer Senate Tax Bill Provisions
The U.S wind energy industry on Friday cheered a Senate tax proposal that, unlike the House version unveiled last week, preserves the tax credit that helps wind farms compete with plants fired by fossil fuels. The Senate plan brought relief to an industry that has spent the last week warning lawmakers on Capitol Hill that changes to the credit would put $50 billion in planned investment at risk. However, if the House and Senate pass their differing proposals on the Republicans' broad tax-cut plan…
Rovco Wins Gwynt y Môr Windfarm Contract
Rovco has been awarded a three-year contract to support one of the world’s largest offshore wind farms, Gwynt y Môr, eight miles off the coast of North Wales in the U.K. The U.K. subsea company said it will provide its underwater ROV 3D visual survey solution, alongside traditional video, blueview sonar and cathodic protection analysis techniques. Gwynt y Môr consists of 160 turbines that generate enough energy for more than 400,000 homes across the country. It extends over an area of about 80km² and includes two offshore substations and 134kms of onshore cable installations.
Attollo Offshore Joins ELITE
Attollo Offshore, an offshore marine operator, has announced it has joined London Stock Exchange Group’s (LSEG) international business support and capital raising ecosystem, for high growth companies, ELITE. The Aberdeen-based company, renowned for its superior management of assets required for late field life, rig-less well intervention, plug and abandonment and offshore wind projects across Europe, opened the London market on Wednesday 8 November. The Stock Exchange was opened by Aberdeen MP…
Record Low Bid for 24/7 Block Mixing Wind and Solar at Chile Tender
Verano Capital, an American project developer headquartered in Santiago, has announced that the 47 MW solar project they initially developed was selected in Chile’s latest energy tender with a winning bid at $25.38/MWh, the lowest 24/7 block price combining solar and wind ever recorded in the history of energy tenders. The winning bid was offered by a solar project which will be coupled with wind projects to offer a 24/7 supply over a 20-year period. Dylan Rudney, CEO of Verano Capital…
Siemens Gamesa to Cut as Many as 6,000 Jobs
Siemens Gamesa said on Monday it plans to cut as many as 6,000 jobs worldwide as it braces for sales to plunge by as much as a fifth next year. The job cut would amount to more than 20 percent of the company's total workforce of around 26,000. Wind turbine makers have been facing growing competition, putting pressure on pricing and inventory values and raising expectations for more takeovers to build scale. The Spanish-based wind power joint venture, which cut its earnings forecasts twice in recent months, has to date been planning to cut only 700 positions.
Booming Demand Erodes Oil Inventories: Kemp
Global oil consumption is growing rapidly, helping account for the decline in reported inventories, the recent surge in prices and the shift in futures markets from contango to backwardation. Consumption is much harder to measure than production, which is why the demand side of the market receives less attention. Even in the advanced economies, consumption data is only available with a delay of two months or more, and reliable data from emerging economies often not at all.
Offshore Wind Firm Orsted Q3 EBITDA Lags
Danish energy group Orsted , formerly known as DONG Energy, posted third-quarter profits well below analyst expectations on Wednesday as proceeds from a wind farm sale will be booked later than expected. The firm reported earnings before interest, taxation, depreciation and amortization (EBITDA) of 1.76 billion crowns, compared with 4.09 billion crowns seen in a Reuters analyst survey. The firm lifted its 2017 EBITDA outlook for continuing operations to 19-21 billion crowns…
Redfern Joins RCG
The Renewables Consulting Group (RCG) announced the ongoing growth of its expert services team with the addition of Simon Redfern to the firm’s London office as Director. Redfern has a proven and well-respected track record in managing large, multi-disciplinary, geographically diverse teams across the full offshore wind asset lifecycle including development, project financing, construction, operations and equity sale processes. Redfern has deep, senior level commercial and technical experience across the full asset lifecycle of offshore wind projects…
Statoil Aims to Sign Power Purchase Agreement in NY in 2018
Norway's Statoil aims to sign a power purchase agreement with a U.S. utility to develop an offshore wind power project off New York, a senior company official said on Tuesday. Statoil won a lease sale of 79,350 acres offshore New York, which could be potentially used to develop up to a 1 gigawatt (GW) capacity wind power park, by bidding $42.5 million last December. "Now we need to sign a power off-take agreement to develop the project. The counterpart would be one of New York's utilities," Stephen Bull, Statoil's senior vice president, told Reuters on the sidelines of a conference.
Coal to Become a Scarce Commodity?
The idea of coal as a scarce commodity seems somewhat preposterous given it remains one of the most abundant mineral resources on the planet, but the coming years may see a deficit in seaborne markets for the polluting fuel. The current debate surrounding coal is generally one of how long it will continue to play a role in the world's energy mix before it is replaced by cleaner alternatives, mainly renewables such as wind and solar. While various analysts will disagree on how quickly this process will occur…
U.S. Wind Prospects Soar as Trump Signals Support
The United States signed a deal with Denmark on Thursday to expand cooperation on offshore wind power, giving a boost Europe's biggest green energy players. Danish companies DONG Energy and Vestas had feared the nascent U.S. offshore wind sector would be stymied after President Trump vowed to revive the coal industry, challenged climate-change science and blasted renewable energy as expensive and dependent on government subsidies. But both companies now say the Trump administration is increasingly looking at Europe's experience as it seeks to kick-start the sector.
US Marine Sanctuary Oil Drilling Report Sent to Trump, Not Public
U.S. Commerce Department Secretary Wilbur Ross sent a report to the White House on Wednesday containing recommendations on whether to change the boundaries of 11 marine sanctuaries to allow more oil and gas drilling, but the report was not made public. Commerce reviewed sanctuaries containing 425 million acres of coral reefs, marine mammal habitats and pristine beaches, as part of an administration strategy to open new areas to oil and gas drilling. The goal was to “put the energy needs of American families and businesses first…
Statoil’s NY Offshore Wind Project Named 'Empire Wind'
Empire Wind is the project name of Statoil’s offshore wind site located off the southern coast of Long Island, N.Y. “The name Empire Wind captures the pivotal role that this important project will play in helping New York achieve its ambitious renewable energy goal,” said Statoil’s Empire Wind Project Director, Christer af Geijerstam. The 79,350 acre site, secured by Statoil in a federal auction in December 2016, has the potential to generate up to 1GW of offshore wind power for New York City and Long Island…
Rule Changes to Spur French Wind Power Projects Within Months
France will propose rule changes within six months that will remove administrative hurdles and speed the development of onshore wind power projects, its junior ecology minister said. France, which depends on nuclear power for over 75 percent of its electricity needs, plans to ramp up the development of renewable energies during the five-year term of President Emmanuel Macron so as to reduce its dependence on atomic power. Lagging its European peers, France plans to increase installed wind capacity to 15 GW by the end of next year from 12.3 GW as of June…
Siemens Gamesa Announces Board Reshuffle
Siemens Gamesa announced on Friday a major reshuffle of its board, following a Reuters report about investor concerns about the way Siemens is managing the Spanish-based wind power joint venture. Alarmed by a second profit warning last week, Iberdrola representatives had called for significant changes at the top of Siemens Gamesa during a board meeting on Friday, two people with knowledge of the matter said earlier. Reporting by Tom Sims