Daily Energy News
Policy & Regulatory
Canada unveils a new climate plan, targeting net-zero emissions by 2050
23 Nov 2020The Canadian government has unveiled a new plan to reach net-zero emissions by 2050. The new regulation would force the federal government to create interim emissions reduction targets every five years until 2050. In addition, the bill will create an outside advisory board that would provide advice to the government on settings targets and the best sectoral strategies for achieving net-zero. The text is yet to be approved by the parliament.
Read moreIsrael launches a tender for a large solar+storage power project
23 Nov 2020The Ministry of Finance, the Ministry of Energy, the Israel Land Authority and the Electricity Authority of Israel have released a tender for a large solar PV power project near Dimona in the Negev desert. The project will include an energy storage component. Construction is expected to start in late 2021 and to be completed in 2023.
In October 2020, the Israeli government approved a plan to increase the share of renewable energy sources in power generation to 30% by 2030, with the remaining 70% covered by gas, tapping large domestic resources in the Mediterranean Sea.
Read moreIndia will invest US$1.35bn to build 1,000 LNG stations in 3 years
23 Nov 2020Indian companies will invest INR100bn (US$1,350m) over three years to set up 1,000 liquefied natural gas (LNG) stations along main roads and industrial corridors and in mining areas. The first 50 stations would be built in one year on the Golden Quadrilateral highways connecting the four major urban areas of Delhi, Mumbai, Chennai and Kolkatta; the state-owned Indian Oil Corp (IOC) would built up to 20 of them, while Hindustan Petroleum Corp Ltd (HPCL) and Bharat Petroleum Corp Ltd (BPCL) would each build 11 stations, GAIL 6 and Petronet LNG the remaining 2.
Read moreChina will increase subsidies for solar power projects by 57% in 2021
23 Nov 2020The Chinese Ministry of Finance has increased the country’s renewable power subsidies for 2021 by 5% to CNY5.95bn (US$905m). Subsidies for wind and biomass projects dropped by 24% and 18.5%, respectively, to CNY2.31bn (US$351m) and CNY60m (US$9m), whereas subsidies for solar projects increased by 57% to CNY3.38bn (US$514m), with most of this amount directed to solar projects in Inner Mongolia.
Read moreThe EU unveils its offshore wind strategy, targeting 60 GW by 2030
20 Nov 2020The European Commission has unveiled the EU Strategy on Offshore Renewable Energy, which proposes to increase the EU’s offshore wind capacity to at least 60 GW by 2030 and to 300 GW by 2050. In addition, the Commission aims to add 40 GW of ocean energy and other emerging technologies such as floating wind and solar by 2050.
Read moreVietnam approves the creation of an emission trading scheme
20 Nov 2020The Vietnamese National Assembly has passed a new law on environmental protection, which creates an emission trading scheme (ETS) on 1 January 2022. The new regulation stipulates that the ETS must suit the local context and comply with international climate change treaties. The government will specify targets, timelines and regulated industries in a decree at a later stage. In addition, the law authorises enabling measures like national greenhouse gas (GHG) emission inventories, and the monitoring, reporting and verification of emissions.
Read moreCompanies
China’s SPIC buys a Mexican renewable IPP with 818 MW of capacity
23 Nov 2020China’s State Power Investment Corporation (SPIC) has completed the acquisition of Mexico’s independent renewable power producer Zuma Energia. The Mexican company owns and operates two solar power plants in Sonora and Chihuahua and two projects in Tamaulipas and Oaxaca, with a total installed capacity of 818 MW.
Read moreEnergy & Climate Markets
EDF’s Hinkley Point B nuclear power plant will shut down in 2022 (UK)
23 Nov 2020EDF Energy, the UK subsidiary of EDF, has decided to move the 945 MW Hinkley Point B nuclear power plant into the defueling phase no later than 15 July 2022. The plant, which comprises two gas-cooled reactors (GCR) and was commissioned in 1976 in Somerset (United Kingdom), suspended power generation in June 2020, to undertake extensive graphite inspections and conduct maintenance.
Read moreInfrastructure & Investments
A consortium plans a 1.4 GW offshore wind project in Norway
23 Nov 2020Asko Fornybar has entered into a partnership with Norseman to jointly develop a 1.4 GW offshore wind project at the Sørlige Nordsjø II licensing area in southern Norway, which borders the Danish North Sea. Asko Fornybar’s share of the project would be about 400 MW.
Read moreVenture Global delays FID on Plaquemines LNG export project to 2021 (US)
23 Nov 2020Venture Global LNG has postponed the final investment decision (FID) on its proposed 20 Mt/year (27 bcm/year) Plaquemines LNG export terminal in Plaquemines Parish, Louisiana (United States) from late 2020 to mid-2021. The company plans to start construction work in 2021, with the first liquefaction unit expected to enter service in 2024. The US$8.5bn project should be fully operational in 2025.
Read more
No Comment