Daily Energy News
Policy & Regulatory
Germany issues tender for 650 MW of ‘innovative’ renewable projects
16 Jul 2020The German energy regulator (Bundesnetzagentur, federal network agency) has launched a tender for 650 MW of renewable power projects with innovative technologies (400 MW for 2020 plus 250 MW for projects non awarded in 2019), focusing on bids on arable and grassland areas in disadvantaged areas. The upper limit in the network expansion area for this tender round is 141 MW. Projects developers will have to submit their bids by 1 September 2020 and the bids will be capped at €3c/kWh for individual systems and at €7.5c/kWh for system combinations.
Read moreSouth Korea unveils Green New Deal focusing on EV and hydrogen cars
16 Jul 2020South Korea has presented its KRW 73tn (US$61bn) Green New Deal, aimed at developing a low-carbon economy and which would focus on developing electric and hydrogen cars. The country aims to raise the number of electric vehicles on the roads from 91,000 in late 2019 to 1.13 million by 2025 and that of hydrogen cars from 5,000 to 200,000. Earlier in July 2020, the city of Seoul announced that it would stop registration of vehicles with internal combustion engines in 2035 and that it would convert public buses to hydrogen or electricity by 2025.
Read moreSaudi Arabia updates its net-metering scheme for rooftop PV systems
15 Jul 2020The Electricity and Cogeneration Regulatory Authority (ECRA) of Saudi Arabia has released new rules for distributed solar PV systems ranging from 1 kW to 2 MW for all kinds of energy consumers, in order to encourage electricity consumers to install PV systems under the national net metering scheme. Saudi power distribution companies will have to provide the information needed for feasibility studies to consumers willing to install PV systems and to apply for grid connections.
Read moreCompanies
PKN Orlen (Poland) plans to take over oil and gas group PGNiG
16 Jul 2020The Polish oil refiner and retailer PKN Orlen (27.5% owned by the State of Poland) has signed a Letter of Intent (LoI) with the Polish State Treasury to take control over the national oil and gas company PGNiG. In addition, it has received the approval from the European Commission to acquire its smaller rival Grupa Lotos.
Read moreWoodside (Australia) announces US$3.9bn impairment charges
16 Jul 2020The Australian independent gas producer Woodside Petroleum has announced non-cash, post-tax impairment losses of US$3.92bn, including US$2.76bn for oil and gas properties (Pluto, NWS Gas, Wheatstone, Okha, Ngujima-Yin in Australia and Sangomar in Senegal) and US$1.16bn for exploration and evaluation assets (WA-404-P, WA-430-P and Sunrise in Australia, and Kitimat LNG in Canada), leading to a post-tax loss of US$4.37bn. The company will also recognise a non-cash, post-tax onerous contract provision for the Corpus Christi LNG sale and purchase agreement of US$447m.
Read moreSaudi Aramco will reorganise its downstream business (Saudi Arabia)
16 Jul 2020Saudi Arabia’s national oil company Saudi Aramco has decided to reorganise its downstream activities to improve its integration across the hydrocarbon value chain and to enhance its competitiveness. The group’s downstream business will be organised along four commercial business units, namely Fuels (including Refining, Trading, Retail and Lubes); Chemicals; Power; and Pipelines, Distribution and Terminals. In addition, these business units will be supported by three corporate functions: Manufacturing, Strategy and Marketing, and Affiliates Affairs.
Read moreE.ON divests innogy’s power and gas retail business in the Czech Republic
15 Jul 2020The German energy group E.ON has signed an agreement with the Hungarian state-owned energy company MVM Group to sell innogy Ceska republika, innogy’s entire electricity and gas retail business in the Czech Republic, to MVM Group for an undisclosed amount. The sale includes a portfolio of 1.2 million gas customers and 0.4 million electricity customers in the Czech Republic, along with cogeneration assets and a wholesale and e-mobility portfolio. The transaction is expected to close before the end of 2020, subject to the approval of the European Commission.
Read moreEnergy & Climate Markets
OPEC+ relaxes crude oil production cuts as global demand is recovering
16 Jul 2020The OPEC and some of its allies – the so-called OPEC+ – have agreed to ease crude oil production cuts as the global economy is slowly recovering from the coronavirus pandemic. Production cuts will be eased to 7.7 mb/d from 1 August 2020 until the end of 2020.
Read moreInfrastructure & Investments
NextDecade revises design for Rio Grande LNG project (US)
16 Jul 2020The US energy group NextDecade has revised the design of its proposed 27 Mt/year Rio Grande LNG project in Brownsville, Texas (United States) and decided to build five LNG trains rated 5.4 Mt/year each, instead of six 4.5 Mt/year liquefaction
Read moreTotal seeks to revive US$1bn offshore gas project in southern Argentina
16 Jul 2020A consortium of Total, Wintershall Dea and Pan American Energy (PAE) is considering reviving the Fénix offshore gas project in the Austral basin of Argentina, estimated at US$800m to US$1bn. Total has proposed to the national government of Argentina to include the Fénix project under the new gas market contractualization scheme that is under preparation. So far, the proposed gas production subsidy scheme would focus on Tierra del Fuego and the Neuquén Basin that includes the Vaca Muerta field.
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