Daily Energy News
Policy & Regulatory
EU members states approve EU Climate Law on climate neutrality by 2050
30 Jun 2021
Ministers from the 27 EU Member States – except for Bulgaria – have formally approved the EU Climate Law, which was endorsed by the European Parliament earlier in June 2021, concluding the procedure for adopting the climate neutrality target by 2050 in the EU legislation. According to the EU Climate Law, the European Union will have to cut its net greenhouse gas (GHG) emissions by at least 55% by 2030 compared to 1990 levels and to reach climate neutrality by 2050.
Denmark launches a 428 MW technology-neutral renewable tender
30 Jun 2021
The Danish Energy Agency has launched the technology-neutral renewable tender process for 428 MW of capacity, with the release of the auction documents. The tender, which will offer DKK1.2bn (€160m) in aid, is open to solar PV, onshore wind, offshore wind, wave power and hydropower. The auction will open in August 2021 and close in October 2021.
Senegal’s Parliament approves electricity sector reform and energy regulator
29 Jun 2021
The National Assembly (Parliament) of Senegal has adopted a bill submitted and defended by the Ministry of Petroleum and Energy that reforms the country’s electricity sector. The new law introduces the country’s first electricity code, which aims to provide a new regulatory framework for the power sector and integrates regulations related to rural electrification, provisions for independent power producers (IPPs), renewables and energy savings.
Poland selects 2.5 GW of solar PV and wind projects in auctions
29 Jun 2021
The Polish Energy Regulatory Office has announced the results of the eight renewable auctions held in May and June 2021, which failed to award the expected volume. Only three of the eight auctions were settled, with the sale of less than 37 TWh (compared to an expected 68 TWh), for a total value of PLN 8.5bn (€1.9bn), down from an expected total value of PLN 24bn, i.e. €5.3bn).
Companies
SWEPCO (AEP) seeks proposals for 3.55 GW of capacity (United States)
30 Jun 2021
Southwestern Electric Power (SWEPCO), an affiliate of American Electric Power (AEP), has issued three Requests for Proposals (RfPs) for renewable and short-term generating capacity totalling 3,550 MW, including 3,000 MW of wind, 300 MW of solar and 250 MW of short-term capacity. Bids are open until 12 August 2021.
Energy Prices & Taxes
Lebanon increases gasoline and diesel prices by more than a third
30 Jun 2021
The Lebanese government has increased the price of gasoline by 35% to LBP3,055/l (US$2.03/l) and the price of diesel by 38% to LBP2,305/l (US$1.53/l) after the central bank (Banque du Liban) ended the subsidy scheme to import petroleum products at a preferential exchange rate. The subsidy scheme, which costed US$1.7bn in 2020 for the import of petroleum products according to the World Bank, used to cover 85% of fuel imports in Lebanon, at an official exchange rate of LBP1,507 per US dollar (the rest of the cost was financed by importers at the street rate).
Forecasts
Australia lowers its global demand growth forecast for thermal coal
30 Jun 2021
According to the Australian Office of the Chief Economist’s (OCE) latest Resources and Energy Quarterly (REQ), global trade in thermal coal is forecast to increase from 1.025 Gt in 2020 to 1.032 Gt in 2023 (+0.7%). In March 2021, the institution planned that global thermal coal trade would increase from 1.036 Gt in 2020 to 1.101 Gt in 2023 (+6%). The downgrade is mostly due to a slower growth in thermal coal demand than previously expected in India and a faster decrease in consumption in Japan and South Korea.
Infrastructure & Investments
Rosatom starts building Kudankulam 5 and 6 nuclear reactors (India)
30 Jun 2021
Rosatom has started building the 5th and 6th units at the Kudankulam nuclear power plant in Tamil Nadu (southern India), with the First Pour of Concrete (FPC). The construction of the 1,000 MW reactors is expected to be completed in 2026-2027.
BGC will develop a 4.1 bcm/year gas processing plant in Iraq
30 Jun 2021
The International Finance Corporation (IFC), the private sector arm of the World Bank Group, has arranged a five-year, US$360m loan for the Iraqi gas processing joint venture Basrah Gas Company (BGC). This loan will partially finance the construction of a new gas-processing plant, Basrah Natural Gas Liquid Extraction Plant (BNGL) with a capacity of 4.1 bcm/year. The project will increase BCG’s current processing capacity (9.3 bcm/year) by 40% within the next five years.
Congo DR signs PPAs for 200 MW of solar capacity
30 Jun 2021
SNEL, the state-owned power utility of the Democratic Republic of Congo, has signed two Power Purchase Agreements (PPAs) with Financing Access for the construction of two 100 MW solar power plants in Kolwezi (Lualaba) and Likasi (Haut-Katanga) in the south of the country. To develop the two power plants, which are forecasted to cost U$157m and US$148m respectively, Financing Access partnered with the Hong Kong-based investment fund Green Power Capital (GPC). The projects are expected to enter construction in March 2022 and to be commissioned in early 2023.
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