Daily Energy News
Policy & Regulatory
Angola unveils a new Nationally Determined Contribution
2 Jun 2021
Angola has unveiled a new Nationally Determined Contribution (NDC). The country commits to reduce its greenhouse gas (GHG) emissions by 2025 below a business-as-usual (BAU) scenario by 14% using its domestic resources (unconditional target) or by 24% with international support (conditional target).
Italy awards only 298 MW of renewable capacity in a 2.5 GW tender
2 Jun 2021
The Italian energy agency GSE (Gestore dei Servizi Elettrici) has published the results of the fifth tender for renewable capacity under the country’s new renewable support scheme. A total quota of 2,461 MW was offered but the call for projects was largely under subscribed, with only 358 MW of bids submitted (around 15% of the available capacity). The auction for large renewable projects (>1 MW), with 1,863 MW of capacity available, attracted 18 bids totalling 123 MW and only 17 bids totalling 98 MW were admitted (5% of the available capacity).
Spain unveils draft law to curb electricity prices and promote renewables
2 Jun 2021
The Spanish Council of Ministers has approved the draft law to create a National Fund for the Sustainability of the Electric System (FNSSE), which would support the costs associated with the specific remuneration regime for renewables, cogeneration and waste (RECORE). The FNSSE is expected to avoid electricity price increases, to give clear signals of electrification of the economy, and to provide the certainty, sustainability and balance to the system to boost investments.
South Korea will upgrade its goal for reducing GHG emissions
1 Jun 2021
South Korea has pledged to raise its target to reduce its greenhouse gas (GHG) emissions by 2030. In December 2020, the country vowed to cut GHG emissions in 2030 by 24.4% compared to their 2017 level. The country aims to reach carbon neutrality by 2050.
Japan will launch a green certificate trading scheme in November 2021
1 Jun 2021
Japan plans to open a platform for trading green certificate in November 2021. The Green Investment Promotion Organization, a group including banks, will certify electricity generated from renewables and sell the certificates to companies through the new market. Proceeds of the sales will be used to purchase renewable energy, with the aim of reducing the tariff-system costs tucked into electricity bills.
Companies
Nigeria’s NNPC might acquire a stake in the 650 kb/d Dangote refinery
2 Jun 2021
The Nigerian National Petroleum Corporation (NNPC) plans to acquire stake in six private refineries developed in the country, including in the 650,000 bbl/d Dangote Petroleum refinery in the Lekki Free Zone near Lagos, which is expected to be commissioned in 2022. The government recently ordered the mandatory participation of the NNPC in any privately-owned refinery that exceeds 50,000 bbl/d.
Infrastructure & Investments
Poland and Lithuania take FID for the Harmony power interconnection project
2 Jun 2021
The power transmission system operators (TSOs) of Poland and Lithuania PSE and Litgrid have made the final investment decision for the Harmony Link interconnector project, a High Voltage Direct Current (HVDC) line between the two countries. The 330 km long line will connect the Żarnowiec substation in Poland with the future Darbėnai substation in Lithuania and will have a transmission capacity of 700 MW. The €700m project, which is co-financed under the EU’s Connecting Europe Facility (CEF) with a €500m grant, is expected to be completed in 2025.
Equinor and partners take FID for Bacalhau oil phase 1 in Brazil
2 Jun 2021
Equinor (40%, operator), ExxonMobil (40%), Petrogal Brasil (Galp Energia, 20%) and Présal Petróleo SA (government company, PSA manager) have taken the Final Investment Decision (FID) to develop Phase One of the Bacalhau field in the Brazilian pre-salt. The project, which will have a break even price below US$35/bbl, requires an investment of US$8bn. It will consist of 19 subsea wells tied back to a floating production, storage and offloading unit (FPSO) with a production capacity of 220,000 bbl/d and 2 mbl/d of storage capacity. First oil production is planned in 2024.
Cerulean Winds plans a 3 GW floating wind project (UK)
2 Jun 2021
Cerulean Winds plans to develop a 3 GW floating wind project in the British North Sea (United Kingdom). The company submitted an application for a lease to Marine Scotland, which oversees Scotland’s seas and freshwater fisheries. The £10bn (€11.6bn) project, comprising 200 floating wind turbines, would supply power to offshore oil and gas facilities. The power plant could also feed power to onshore hydrogen plants.
The Temane natural gas project (Mozambique) enters construction
2 Jun 2021
The Temane gas and energy project in Mozambique in the province of Inhambane has entered construction. The project, is expected to cost US$760m, includes a 450 MW gas-fired power plant and a liquefied petroleum gas (LPG) and light oil production plant. It also includes a US$200m power transmission line between Temane and Maputo. Commissioning is scheduled in 2024.
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