Daily Energy News
Policy & Regulatory
India aims to become carbon neutral by 2070
3 Nov 2021
India has pledged to reach net-zero emissions in 2070. The country also aims to reach a non-fossil energy capacity of 500 GW by 2030 (from 144 GW in 2020) and to meet 50% of its electricity requirements from renewables by 2030 (up from 19% in 2020, including hydro). In addition, India intends to reduce emissions by 1 GtCO2eq and carbon intensity by 45% by 2030; it will seek to make its railway network carbon neutral by 2030 (estimated CO2 emission reduction of 60 Mt/year) and to replace light bulbs with LEDs (40 Mt/year of estimated emission reduction).
Several economies made new climate pledges ahead of COP 26
3 Nov 2021
Brazil has updated its Nationally Determined Contribution (NDC), bringing forward its goal to reach climate neutrality from 2060 to 2050.
Belgium will subsidise two Engie gas-fired projects under its capacity scheme
3 Nov 2021
The Belgian power transmission system operator (TSO) Elia has released the results of the first capacity remuneration mechanism (CRM) auction for the 2025-2026 delivery year. 40 offers were selected, representing a total capacity of 4,448 MW at an annual average price of €31,671.57/MW. Most of the offered capacity comes from existing units (56%), 7% comes from demand side management, 1% from batteries, and 36% from two new gas-fired CCGT power projects in Vilvoorde (796 MW) and Les Awirs (805 MW), that are both developed by Engie, through its Belgian affiliate Engie Electrabel.
The United States seeks to advance offshore wind in the Atlantic and Gulf of Mexico
2 Nov 2021
The US Department of the Interior has announced three major milestones to advance commercial offshore wind energy development (US). The Department will propose a lease sale for wind energy development in the Carolina Long Bay area offshore North Carolina and South Carolina. The proposed lease area consists of approximately 127,865 acres (517 km2) and includes the majority of the Wilmington East Wind Energy Area, which has the potential to unlock more than 1.5 GW of offshore wind.
Scotland launches consultation on an additional 8-12 GW of onshore wind by 2030
2 Nov 2021
The Scottish government (United Kingdom) has launched a consultation on its ambition to secure an additional 8-12 GW of installed onshore wind capacity by 2030. Scotland has currently 8.4 GW of installed onshore wind capacity and 202 projects totalling 9.7 GW in the pipeline. The country aims to develop 11-16 GW of renewables by 2032.
In the United Kingdom, the wind capacity has been progressing rapidly since 2010, by 2 GW/year on average, reaching 26.1 GW at the end of 2020. The UK has the largest offshore wind capacity worldwide (10.4 GW).
Companies
Australian power TSO AusNet agrees to Brookfield’s US$7.7bn takeover offer
3 Nov 2021
Australia’s AusNet Services has agreed to a binding AUD10.2bn (US$7.7bn) takeover offer submitted by the Canadian infrastructure investor Brookfield Asset Management, entering into a Scheme Implementation Deed (SID), under the terms of which AusNet shareholders will receive a 34% premium over AusNet’s share prices before the offer (17 September 2021). However, the SID allows AusNet to consider any superior proposal that rival bidder APA Group may submit. APA had also made a non-binding buyout proposal in September 2021.
Energy & Climate Markets
Moldova signs a new gas supply agreement with Russia’s Gazprom
3 Nov 2021
Moldova has signed a new five-year natural gas supply contract with Russia for 3 bcm/year. The previous agreement expired at the end of September 2021 and the two sides have been discussing the new prices and Moldova’s gas debt (around US$710m) since then. Under the new agreement that should be signed in 2022, Moldova will pay around US$450 per 1,000 m3 of natural gas, compared to US$250 per 1,000 m3 in the previous contract (and US$790 per 1,000 m3 initially offered by Gazprom).
Energy Prices & Taxes
Turkey will raise gas prices by 47% for power plants and 48% for industry
3 Nov 2021
The Turkish state-owned energy group Botas has raised natural gas price by 47% for power plants and by 48% for the industry, due to surging global gas prices. Prices for households will remain at the same level. It had already raised gas prices for industry and power plants by 15% on 1 October 2021.
Infrastructure & Investments
AC Energy will build a 200 MW solar project in the Philippines
3 Nov 2021
AC Energy, an affiliate of the Philippines conglomerate Ayala Corp, has received approval from its board to create a joint-venture (JV) with CleanTech Global Renewables to build the 200 MW Lal-lo solar PV project in the Cagayan province (Philippines). AC Energy aims to reach 5,000 MW of renewable power capacity by 2025.
Rosatom secures construction permit for Akkuyu-4 nuclear reactor (Turkey)
3 Nov 2021
Rosatom’s Turkish subsidiary Akkuyu Nuclear has obtained a construction license for the second unit of the Akkuyu Nuclear Power Plant from the Turkey Atomic Energy Agency TAEK. Construction will start in early 2022.
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