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Policy & Regulatory

EWEC (UAE) awards a 2 GW solar project to a TAQA-led consortium

28 Jul 2020

The Emirates Water and Electricity Company (EWEC) has awarded the 2 GW Al Dhafra Solar Photovoltaic (PV) Independent Power Producer (IPP) project, which will be located in Abu Dhabi (United Arab Emirates, UAE) to a consortium led by Abu Dhabi National Energy Company (TAQA) and Masdar (60% together), with partners EDF and JinkoPower (40% together). The winning consortium had offered a tariff of AED 4.97 fils/kWh (US$1.35c/kWh) on a levelized cost of electricity (LCOE) basis.

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EU launchs consultation on energy taxation and carbon border tax

27 Jul 2020

The European Commission has launched public consultations on the revision of the Energy Tax Directive (ETD) and on the creation of a Carbon Border Adjustment Mechanism (CBAM). The revision of the ETD would revise minimum tax rates for fuels and current tax exemptions, to cut implicit subsidies for fossil fuels and some economic sectors and to better reflect the EU’s climate ambitions.

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India withdraws Bander mine from coal block auction

27 Jul 2020

The Ministry of Coal of India has withdrawn the Bander coal mine from a list of 41 coal blocks to be sold in an auction for commercial mining launched in June 2020. The Bander coal mine is estimated to hold over 126 Mt of coal reserves, enough to produce 2 Mt/year at peak capacity, but it is located near a tiger reserve in the Chandrapur district of Maharashtra, in central India, prompting the government to withdraw it from the auction.

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Companies

Repsol (Spain) buys renewables assets in Chile despite €1.5bn write-offs

28 Jul 2020

The Spanish energy group Repsol has signed an agreement with Grupo Ibereólica Renovables to create a 50-50 joint venture (JV) in Chile to operate and build over 2,600 MW of renewable power projects by 2030. The JV’s resources will allow the development of 3 wind and 2 solar projects totalling more than 1,600 MW, of which 110 MW is already under construction and 1,500 MW is in advanced stages of development and expected to be operational in 2025. In addition, another 1,000 MW could be developed in the northern regions of Antofagasta and Atacama by 2030.

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India’s NTPC launches tender to acquire 1 GW of operational solar projects

28 Jul 2020

Indian power producer NTPC has launched a tender to buy 1 GW of operational solar power capacity. The project should have a minimum of 50 MW capacity installed at a single location, and should have been operational for at least 1 year. Moreover, the power purchase agreement (PPA) for the solar electricity generated from the plant should have a maximum tariff of  INR 5/kWh (US$7c/kWh).

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Lukoil acquires a 40% stake in RSSD offshore oil project in Senegal

28 Jul 2020

Lukoil has reached an agreement with Cairn Energy to buy Cairn Energy’s entire 40% stake in RSSD (Rufisque, Sangomar and Sangomar Deep) project in Senegal for US$300m in cash. In addition, the deal also includes a potential bonus payment to Cairn Energy of US$100m once production starts. The transaction is subject to customary conditions, including government approval, and is expected to close by the end of 2020.

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Total sells its 5.4 Mt/year Lindsey refinery (UK) to Prax Group

28 Jul 2020

Total has reached an agreement with Prax Group to sell its 5.4 Mt/year (108,000 bbl/d) Lindsey refinery located in Immingham (Lincolnshire) in England (United Kingdom). Prax is an independent British group specialising in the trade and sale of oil products and holding a growing network of 150 service stations. The sale should close by the end of 2020.

The sale is in line with Total’s strategy to focus investments on integrated refining and petrochemical platforms. The group had already sold its UK retail network in 2011.

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Energy & Climate Markets

Eni makes a new gas find offshore Vietnam

28 Jul 2020

According to Eni, its  Ken Bau-2X exploration well located in Block 114, in the Song Hong Basin offshore Vietnam, has confirmed a significant hydrocarbon accumulation on the Ken Bau discovery. Preliminary estimates of Ken Bau accumulation provide a range between 7 and 9 Tcf (198-255 bcm) of raw gas in place with 400 – 500 mbl of associated condensates.

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Forecasts

UK’s National Grid details plan to meet net zero emissions by 2050

28 Jul 2020

According to the UK power transmission system operator National Grid, the country’s objective to reach net zero carbon emissions by 2050 is achievable. To do so, the United Kingdom will have to connect at least 40 GW of new capacity within the next decade and to build 3 GW of wind and 1.4 GW of solar power every year until 2050.

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Infrastructure & Investments

Azure Power wins an additionnal 2 GW solar project from India’s SECI

28 Jul 2020

Azure Power has received the letter of award (LOA) for a 2 GW interstate transmission (ISTS) solar power project with Solar Energy Corporation of India (SECI) pursuant to the exercise of a greenshoe option as part of an earlier 2 GW win with SECI. Azure Power will supply power for 25 years at a tariff of INR2.92/kWh (US$3.9c/kWh). The combined capacity for the project is 4 GW, which can be developed anywhere in India. The 4 GW project will be developed in annual phases of 1 GW, with the first one expected by 2022 and the entire project fully operational by 2025.

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